HAIKOU, China, May 15, 2024 /PRNewswire/ — JX Luxventure Limited (Nasdaq: JXJT) (the "Company"), a technology company engages in integrated tourism services, including tourism, duty-free cross-border goods, and comprehensive e-commerce technology solutions, today announced financial results for the fiscal year ended December 31, 2023.
Financial Highlights for the full year ended December 31, 2023:
Significant Profit Reversal: The Company recorded a net profit of $3,043,779, representing a significant improvement compared to 2022 when it reported a loss of $55,383,281 for continuing operations. This marks a substantial year-over-year increase of $58,427,060 net profit. Increase in Net Profit Margin: The net profit margin for 2023 was 10%, a remarkable advancement from the zero net profit margin in 2022. Earnings Per Share Soaring: Our basic earnings per share for 2023 were $0.50, a substantial rise from the loss of $43.70 per share in 2022. This marks a notable year-over-year increase of $44.20 per share.
Ms. Sun "Ice" Lei, Chief Executive Officer of the Company commented: "2023 has been a year of efficiency for our company. I take immense pride in our team’s unwavering commitment and dedication, which have been instrumental in propelling this remarkable financial turnaround. Our primary objective was to foster rapid revenue growth during the initial two years, paving the way for profitability in 2023. Through meticulous execution and fine-tuning of our business model, we have not only achieved but exceeded our targets, realizing an impressive 10% net profit margin.
As we adapt to the evolving global economic landscape in the post-pandemic era, we will continue seizing growth opportunities presented by the reopening of cross-border markets. While consolidating and expanding our core tourism-related technical services and auto import/export businesses, we will invest in profitable new ventures to fortify the company’s financial resilience.
With these measures and the robust foundation we have established, I am confident that our financial performance will continue improving in the periods ahead. Our remarkable turnaround lays a solid groundwork for sustained growth and industry leadership in the years to come."
About JX Luxventure Limited
Headquartered in Haikou, China, JX Luxventure Limited is a technology company engages in integrated tourism services, including tourism, duty-free cross-border goods, and comprehensive e-commerce technology solutions. To learn more about the Company, please visit its corporate website at https://www.jxluxventure.com/en/.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of JX Luxventure Limited, and its subsidiary companies. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements due to a variety of factors, including those discussed in the Company’s periodic reports filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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