IT Tech Packaging, Inc. (ITP) stock soared 1.88% in the current-market trading session at the price of $0.20 after announcing its financial results for Q4 and the year 2021. ITP, established in 1996, manufactures and distributes diversified paper products and face masks in North China.
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ITP Q4 2021 Financial Highlights
On 15th March 2022, ITP reported its financial results for Q4 and the fiscal year ended 31st December 2021. Revenue totaled US$45.0M for Q4 of 2021. It represents a surge of 38.7%, or US$12.6M, from US$32.5M for Q4 of 2020. Gross profit totaled US$4.3M for Q4 of 2021, compared to gross profit of US$0.7M for Q4 of 2020.
Operating income was roughly US$2.0M for Q4 of 2021. It represents a gain of 199.0%, or US$4.0M, from an operating loss of US$2.0M for Q4 of last year. For Q4 of 2021, ITP has a net income of US$4.2M, or per share of $0.07. Net loss was US$1.6M, or per share of $0.06, for Q4 of 2020.
ITP Year 2021 Summary
ITP calculated revenues of US$160.9M for the year 2021. It represents a gain of 59.4%, or US$59.9M, from US$100.9M for 2020. For the year ended 31st December 2021, gross profit totaled US$11.0M. It represents a surge of 93.2%, or US$5.3M, from US$5.7M for the previous year.
Net income was US$0.9M, or $0.02 per share, for the year 2021. It represents a surge of 116.3%, or US$6.5M, from a net loss of US$5.6M for 2020. As of 31st December 2021, ITP had cash of roughly US$11.20M compared to US$4.14M at the end of 2020.
CEO of ITP, Mr. Zhenyong Liu, remarked that they are delighted with their performance for fiscal 2021. Today’s earnings report illustrates ITP’s outstanding revenue growth and enhanced company efficiencies. During fiscal 2021, they launched multiple initiatives to diversify their business and optimize their revenue growth. It will resultantly create more values for shareholders, Liu added.