Industrial Technical Holdings Ltd. Completes Consolidated Audits for 2022 and 2023

JP Jenkins Ltd has announced that Industrial Technical Holdings Ltd. (ITHL) has completed its consolidated audits for the fiscal years ended December 31, 2022, and December 31, 2023. Conducted by Ernst & Young Hua Ming LLP, the audits affirm the company's financial health and adherence to IFRS.

ITHL reported revenues of $6,576,872 for 2023 and $8,543,564 for 2022. The decline in revenue was partly due to delayed sales from 2021 to 2022. However, the company maintained robust sales in key markets, including Euroland, the United States, and Mainland China.

The company reported a net profit of $914,554 in 2023, up from $309,832 in 2022, highlighting effective cost management and operational efficiency. Total assets increased to $5,171,777 in 2023 from $4,039,530 in 2022, reflecting strategic investments.

ITHL demonstrated strong cash flow management with net cash flows from operating activities of $766,901 in 2023, compared to $984,586 in 2022. The company's total equity rose to $2,104,458 in 2023 from $1,189,904 in 2022, driven by retained earnings and effective capital management strategies.

The gearing ratio improved to 26% in 2023 from 45% in 2022, indicating reduced net debt and improved financial leverage. ITHL remains committed to growth and strategic investments, further reinforced by the audits' positive results.