Quality Industrial Corp. files 2022 Annual Report with the SEC
Quality Industrial Corp. (OTC PINK:QIND) filed its 2022 Annual Report with the SEC, detailing significant financials including revenue of $65.6M and net profit of $6.8M for 2022. The report outlined a 2023 forecast projecting revenue over $140M and net profit exceeding $20M. Following a change in ownership in May 2022, the company is focused on enhancing acquisitions in the Industrial, Oil & Gas, and Utility sectors. Chief Executive Officer John-Paul Backwell highlighted the strength of their performance and commitment to achieve set objectives for 2023.
- 2022 revenue of $65.6M with a forecast for 2023 exceeding $140M.
- Net profit for 2022 was $6.8M, expecting to reach over $20M in 2023.
- Total assets reported at $200M, indicating financial stability.
- Plans to streamline operations and hire experienced executives to enhance efficiency.
- None.
SAN FRANCISCO, CA / ACCESSWIRE / April 3, 2023 / Quality Industrial Corp. (OTC PINK:QIND), is a Mergers and Acquisitions company focused primarily on the Industrial and Oil and Gas sectors. On the 31st of March 2022, the company filed its Form 10-K Annual Report with the U.S. Securities and Exchange Commission ("SEC") for the fiscal year ended December 31, 2022. Quality Industrial Corp.'s Annual Report on Form 10-K is available on otcmarkets.com in the disclosure section under SEC Filings, as well as on the SEC's website at sec.gov.
QIND changed ownership on May 28, 2022, when Ilustrato Pictures International Inc. ("ILUS") acquired 77.4 % of the outstanding shares in the Company. In line with the change in control and business direction, the Company changed its name to Quality Industrial Corp. with the ticker QIND. The company has since been and remains focused on the acquisition and growth of companies in the Industrial, Oil & Gas and Utility Sectors, while operating as a majority owned subsidiary of ILUS.
Below are some of QIND's financial highlights from the filing for the year ended 2022 as well as 2023 forecasts. The Company will file pro forma financial information (2023 forecasts) for its acquisition, Quality International Co Ltd FCZ as required by Item 9.01 (b) of Regulation S-X no later than May 15, 2023.
Revenue:
- 2022:
$65.6M - 2022 Run rate:
$113M (Q4 annualized) - 2023 Forecast:
$140M +
Net Profit:
- 2022:
$6.8M - 2022 Run rate:
$10.4M (Q4 annualized) - 2023 Forecast:
$20M +
Other Financial Highlights:
- Total Assets:
$200M - Earnings Per Share (EPS):
$0.07 - Trailing EPS:
$0.10 (Q4 annualized) - P/E ratio (Price Earnings): 4.71 (based on share price of
$0.31 as of 12/31/2022) - Trailing P/E ratio: 3.11 (Q4 EPS annualized - based on share price of
$0.31 as of 12/31/2022)
QIND is currently focusing on the integration and optimization of its operating companies to increase revenue as well as profit. The company plans to hire key executives with significant industry experience to streamline its financial reporting, corporate governance, and investor relations. Having filed its annual report with audited financials, the company has completed another milestone on the path towards its planned up-listing to a major stock exchange.
Chief Executive Officer of QIND, John-Paul Backwell, commented, "We are pleased to see that the results of our hard work in 2022 is displayed in our strong financial performance. The filing of our 2022 Annual Report is an important checkpoint on our roadmap, positioning us well for the delivery of our 2023 objectives. Thanks to our Shareholders for your support in 2022 and we are working hard to deliver a rewarding 2023 for all involved in our QIND and ILUS journey."
This Press Release does not constitute an offer of any securities for sale.
FORWARD-LOOKING STATEMENTS
This press release contains statements of a forward-looking nature about the Company. You can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "future" or other similar expressions. The Company has based these forward-looking statements primarily on the Company's current expectations and projections about future events and financial trends that the Company believes may affect Company's financial condition, results of operations, business strategy, and financial needs. There is no assurance that the Company's current expectations and projections are accurate. All forward-looking statements in this press release are based on the Company's information on the date hereof. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results to differ materially from those implied by the forward-looking statements. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time. The Company does not undertake any obligation to update or revise the forward-looking statements except as required under applicable law. This press release does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities of the Company. The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions.
CONTACT
Quality Industrial Corp.
315 Montgomery Street, San Francisco
CA 94104, USA
Phone: +1-800-706-0806
Email: info@qualityindustrialcorp.com
Investor site: https://qualityindustrialcorp.com
Twitter: @ QualityIndCorp @ILUS_INTL
SOURCE: Quality Industrial Corp.
View source version on accesswire.com:
https://www.accesswire.com/747182/Quality-Industrial-Corp-files-2022-Annual-Report-with-the-SEC
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