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      Prehours, Why Is ESGL Stock Trending Up?

      By Fahim Awan

      Published on

      October 19, 2023

      11:51 AM UTC

      Prehours, Why Is ESGL Stock Trending Up?

      ESGL Holdings Limited (NASDAQ: ESGL) is exhibiting notable momentum during the premarket trading session, with a robust 15.67% surge, currently priced at $0.6940 at the most recent check. Notably, ESGL Holdings’ stock value exhibited an impressive 18.27% increase as it concluded the preceding trading session at $0.5996.

      This remarkable surge in value, observed today, transpired without any discernible, noteworthy news catalyst. In light of this intriguing market activity, let us delve into the recent developments concerning this environmentally conscious waste management solutions provider.

      ESGL Holdings (ESGL) has unveiled its financial and operational performance for the initial half of the year 2023. ESGL achieved $3.4 million in earnings, revealing a remarkable surge of 14.1% compared to the prior year’s same time frame, where it was at $3.0 million. Notably, ESGL’s profit margin hit 64.7% by June 30, 2023, reflecting a considerable improvement compared to the 58.4% recorded in the first half of 2022. This progress can be primarily attributed to the effective optimization of logistics.

      In terms of net financial performance, ESGL reported a net loss of approximately $0.6 million for the first half of 2023, a modest decrease compared to the corresponding period in 2022, where it stood at approximately $0.7 million.

      Earnings, when adjusted for non-recurring items during the first half of 2023, remained relatively stable at $1.0 million, mirroring the figures from the analogous period in the preceding year.

      Despite encountering short-term challenges emanating from the semiconductor industry, ESGL demonstrated its agility in modifying its product mix. It continues to hold a cautiously optimistic outlook regarding the cycle’s prospects for improvement.

      As of June 30, 2023, ESGL boasted a total cash and equivalent reserves of $1.2 million, marking a significant upturn from the figure of $0.3 million at the conclusion of the first half of 2022.

      Noteworthy is ESGL’s recent achievement of recertification for its manufacturing facility in Singapore, aligning with the International Sustainability and Carbon Certification, commonly referred to as ISCC PLUS. This esteemed recertification was conferred by TÜV NORD, an internationally recognized entity. It permits ESGL to advance its utilization of plastic waste feedstocks in its sustainable circular products portfolio.

      Consequently, this expansion empowers ESGL Holdings (ESGL) to offer an array of products containing renewable raw materials to its clientele, demonstrating its unwavering commitment to supply chain transparency and the reduction of greenhouse gas emissions across the entire value chain.

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