Business
Exxe Group Inc. Announces Substantial Rise in Operating Results Amid Asset Growth
Exxe Group Inc. Announces Substantial Rise in Operating Results Amid Asset Growth.
About this update from Exxe Group Inc.
[{"type":"text","content":"\n Quarterly Revenue Jumps Over 680%, Equity Enjoys 194% Leap from Previous Period with More Gains Ahead NEW YORK, Feb. 21, 2020 (GLOBE NEWSWIRE) -- Exxe Group, Inc. (OTC PINK: AXXA), a diversified company focused on synergistic acquisitions in real estate, sustainable technology, media, financial services and agribusiness, announced today strong year-over-year and quarterly financial results for the period ended December 31, 2019. With a series of additional high profile real estate, venture capital and sustainable technology transactions slated to close this quarter, management expects a re-valuation to occur that will better reflect the Company’s net asset value, price/trailing twelve month revenue valuation, and future prospects.   Operating Snapshot Revenue grew by a substantial 683% to $4,731,471 as compared with $586,224 for the same period last year. On a quarter-to-quarter basis, top-line rose by an impressive 80%, as compared with the September 2019 period. Operating income of $940,123 was a 157% increase over the $365,273 for the corresponding period in 2019. Net income for the quarter was $640,328, a healthy 13.5%. Excluding financing costs related to the series of acquisitions executed during the period, the results were approximately a 20% margin. For the first nine months of the fiscal year, Exxe Group recorded $8,557,663 in revenue and operating profit of $984,124, with a net loss of ($366,764) owing to the aforementioned financing costs. Revenue growth occurred across multiple holdings, and similar to September quarter, the primary drivers of sales growth included DHE Group, and the Company’s recently acquired agribusinesses. Sales momentum appears to be ahead of schedule and we expect to continue to generate significant gains in revenue and operating profit in the coming quarters. By mid-year 2020, we expect that the integration of the recently closed transactions will result in measurable gross and operating increases.  We continue to explore alternative financing sources to reduce our financing costs, and believe they could take effect as early as our current quarter, thereby raising our overall profit profile. It should be noted that shareholder’s equity rose to $110,707,829 versus $37,753,734 in the March 2019, a nearly 194% jump in book value. Based on the current shares ou...