Business
Caravelle International Group Announces Audited Financial Results for 2022 with 51.9% Revenue Growth and 118.2% Increase in EPS
Audited revenue for 2022 of $185.3 million, up from $122.0 million in 2021, marking a 51.9% growth.Caravelle earned $12.2 million in 2022 vs. $5.3 million in
About this update from High-trend International Group
[{"type":"text","content":"Audited revenue for 2022 of $185.3 million, up from $122.0 million in 2021, marking a 51.9% growth.Caravelle earned $12.2 million in 2022 vs. $5.3 million in 2021.Earnings per share were $0.24 for 2022 vs. $0.11 in 2021, highlighting an increase of 118.2%.SINGAPORE, Aug. 29, 2023 /PRNewswire/ -- Caravelle International Group (Nasdaq: CACO), a global ocean technology company, today announced audited financials for its fiscal year ended October 31, 2022. The figures underscore a strong financial performance with revenue of $185.3 million for 2022, marking a growth rate of 51.9% over the previous year.\nThe company's net income also showcased significant growth, with earnings of $12.2 million in 2022, up from $5.3 million in 2021, marking a substantial increase of 130.4%. Earnings per share for the year stood at $0.24, representing growth of 118.2% from the $0.11 reported in 2021. The gross margin improved, rising from 10.6% in 2021 to 14.5% in 2022. Additionally, Caravelle's operating margin saw growth, reaching 12.7% in 2022 compared to 8.6% in the previous year.\n\"Despite the great performance in fiscal 2022, the global shipping industry is facing challenges in 2023,\" remarked Caravelle's CEO Dr. Zhang. \"However, we are optimistic about the future. Later this year Caravelle anticipates launching its CO-Tech wood drying in transit and commencing the export of wood products from Gabon, Africa into the U.S. duty-free. Both new ventures are valued as profitable opportunities and are expected to grow at a very fast rate. We expect these high-margin opportunities to more than offset any continued weakness in our shipping business.\"\nCaravelle ended the year with a strong balance sheet, including $21.6 million in cash, as compared to $10.4 million at the end of 2021. Additionally, the company reported net cash inflow from operations of $33.1 million in 2022, a significant increase from the $0.6 million reported in 2021.\nA more detailed version of the Company's audited 2022 financial results can be found in its form 20-F annual report filed with the SEC, available at EDGAR Entity Landing Page (sec.gov)\nAbout Caravelle International Group\nCaravelle is a global ocean technology company. Its business comprises of two sectors: the traditional business in international shipping, operated by the Topsheen Companies (Topsheen Shipping Gr...