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IT Tech Packaging(ITP) - 2023 Q4 - Annual Results
ITPIT Tech Packaging(ITP)2024-03-28 20:15

Financial Performance - For the fiscal year 2023, total revenue decreased by 13.76% to approximately 86.55million,downfrom86.55 million, down from 100.35 million in 2022[17]. - In Q4 2023, total revenue decreased by 1.91% to approximately 20.96million,comparedto20.96 million, compared to 21.37 million in Q4 2022[3]. - Total revenue decreased by 13.67million,or13.6613.67 million, or 13.66%, to approximately 86.41 million for the year ended December 31, 2023, compared to 100.08millionfor2022[21].−TotalrevenuesfortheyearendedDecember31,2023,were100.08 million for 2022[21]. - Total revenues for the year ended December 31, 2023, were 86,546,950, a decrease of 13.7% from 100,352,434in2022[43].Profitability−GrossprofitforQ42023wasapproximately100,352,434 in 2022[43]. Profitability - Gross profit for Q4 2023 was approximately 0.25 million, a decrease of 75.61% from 1.03millioninQ42022,resultinginagrossmarginof1.191.03 million in Q4 2022, resulting in a gross margin of 1.19%[11]. - For the full year 2023, the gross profit margin decreased by 3.58 percentage points to 1.16% compared to 4.74% in 2022[17]. - Total gross profit decreased by 3.75 million, or 78.97%, to approximately 1.00million,resultinginagrossmarginof1.161.00 million, resulting in a gross margin of 1.16% for the year ended December 31, 2023, down from 4.74% in 2022[27]. - Gross profit for 2023 was 999,885, down 79.0% from 4,754,196in2022[43].NetLoss−ThenetlossforQ42023wasapproximately4,754,196 in 2022[43]. Net Loss - The net loss for Q4 2023 was approximately 3.98 million, or a loss of 0.40pershare,comparedtoanetlossof0.40 per share, compared to a net loss of 11.91 million, or a loss of 1.19pershare,inQ42022[12].−Netlossincreasedby1.19 per share, in Q4 2022[12]. - Net loss increased by 6.63 million, or 39.98%, to approximately 9.95millionfortheyearendedDecember31,2023,withalosspershareof9.95 million for the year ended December 31, 2023, with a loss per share of 0.99[28]. - Net loss for 2023 was 9,946,035,comparedtoanetlossof9,946,035, compared to a net loss of 16,571,308 in 2022, representing a 40.0% improvement[43]. - Basic and diluted losses per share improved to (0.99)in2023from(0.99) in 2023 from (1.66) in 2022[43]. EBITDA - EBITDA for Q4 2023 was approximately 0.11million,asignificantdecreaseof97.080.11 million, a significant decrease of 97.08% from 3.77 million in Q4 2022[13]. - EBITDA decreased by 5.35million,or48.815.35 million, or 48.81%, to approximately 5.61 million for the year ended December 31, 2023, compared to 10.96millionfor2022[29].Expenses−Selling,generalandadministrativeexpensesincreasedby122.8010.96 million for 2022[29]. Expenses - Selling, general and administrative expenses increased by 122.80% to approximately 3.38 million in Q4 2023, up from 1.52 million in Q4 2022[12]. - SG&A expenses decreased by 0.98 million, or 9.78%, to approximately 9.08millionfortheyearendedDecember31,2023[27].RevenueBreakdown−RevenuefromregularCorrugatingMediumPaper(CMP)decreasedby1.529.08 million for the year ended December 31, 2023[27]. Revenue Breakdown - Revenue from regular Corrugating Medium Paper (CMP) decreased by 1.52% to approximately 17.02 million in Q4 2023, with an average selling price (ASP) of 362pertonne[9].−Revenuefromtissuepaperproductsincreasedby87.04362 per tonne[9]. - Revenue from tissue paper products increased by 87.04% to approximately 0.47 million in Q4 2023, with an ASP of 987pertonne[10].−RevenuefromregularCMPdecreasedby987 per tonne[10]. - Revenue from regular CMP decreased by 14.93 million, or 18.14%, to approximately 67.37million,whilerevenuefromlight−weightCMPdecreasedby67.37 million, while revenue from light-weight CMP decreased by 1.91 million, or 11.61%, to approximately 14.52millionfortheyearendedDecember31,2023[22].−Revenuefromfacemasksdecreasedby14.52 million for the year ended December 31, 2023[22]. - Revenue from face masks decreased by 0.15 million, or 58.86%, to approximately 0.11millionfortheyearendedDecember31,2023[25].CashFlowandAssets−Cashandbankbalancesdecreasedtoapproximately0.11 million for the year ended December 31, 2023[25]. Cash Flow and Assets - Cash and bank balances decreased to approximately 3.92 million as of December 31, 2023, down from 9.52millionattheendof2022[32].−Currentassetsdecreasedtoapproximately9.52 million at the end of 2022[32]. - Current assets decreased to approximately 28.36 million, while current liabilities increased to approximately 21.42million,resultinginworkingcapitalofapproximately21.42 million, resulting in working capital of approximately 6.94 million as of December 31, 2023[33]. - Net cash provided by operating activities increased to approximately 12.87millionfortheyearendedDecember31,2023,comparedto12.87 million for the year ended December 31, 2023, compared to 10.72 million for 2022[34]. - Total current assets decreased to 28,357,901in2023from28,357,901 in 2023 from 47,166,475 in 2022, a decline of 39.8%[40]. - Cash and bank balances at the end of 2023 were 3,918,938,downfrom3,918,938, down from 9,524,868 at the end of 2022, a decrease of 58.8%[46]. - Net cash provided by operating activities for 2023 was 12,871,086,anincreasefrom12,871,086, an increase from 10,719,388 in 2022[45]. - Cash used in investing activities was 22,239,297in2023,comparedto22,239,297 in 2023, compared to 10,898,531 in 2022, indicating increased capital expenditures[45]. Strategic Focus - The company plans to focus on acquiring new customers and improving efficiency while implementing flexible pricing strategies to adapt to market trends[2].