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SAN FRANCISCO, CA / ACCESSWIRE / May 17, 2024 / Quality Industrial Corp. (OTC PINK:QIND) is a Manufacturer and Service Provider for the Industrial, Oil & Gas and Utility sectors. On May 15, 2024, the company filed its first quarter report which displayed strong financial performance.
First Quarter 2024 Financial Highlights:
QIND generated $3,086,519 in revenue for the three months ending on March 31, 2024. The increase in revenue is attributed to our acquisition and consolidation of Al Shola Gas during the reporting period. Al Shola Gas experienced a 28% increase in revenue compared to the first quarter of 2023.
The operating business revenue increased due to its enhanced focus on Bulk LPG supply, which led to higher margins. As a result, the gross profit percentage for the three months ended March 31, 2024, was 37%, compared to 32% for the period ended March 31, 2024.
QIND generated a net income of $758,440 for the three months ended March 31, 2024, compared to a net loss of $84,536 for the same period in 2023. The increase in net profit is mainly due to the net income generated by QIND's operating business, Al Shola Gas.
Recent Company Highlights:
In the second quarter of 2024, QIND is focusing on expanding its operating company, Al Shola Gas, while also working towards being listed on a senior exchange. After extensive negotiations and initial due diligence, QIND's senior management recently met with executives from a company listed on a senior exchange in Dubai. Significant progress was made towards finalizing a transaction, and the parties are currently working on a binding agreement, with an external deadline driving the process.
The company is making preparations to invest in two additional bobtail trucks for Al Shola Gas with the aim of expanding its bulk LPG supply. This strategic investment is intended to enable Al Shola Gas to surpass its current revenue and net income projections, driven by the heightened demand for bulk LPG supply from its contracted clientele.
This Press Release does not constitute an offer of any securities for sale.
FORWARD-LOOKING STATEMENTS
This press release contains statements of a forward-looking nature about the Company. You can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "future" or other similar expressions. The Company has based these forward-looking statements primarily on the Company's current expectations and projections about future events and financial trends that the Company believes may affect Company's financial condition, results of operations, business strategy, and financial needs. There is no assurance that the Company's current expectations and projections are accurate. All forward-looking statements in this press release are based on the Company's information on the date hereof. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results to differ materially from those implied by the forward-looking statements. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time. The Company does not undertake any obligation to update or revise the forward-looking statements except as required under applicable law. This press release does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities of the Company. The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions.