Rektron Reports Gross Profit of USD$30 Million for 2024, USD$2.5 Billion Revenue for Financial Year End July 31 2024
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Online, November 27, 2024 (Newswire.com) - Rektron Group Inc. ("Rektron" or the "Company") (CSE:REK.U)(FRA:F75) a global commodities trading house, is pleased to report a revenue of USD$2.5 billion for the year ended July 31, 2024 ("YE 2024"), or USD$3.20 per share, compared with a revenue of USD$2.0 billion, for the year ended July 31, 2023 ("YE 2023"). For YE 2024, gross profit attributable to the Company was USD$30 million, or USD$0.38 per share.
Worldwide revenue increased 24%, to USD$2.5 billion for YE 2024. The Company reports a profit of USD$13 million for the fiscal year or USD$0.17 per share.
"Amid significant market challenges this year, we proactively adjusted our business operations to better align with the current environment," said Ricardo Phielix, CEO of the Company. "Together with the improvements made over the past several years, these adjustments enable us to serve our customers more effectively and achieve strong results across the business cycle." As we navigate ongoing geopolitical headwinds across our markets, we remain committed to making meaningful investments in our future while deepening our relationships with customers," Phielix continued. "Our team of dedicated employees come to work each day with a singular focus: delivering commodities and reduce operating costs."
Copies of the Financial Statements of the Company, together with the auditor's report thereon and the Management's Discussion and Analysis, are available on the SEDAR+ website www.sedarplus.ca.
On Behalf of the Board of Directors, Rektron Group Inc.
Ricardo Phielix
Chief Executive Officer
FOR FURTHER INFORMATION CONTACT:
Email: ir@rektrongroup.com
Email: ir@rektrongroup.com
Web: https://www.rektrongroup.com/
About the Company
The Company is the holding and parent company of Rektron AQ Limited, which is the holding and parent company of DL Hudson Limited. DL Hudson Limited is the trading arm of a group of companies, of which there are several subsidiaries that support the group's global commodity trading operations. The Company is headquartered in Vancouver, BC, while Rektron AQ Limited is headquartered in London, UK.
The Company focuses on maintaining an experienced team of management and traders, extensive geographical and product diversification, trading and logistical expertise, and financial and risk management. The team at the Group is composed of energy and metals traders, City of London and Wall Street bankers. The trading expertise includes principal energy and metals products, particularly ferrous and nonferrous metals, Energy Transition Commodities ("ETC"), recycled metals and crude and Euro VI-compliant refined oil products. The Company transacts across all compliant markets following the international trade regulations and guidelines.
FORWARD‐LOOKING STATEMENTS
This news release contains forward‐looking statements and forward‐looking information within the meaning of Canadian securities legislation (collectively, "forward‐looking statements") that relate to Rektron's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward‐looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward‐looking statements. No assurance can be given that these expectations will prove to be correct and such forward‐looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Forward‐looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Rektron's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking statements. Such risks and uncertainties include, but are not limited to the other factors set forth under "Caution Regarding Forward-Looking Statements" and "Risk Factors" in the Company's final prospectus dated March 4, 2024 and as amended on June 28, 2024 and August 12, 2024. Rektron undertakes no obligation to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Rektron to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward‐looking statement. Any forward‐looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
No securities regulatory authority has either approved or disapproved of the contents of this news release.
Contact Information
Source: Rektron Group Inc.