AB INTL GROUP Reports of Financial Results for period ending May 31, 2024 and achieved Net Profitability
AB International Group Corp. (OTC: ABQQ) reported financial results for the period ended May 31, 2024, showing significant improvements. Revenues for the three months ended May 31, 2024, increased 22% to $698,311, compared to $573,389 in the same period last year. The company achieved net profitability, with a net income of $133,034 for the quarter, compared to a net loss of $647,743 in the previous year.
For the nine-month period, revenues increased 70% to $1,885,311, and the net loss reduced by 89% to $318,285. ABQQ expects to record a revenue increase of 80% to 120% and a profit of $200,000 to $250,000 for the fiscal year ending August 31, 2024. CEO Chiyuan Deng expressed confidence in reaching operational profitability by the end of 2024.
AB International Group Corp. (OTC: ABQQ) ha riportato risultati finanziari per il periodo terminato il 31 maggio 2024, mostrando miglioramenti significativi. I ricavi per i tre mesi terminati il 31 maggio 2024, sono aumentati del 22% a $698,311, rispetto a $573,389 nello stesso periodo dell'anno scorso. L'azienda ha raggiunto una redditività netta, con un utile netto di $133,034 per il trimestre, rispetto a una perdita netta di $647,743 nell'anno precedente.
Per il periodo di nove mesi, i ricavi sono aumentati del 70% a $1,885,311, e la perdita netta è stata ridotta dell'89% a $318,285. ABQQ prevede un aumento dei ricavi tra l'80% e il 120% e un profitto compreso tra $200,000 e $250,000 per l'anno fiscale che si chiuderà il 31 agosto 2024. Il CEO Chiyuan Deng ha espresso fiducia nel raggiungere la redditività operativa entro la fine del 2024.
AB International Group Corp. (OTC: ABQQ) reportó resultados financieros para el periodo que terminó el 31 de mayo de 2024, mostrando mejoras significativas. Los ingresos para los tres meses que terminaron el 31 de mayo de 2024, aumentaron un 22% a $698,311, en comparación con $573,389 en el mismo período del año pasado. La empresa logró una rentabilidad neta, con un ingreso neto de $133,034 para el trimestre, frente a una pérdida neta de $647,743 en el año anterior.
Para el periodo de nueve meses, los ingresos aumentaron un 70% a $1,885,311, y la pérdida neta se redujo en un 89% a $318,285. ABQQ espera registrar un aumento de ingresos del 80% al 120% y una ganancia de $200,000 a $250,000 para el año fiscal que concluirá el 31 de agosto de 2024. El CEO Chiyuan Deng expresó confianza en alcanzar la rentabilidad operativa para finales de 2024.
AB International Group Corp. (OTC: ABQQ)는 2024년 5월 31일에 종료된 기간의 재무 결과를 발표하였으며, 상당한 개선을 보여주었습니다. 2024년 5월 31일에 종료된 3개월 동안의 수익은 $698,311로 증가하여, 지난해 같은 기간의 $573,389와 비교하여 22% 증가했습니다. 이 회사는 이번 분기에 순이익을 기록했으며, 순이익은 $133,034로, 전년의 순손실 $647,743에 비해 개선되었습니다.
9개월 기간 동안 수익은 70% 증가하여 $1,885,311에 도달했으며, 순손실은 89% 감소하여 $318,285이 되었습니다. ABQQ는 2024년 8월 31일 종료되는 회계연도에 대해 수익이 80%에서 120% 증가하고, $200,000에서 $250,000의 이익을 기대하고 있습니다. CEO Chiyuan Deng은 2024년 말까지 운영상의 수익성을 달성할 것이라고 확신했습니다.
AB International Group Corp. (OTC: ABQQ) a annoncé ses résultats financiers pour la période se terminant le 31 mai 2024, montrant des améliorations significatives. Les revenus pour les trois mois se terminant le 31 mai 2024 ont augmenté de 22 % pour atteindre 698,311 $, contre 573,389 $ au cours de la même période l'année précédente. L'entreprise a réalisé une rentabilité nette, avec un bénéfice net de 133,034 $ pour le trimestre, comparé à une perte nette de 647,743 $ l'année dernière.
