AB INTL GROUP Reports of Financial Results for period ending May 31, 2024 and achieved Net Profitability

Rhea-AI Summary

AB International Group Corp. (OTC: ABQQ) reported financial results for the period ended May 31, 2024, showing significant improvements. Revenues for the three months ended May 31, 2024, increased 22% to $698,311, compared to $573,389 in the same period last year. The company achieved net profitability, with a net income of $133,034 for the quarter, compared to a net loss of $647,743 in the previous year.

For the nine-month period, revenues increased 70% to $1,885,311, and the net loss reduced by 89% to $318,285. ABQQ expects to record a revenue increase of 80% to 120% and a profit of $200,000 to $250,000 for the fiscal year ending August 31, 2024. CEO Chiyuan Deng expressed confidence in reaching operational profitability by the end of 2024.

Positive

• Revenue increased 22% to $698,311 for the quarter ended May 31, 2024
• Achieved net profitability with $133,034 net income for the quarter
• Nine-month revenue increased 70% to $1,885,311
• Net loss for nine months reduced by 89% to $318,285
• Projected revenue increase of 80% to 120% for fiscal year 2024
• Estimated profit of $200,000 to $250,000 for fiscal year 2024

Negative

• Net loss of $318,285 for the nine months ended May 31, 2024

NEW YORK, Aug. 12, 2024 (GLOBE NEWSWIRE) -- AB International Group Corp. (OTC: ABQQ), an intellectual property (IP) and movie investment and licensing firm, announces its financial results for the period ended May 31, 2024. The financial results have been filed in a 10-Q with the U.S. Securities and Exchange Commission (the "SEC").

Key Financial Highlights:

Revenues for the three months ended May 31, 2024, increased 22% to $698,311, as compared to $573,389 for the three months ended May 31, 2023.

Net income for the three months ended May 31, 2024, to the amount of $133,034, as compared with a net loss of $647,743 for the three months ended May 31, 2023.

Revenues for the nine months ended May 31, 2024, increased 70% to $1,885,311, as compared to$1,108,640 for the nine months ended May 31, 2023.

Net loss for the nine months ended May 31, 2024, reduced 89% to the amount of $318,285, as compared with a net loss of $2,926,072 for the nine months ended May 31, 2023.

The Company wishes to inform the Shareholders and potential investors that based on the information currently available to the Management, it is expected that the Company may record an increase in the Revenue ranging from 80% to 120% and the Profit ranging from $200,000 to $250,000 for the fiscal year ending on August 31, 2024 which is a significant improvement compared to the results for the fiscal year ended August 31, 2023..

“We were successful in increasing revenues while lowering expenses and significantly improving our profit margins. We managed to reach net profitability in our latest quarter ending on May 31, 2024. I believe we will achieve the profitable target which I stated in December 2022 --we can reach operational profitability by the end of 2024,” Chiyuan Deng, ABQQ’s CEO, stated.

About AB International Group Corp.
AB International Group Corp. is an intellectual property (IP) and movie investment and licensing firm, focused on acquisitions and development of various intellectual property. We are engaged in acquisition and distribution of movies. The Company operates AB Cinemas, physical movie theaters currently in NY with plans to expand nationwide (www.abcinemasny.com). The company also owns ABQQ.TV which is a movie and TV show online streaming platform. ABQQ TV generates revenue through a hybrid subscription model and advertising model similar to other online streaming platforms.

For additional information visit www.abqqs.com; www.abcinemasny.com and www.ABQQ.tv.

Forward-Looking Statements
This press release contains “forward-looking statements” that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements relating to changes to the Company’s management team and statements relating to the Company’s transformation, financial and operational performance including the acceleration of revenue and margins, and the Company’s overall strategy. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the possibility of business disruption, competitive uncertainties, and general economic and business conditions in AB International Group markets as well as the other risks detailed in company filings with the Securities and Exchange Commission. AB International Group undertakes no obligation to update any statements in this press release for changes that happen after the date of this release.

Investor Relations Contact:

Charles Tang
(852) 2622 2891
corp@abqqs.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7d9acc8e-f373-4087-a573-22c6d4b6b12a

FAQ

What was ABQQ's revenue for the quarter ended May 31, 2024?

ABQQ's revenue for the quarter ended May 31, 2024, was $698,311, representing a 22% increase from the same period last year.

Did ABQQ achieve profitability in the latest quarter?

Yes, ABQQ achieved net profitability in the quarter ended May 31, 2024, with a net income of $133,034.

What is ABQQ's revenue projection for fiscal year 2024?

ABQQ projects a revenue increase ranging from 80% to 120% for the fiscal year ending August 31, 2024.

How much profit does ABQQ expect for fiscal year 2024?

ABQQ estimates a profit ranging from $200,000 to $250,000 for the fiscal year ending August 31, 2024.

What was ABQQ's revenue for the nine months ended May 31, 2024?

ABQQ's revenue for the nine months ended May 31, 2024, was $1,885,311, a 70% increase compared to the same period last year.