Antelope Enterprise Announces Second Half and Full Year 2021 Financial Results
Antelope Enterprise Holdings Limited (NASDAQ: AEHL) reported financial results for the second half and full year ending December 31, 2021. Revenue rose by 16.0% to RMB 166.2 million (US$ 25.8 million), driven by new technology ventures contributing 38.3% of total revenue. Gross profit improved to RMB 73.8 million (US$ 11.5 million) from a loss of RMB 26.9 million. However, bad debt expenses surged to RMB 75.7 million (US$ 11.8 million). The company aims to pivot towards technology sectors amidst challenging real estate market conditions in China.
- Revenue increased by 16.0% YoY to RMB 166.2 million (US$ 25.8 million).
- Gross profit improved to RMB 73.8 million (US$ 11.5 million) from a gross loss.
- New technology subsidiaries contributed significantly, accounting for 38.3% of revenue.
- Bad debt expenses rose to RMB 75.7 million (US$ 11.8 million).
- Ceramic tile sales volume decreased by 22.1% YoY.
JINJIANG, China, April 29, 2022 /PRNewswire/ -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) ("Antelope Enterprise" or the "Company"), a leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings, and which also engages in business management, information system consulting, and online social commerce and live streaming, today announced its financial results for the second half and fiscal year ended December 31, 2021.
Second Half 2021 Summary
- Revenue was RMB 166.2 million (US
$ 25.8 million ), a16.0% increase from RMB 143.2 million (US$ 21.1 million ) for the same period of 2020. The increase in revenue was due to the generation of RMB 63.6 million (US$ 9.9 million ) in business management, information system consulting, and online social commerce and live streaming, new operating segments for the Company, which accounted for38.3% of the Company's total revenue for the six-month period. - Gross profit was RMB 73.8 million (US
$ 11.5 million ) as compared to gross loss of RMB 26.9 million (US$ 4.0 million ) for the same period of 2020. - Operating results were affected by bad debt expense of RMB 75.7 million (US
$ 11.8 million ) for the second half of 2021, as compared to bad debt expense of RMB 48.5 million (US$ 7.2 million ) for the same period of 2020. - Net loss was RMB 19.3 million (US
$ 3.0 million ) for the second half of 2021, as compared to a net loss of RMB 81.6 million (US$ 12.0 million ) for the same period of 2020.
Ms. Meishuang Huang, Chief Executive Officer of Antelope Enterprise, commented, "During fiscal year 2021, we continued to experience challenging market conditions for our ceramic tile business segment due to the slowdown of the real estate sector in China which was being impacted by the continued effects of the COVID-19 pandemic. To mitigate these challenging conditions, in 2021, we continued to execute our strategic plan to diversify our business and fuel our growth by incorporating several new technology sector subsidiaries."
"These new subsidiaries are engaged in selected markets in China which we believe have strong growth potential. These include business management, information system consulting, and social media, online social commerce and live streaming in China. We are pleased that these new sectors contributed
"Due to the challenging conditions for real estate and building materials in China, in November 2021 we entered into a five-year lease agreement to lease out the entire Hengdali facility with the same lessee that had been leasing out just a portion of the plant. This decision is consistent with our resolve to pivot towards technology growth sectors. However, we are secure in having ample unused production capacity for ceramic tiles at our Hengda facility for when the real estate market turns around."
"We are committed to diversifying the Company into growth technology sectors and are encouraged by the strong contribution from our new technology subsidiaries to date. In particular, we believe that social media, online social commerce and live streaming in China will experience sustained growth in the years to come," concluded Ms. Huang.
Six Months Results Ended December 31, 2021
Revenue for the six months ended December 31, 2021 was RMB 166.2 million (US
Gross profit for the six months ended December 31, 2021 was RMB 73.8 million (US
Other income for the six months ended December 31, 2021 was RMB 2.3 million (US
Selling and distribution expenses for the six months ended December 31, 2021 were RMB 3.1 million (US
Administrative expenses for the six months ended December 31, 2021 were RMB 15.2 million (US
Bad debt expense for the six months ended December 31, 2021 was RMB 75.7 million (US
Other expenses for the six months ended December 31, 2021 were RMB 47,000 (US
Net loss for the six months ended December 31, 2021 was RMB 19.3 million (US
Loss per basic share and fully diluted share for the six months ended December 31, 2021 were RMB 3.75 (US
Full Year 2021 Financial Results
Revenue for the year ended December 31, 2021 was RMB 216.3 million (US
Statements of Selected Financial Position Items for the Fiscal Year Ended 2021
- Cash and bank balances were RMB 27.9 million (US
$ 4.4 million ) as of December 31, 2021, compared with RMB 12.3 million (US$ 1.9 million ) as of December 31, 2020. - Inventory turnover was 183 days as of December 31, 2021, as compared to 190 days as of December 31, 2020. The decrease in inventory turnover days was primarily due to the cessation of production at our Hengdali facility during fiscal year 2021 due to our plan to primarily utilize current inventory in stock. We believe that the value of our current inventories is realizable.
