Business
RIWI Audited Financials Show Record Annual Revenue, with Year-Over-Year Growth of 47% and 3 Consecutive Years of Profitability
Toronto, Ontario--(Newsfile Corp. - March 3, 2021) - RIWI Corp. (TSXV: RIWI) (OTC Pink: RWCRF)...
About this update from Riwi Corp.
[{"type":"text","content":"RIWI Audited Financials Show Record Annual Revenue, with Year-Over-Year Growth of 47% and 3 Consecutive Years of ProfitabilityToronto, Ontario--(Newsfile Corp. - March 3, 2021) - RIWI Corp. (TSXV: RIWI) (OTC Pink: RWCRF) (the \"Company\" or \"RIWI\"), a global trend-tracking and prediction technology firm, reported its financial results for the year ended December 31, 2020. All figures are reported in U.S. dollars unless otherwise indicated. RIWI's financial statements are prepared in accordance with International Financial Reporting Standards (\"IFRS\").RIWI Highlights (in U.S. Dollars):Revenues were $4,580,738 for the year ended December 31, 2020, an increase of 47% compared to $3,110,878 for the year ended December 31, 2019. The 2020 revenue is the highest in RIWI's history. RIWI's earnings before interest and taxes were $914,335 for the year ended December 31, 2020, an increase of 32% compared to $693,184 during the year ended December 31, 2019. Due to our three consecutive years of profitability, RIWI incurred an income tax expense for the first time in 2020. The income tax expense of $270,581 caused our 2020 net income to be lower than in 2019, when we had a tax recovery of $184,000. Net income was $656,534 for the year ended December 31, 2020, compared to $909,816 during the year ended December 31, 2019. RIWI had record annual revenues even during COVID-19, which caused business setbacks in many industry sectors globally. As promised, RIWI invested in sales personnel, sales-related marketing, and sales and technical partnership initiatives in 2020 to ensure long-term growth.On July 27, 2020, RIWI began trading its common shares on the TSX Venture Exchange (\"TSXV\"). This advances management's commitment to expand our investor base and steadily increase our global visibility in the capital markets. RIWI was designated a \"Tier 1 Technology Issuer,\" the TSXV's premier tier and reserved for the TSXV's most advanced companies with the most significant financial resources.During 2020, RIWI renewed two long-term agreements with top international firms, demonstrating RIWI's ongoing value to these companies. Both of these new agreements enable all country and analyst teams at these client organizations to issue rapid-response task orders for RIWI surveys and audience analytics in any part of the world. Further, RIWI's long-term...