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- Electric two-wheel vehicle company Vmoto (VMT) posts a 120 per cent increase in net profit to a record high of $8 million in the 2021 calendar year
- The company, who manufactures and globally distributes electric two-wheeled vehicles, sold 31,275 units leading to a 41 per cent increase in revenue to $86.2 million
- Vmoto says it signed and renewed distribution deals with 21 countries for the warehousing, distribution and marketing of its range of electric motorcycles and mopeds, lifting the total number of international distributors to 61
- At the end of the year, Vmoto had a cash position of $18.6 million and no bank debt
- VMT shares up 1.33 per cent to 38 cents
Electric two-wheel vehicle company Vmoto (VMT) has delivered a net profit increase of 120 per cent to a record high of $8 million in its unaudited preliminary final results for the full year ended December 31, 2021.
Vmoto manufactures, distributes and sells high-performance electric motorcycles and mopeds globally.
During the 2021 calendar year, total sales of its zero emission vehicles reached 31,275 units, up 33 per cent on the previous year, culminating in a 41 per cent year-on-year increase in revenue to $86.2 million.
Earnings before interest, tax, depreciation and amortisation (EBITDA) came in 76 per cent higher at $10.2 million.
Vmoto said it signed and renewed distribution deals with 21 countries for the warehousing, distribution and marketing of its range of electric motorcycles and mopeds, lifting the total number of international distributors to 61.
The company sold 29,945 units overseas last year, equating to a rise in international sales of 36 per cent.
Vmoto also struck a multi-year sponsorship and marketing deal to supply its electric mopeds and showcase its brands at the electric motorcycle racing event, FIM ENEL MotoE World Cup, part of MotoGP.
The company said the sponsorship provides it with significant exposure to potential business-to-consumer (B2C) and business-to-business (B2B) customers and enhances its brand recognition.
Vmoto launched the new “VMOTO” premium brand as part of its global expansion strategy last year, at the end of which its cash position stood at $18.6 million with no bank debt.
VMT shares closed the day’s trading session 1.33 per cent higher at 38 cents.
