READEN HOLDING CORPORATION (OTC PINK: RHCO) ANNOUNCES FILING OF DECEMBER 31, 2022 FINANCIAL STATEMENTS WITH OTC MARKETS, REVENUE UP 152%, EARNINGS UP 1,414%

Rhea-AI Summary

READEN HOLDING CORPORATION (OTC PINK: RHCO) reported strong financial results for Q4 2022, showcasing a 151.70% revenue increase from Q3 2022 and a remarkable 665.25% year-over-year growth. The company achieved a profit of $822,343, reflecting a staggering 1,413.99% rise compared to the previous quarter. This performance was bolstered by the resurgence of travel and retail sectors post-COVID, with substantial contributions from Oke Partners and Neckermann Direct, which has expanded its e-commerce offerings significantly. Management anticipates continued growth through enhanced marketing efforts and strategic positioning in the fintech and e-commerce industries.

Positive

• 151.70% increase in revenue compared to Q3 2022.
• 665.25% year-over-year revenue growth.
• $822,343 profit for Q4 2022, up 1,413.99% from last quarter.
• Growth in Oke Partners and Oke Club driving significant income.
• Neckermann Direct's revival leading to increased sales and market opportunities.

Negative

• None.

HONG KONG, Feb. 13, 2023 /PRNewswire/ -- READEN HOLDING CORPORATION (OTC PINK: RHCO), a Venture Capital Corporation which is active in the Fintech, Online Payment and E-commerce industries, today announced that the Company has filed its financial statements for the quarter ending December 2022 with OTC Markets Disclosure & News Service. RHCO reported an increase in Revenue of 151.70% compared to the quarter ending September 2022, which is also a year-over-year increase of 665.25%. And the Company has recorded a profit of $822,343 for this period, an impressive increase of 1,413.99% compared to last quarter.

The encouraging result was due to the recent activities in Oke Partners and Oke Club, which have brought significant income to the Company. As Covid restrictions started to relax in Q4 of 2022, travel and retail sectors were back on track to normal. Oke Club (Oke Travel Club: oketravelclub.enjoymydeals.com) has been benefited from the resume of traveling with a solid growth of paid membership. And Oke Partners (www.okepartners.com) also saw growth in members and merchants which has increased the consumer spendings through OkeApp. The Company will realize a full scale, multiple channels marketing campaign for Oke Partners and Oke Club in coming months and expects even bigger growth in the aftermath of Covid.

Meanwhile, Neckermann Direct (www.neckermanndirect.eu) - the Company's B2C E-commerce Platform has also contributed profits significantly. RHCO has revived Neckermann Direct last year, turning the 70 years old, one of the most well-known retails brands in Europe into a front runner of global E-commerce, and providing a platform for Asian merchants and products to enter European market. The Company has captured the market opportunity, as E-commerce giant Amazon blocked numerous Chinese merchant accounts and forced many Chinese companies to seek other direct selling channels. Neckermann Direct welcomes cross-border merchants from Asia to directly sell their products to customers in Europe, activity bridging the gap between European customers and Asian merchants and has already added more than 150,000 products online. This has resulted in tremendous sales growth on Neckermann Direct platform.

Richard Klitsie, CEO of RHCO stated, "The management team of RHCO is thrilled to present our stockholders this good news in the beginning of 2023. For many companies, the past two years have been very difficult due to Covid situations. Our Company managed to keep on building, developing and exploring under the same circumstances, because we always believe in the future of Fintech and E-Commerce and would not give in easily. This profitable Q4 2022 was the result of our hard work and strong resilience. Our team has a high spirit, and we expect to sustain the percentage of growth in revenue and profit for the next quarter."

Readen Holding Corp. (www.readenholdingcorp.com) is a publicly traded Venture Capital Corporation, with major holdings in the Fintech Industry and has been increasing its investment in E-commerce and E-payment sectors, such as;

OkePay:	www.okepay.biz
OkePay VPOS:	www.okepay.biz/vpos
Oke Partners / OkeApp:	www.okepartners.com
Oke Travel Club:	www.oketravelclub.com
OkToken:	oktoken.biz
Readies:	www.readies.biz
Neckermann:	www.neckermanndirect.eu
Two Percent:	www.twopercent.hk
Fligro:	www.fligrofood.com

RHCO is a diversified holding company, with an operating history of over 30 years, which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns, in order to maximize value for all shareholders. RHCO has subsidiaries and liaison offices in Europe and Asia.

For further information please contact RHCO at info@readenholdingcorp.com or +852 3950 5911

The RHCO corporate email address is info@readenholdingcorp.com

The RHCO corporate website can be accessed at www.readenholdingcorp.com

The RHCO Twitter account can be accessed at https://twitter.com/readenrhco

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Readen Holding Corp. to accomplish its stated plan of business. Readen Holding Corp. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward- looking statements included herein, the inclusion of such information should not be regarded as a representation by Readen Holding Corp. or any other person.

 

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SOURCE Readen Holding Corp.

FAQ

What were RHCO's financial results for Q4 2022?

RHCO reported a revenue increase of 151.70% from Q3 2022 and a year-over-year growth of 665.25%, with a profit of $822,343.

How much profit did RHCO earn in Q4 2022?

READEN HOLDING CORPORATION earned a profit of $822,343 in Q4 2022, representing an increase of 1,413.99% compared to the previous quarter.

What factors contributed to RHCO's revenue growth?

The revenue growth was attributed to increased activities in Oke Partners and Oke Club, along with the resurgence of the travel and retail sectors.

What is the outlook for RHCO following the latest financial results?

Management expects sustained revenue and profit growth in the next quarter, supported by ongoing marketing campaigns and strategic developments.