- Trade receivables turnover of sales of ceramic tile products, net of value added tax, was 168 days as of December 31, 2021, as compared with 242 days as of December 31, 2020. The decrease in trade receivables turnover was primarily due to the increase in the general doubtful debt provision calculated according to the expected credit loss stipulations in IFRS 9. Trade receivables turnover of our business management, information system consulting, and online social commerce and live streaming operations was 11 days as of December 31, 2021.
- Trade payables turnover of sales of ceramic tile products, net of value added tax, was 20 days as of December 31, 2021 as compared with 22 days as of December 31, 2020. The average turnover days was within the normal credit period of one to four months granted by our suppliers. Trade payables turnover of our business management, information system consulting, and online social commerce and live streaming operations was 7 days as of December 31, 2021.
Liquidity and Capital Resources
Cash flow used in operating activities was RMB 4.4 million (US
Cash flow used in investing activities was RMB 1.15 million (US
Cash flow used in financing activities was RMB 1.0 million (US
Plant Capacity and Capital Expenditures Update
We utilized plant capacity that produced 1.2 million square meters of ceramic tiles for the six months ended December 31, 2021, as compared to 1.5 million square meters of ceramic tiles for the same period of 2021, with all of the current period's production attributable to our Hengda facility. Our reduced utilization during the current period was primarily attributable to the continued slowdown of the real estate industry in China which was still being impacted by the continued effects of the Covid-19 pandemic.
Effective November 1, 2021, we entered into a new lease agreement with the same lessee that had been leasing one of the production lines at the Hengdali facility that has the capacity to produce ten million square meters of annual production capacity. The new lease is for Hengdali in its entirety which includes building, plant and facilities, and which contains all of its machinery, equipment and production lines. The new lease has a term of five years, from November 1, 2021 through October 31, 2026, for an annual rent of RMB 18.0 million.
The leased Hengdali facility has an annual production capacity of 22.4 million square meters of ceramic tiles, a reduction from its annual production capacity of 27.7 million square meters of ceramic tiles, resulting from the Company having retired two old furnaces at Hengdali in fiscal 2021. For the current period, there was no production capacity utilized at Hengdali due to our having utilized current inventory in stock to fill customer orders as well as our having executed a new lease agreement for the entire facility including all of its production lines.
Therefore, the Company's total annual production capacity is 22.8 million square meters of ceramic tiles which is solely attributable to its Hengda facility. We intend to bring unused production capacity at Hengda online as customer demand dictates and when there are signs of improvement in China's real estate and construction sectors.
We review the level of capital expenditures throughout the year and make adjustments subject to market conditions. Although business conditions are subject to change, we anticipate a modest level of capital expenditures for 2022 other than those associated with minimal upgrades, small repairs and the maintenance of equipment.
Business Outlook
In terms of our ceramic tile business, for fiscal year 2021, the Company's operating results continued to be impacted by the slowdown of China's real estate sector due to the continued effects of the COVID-19 pandemic. After a rise in property prices month-over-month for the first six months of 2021, average new home prices in China's 70 major cities fell month-over-month for the second six months of 2021, and early 2022 data shows the weakest rise in new home prices since November 2015. Due to challenging market conditions, we enacted a plan to work ceramic tile products already in inventory through our sales channels although we continued to engage in marketing for our products for when the real estate market turns around.
In 2021, China's central government reined in real estate developers with stricter financial rules for property development resulting in a cooling of its property market. Consequently, investment in China's property sector resulted in
Looking forward, China's central government indicated that it would invigorate the economy, as it has in the past, which would include helping to support China's real estate sector. In early 2022, the People's Bank of China cut its reserve requirement ratio which freed up more loan capital for home buyers. Due to weakened market demand, banks have lowered mortgage rates by an average of 20 to 60 basis points and some provinces have loosened some of their polices which include removing restrictions on home purchases for those without full local residency status. In addition, some banks in China have issued infrastructure bonds to fund their lending to property developers. Real estate continues to be a vital component of China's economic growth as real estate and its related business activities is estimated to comprise
We believe that the demand for our ceramic tile products will mostly come from Tier 3 and lower-tier cities as well as coastal cities over the next few years. However, we will also market our products to Tier 1 and Tier 2 cities as opportunities arise, and we will be increasing our efforts to secure customers in the larger Southeast Asia market.
