SAN FRANCISCO, CA / ACCESSWIRE / May 22, 2023 / Quality Industrial Corp. (OTC PINK:QIND), filed its first quarter of 2023 results on Friday May 19, 2023. It was a productive quarter during which the company laid solid foundations for future growth and progressed towards its planned uplist to a National Stock Exchange during the summer of 2023.
QIND reported Q1 2023 revenue of $18,157,850 with net profit of $2,030,710. This represents a net profit margin of 11.1% for the three months ended March 31, 2023, compared to a 10.3%net profit margin for the FY 2022. QIND is optimistic about the Q1 2023 versus Q1 2022 growth of its acquisitions, which is most relevant when analyzing and improving the progress of its operations. With customer behavior varying between quarters due to seasonal and cyclical trends, the third and fourth quarters of the year are often the strongest for businesses in the Industrial & Manufacturing industries. As was the trend with its Quarter-on-Quarter growth in 2022, and given its current order book and opportunity pipeline, the company expects this cyclical trend to continue through 2023 and beyond.
QIND's acquisition, Quality International Ltd Co FCZ, increased its Q1 2023 revenue by more than 200% over Q1 2022. Having received a further $40 million in new purchase orders during the first quarter, the company has a current order book of $180 million (purchase orders in hand), which it expects to deliver to customers during 2023 and 2024. Based on the status of current opportunities in its sales pipeline, Quality International expects to obtain a further $250 million in new purchase orders for delivery in 2023, 2024, and 2025.
'We are pleased with this solid first quarter performance which confirms that our quarterly progress is in line with our forecasts for 2023 and beyond. As was the case in 2022, although now with heightened demand and a larger order book, we anticipate impressive quarter-on-quarter growth through the course of this year.' said QIND CEO, John-Paul Backwell.
During the second Quarter of 2023, QIND continues with the integration and optimization of its acquisitions while simultaneously negotiating with new acquisition targets. In conjunction with its anticipated uplist to a National Stock Exchange, the company plans to hire additional Executives and Directors with extensive industry experience to streamline its financial reporting, compliance, and corporate governance.
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This press release contains statements of a forward-looking nature about the Company. You can identify these forward-looking statements by words or phrases such as 'may,' 'will,' 'expect,' 'anticipate,' 'aim,' 'estimate,' 'intend,' 'plan,' 'believe,' 'is/are likely to,' 'future' or other similar expressions. The Company has based these forward-looking statements primarily on the Company's current expectations and projections about future events and financial trends that the Company believes may affect Company's financial condition, results of operations, business strategy, and financial needs. There is no assurance that the Company's current expectations and projections are accurate. All forward-looking statements in this press release are based on the Company's information on the date hereof. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results to differ materially from those implied by the forward-looking statements. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time. The Company does not undertake any obligation to update or revise the forward-looking statements except as required under applicable law. This press release does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities of the Company. The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions.
Quality Industrial Corp.
315 Montgomery Street, San Francisco
CA 94104, USA
Email: [email protected]
Investor site: https://qualityindustrialcorp.com
Twitter: @ QualityIndCorp @ILUS_INTL
SOURCE: Quality Industrial Corp.
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