Business
Exxe Group Announces Record Six Months Annual Revenue and Profit
Exxe Group Announces Record Six Months Annual Revenue and Profit.
About this update from Exxe Group Inc.
[{"type":"text","content":"---Exxe Group generated substantial quarterly income growth of 108.8%---Five core asset categories had solid quarterly revenue/profit contributions---High operating performance can be attributed to tech infrastructure platforms---Exxe roadmap outlining the financial structure and asset spin-off plans to occur this quarterNEW YORK, NY / ACCESSWIRE / November 17, 2022 / Exxe Group, Inc. (OTC PINK:AXXA), ("Exxe" or the "Company") a diversified fintech company, is pleased to announce that the Company has published its fiscal second quarter (Sept 2022) and six-month (Apr 2022 - Sep 2022) financial results for the period ended September 30, 2022.AXXA KEY FINANCIAL METRICS2Q23Sep-22Sep-21Percent ChangeIncome Statement Quarterly Revenue$ 12,956,036$11,022,71317.5%Quarterly Comp Income$ 3,825,044$ 1,831,875108.8%Balance SheetSep-22Mar-22 Total Assets$ 256,855,106$ 253,424,6651.4%Shareholder's Equity$ 181,113,652$ 173,261,2534.5%Financial HighlightsExxe Group once again generated record quarterly results for both revenue and net income. Financial results for the fiscal 2023 second quarter ended September 2022 included revenue of $12,956,036 as compared with $11,022,713 for the same period a year ago, a 17.5% rise. Comprehensive income of $3,825,044 represented a 108.8% jump versus the $1,831,875 comprehensive income recorded in the September 2021 quarter. A combination of the asset mix, namely M Meditec and M Moto, served as revenue and gross profit drivers. Gross profit margin reached a new record--82%--as compared with 39.5% recorded last year.Management believes that this gross profit margin rate confirms that Exxe Group assets' evolution toward digital technology and operational platforms has led to revenue growth and a profit level that rivals software company margins. Operating margin of 31.7% bested the previous period's rate of 20.8%, a figure that is also akin to technology firm performance.For the first six months of the current fiscal year, revenue totaled $24,690,268, a slight increase over the $24,302,264 generated for the first half of the 2022 fiscal year. Led by a similar 80%+ gross margin in the first quarter, total operating margin for the first half of the 2023 fiscal year was 30.4%, as compared with 22.4% for the year-ago period. In addition to the strong operational results, Exxe is pleased to repo...