In terms of our technology business development activities, during fiscal 2021, we continued to execute on our strategic plan to diversify our operations with new technology sector operations as we generated of RMB 71.5 million (US
The Social E-commerce Branch of the China Association for Trade in Services released the "2021 Social E-commerce Innovation and Development Report", indicating that the scale of China's social e-commerce market is expected to reach RMB 5.8 trillion by the end of 2021, a
This business outlook reflects the Company's current and preliminary views and is based on the information currently available to us, which are subject to change, and is subject to risks and uncertainties, as well as risks and uncertainties identified in the Company's public filings.
Conference Call Information
We will host a conference call at 8:00 am ET on May 2, 2022. Listeners may access the call by dialing +1 (877) 275-8968 five to ten minutes prior to the scheduled conference call time. International callers should dial +1 (509) 844-0154. The conference participant pass code is 3697077. A replay of the conference call will be available for 14 days starting from 11:00 am ET on May 2, 2022. To access the replay, dial +1 (855) 859-2056. International callers should dial +1 (404) 537-3406. The pass code is 3697077 for the replay.
About Antelope Enterprise Holdings Limited
Antelope Enterprise Holdings Limited is a leading manufacturer of ceramic tiles in China. The Company's ceramic tiles are used for exterior siding, interior flooring, and design in residential and commercial buildings. Antelope Enterprise's products, sold under the "Hengda" or "HD", are available in over 2,000 style, color and size combinations and are distributed through a network of exclusive distributors as well as directly to large property developers. The Company also engages in business management, information system consulting, and online social commerce and live streaming in China. For more information, please visit http://www.aehltd.com.
Currency Convenience Translation
The Company's financial information is stated in Renminbi ("RMB"). Translations of amounts from RMB into United States dollars ("US$") in this earnings release are solely for the convenience of the readers and were calculated at the rate of US
Safe Harbor Statement
Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this press release include, without limitation, the continued stable macroeconomic environment in the PRC, the PRC real estate, construction and technology sectors continuing to exhibit sound long-term fundamentals, our ability to bring additional ceramic tile production capacity online going forward as our business improves, our ceramic tile customers continuing to adjust to our product price increases, our ability to sustain our average selling price increases and to continue to build volume in the quarters ahead, and whether our enhanced marketing efforts will help to produce wider customer acceptance of the new price points; and our ability to continue to grow our business management, information system consulting, and online social commerce and live streaming business. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2021 and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.
FINANCIAL TABLES
ANTELOPE ENTERPRISE HOLDINGS., LTD AND SUBSIDIARIES | ||||
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||
As of December 31, 2021 | As of | |||
USD'000 | RMB'000 | RMB'000 | ||
ASSETS AND LIABILITIES | ||||
NONCURRENT ASSETS | ||||
Property and equipment, net | 196 | 1,250 | 68 | |
Right-of-use assets, net | 6,950 | 44,288 | 58,458 | |
Total noncurrent assets | 7,146 | 45,538 | 58,526 | |
CURRENT ASSETS | ||||
Inventories, net | 4,957 | 31,589 | 52,201 | |
Trade receivables, net | 8,068 | 51,416 | 101,470 | |
Other receivables and prepayments | 3,261 | 20,781 | 845 | |
VAT receivable | 104 | 663 | - | |
Cash and bank balances | 4,375 | 27,880 | 12,344 | |
Total current assets | 20,765 | 132,329 | 166,860 | |
CURRENT LIABILITIES | ||||
Trade payables | 987 | 6,290 | 6,750 | |
Unearned revenue | 2,439 | 15,545 | - | |
Accrued liabilities and other payables | 3,512 | 22,381 | 22,846 | |
Amounts owed to related parties | 5,704 | 36,348 | 36,348 | |
