Business
ZK International Group Co., Ltd. Announces Record Revenues of $99.41 Million, an Increase of 14.5% for the Fiscal Year 2021
WENZHOU, China, Jan. 28, 2022 /PRNewswire/ -- ZK International Group Co., Ltd. (ZKIN) ("ZK International" or the "Company"), a designer, engineer,
About this update from Zk International Group Co., Ltd
[{"type":"text","content":"WENZHOU, China, Jan. 28, 2022 /PRNewswire/ -- ZK International Group Co., Ltd. (ZKIN) (\"ZK International\" or the \"Company\"), a designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products primarily used for water and gas supplies, today announced its audited financial results for the fiscal year ended September 30, 2021. \n\n \n \n \n \n \n \n\n \nFinancial Highlights for the Fiscal Year 2021\nFor the Fiscal Year Ended September 30,\n($ millions, except per share data)\n2021\n2020\n% Change\nRevenue\n$99.41\n$86.85\n14.46%\nGross profit\n$6.47\n$3.94\n64.13%\nGross margin\n6.51%\n4.54%\n1.97 percentage points\nIncome (loss) from operations\n($3.65)\n($1.88)\n94.40%\nOperating income (loss) margin\n(3.68%)\n(2.16%)\n-1.51 percentage points\nNet income (loss) attributable to ZK International\n($3.80)\n($0.83)\n-360.20%\nDiluted earnings (loss) per share\n($0.17)\n($0.05)\n236.70%\nNet book value per share\n$3.08\n$2.72\n13.24%\nRevenue increased by 14.46% to a record $99.41 million primarily driven by the market demand of construction materials and the shortages of supply in the current market. In particular, the piping systems in the real estate sector, we observed an increase of the weighted average selling price (\"ASP\") during the fiscal year 2021. As a result of global shortage of construction materials, with our ability to lock in the supply of material, our international sales increased by 144.04% compared to the last fiscal year. Gross profit increased by 64.13% to $6.47 million. Gross margin was 6.51%, compared to 4.54% for the prior fiscal year. The increase of gross profit was primarily due to increased weighted average selling prices which is attributable to the market demand recovery over the construction materials and supply shortages on the current market. Loss from operations was $3.65 million, compared to loss from operations of $1.88 million for the prior fiscal year. The increase of operational loss was mainly due to the one-time stock-based compensations incurred during the fiscal year 2021 for the expenses related to our new business operations and subsidiaries. During fiscal year 2021, we hired third-part individuals and consulting firms to facilitate our operations in xSigma Corporation, which is principally engaged in decentralized finance (...