Core Viewpoint - Nisun International reported a significant 52% increase in total revenue for the first half of 2024, driven by strong performance in its supply chain trading business, particularly in gold trading, while also initiating a $15 million share buyback program to enhance shareholder value [1][2][4][5]. Financial Highlights - Total revenue rose to $192.5 million from $126.9 million year-over-year [2]. - Supply chain trading business revenue surged by 114% to $142.1 million, up from $66.2 million [2]. - Revenue from SME financing services decreased by 16% to $48.5 million due to challenging market conditions [2]. - Supply chain financing solutions revenue fell by 30% to $1.9 million, also affected by market conditions [2]. - Net income was $10.3 million, down from $11.4 million in the prior year [2]. - Earnings per share decreased to $2.61 from $2.87 [2]. Operational Highlights - Cash and cash equivalents decreased to $47.8 million from $114.4 million at the end of 2023, primarily due to increased advances to suppliers [3]. - Operating expenses decreased by 31% to $5.7 million, with selling expenses down by 69% and general and administrative expenses reduced by 14% [3]. - A $15 million share buyback program was approved, reflecting the company's confidence in future growth [3][5]. Management Commentary - The CEO expressed satisfaction with the strong financial performance and highlighted the growth in the supply chain trading business, particularly in gold trading [4]. - The company is optimistic about the recovery of SME financing services due to recent government stimulus measures [4][5]. 2024 Outlook - The company expects continued momentum in its supply chain trading business through the second half of 2024 and into 2025, anticipating a more favorable environment for SME financing and supply chain financing solutions [6].
Nisun International Reports Financial Results for the First Half of 2024