Lease liabilities | 2,103 | 13,404 | 13,431 | |
Taxes payable | 160 | 1,018 | 1,934 | |
Total current liabilities | 14,905 | 94,986 | 81,309 | |
NET CURRENT ASSETS | 5,860 | 37,343 | 85,551 | |
NONCURRENT LIABILITIES | ||||
Lease liabilities | 5,229 | 33,325 | 46,728 | |
Total noncurrent liabilities | 5,229 | 33,325 | 46,728 | |
NET ASSETS | 7,776 | 49,556 | 97,349 | |
EQUITY | ||||
Share capital | 148 | 943 | 591 | |
Reserves | 7,833 | 49,919 | 96,758 | |
Noncontrolling interest | (205) | (1,306) | - | |
Total stockholders' equity | 7,776 | 49,556 | 97,349 | |
ANTELOPE ENTERPRISE HOLDINGS LIMITED AND ITS SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
| ||||||||
Six Months ended December 31, | ||||||||
2021 | 2020 | |||||||
USD'000 | RMB'000 | RMB'000 | ||||||
Net sales | 25,835 | 166,163 | 143,202 | |||||
Cost of goods sold | 14,354 | 92,319 | 170,143 | |||||
Gross profit (loss) | 11,481 | 73,844 | (26,941) | |||||
Other income | 352 | 2,266 | 12,164 | |||||
Selling and distribution expenses | (482) | (3,103) | (4,153) | |||||
Administrative expenses | (2,370) | (15,240) | (11,911) | |||||
Bad debt expense | (11,774) | (75,727) | (48,468) | |||||
Finance costs | (167) | (1,072) | (2,330) | |||||
Other expenses | (6) | (47) | - | |||||
Loss before taxation | (2,966) | (19,079) | (81,639) | |||||
Income tax (expense) credit | (33) | (210) | 52 | |||||
Net loss | (2,999) | (19,289) | (81,587) | |||||
Net loss attributable to: | ||||||||
Equity Holders of the Company | (2,796) | (17,983) | (81,587) | |||||
Non-controlling interest | (203) | (1,306) | - | |||||
Net loss | (2,999) | (19,289) | (81,587) | |||||
Loss per share | ||||||||
Basic (RMB) | (0.58) | (3.75) | (24.85) | |||||
Diluted (RMB) | (0.58) | (3.75) | (24.85) | |||||
ANTELOPE ENTERPRISE HOLDINGS LIMITED AND ITS SUBSIDIARIES | ||||||||
SALES VOLUME AND AVERAGE SELLING PRICE | ||||||||
Six months ended December 31, | ||||||||
2021 | 2020 | |||||||
Sales volume (square meters) | 5,115,731 | 6,568,295 | ||||||
Average Selling Price (in RMB/square meter) | 20.05 | 21.80 | ||||||
ANTELOPE ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES | ||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||
Years ended December 31, | ||||
2021 | 2020 | |||
USD'000 | RMB'000 | RMB'000 | ||
Net sales | 33,526 | 216,270 | 182,989 | |
Cost of goods sold | 23,087 | 148,929 | 208,991 | |
Gross profit (loss) | 10,439 | 67,341 | (26,002) | |
Other income | 1,460 | 9,420 | 21,931 | |
Selling and distribution | ||||
expenses | (980) | (6,322) | (9,356) | |
Administrative expenses | (5,028) | (32,436) | (26,619) | |
Bad debt expense | (19,463) | (125,554) | (150,268) | |
Finance costs | (336) | (2,166) | (2,748) | |
Other expenses | (19) | (124) | - | |
Loss before taxation | (13,927) | (89,841) | (193,062) | |
Income tax expense | (34) | (217) | (33) | |
Net loss | (13,961) | (90,058) | (193,095) | |
Net loss attributable to : | ||||
Equity holders of the | ||||
Company | (13,759) | (88,752) | (193,095) | |
Non-controlling interest | (202) | (1,306) | - | |
Net loss | (13,961) | (90,058) | (193,095) | |
Other comprehensive loss | ||||
Exchange differences on | ||||
translation of financial | ||||
statements of foreign | ||||
operations | 91 | 585 | 371 | |
Total comprehensive loss for | ||||
the year | (13,870) | (89,473) | (192,724) | |
Loss per share | ||||
Basic (RMB) | (2.67) | (17.24) | (65.67) | |
Diluted (RMB) | (2.67) | (17.24) | (65.67) |
ANTELOPE ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
Six Months Ended December 31, | ||||
2021 | 2020 | |||
USD'000 | RMB'000 | RMB'000 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Loss before taxation | (2,966) | (19,079) | (81,639) | |
Adjustments for | ||||
Operating lease charge | 1,093 | 7,032 | 6,803 | |
Depreciation of property, plant and equipment | 12 | 77 | 6 | |
Amortization of prepaid expenses | - | - | (2,800) | |
Write down of inventories (reversal of | (15,430) | (99,237) | (2,301) | |
inventory provision) | ||||
Bad debt provision of trade receivables | 11,774 | 75,727 | 48,468 | |
Share based compensation | 156 | 1,003 | 817 | |
Interest expense on lease liability | 167 | 1,072 | 2,336 | |
Operating cash flows before working capital changes | (5,194) | (33,405) | (28,310) | |
