Company Reports 52% Revenue Growth, Initiates $15 Million Share Buyback Program
SHANGHAI, Oct. 15, 2024 /PRNewswire/ -- Nisun International Enterprise Development Group Co., Ltd. ("Nisun International" or the "Company") (Nasdaq: NISN), a technology and industry driven integrated supply chain solutions provider, today announced its reviewed but unaudited financial results for the six months ended June 30, 2024.
First Half 2024 Financial Highlights:
Operational Highlights:
Management Commentary:
Mr. Xin Liu, Chief Executive Officer of Nisun International, commented:
"We are very pleased with our strong financial performance in the first half of 2024, marked by a significant 52% increase in total revenue. Our supply chain trading business continues to grow at an impressive rate, particularly in the gold trading sector, which underscores the effectiveness of our business model and technology-driven approach. While the challenging economic conditions impacted our SME financing services, we are beginning to see signs of a turnaround following the government's recent stimulus measures, and we are optimistic about the future of this segment.
Looking ahead, we remain committed to enhancing operational efficiency and seeking new growth opportunities. We also believe our stock is significantly undervalued, which is why we are excited to announce a $15 million share buyback program. Our largest shareholder has already demonstrated confidence in our future by increasing their stake by approximately $1 million during the first half of the year. We are confident that our growth initiatives and the share repurchase program will create additional value for our shareholders in the near term and beyond."
2024 Outlook:
Nisun International expects the momentum in its supply chain trading business to continue through the second half of 2024 and into 2025. With the Chinese government's stimulus measures beginning to take effect, the Company anticipates a more favorable environment for its SME financing and supply chain financing solutions, positioning Nisun International for sustained growth in the coming periods.
Details of the conference call, including dial-in information, will be announced in the coming days.
About Nisun International Enterprise Development Group Co., Ltd
Nisun International Enterprise Development Group Co., Ltd. (NASDAQ: NISN) is a technology-driven, integrated supply chain solutions provider focused on transforming the corporate finance industry. Leveraging its industry experience, Nisun International is dedicated to providing professional supply chain solutions to Chinese and foreign enterprises and financial institutions. Through its subsidiaries, Nisun International provides users with professional solutions for technology supply chain management, technology asset routing, and digital transformation of tech and finance institutions, enabling the industry to strengthen and grow. At the same time, Nisun International continues to deepen the field of industry segmentation through industrial and financial integration. Focusing on industry-finance linkages, Nisun International aims to serve the upstream and downstream of the industrial supply chain while also assisting with supply-side sub-sector reform. For more information, please visit http://ir.nisun-international.com/
Cautionary Note Regarding Forward-Looking Statements
This press release contains information about Nisun International 's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Nisun encourages you to review other factors that may affect its future results in Nisun's registration statement and in its other filings with the Securities and Exchange Commission. Nisun assumes no obligation to update or revise its forward-looking statements as a result of new information, future events or otherwise, except as expressly required by applicable law.
Contacts
Nisun International Enterprise Development Group Co., Ltd
Investor Relations
Tel: +86 (21) 2357-0055
Email: ir@cnisun.com
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SOURCE Nisun International Enterprise Development Group Co., Ltd