Business
Alset EHome International Inc. Reports FY2021 Results with 22% Revenue Growth and Stronger Financial Position
BETHESDA, MD / ACCESSWIRE / March 31, 2022 / Alset EHome International Inc. (NASDAQ:AEI) ("AEI" or the "Group"), a diversified holding company principally
About this update from Alset Inc.
[{"type":"text","content":"BETHESDA, MD / ACCESSWIRE / March 31, 2022 / Alset EHome International Inc. (NASDAQ:AEI) (\"AEI\" or the \"Group\"), a diversified holding company principally engaged through its subsidiaries in the development of smart and sustainable home communities and other property development, financial services, digital transformation technologies, biohealth activities and consumer products, announced today its financial results for the year ended December 31, 2021 (\"FY2021\").The Group's revenue rose 21.9% to approximately $19.8 million in FY2021 from $16.2 million in FY2020 due primarily to an increase in revenue from its biohealth business and rental income under its real estate business. The Group's cash has more than doubled from approximately $25.0 million as of December 31, 2020 to $56.1 million as of December 31, 2021. In addition, the Group's real estate assets have increased 97.6% to approximately $40.5 million as of December 31, 2021 from $20.5 million as of December 31, 2020. Furthermore, the Group's net assets have increased 173.8% to approximately $170.3 million as of December 31, 2021 from $98.0 million as of December 31, 2020, due mainly to increases in cash, real estate assets and investments in securities.The Group's FY2021 operating results, however, were negatively impacted by certain accounting charges in connection with related party transactions and unrealized holding losses from investment in securities. Specifically, there was a charge amounting to approximately $50.8 million (recorded as a finance cost) for the beneficial conversion feature relating to the issuance and subsequent exercise of promissory notes issued to Mr Chan Heng Fai, and a charge of approximately $49.2 million related to the recognition of unrealized losses from investment in securities held as of December 31, 2021. These accounting charges were non-cash items and there was no adverse effect on the Group's net asset or financial position as of December 31, 2021.About Alset EHome International Inc.AEI is a diversified holding company executing on its vision to accelerate sustainable healthy living with a focus on the development of EHome communities and other property development, financial services, digital transformation technologies, biohealth activities and consumer products. Through its operating subsidiaries, AEI's mission is to provide ...