- The stock price of Nisun International Enterprise Development Group Co., Ltd (Nasdaq: NISN) increased from $15.01 to a day high of $18.26 during intraday trading this morning. This is why it happened.
The stock price of Nisun International Enterprise Development Group Co., Ltd (Nasdaq: NISN) – a provider of innovative comprehensive solutions through the integration of technology, industry, and finance – increased from $15.01 to a day high of $18.26 during intraday trading this morning. Investors are responding positively to the company announcing its audited financial results for the year ended December 31, 2020.
Full Year Ended December 31, 2020:
Revenues
— The total revenue from continuing operations increased to approximately $42.2 million for the year ended December 31, 2020 from $2.5 million for the year ended December 31, 2019.
— The revenues generated from the Small- and Medium-Enterprise (SME) financing solutions business were $40.8 million in 2020, compared to $2.5 million in prior year. This was primarily due to increasing demands from SMEs in China seeking standardized financing solutions as an alternative to bank financing.
— The company commenced its supply chain solution business in January 2020. And with a focus on linkages in the finance industry, the company aims to serve the upstream and downstream of the supply-chain industry while facilitating supply-side sub-sector reform.
— For fiscal 2020, revenue generated from supply chain solutions was $1.4 million.
— The company achieved total supply chain transaction volume of approximately $50.6 million (RMB349.6 million) during fiscal 2020. And the company expects this growth trend will continue in 2021.
— The company commenced its other financing services business in July 2019. And revenues generated from other financing solution services were $0.04 million in 2020, compared to $3,381 in prior year.
KEY QUOTE:
“As we reflect on 2020, our business evolved both literally and figuratively. The onset of the COVID-19 pandemic presented challenges to our business and pushed us to adapt and refine our business model to focus on SME financing and supply chain solutions. Amid the mergers and acquisitions and dispositions, we are excited to see our strong financial performance in the second half of 2020, as our business generated $42.2 million in revenue in the 2020 fiscal year. Furthermore, we launched a new supply chain solutions financing business, which is likely to further drive overall business growth. Looking ahead to 2021, Nisun remains committed to providing high-quality supply chain products and services to our clients.”
— Xiaoyun Huang, Chairman and Chief Executive Officer of Nisun International
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.