Decrease in inventories | 14,773 | 95,013 | 136,524 | |
Increase in trade receivables | (10,629) | (68,360) | (114,690) | |
Decrease (Increase) in other receivables and | ||||
prepayments | (2,022) | (13,002) | 6,664 | |
Decrease in trade payables | 123 | 794 | (4,620) | |
Decrease in unearned revenue | 2,416 | 15,545 | (223) | |
Increase (decrease) in taxes payable | (69) | (441) | 3,950 | |
Decrease in accrued liabilities, other payables, | ||||
and amounts owed to related parties | (85) | (547) | (890) | |
Cash generated from (used in) operations | (685) | (4,403) | (1,595) | |
Interest paid | - | - | - | |
Income tax paid | (5) | (34) | (30) | |
Net cash generated from (used in) operating activities | (690) | (4,437) | (1,625) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Acquisition of fixed assets | (179) | (1,150) | (46) | |
Decrease (increase) in restricted cash | - | - | - | |
Interest received | - | - | - | |
Net cash generated from (used in) investing activities | (179) | (1,150) | (46) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Payment for lease liabilities | (75) | (483) | (236) | |
Insurance of share capital for equity financing | (61) | (390) | 7,956 | |
Warrants exercised | (21) | (136) | - | |
Advance from related parties | - | - | (7,649) | |
Net cash generated from (used in) financing activities | (157) | (1,009) | 71 | |
NET INCREASE (DECREASE) IN CASH & | ||||
EQUIVALENTS | (1,026) | (6,596) | (1,600) | |
CASH & EQUIVALENTS, BEGINNING OF YEAR | 5,270 | 34,029 | 13,482 | |
EFFECT OF FOREIGN EXCHANGE RATE | ||||
DIFFERENCES | 131 | 447 | 462 | |
CASH & EQUIVALENTS, END OF YEAR | 4,375 | 27,880 | 12,344 |
ANTELOPE ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
Years ended December 31, | ||||
2020 | 2020 | |||
USD'000 | RMB'000 | RMB'000 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Loss before taxation | (13,927) | (89,841) | (193,062) | |
Adjustments for | ||||
Operating lease charge | 2,181 | 14,067 | 13,082 | |
Depreciation of property, plant and equipment | 15 | 96 | 12 | |
Amortization of prepaid expenses | - | - | - | |
Write down of inventories (reversal of inventory | ||||
provision) | (15,384) | (99,237) | (2,301) | |
Bad debt provision of trade receivables | 19,463 | 125,554 | 150,268 | |
Share based compensation | 284 | 1,835 | 1,135 | |
Interest expense on lease liability | 336 | 2,166 | 2,746 | |
Operating cash flows before working capital changes | (7,032) | (45,360) | (28,120) | |
Decrease in inventories | 18,579 | 119,850 | 115,395 | |
Increase in trade receivables | (11,704) | (75,499) | (74,714) | |
Decrease (Increase) in other receivables and | ||||
prepayments | (3,090) | (19,936) | 1,191 | |
Decrease in trade payables | (71) | (461) | (15,826) | |
Decrease in unearned revenue | 2,410 | 15,545 | (619) | |
Increase (decrease) in taxes payable | (272) | (1,756) | 2,922 | |
Decrease in accrued liabilities, other payables, and | ||||
amounts owed to related parties | (72) | (465) | (497) | |
Cash generated from (used in) operations | (1,253) | (8,082) | (268) | |
Interest paid | - | - | - | |
Income tax paid | (6) | (41) | (45) | |
Net cash generated from (used in) operating activities | (1,259) | (8,123) | (313) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Acquisition of fixed assets | (198) | (1,279) | (46) | |
Decrease (increase) in restricted cash | - | - | 2,785 | |
Interest received | - | - | - | |
Net cash generated from (used in) investing activities | (198) | (1,279) | 2,739 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Payment for lease liabilities | (2,395) | (15,447) | (14,841) | |
Insurance of share capital for equity financing | 4,586 | 29,586 | 16,045 | |
Warrants exercised | 1,590 | 10,258 | - | |
Advance from related parties | - | - | 131 | |
Net cash generated from (used in) financing activities | 3,782 | 24,397 | 1,335 | |
NET INCREASE (DECREASE) IN CASH & EQUIVALENTS | 2,325 | 14,995 | 3,761 | |
CASH & EQUIVALENTS, BEGINNING OF YEAR | 1,892 | 12,344 | 8,212 | |
EFFECT OF FOREIGN EXCHANGE RATE DIFFERENCES | 158 | 541 | 371 | |
CASH & EQUIVALENTS, END OF YEAR | 4,375 | 27,880 | 12,344 |
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SOURCE Antelope Enterprise Holdings Limited
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