Business
ZK International Group Co., Ltd. Announces Record Revenues of $111.60 Million for the Fiscal Year 2023
WENZHOU, China, Aug. 13, 2024 /PRNewswire/ -- ZK International Group Co., Ltd. (ZKIN) ("ZK International" or the "Company"), a designer, engineer,
About this update from Zk International Group Co., Ltd
[{"type":"text","content":"WENZHOU, China, Aug. 13, 2024 /PRNewswire/ -- ZK International Group Co., Ltd. (ZKIN) (\"ZK International\" or the \"Company\"), a designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products primarily used for water and gas supplies, today announced its audited financial results for the fiscal year ended September 30, 2023.\n\n \n \n \n \n \n \n\n \nFinancial Highlights for the Fiscal Year 2023\nFor the Fiscal Year EndedSeptember 30,\n($ millions, except per share data)\n2023\n2022\n% Change\nRevenue\n$\n111.60\n$\n102.39\n8.99 %\nGross profit\n$\n1.30\n$\n7.60\n-82.93 %\nGross margin\n1.16 %\n7.42 %\n-6.26percentage\n points\nLoss from operations\n$\n(60.44)\n$\n(3.96)\n-1424.58 %\nOperating loss margin\n(54.16 %)\n(3.87 %)\n-50.29percentagepoints\nNet loss attributable to ZK \nInternational\n$\n(61.06)\n$\n(6.08)\n-904.06 %\nDiluted loss per share\n$\n(1.94)\n$\n(0.21)\n-835.72 %\nNet book value per share\n$\n0.80\n$\n2.80\n-71.43 %\nRevenue\nRevenues increased by $9.21 million or 8.99%, to $111.60 million for the year ended September 30, 2023 from $102.39 million for the year ended September 30, 2022. The increase in revenues was primarily driven by the following factors:\n1) During the fiscal year 2023, the decline of real estate market in China, especially the collapse of Evergrande, has set pressure on the steel pipe market. To strengthen the cash flow and expand our market share, we lowered our weighted average selling price (\"ASP\") to boost our sales volume. However, we have observed the recovery of real estate market and increase of market demand for the 2024 fiscal year, we have increased ASP for the 2024 fiscal year.\n2) During 2023 fiscal year, the average selling price of electrolytic nickel increased by 33.33% from RMB 113,716 per ton in fiscal year 2022 to RMB 151,619 in fiscal year 2023; the average selling price of steel strip decreased by 1.82% from RMB 20.3 per kilogram in fiscal year 2022 to RMB 19.93 in fiscal year 2023; the average selling price of steel pipe decreased by 20.25% from RMB 140.26 per piece in fiscal year 2022 to RMB 111.86 in fiscal year 2023; the average selling price of pipe fittings decreased by 4.86% from RMB 22.65 each in fiscal year 2022 to RMB 21.55 in fiscal year 2023.\n3) Due to the decrease of product prices, we had an...