Scientific Energy, Inc. reported significant financial growth for the three and nine months ended September 30, 2024, compared to the same periods in 2023. The company generated revenues of $19.4 million for the third quarter, marking a 98.79% increase from $9.7 million in Q3 2023. For the nine-month period, revenues reached $50.6 million, a 76.54% increase from $28.6 million in the prior year. This growth is attributed to the company's strategic focus on e-commerce platform development through its majority-owned subsidiary, Macao E-Media Development Company Limited (MEMD), which operates primarily in Macau.
Gross profit for the third quarter of 2024 was $6.5 million, up 40.74% from $4.6 million in Q3 2023. For the nine months, gross profit increased by 29.03% to $16.5 million from $12.8 million. The operating profit for the third quarter was $1.7 million, reflecting a 122.87% increase from $746,000 in the same quarter of 2023. For the nine-month period, operating profit was $2.5 million, a 42.39% increase from $1.7 million.
Net profit for the third quarter of 2024 was $1.6 million, or $0.006 per share, compared to $732,000, or $0.003 per share, in Q3 2023, representing a 124.97% increase. For the nine months, net profit was $2.4 million, or $0.009 per share, compared to $1.7 million, or $0.006 per share, in the same period of 2023, marking a 41.43% increase.
The company has also made strategic acquisitions, including a 70% stake in Citysearch Technology (HK) Company Limited in October 2023, which reported a revenue of approximately $27,450 and a net loss of about $969,632 for the period ended December 31, 2023. Additionally, Scientific Energy established new subsidiaries, including Graphite Energy, Inc. in Florida and Zhuhai Aomi E-commerce Company Limited in China, to expand its operational footprint.
As of September 30, 2024, the company reported cash and cash equivalents of $6.8 million, with a working capital deficit of $3.6 million. The company generated $3.1 million in net cash from operating activities during the nine months, a significant turnaround from a net cash used of $26,000 in the same period of 2023.
Overall, Scientific Energy's performance reflects a robust recovery and growth trajectory, driven by strategic operational shifts and acquisitions in the e-commerce sector.
About SCIENTIFIC ENERGY, INC
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