SHANGHAI, CHINA / ACCESSWIRE / May 1, 2024 / Able View Global Inc. (NASDAQ:ABLV) ("Able View" or the "Company") is pleased to report its financial results for the fiscal year ending December 31, 2023. All amounts are stated in thousands of U.S. dollars.
"We are thrilled to announce that Able View Global Inc. has achieved a record revenue of $149 million and a net income of $10 million for the fiscal year ending December 31, 2023. These results reflect our steadfast commitment to growth and operational excellence and signify the strong execution of our strategic initiatives in the highly competitive beauty and personal care markets. As we continue to expand our portfolio and enhance our brand-management services, we remain optimistic about the future and expect to maintain this positive trajectory," stated Stephen Zhu, Chairman and CEO.
Full Year 2023 Financial Highlights
| Twelve Months Ended December 31, 2023 | ||||||||||||
In thousands ($USD), except percentages & per-share amounts | 2023 | 2022 | % Change | |||||||||
Revenue | 149,000 | 145,256 | 3 | % | ||||||||
Costs and expenses | 111,991 | 112,719 | -1 | % | ||||||||
Gross profit | 37,009 | 32,538 | 14 | % | ||||||||
Gross margin | 25 | % | 22 | % | ||||||||
Income from operations | 13,321 | 10,143 | 31 | % | ||||||||
Operating margin | 9 | % | 7 | % | ||||||||
Income before income taxes | 11,691 | 9,373 | 30 | % | ||||||||
Income taxes | 1,941 | 1,469 | 32 | % | ||||||||
Effective tax rate | 17 | % | 16 | % | ||||||||
Net income | 9,750 | 7,904 | 23 | % | ||||||||
Diluted earnings per share (EPS) | $ | 0.24 | $ | 0.20 | 25 | % | ||||||
Full Year 2023 Operational and Other Financial Highlights
- Able View completed its merger with Hainan Manaslu Acquisition Corp. (HMAC), becoming a subsidiary of Able View Global Inc. as of August 2, 2023. Starting August 18, Able View's Class B shares and warrants commenced trading on the Nasdaq stock exchange
- The company's total revenue for the fiscal year ending December 31, 2023, was $149,000, which is a 3% increase from the previous year's revenue of $145,256
- The gross profit for the same period was $37,009, an increase of 14% from $32,538 in the previous year
- The net income for the fiscal year ending December 31, 2023, was $9,750, which is a 23% increase from $7,904 in the previous year
- The cash flow from operating activities for the year increased to $23,573, which is a significant increase of $36,423 compared to the previous year's operating activities, which used $12,850
- Net cash provided by investing activities was $254, which is an increase of $1,361 from the $1,107 used in the previous year
- The net cash flows used in financing activities were $16,216, compared to the previous year's $12,944 provided by financing activities
- The shareholder's equity increased to $11,416, which is an increase of $9,020 from $2,396 at the end of the previous year
Full details of the Company's 2023 financial results can be found on EDGAR and on the Company's website www.ableviewIR.com
About Able View Global Inc.
Able View is China's second-largest e-commerce hub for international beauty and personal care brands, offering a comprehensive suite of brand-management services. These services include strategic planning, branding, digital and social marketing, omni-channel sales, customer service, and integrated logistics such as overseas shipping, warehousing, and fulfilment. Able View owns and manages a diverse portfolio of products that range from niche to prestige and masstige categories, solidifying a strong presence in the Chinese market. The Company's mission is to enhance these brands' power and premium status, ensuring sustainable growth and long-term success in China.
For further information, please visit www.ableviewir.com or contact:
Able View Global Inc.
Dennis Tang, CFO
E: [email protected]
CHF Capital Markets
Cathy Hume, CEO
T: 416-868-1079 x 251
E: [email protected]
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Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the business combination, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Able View expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Able View's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
SOURCE: Able View Global Inc.