Quality Industrial Corp. Reports Fiscal Year 2024 Results; Subsidiary Al Shola Gas Achieves 31.1% Year-Over-Year Revenue Growth
Quality Industrial (OTC: QIND) reported strong financial results for fiscal year 2024, marking a significant turnaround with net income of $266,780, compared to a net loss of $4.2 million in 2023.
Key highlights:
- Total Revenue: $11.2 million, driven by Al Shola Gas acquisition
- Subsidiary Performance: Al Shola Gas revenue reached $14.3 million, up 31.1% from 2023
- Operating Expenses: Increased to $3.3 million from $2.8 million in 2023
- Professional Fees: Rose to $849,925, including reaudit costs and merger-related legal fees
The company, focused on LPG solutions, serves diverse clients including commercial buildings, shopping centers, and industrial facilities. Through Al Shola Gas, they provide consulting, design, installation, and maintenance of LPG systems. Looking ahead to 2025, the company plans to invest in operational efficiency and expand bulk LPG supply operations with new vehicles.
Quality Industrial (OTC: QIND) ha riportato risultati finanziari solidi per l'anno fiscale 2024, segnando una svolta significativa con un utile netto di 266.780 dollari, rispetto a una perdita netta di 4,2 milioni di dollari nel 2023.
Punti salienti:
- Ricavi totali: 11,2 milioni di dollari, trainati dall'acquisizione di Al Shola Gas
- Performance della controllata: i ricavi di Al Shola Gas hanno raggiunto 14,3 milioni di dollari, in aumento del 31,1% rispetto al 2023
- Spese operative: aumentate a 3,3 milioni di dollari da 2,8 milioni nel 2023
- Compensi professionali: saliti a 849.925 dollari, inclusi costi di revisione e spese legali legate alla fusione
L'azienda, specializzata in soluzioni LPG, serve una clientela diversificata che comprende edifici commerciali, centri commerciali e impianti industriali. Attraverso Al Shola Gas, offre consulenza, progettazione, installazione e manutenzione di sistemi LPG. Guardando al 2025, l'azienda intende investire nell'efficienza operativa e ampliare le operazioni di fornitura di LPG sfuso con nuovi veicoli.
Quality Industrial (OTC: QIND) reportó sólidos resultados financieros para el año fiscal 2024, marcando un giro significativo con un ingreso neto de 266,780 dólares, en comparación con una pérdida neta de 4.2 millones en 2023.
Puntos clave:
- Ingresos totales: 11.2 millones de dólares, impulsados por la adquisición de Al Shola Gas
- Desempeño de la subsidiaria: los ingresos de Al Shola Gas alcanzaron 14.3 millones de dólares, un aumento del 31.1% respecto a 2023
- Gastos operativos: aumentaron a 3.3 millones de dólares desde 2.8 millones en 2023
- Honorarios profesionales: subieron a 849,925 dólares, incluyendo costos de reauditación y honorarios legales relacionados con la fusión
La empresa, enfocada en soluciones de LPG, atiende a una clientela diversa que incluye edificios comerciales, centros comerciales e instalaciones industriales. A través de Al Shola Gas, proporciona consultoría, diseño, instalación y mantenimiento de sistemas de LPG. De cara a 2025, la empresa planea invertir en eficiencia operativa y expandir las operaciones de suministro a granel de LPG con nuevos vehículos.
Quality Industrial (OTC: QIND)는 2024 회계연도에 강력한 재무 실적을 보고하며, 2023년 420만 달러 순손실에서 266,780 달러 순이익으로 크게 전환했습니다.
주요 내용:
- 총 매출: Al Shola Gas 인수에 힘입어 1,120만 달러
- 자회사 실적: Al Shola Gas 매출 1,430만 달러로 2023년 대비 31.1% 증가
- 영업 비용: 2023년 280만 달러에서 330만 달러로 증가
- 전문가 비용: 재감사 비용과 합병 관련 법률 비용을 포함해 849,925 달러로 증가
이 회사는 LPG 솔루션에 주력하며 상업용 건물, 쇼핑센터, 산업 시설 등 다양한 고객층에 서비스를 제공합니다. Al Shola Gas를 통해 LPG 시스템의 컨설팅, 설계, 설치 및 유지보수를 제공합니다. 2025년을 내다보며, 운영 효율성에 투자하고 신규 차량을 통한 벌크 LPG 공급 사업 확장을 계획하고 있습니다.
Quality Industrial (OTC : QIND) a annoncé de solides résultats financiers pour l'exercice 2024, marquant un tournant important avec un bénéfice net de 266 780 $, contre une perte nette de 4,2 millions de dollars en 2023.
