READEN HOLDING CORPORATION (OTC PINK: RHCO) ANNOUNCES FILING OF MARCH 31, 2022 FINANCIAL STATEMENTS WITH OTC MARKETS, REVENUE UP 634%

Rhea-AI Summary

Readen Holding Corporation (OTC PINK: RHCO) announced its financial results for Q1 2022, revealing a remarkable 634.42% increase in revenue compared to Q4 2021, and a 161.39% year-over-year growth. After two quarters of minor losses, RHCO reported a minor profit, with net assets rising 1.99% from the previous financial year. This growth is attributed to successful operations of its apps OkeApp and Readies. Additionally, RHCO's Fintech division saw a 700% revenue surge in January 2022 compared to December 2021, indicating strong momentum for the company.

Positive

• Revenue increased by 634.42% compared to Q4 2021.
• Year-over-year revenue growth of 161.39%.
• Minor profit reported after two quarters of losses.
• Net assets increased by 1.99% compared to last financial year.
• 700% revenue increase in January 2022 compared to December 2021.

Negative

• None.

HONG KONG, April 21, 2022 /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 March 2022 with OTC Markets Disclosure & News Service. RHCO reported an increase in Revenue of 634.42% compared to the quarter ending December 2021, which is also a year-over-year increase of 161.39%. After two previous quarters of minor loss, the Company has recorded a minor profit and its Net Assets saw an increase of 1.99% compared to last financial year end.

The positive result was due to the ongoing development of OkeApp (www.okepartners.com), the Company's discount referral app. The Company also see Revenue increased in Readies (www.readies.biz), its own developed e-voucher. The uptrend of OkeApp and Readies has started last quarter. Both businesses have been extending their success in Q1 2022 and continuous growth is expected in the coming quarters

In an earlier announcement, the Company disclosed that its Fintech Division, which includes OkePay, OkeApp and Readies, has recorded a 700% revenue gain in January 2022 comparing to December 2021. That one month's revenue approximately equals to the total revenue of the Division in the last six months of 2021.

Richard Klitsie, CEO of RHCO stated, "RHCO has started the year of 2022 very well, and we are so thrilled to announce the completion of its quarterly filing. We are riding on the momentum of OkeApp and Readies, and both are performing well beyond our expectations. As anticipated, last quarter we saw a profit and we are expecting at least double digital revenue growth in quarters to come. The management is working hard every day to realize our exciting strategic business plan of action, as well as RHCO's up listing plan. We are currently undergoing the process of auditing, with J&S Associate (AF002380) (Registered with US PCAOB and Malaysia MIA) (jns-associate.com) as the Auditor for the Company's up listing initiative. We are positive that RHCO's up listing to OTCQB can be finalized within this year. I strongly believe 2022 will be a cornerstone year for RHCO."

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;

www.okepay.biz
www.readies.biz
www.okepartners.com
oktoken.biz
www.neckermanndirect.eu
www.twopercent.hk
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.

Contact

Readen Holding Corp.
info@readenholdingcorp.com
+852 3950 5911

Readen Group, RHCO announcement

 

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SOURCE Readen Holding Corporation

FAQ

What were the financial results for RHCO for Q1 2022?

RHCO reported a revenue increase of 634.42% compared to Q4 2021 and a 161.39% increase year-over-year.

How did the revenue of RHCO's Fintech division perform in January 2022?

The Fintech division of RHCO recorded a 700% revenue gain in January 2022 compared to December 2021.

Did RHCO report a profit in its recent financial statements?

Yes, RHCO reported a minor profit after two previous quarters of losses.

What contributed to RHCO's recent revenue growth?

Growth was mainly attributed to the performance of OkeApp and Readies.

How much did RHCO's net assets increase?

RHCO's net assets increased by 1.99% compared to the previous financial year.