Business
Pop Culture Group Co., Ltd Reports Fiscal Year 2021 Financial Results
Revenue up 63% Year-over-year Net Income Attributable to the Company's Shareholders up 75% Year-over-year XIAMEN, China, Nov. 10, 2021 /PRNewswire/ -- Pop
About this update from Pop Culture Group Co., Ltd
[{"type":"text","content":"Revenue up 63% Year-over-year\n Net Income Attributable to the Company's Shareholders up 75% Year-over-year\n\n\nXIAMEN, China, Nov. 10, 2021 /PRNewswire/ -- Pop Culture Group Co., Ltd (\"Pop Culture\" or the \"Company\") (Nasdaq: CPOP), a hip-pop culture company in China, today announced its financial results for the fiscal year ended June 30, 2021.\nMr. Zhuoqin Huang, Chairman and Chief Executive Officer of Pop Culture, commented, \"Despite the short-term impact to some of our businesses caused by the COVID-19 pandemic, we maintained solid upward momentum in fiscal year 2021. Our revenue recorded $25.5 million in fiscal year 2021, representing a 63% year-on-year increase from $15.7 million in fiscal year 2020. As a public company engaged in the hip-hop culture business, our intellectual property content ('IP content') is the key driver for our rapid financial growth. Our revenue from event hosting was $15.0 million in fiscal year 2021, an increase of 96% from $7.6 million in fiscal year 2020. At the same time, net income attributable to our shareholders was $4.3 million, an increase of 75% from $2.4 million in fiscal year 2020. Our gross margin and operating margin were 28% and 23%, respectively, in fiscal year 2021, which remained stable as compared to 29% and 20%, respectively, in fiscal year 2020.\"\nMr. Huang continued, \"We are very pleased to see that Pop Culture has achieved such outstanding results in fiscal year 2021, and we are very grateful to our customers and partners for their continued recognition and support. We will continue to focus on the operation and promotion of Chinese hip-hop cultural content. We have developed a new five-year strategic plan for our future development. According to the strategic plan, we will continue to put 'IP content' at the core of our business and strive to achieve sustained high growth in our three major businesses by utilizing the advantages of big data and capital markets, with a goal of becoming an industry leader.\" \nFor the fiscal year ended June 30,\n ($ millions, except per share data and percentages) \n2021\n2020\n% Change\n Revenue \n25.5\n15.7\n63%\nEvent hosting\n15.0\n7.6\n96%\nEvent planning and execution\n9.2\n5.5\n67%\nBrand promotion\n0.8\n2.2\n-67%\nOther services\n0.6\n0.3\n87%\n Gross Profit \n7.2\n4.5\n59%\n Gross Margin \n28%\n29%\n-1pp*\n Income from Operati...