Business
Qilian International Holding Group Limited Reports Fiscal Year 2020 Financial Results
Jiuquan, China, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Qilian International Holding Group Limited (Nasdaq: QLI) (the “Company”), a China-based pharmaceutical and
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[{"type":"text","content":"Jiuquan, China, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Qilian International Holding Group Limited (Nasdaq: QLI) (the “Company”), a China-based pharmaceutical and chemical products manufacturer, today announced its financial results for the fiscal year ended September 30, 2020. Mr. Zhanchang Xin, Chairman and CEO of the Company, commented: “We are pleased with our fiscal year 2020 financial results as we recorded revenue of US$50 million, which was in line with our expectations. The past year was a difficult year for our Company due to the challenges of COVID-19 pandemic, but we continued to grow our business, execute on our strategic priorities, and deliver value to our partners, customers and shareholders. It demonstrates that we have the innovation, diversification, stability, resilience and national scale to perform well in this challenging environment. While we believe the current market conditions will persist in the short-term, we expect to see demand growth in the long run.” Mr. Xin continued: “We are proud of the Company with over 50 years of history and in the pharmaceutical and chemical industry in China. Our successful initial public offering in January 2021 was yet another milestone for the Company and we are pleased to be in a position to continue pursuing the significant growth opportunities that lie ahead. We look forward to building on our momentum in 2021 and beyond, and we are confident that we are well-positioned to continue driving significant long-term value for our shareholders.” Fiscal Year 2020 Financial Highlights For the Year Ended September 30,($ millions, except per share data) 2020 2019 % ChangeNet revenue 50.0 46.1 9% Oxytetracycline & Licorice products and TCMD 32.6 30.1 8% Heparin products and Sausage casing 16.7 15.4 9% Fertilizer 0.7 0.5 28%Gross profit 7.5 9.7 -22%Gross margin 15.1% 21.0% -5.9 pp*Income from operations 4.8 6.2 -22%Net income attributable to Qilian International Holding Group Limited 5.1 5.3 -5%Earnings per ordinary share 0.17 0.18 -6%EBITDA 7.2 8.4 -14% *Notes: pp represents percentage points Net revenue was $50.0 million, an increase of 9% from $46.1 million in fiscal year 2019.Gross profit was $7.5 million, a decrease of 22% from $9.7 million in fiscal year 2019.Gross margin was 15.1% compared with 21.0% in fiscal year 2019.Net income attributable to Qilian International Holding G...