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Oriental Culture Holdings Ltd (OCG) RSS Feed

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Created
12/16/20
Type
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November 2021- Semi-Annual Earnings Report:

HONG KONG, Nov. 2, 2021 /PRNewswire/ -- Oriental Culture Holding LTD. ("OCG" or the "Company") (NASDAQ: OCG), a leading online provider of collectibles and artwork e-commerce services, today announced its unaudited financial results for the six months ended June 30, 2021.

First Half Year of 2021 Financial Highlights

  • Total revenues were approximately $24.5 million for the six months ended June 30, 2021, representing an increase of 891.1 % compared with the total revenues of approximately $2.5 million for the six months ended June 30, 2020.

    Gross profit was approximately $23.1 million for the six months ended June 30, 2021, representing an increase of 1,011.2% compared with approximately gross profit of $2.1 million for the six months ended June 30, 2020.

    Gross margin was 94.3% for the six months ended June 30, 2021, representing an increase of 10.2 % points compared with a gross margin of 84.1% for the six months ended June 30, 2020.

    Income from operations was approximately $9.7 million for the six months ended June 30, 2021, representing an increase of 3,750.6 % compared with income from operations of approximately $0.3 million for the six months ended June 30, 2020.

    Net income was approximately $10.1 million for the six months ended June 30, 2021, representing an increase of 2,601.8 % compared with net income of approximately $0.4 million for the six months ended June 30, 2020.

Mr. Yi Shao, Chief Executive Officer of the Company, commented "We are very excited to report that our revenues in the first half of 2021 increased by 891.1% year over year to $24.5 million and our net income in the first half of 2021 increased by 2,601.8% year over year to $10.1 million. We have seen a strong first half of this year comparing to the same period of last year as the art and collectible market has bounced back and our business operation has returned to normal as COVID-19 pandemic has mostly been under control in China. During the first half of 2020, our business and operation suffered material negative impact by the outbreak of COVID-19 with the closure of our offices, especially the closure of our warehouse which prevented us from taking in new collectibles and artwork products as well as the traffic control and logistics restrictions in China during the outbreak which delayed delivery of collectibles and artwork from clients for appraisal and listing on our platform."

Mr. Shao continued: "In addition, economic activities are returning to normal and new measures are introduced to stimulate domestic consumption in China which have strengthened art and collectible traders' confidence. Internationally, the positive global financial market, encouraging signs of economic recovery, and continuing government stimulus measures, fueled investment market, including the investment in arts and collectibles. The rapid increase in new customers and our marketing activities helped driving up the number of new listings, volume of transactions as well as our revenue and profit." 

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