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SAN FRANCISCO, CA , April 28, 2025 (GLOBE NEWSWIRE) -- Quality Industrial Corp. (“QIND” or the “Company”) (OTC: QIND), an industrial and energy-focused company providing comprehensive solutions for the liquefied petroleum gas ("LPG") industry, today announced its financial results for the fiscal year ended December 31, 2024.
Through its operating subsidiary, Al Shola Gas, QIND offers consulting, design, supply, installation, and maintenance of LPG systems, as well as bulk and cylinder LPG distribution services. The Company serves a broad range of clients, including commercial buildings, mixed-use apartment complexes, shopping centers, food courts, heavy industries, labor accommodations, catering units, and commercial kitchens.
Fiscal Year 2024 Highlights:
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Total Revenue: QIND reported total revenue of $11,177,567 for the year ended December 31, 2024, primarily driven by the acquisition and consolidation of Al Shola Gas beginning in April 2024.
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Subsidiary Performance: Al Shola Gas generated revenue of $14,268,840 for the twelve months ended December 31, 2024, representing a 31.1% increase compared to $10,839,209 in 2023.
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Operating Expenses: Operating expenses increased to $3,280,008 for 2024, compared to $2,766,256 in 2023. General and administrative expenses remained relatively consistent year-over-year but shifted from being primarily share-based expenses in 2023 to operating expenses of Al Shola Gas in 2024.
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Professional and Legal Fees: Professional fees increased to $849,925 in 2024 from $315,011 in 2023, driven by one-off expenses, including a reaudit of the Company's financials by its new auditor, Bush & Associates CPA ($95,000), and legal fees related to the Company’s merger with Fusion Fuel Green PLC, handled by Lucosky Brookman LLP ($525,994).
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Net Income: QIND achieved net income of $266,780 in 2024, compared to a net loss of $4,232,732 in 2023.
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Al Shola Gas contributed net income of $2,051,645 in 2024, an increase of 17.6% over 2023, factoring in a new 9% United Arab Emirates corporate tax provision implemented in 2024.
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John-Paul Backwell, Chief Executive Officer of QIND, commented:
"We are pleased to report a significant turnaround in financial performance, driven by the consolidation of Al Shola Gas and sustained operational improvements. The early momentum in 2025, reflected in recent orders from both existing and new customers, positions us well for continued growth. We expect to see similar year-over-year performance gains as we strategically invest in expanding Al Shola Gas’s capabilities."