Verde Resources, Inc. (VRDR) reported significant financial improvements for the three months ended September 30, 2024, compared to the same period in 2023. The company achieved revenue of $125,570, a substantial increase from $2,582 in the prior year. This growth in revenue was accompanied by a gross profit of $75,974, reversing a gross loss of $(67,934) reported in the previous year.
The company also recorded a gain from insurance claims amounting to $481,513, with no such gain reported in the same period of 2023. Additionally, an unrealized foreign exchange gain of $718,701 was recognized, further contributing to the positive financial performance. Total other income for the quarter was $1,146,422, compared to an expense of $(24,933) in the prior year. As a result, profit before income taxes was $354,715, a significant turnaround from a loss of $(549,461) in the same quarter of 2023. The net profit for the period was also $354,715, compared to a net loss of $(549,461) in the previous year.
Total current assets increased to $4,475,665 as of September 30, 2024, up from $3,495,208 as of June 30, 2024. Cash and cash equivalents saw a notable rise to $874,189 from $279,137 in the previous quarter. Total assets increased to $41,693,898, while total liabilities decreased significantly to $1,382,798 from $2,570,187, resulting in stockholders’ equity rising to $40,311,100 from $37,591,140.
Strategically, Verde Resources has shifted its focus towards renewable energy and sustainable development, having discontinued its mining business in March 2023. The company is also emphasizing its BioFraction™ facility in Borneo, Malaysia, which converts palm waste into biochar and sustainable byproducts. Operations in Borneo have temporarily slowed as the company partners with the National Center for Asphalt Technology (NCAT) to test Biochar-Asphalt technology.
In addition, Verde Resources has discontinued its distribution of THC-free cannabinoid products following the expiration of a supply agreement in July 2024. A new subsidiary, VerdePlus, Inc., was incorporated on October 16, 2024, in Missouri, USA, with a 55% equity interest.
Overall, Verde Resources has demonstrated a strong recovery in financial performance and a strategic pivot towards sustainability and innovation in construction materials.
About VERDE RESOURCES, INC.
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