HNRC REPORTS Q1 2024 FINANCIALS PERIOD ENDING MARCH 31, 2024

Rhea-AI Summary

Houston Natural Resources Corp (HNRC) announced its Q1 2024 financial results, showing steady growth in revenue and operating earnings. For the quarter ending March 31, 2024, HNRC reported a total revenue of $4,292,940, a 2.7% increase from Q1 2023. Earnings also rose by 2.8% to $2,736,961. However, total assets decreased by 7.5%, down to $85,858,800. The company's net asset value per share stood at $0.27. HNRC has filed an application for Worldwide Diversified Holdings common shares to trade on the OTCQB market, with future plans to uplist to a major exchange and pursue acquisitions to enhance shareholder value.

Positive

• Revenue increased by 2.7% to $4,292,940 in Q1 2024 compared to Q1 2023.
• Total earnings rose by 2.8% to $2,736,961 in Q1 2024.
• Net asset value (NAV) was recorded at $0.27 per share in Q1 2024.
• Application filed for Worldwide Diversified Holdings to trade on the OTCQB market.
• Future plans to uplist to a major exchange and pursue acquisitions.

Negative

• Total assets decreased by 7.5%, down to $85,858,800.

Consistent Growth Reported in Revenue and Operating Earnings

HOUSTON, May 15, 2024 /PRNewswire/ -- Houston Natural Resources Corp. (OTC: HNRC) ("HNRC or the Company") announced today results for the quarter ending March 31, 2024. 

Financial Results: Q1 2024 Ending March 31, 2024, vs Q1 2023 Ending March 31, 2023

• Total revenue for three months was $4,292,940 vs $4,178,580, an increase of 2.7%.
• Total earnings for three months were $2,736,961 vs $2,660,713, an increase of 2.8%.
• Total assets for the period were $85,858,800 vs $92,839,255, a decrease of 7.5%.
• The company recorded a net asset value (NAV) of $0.27 per share Q1 2024

The Company also disclosed that it has filed an application for Worldwide Diversified Holdings, Inc common shares to initially trade on the OTCQB market. After the initial listing the company intends on uplisting onto a major exchange and continuing business operations and pursuing acquisitions to add shareholder value. 

FORWARD-LOOKING STATEMENTS:

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties.

Contact:

Houston Natural Resources Corp
12 Greenway Plaza, Suite 1100
Houston, Texas 77046
Phone: (713) 425-4901
E-mail:   frank@hnrcholdings.com
Website: www.hnrcholdings.com
Twitter:   https://twitter.com/CunninghamCorp

 

View original content:https://www.prnewswire.com/news-releases/hnrc-reports-q1-2024-financials-period-ending-march-31-2024-302145717.html

SOURCE Houston Natural Resources Corp

FAQ

What was HNRC's revenue in Q1 2024?

HNRC's revenue in Q1 2024 was $4,292,940, a 2.7% increase from Q1 2023.

How much did HNRC's earnings increase in Q1 2024?

HNRC's earnings increased by 2.8%, reaching $2,736,961 in Q1 2024.

What was the total asset value for HNRC in Q1 2024?

The total asset value for HNRC in Q1 2024 was $85,858,800, a decrease of 7.5% compared to Q1 2023.

What is the net asset value (NAV) per share for HNRC for Q1 2024?

The net asset value (NAV) per share for HNRC for Q1 2024 was $0.27.

Has HNRC made any moves to list on major exchanges?

HNRC has filed an application for Worldwide Diversified Holdings to trade on the OTCQB market and plans to uplist to a major exchange in the future.