Mon, Aug 19, 8:22 PM (148 days ago)
Quality Industrial Corp. reported significant financial improvements in its quarterly results for the period ending June 30, 2024. Revenue reached $3,317,206, a substantial increase from zero in the same quarter of 2023, primarily due to the acquisition of Al Shola Gas. The company achieved a net income of $392,332, contrasting with a loss of $1,582,221 in Q2 2023. For the six months ending June 30, 2024, net income was $599,022, compared to a loss of $1,666,495 the previous year. Total assets surged to $16,474,601, driven by increased accounts receivable and inventory. However, the company faces a working capital deficit of $2,768,503, improved from $6,089,634 at year-end 2023. Cash flow from operating activities showed a positive trend, with a reduction in cash used from $(482,406) in 2023 to $(81,993) in 2024. The acquisition strategy remains pivotal, with plans to enhance operational efficiency and expand capacity at Al Shola Gas. Future uncertainties include capital requirements for growth and potential market fluctuations. The company's ability to sustain its financial health hinges on ongoing revenue generation and successful capital raises.