Company Reports 52% Revenue Growth, Initiates $15 Million Share Buyback Program
SHANGHAI, Oct. 15, 2024 /PRNewswire/ -- Nisun International Enterprise Development Group Co., Ltd. ("Nisun International" or the "Company") (NASDAQ:NISN), a technology and industry driven integrated supply chain solutions provider, today announced its reviewed but unaudited financial results for the six months ended June 30, 2024.
First Half 2024 Financial Highlights:
Total revenue increased by 52% to $192.5 million, compared to $126.9 million for the first half of 2023.
Supply chain trading business revenue increased by 114% to $142.1 million, up from $66.2 million in the prior-year period, driven primarily by growth in the gold trading sector.
Small and medium-sized enterprises ("SME") financing services revenue declined by 16% to $48.5 million due to the challenging market conditions, but the Company is optimistic about the future growth as recent government stimulus measures in China begin to take effect.
Supply chain financing solutions revenue decreased by 30% to $1.9 million, also impacted by market conditions, but is expected to recover alongside broader economic improvements.
Net income was $10.3 million, compared to $11.4 million for the first half of 2023.
Earnings per share were $2.61, compared to $2.87 in the prior-year period.
Operational Highlights:
Cash Position: As of June 30, 2024, The Company's cash and cash equivalents were $47.8 million, compared to $114.4 million at the end of 2023. This decline was primarily driven by an increase in advances to suppliers, a strategic investment expected to fund future growth in sales and earnings. Additionally, a decrease in accounts payable contributed to the cash reduction.
Cost Control: Operating expenses decreased by 31% to $5.7 ...
