OMID Posts First-Quarter 2022 Financial Statements
OMID Holdings, Inc. (OTC Pink: OMID) announced its Unaudited Financial Statements for Q1 2022, reporting a record revenue of $358,772, a 29% increase from Q1 2021. Gross profit rose to $175,247 (26% improvement), and net income before taxes reached $75,209, reflecting a 58% year-over-year growth. CEO Adam Frank expressed optimism about continued success despite the typical slow start of the year. OMID is engaged in developing health and wellness products, focusing on cannabis extracts, particularly CBD.
- Q1 2022 revenue increased to $358,772, up 29% from Q1 2021.
- Gross profit for Q1 2022 improved to $175,247, a 26% increase year-over-year.
- Net income before taxes rose to $75,209, reflecting a significant 58% year-over-year growth.
- None.
Phillipsburg, NJ , May 13, 2022 (GLOBE NEWSWIRE) -- Today, OMID Holdings, Inc. (OTC Pink: OMID) posted its Unaudited Financial & Disclosure Statements for the Three Months Ended March 31, 2022. During the period, OMID realized record first-quarter revenue; some notable financial highlights are further detailed below.
Highlighted Operating Results for the First Quarter of 2022
- Revenue for 1Q2022 was
$358,772 compared to$278,124 for 1Q2021, a29% improvement from the comparative quarter in the previous year. - Gross Profit for 1Q2022 was
$175,247 compared to$139,126 for 1Q2021, a26% improvement from the comparative quarter in the previous year. - Net Income before income taxes for 1Q2022 was
$75,209 compared to$47,525 for the 1Q2021, a58% improvement from the comparative quarter in the previous year.
“As we have come to expect over the past several years, the first quarter is frequently our slowest quarter of the year. Nonetheless, I see the year-over-year improvement – as well as record revenues for this period – as an encouraging sign. We look ahead with optimism for continued success throughout the rest of 2022.” stated Adam Frank, Chairman & CEO of OMID Holdings, Inc.
About OMID Holdings, Inc.
OMID Holdings, Inc. is a publicly-traded (OTC Pink: OMID) Florida corporation which focuses on developing and manufacturing various health and wellness products at its FDA-registered manufacturing facility in Phillipsburg, NJ. With a diverse portfolio of product types, OMID specializes in formulations which contain cannabis extracts, primarily CBD, as well as other herbal ingredients. The company’s objective is to provide quality, integrity, and value with notable consumer benefits derived from all of its finished goods. Acts 2:12.
For more information about the company, please visit https://omidholdingsinc.com/.
Safe Harbor Act: Forward-Looking Statements are included within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Adam Frank
Phone: +1 908-386-2880
Email: info@omidholdingsinc.com
