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Oriental Culture Holding LTD Announces 2021 Fiscal Year Financial Results
HONG KONG, May 2, 2022 /PRNewswire/ -- Oriental Culture Holding LTD. ("OCG" or the "Company") (NASDAQ: OCG), a leading online provider of collectibles and
About this update from Oriental Culture Holding Ltd
[{"type":"text","content":"HONG KONG, May 2, 2022 /PRNewswire/ -- Oriental Culture Holding LTD. (\"OCG\" or the \"Company\") (NASDAQ: OCG), a leading online provider of collectibles and artwork e-commerce services, today announced its financial results for the fiscal year ended December 31, 2021.\nKey Financial Highlights for Fiscal Year 2021:\nOperating revenues increased by $20.2 million or 115.6% from $17.4 million in fiscal year 2020 to $37.6 million in fiscal year 2021.Gross profit was $35.2 million in 2021 as compared to $14.8 million in 2020, representing a 137.7% growth from the same period in 2020.Net income reached $11.4 million in 2021, an increase of 458.8% or $9.4 million from $2.0 million over the same period of 2020.For the Fiscal Years Ended December 31,\n($ millions, except per share data)\n2021\n2020\n% Change\nRevenue\n$37.6\n$17.4\n115.6%\nGross profit\n$35.2\n$14.8\n137.7%\nGross margin\n93.5%\n84.8%\n8.7 percentage points\nIncome from operations\n$10.9\n$1.7\n561.3%\nOperating profit margin\n29.0%\n9.4%\n19.5 percentage points\nNet income\n$11.4\n$2.0\n458.8%\nEarnings per share\n$0.56\n$0.13\n330.8%\nNet book value per share\n$2.30\n$2.15\n7.2%\nThe information in this press release is subject to the more complete presentation set forth in in our Annual Report on Form 20-F for the period ended December 31, 2021 which has been filed with the Securities and Exchange Commission on May 2, 2022.\nMr. Lewis Wan, Chairman of the Board of Directors of the Company commented, \"2021 is destined to be an extraordinary year for the Company. We not only delivered strong financial results amid challenges from COVID-19 pandemic, but also set new records for our revenue and net income, which is the best gift to celebrate our first anniversary of listing on Nasdaq. Looking forward, we are optimistic on the Company's development in the emergence of NFT and Metaverse areas and the new position of Hong Kong to act as an East-Meets-West Centre for international cultural exchanges in the blockchain and related cultural and art products.\"\nMs. Fiona Ni, Chief Financial Officer of the Company commented: \"The art and collectible market has bounced back in China and Hong Kong in 2021, and we are optimistic about the global economy with the vaccine roll out worldwide, encouraging signs of early economic recovery, and continuing government stimulus measures....