Quality Industrial Corp. Shares Strong Financial Upturn After Growth
Quality Industrial Corp. Announces Impressive Fiscal Year Results
Quality Industrial Corp. officially reported its financial performance for the recently completed fiscal year, showcasing a remarkable recovery and growth trajectory. The company, recognized in the industrial and energy sectors, is specifically dedicated to providing innovative solutions in the liquefied petroleum gas (LPG) industry. Throughout 2024, Quality Industrial Corp. made significant strides, particularly through its subsidiary Al Shola Gas.
Key Financial Highlights for Fiscal Year 2024
The results for the fiscal year ended December 31, 2024, reveal a total revenue of $11,177,567. This impressive figure was primarily influenced by the recent acquisition of Al Shola Gas, which has further solidified the company’s market position.
Revenue Growth
Al Shola Gas, contributing a substantial revenue of $14,268,840, highlighted a year-over-year increase of 31.1% compared to 2023. This significant growth reflects an increasing demand for their services across various sectors.
Expenses Overview
Operating expenses saw a rise to $3,280,008 from $2,766,256 the previous year. While general and administrative costs remained steady, they transitioned from mainly share-based expenses to operational costs for Al Shola Gas.
Legal and Professional Fees
In 2024, legal and professional expenses notably increased to $849,925, spurred by mandatory reevaluation of finances, legal costs from mergers, and other one-off expenditures.
Net Income Achievement
Quality Industrial Corp. recorded a net income of $266,780, contrasting sharply with a net loss of $4,232,732 in 2023. The turnaround was fueled by Al Shola Gas’s contribution of $2,051,645, which represents a solid 17.6% increase despite the new corporate tax provisions in the United Arab Emirates.
CEO Remarks and Future Plans
John-Paul Backwell, the CEO of Quality Industrial Corp., expressed satisfaction with the company’s progress. He noted how the integration of Al Shola Gas played a pivotal role in the company's financial turnaround, highlighting the early success in 2025 from renewed orders.
Strategic Expansion Initiatives
Looking ahead, Quality Industrial Corp. aims to bolster its investment in Al Shola Gas. Plans include enhancing operational efficiency, increasing sales volume, and implementing capital investments such as procuring new vehicles for bulk LPG operations to further amplify revenue growth.
A Glimpse into Quality Industrial Corp.
Quality Industrial Corp. operates as a diversified entity within the LPG sector through its subsidiary, Al Shola Gas. The company's offerings span consultation, engineering, supply, and maintenance services, streamlining LPG distribution for commercial and industrial needs. As a majority-owned subsidiary of Fusion Fuel Green PLC, Quality Industrial Corp. continues to expand its impact in the energy landscape.
Company Contact Information
For inquiries, Quality Industrial Corp. can be reached at:
505 Montgomery Street, San Francisco, CA 94104, USA
Phone: +1-800-706-0806
Email: info@qualityindustrialcorp.com
Investment relations can be accessed on the corporate website.
Frequently Asked Questions
What were the total revenues for Quality Industrial Corp. in 2024?
The total revenues reported were $11,177,567 for the fiscal year ending December 31, 2024.
How much did Al Shola Gas grow in revenue?
Al Shola Gas achieved a revenue increase of 31.1%, reaching $14,268,840 in 2024.
What are the plans for Quality Industrial Corp. in 2025?
The company plans to enhance Al Shola Gas's operations and invest in new resources to drive further growth.
What was the net income for Quality Industrial Corp. in 2024?
The company reported a net income of $266,780 for the fiscal year 2024.
How did operating expenses change in 2024?
Operating expenses increased to $3,280,008 in 2024, compared to $2,766,256 in the prior year.
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