Business
ZK International Group Co., Ltd. Announces Record Revenues of $102.39 Million, and saw Gross Profit Increase by 17.38% to $7.60 Million for the Fiscal Year 2022
WENZHOU, China, Feb. 1, 2023 /PRNewswire/ -- ZK International Group Co., Ltd. (ZKIN) ("ZK International" or the "Company"), a designer, engineer,
About this update from Zk International Group Co., Ltd
[{"type":"text","content":"WENZHOU, China, Feb. 1, 2023 /PRNewswire/ -- ZK International Group Co., Ltd. (ZKIN) (\"ZK International\" or the \"Company\"), a designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products primarily used for water and gas supplies, today announced its audited financial results for the fiscal year ended September 30, 2022.\n\n \n \n \n \n \n \n\n \nFinancial Highlights for the Fiscal Year 2022\nFor the Fiscal Year Ended September 30,\n($ millions, except per share data)\n2022\n2021\n% Change\nRevenue\n$\n102.39\n$\n99.41\n3.00\n%\nGross profit\n$\n7.60\n$\n6.47\n17.38\n%\nGross margin\n7.42\n%\n6.51\n%\n0.91 percentagepoints\nLoss from operations\n$\n(3.96)\n$\n(3.65)\n8.51\n%\nOperating loss margin\n(3.87)\n%\n(3.68)\n%\n-0.19 percentagepoints\nNet loss attributable to ZK \nInternational\n$\n(6.08)\n$\n(3.80)\n60.06\n%\nDiluted loss per share\n$\n(0.21)\n$\n(0.17)\n23.53\n%\nNet book value per share\n$\n2.80\n$\n3.08\n-9.09\n%\n \nRevenues increased by $2,984,419 or 3.00%, to $102,391,636 for the year ended September 30, 2022 from $99,407,217 for the year ended September 30, 2021. The growth was primarily driven by the increased weighted average selling price (\"ASP\") during the fiscal year 2022. We observed the rise of raw material prices, recovery of market demand for construction materials and the shortages of supply in the current market. Overall, we had 34.26% increase of ASP in steel strip, 29.00% increase in steel pipe, and 33.71% increase in pipe fittings during 2022 fiscal year.Gross profit increased by 17.38% to $7.60 million. Gross margin was 7.42%, compared to 6.5% for the prior fiscal year. The increase of gross profit was primarily due to increased weighted average selling prices.During the fiscal year 2022, our Chinese subsidiaries returned to profitability with net income after tax of $2.71 million.Loss from operations was $3.96 million, compared to loss from operations of $3.65 million for the prior fiscal year. The decrease of operational loss was mainly due to the one-off asset impairment cost of intangible asset and stock-based compensation incurred during 2022 fiscal year for the expenses related to our new business operations and subsidiaries.Net loss attributable to ZK International was $6.08 million, or net loss of $0.21 per share. This comp...