Business
Exxe Group Reports Revenues and Profits for the Quarter Ending June 30, 2022
Exxe Group Reports Revenues and Profits for the Quarter Ending June 30, 2022.
About this update from Exxe Group Inc.
[{"type":"text","content":"Exxe reports quarterly revenue of $11.7M and profits of $3.3M1Q2023 revenues increased 6.5% to $11.7M versus $11.0M in 1Q20221Q2023 net income increased 77.5% to $3.3M versus $1.8M in 1Q2022NEW YORK, NY / ACCESSWIRE / August 18, 2022 / Exxe Group, Inc. (OTC PINK:AXXA), ("Exxe" or the "Company") reports financial results for the Quarter ending June 30, 2022.Exxe Group Key Metrics 1Q2023 ($)1Q2022 ($)Percentage Change (%)Total Current Assets23,302,79220,488,29113.7Total Assets257,617,303233,780,83110.2Shareholder Equity176,751,228150,432,62417.5Quarterly Revenue11,734,23211,022,7136.5Quarterly Net Income / Loss3,252,3751,831,87577.5Performance SnapshotAXXA's quarterly revenues grew 6.5% in 1Q2023 to $11,734,232 as compared to $11,022,713 in the same period last year.Net income for 1Q2023 was $3,252,375 as compared to net income of $1,831,875 in the same period last year, an increase of 77.5%.Total assets were $257,617,303 in 1Q2023 as compared to $233,780,831 in the same period last year, an increase of $23,836,472 or 10.2%.Quarterly HighlightsSince the beginning of Calendar Year 2022, Exxe Group has managed to favorably restructure over $20 million in debt with minimal impact on shareholders. This includes $10 million in debt which was restructured in May 2022.Exxe Group's Agribusiness unit saw a solid Quarter for commodity prices for cereal crops such as corn and wheat. Peak pricing in grain commodities markets during the Quarter allowed Exxe to lock in favorable contracts.Exxe Group saw an uptick in automotive demand. M-Moto reported Quarterly revenues of $3,399,401 as compared to $1,342,895 in 1Q2022, an increase of $2,056,506 or 153%. The change was primarily due to eased travel restrictions in Germany and Europe. Greater automobile usage directly feeds into more luxury engine overhaul and repair business for M-Moto.MMeditech GmbH which sells high-use consumables to the Swiss medical supply market reported Quarterly revenues of $1,756,727 as compared to $998,454 in 1Q2022, an increase of $758,273 or 76%.Dr. Eduard Nazmiev, Exxe Group CEO, stated: "Exxe Group thanks its shareholders for their support. We are pleased to report assets of $257.7 million, $11.7 million in revenues, the successful restructuring of $10 million in debt, and Quarterly profit of over $3 million."AuditExxe management held s...