Pour la période de neuf mois, les revenus ont augmenté de 70 % pour atteindre 1,885,311 $, et la perte nette a été réduite de 89 % à 318,285 $. ABQQ s'attend à enregistrer une augmentation des revenus de 80 % à 120 % et un bénéfice de 200,000 $ à 250,000 $ pour l'exercice se terminant le 31 août 2024. Le PDG Chiyuan Deng a exprimé sa confiance d'atteindre la rentabilité opérationnelle d'ici la fin de 2024.
Die AB International Group Corp. (OTC: ABQQ) hat die Finanz Ergebnisse für den Zeitraum zum 31. Mai 2024 veröffentlicht und bedeutende Verbesserungen gezeigt. Die Umsätze für die drei Monate bis zum 31. Mai 2024 stiegen um 22% auf $698,311, verglichen mit $573,389 im gleichen Zeitraum des Vorjahres. Das Unternehmen erzielte Netto-Gewinn, mit einem Nettogewinn von $133,034 für das Quartal, im Vergleich zu einem Nettoverlust von $647,743 im Vorjahr.
Für den Zeitraum von neun Monaten stiegen die Einnahmen um 70% auf $1,885,311, und der Nettoverlust wurde um 89% auf $318,285 reduziert. ABQQ erwartet einen Umsatzanstieg von 80% bis 120% und einen Gewinn von $200,000 bis $250,000 für das Geschäftsjahr, das am 31. August 2024 endet. CEO Chiyuan Deng äußerte Vertrauen, bis Ende 2024 die operative Rentabilität zu erreichen.
- Revenue increased 22% to $698,311 for the quarter ended May 31, 2024
- Achieved net profitability with $133,034 net income for the quarter
- Nine-month revenue increased 70% to $1,885,311
- Net loss for nine months reduced by 89% to $318,285
- Projected revenue increase of 80% to 120% for fiscal year 2024
- Estimated profit of $200,000 to $250,000 for fiscal year 2024
- Net loss of $318,285 for the nine months ended May 31, 2024
NEW YORK, Aug. 12, 2024 (GLOBE NEWSWIRE) -- AB International Group Corp. (OTC: ABQQ), an intellectual property (IP) and movie investment and licensing firm, announces its financial results for the period ended May 31, 2024. The financial results have been filed in a 10-Q with the U.S. Securities and Exchange Commission (the "SEC").
Key Financial Highlights:
Revenues for the three months ended May 31, 2024, increased
Net income for the three months ended May 31, 2024, to the amount of
Revenues for the nine months ended May 31, 2024, increased
Net loss for the nine months ended May 31, 2024, reduced
The Company wishes to inform the Shareholders and potential investors that based on the information currently available to the Management, it is expected that the Company may record an increase in the Revenue ranging from
“We were successful in increasing revenues while lowering expenses and significantly improving our profit margins. We managed to reach net profitability in our latest quarter ending on May 31, 2024. I believe we will achieve the profitable target which I stated in December 2022 --we can reach operational profitability by the end of 2024,” Chiyuan Deng, ABQQ’s CEO, stated.
About AB International Group Corp.
AB International Group Corp. is an intellectual property (IP) and movie investment and licensing firm, focused on acquisitions and development of various intellectual property. We are engaged in acquisition and distribution of movies. The Company operates AB Cinemas, physical movie theaters currently in NY with plans to expand nationwide (www.abcinemasny.com). The company also owns ABQQ.TV which is a movie and TV show online streaming platform. ABQQ TV generates revenue through a hybrid subscription model and advertising model similar to other online streaming platforms.
For additional information visit www.abqqs.com; www.abcinemasny.com and www.ABQQ.tv.
Forward-Looking Statements
This press release contains “forward-looking statements” that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements relating to changes to the Company’s management team and statements relating to the Company’s transformation, financial and operational performance including the acceleration of revenue and margins, and the Company’s overall strategy. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the possibility of business disruption, competitive uncertainties, and general economic and business conditions in AB International Group markets as well as the other risks detailed in company filings with the Securities and Exchange Commission. AB International Group undertakes no obligation to update any statements in this press release for changes that happen after the date of this release.
Investor Relations Contact:
Charles Tang
(852) 2622 2891
corp@abqqs.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7d9acc8e-f373-4087-a573-22c6d4b6b12a
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