Soco Corporation Ltd (AU:SOC) has released an update.
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SOCO Corporation Ltd faced a challenging fiscal year in 2024 with a 12% revenue increase to $20.6 million offset by an 88% drop in Operating EBITDA, largely due to government project delays and slowing industry demand. After a loss in the first half, the company rebounded in the fourth quarter, achieving $0.8 million in Operating EBITDA profit, and enters FY25 with $15.5 million in signed contracts, signaling potential financial recovery. The company also saw a change in leadership, with founder Sebastian Rizzo stepping in as CEO, steering the company back to profitability in Q4.
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