Points clés :
- Revenu total : 11,2 millions de dollars, porté par l'acquisition d'Al Shola Gas
- Performance de la filiale : le chiffre d'affaires d'Al Shola Gas a atteint 14,3 millions de dollars, en hausse de 31,1 % par rapport à 2023
- Dépenses d'exploitation : augmentées à 3,3 millions de dollars contre 2,8 millions en 2023
- Honoraires professionnels : passés à 849 925 dollars, incluant les coûts de révision et les frais juridiques liés à la fusion
L'entreprise, spécialisée dans les solutions GPL, sert une clientèle variée comprenant des bâtiments commerciaux, des centres commerciaux et des installations industrielles. Via Al Shola Gas, elle propose des services de conseil, de conception, d'installation et de maintenance de systèmes GPL. Pour 2025, la société prévoit d'investir dans l'efficacité opérationnelle et d'étendre ses opérations de fourniture en vrac de GPL avec de nouveaux véhicules.
Quality Industrial (OTC: QIND) meldete starke Finanzergebnisse für das Geschäftsjahr 2024 und verzeichnete eine bedeutende Wende mit einem Nettogewinn von 266.780 USD im Vergleich zu einem Nettoverlust von 4,2 Millionen USD im Jahr 2023.
Wichtige Highlights:
- Gesamtumsatz: 11,2 Millionen USD, angetrieben durch die Übernahme von Al Shola Gas
- Tochtergesellschaftsleistung: Al Shola Gas Umsatz stieg auf 14,3 Millionen USD, ein Plus von 31,1 % gegenüber 2023
- Betriebskosten: Anstieg auf 3,3 Millionen USD von 2,8 Millionen USD im Jahr 2023
- Professionelle Gebühren: Erhöht auf 849.925 USD, einschließlich Revisionskosten und fusionsbedingter Rechtsgebühren
Das Unternehmen, das sich auf LPG-Lösungen spezialisiert hat, bedient vielfältige Kunden wie Geschäftsgebäude, Einkaufszentren und Industrieanlagen. Über Al Shola Gas bietet es Beratung, Planung, Installation und Wartung von LPG-Systemen an. Für 2025 plant das Unternehmen Investitionen in die operative Effizienz und die Erweiterung des Großhandels-LPG-Geschäfts mit neuen Fahrzeugen.
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SAN FRANCISCO, CA , April 28, 2025 (GLOBE NEWSWIRE) -- Quality Industrial Corp. (“QIND” or the “Company”) (OTC: QIND), an industrial and energy-focused company providing comprehensive solutions for the liquefied petroleum gas ("LPG") industry, today announced its financial results for the fiscal year ended December 31, 2024.
Through its operating subsidiary, Al Shola Gas, QIND offers consulting, design, supply, installation, and maintenance of LPG systems, as well as bulk and cylinder LPG distribution services. The Company serves a broad range of clients, including commercial buildings, mixed-use apartment complexes, shopping centers, food courts, heavy industries, labor accommodations, catering units, and commercial kitchens.
Fiscal Year 2024 Highlights:
- Total Revenue: QIND reported total revenue of
$11,177,567 for the year ended December 31, 2024, primarily driven by the acquisition and consolidation of Al Shola Gas beginning in April 2024. - Subsidiary Performance: Al Shola Gas generated revenue of
$14,268,840 for the twelve months ended December 31, 2024, representing a31.1% increase compared to$10,839,209 in 2023. - Operating Expenses: Operating expenses increased to
$3,280,008 for 2024, compared to$2,766,256 in 2023. General and administrative expenses remained relatively consistent year-over-year but shifted from being primarily share-based expenses in 2023 to operating expenses of Al Shola Gas in 2024. - Professional and Legal Fees: Professional fees increased to
$849,925 in 2024 from$315,011 in 2023, driven by one-off expenses, including a reaudit of the Company's financials by its new auditor, Bush & Associates CPA ($95,000) , and legal fees related to the Company’s merger with Fusion Fuel Green PLC, handled by Lucosky Brookman LLP ($525,994) . - Net Income: QIND achieved net income of
$266,780 in 2024, compared to a net loss of$4,232,732 in 2023.- Al Shola Gas contributed net income of
$2,051,645 in 2024, an increase of17.6% over 2023, factoring in a new9% United Arab Emirates corporate tax provision implemented in 2024.
- Al Shola Gas contributed net income of
John-Paul Backwell, Chief Executive Officer of QIND, commented:
"We are pleased to report a significant turnaround in financial performance, driven by the consolidation of Al Shola Gas and sustained operational improvements. The early momentum in 2025, reflected in recent orders from both existing and new customers, positions us well for continued growth. We expect to see similar year-over-year performance gains as we strategically invest in expanding Al Shola Gas’s capabilities."
Strategic Outlook
In 2025, QIND plans to allocate additional resources to Al Shola Gas to drive operational efficiency, expand sales volume, and enhance financial performance. Planned capital investments, including the acquisition of new vehicles for bulk LPG supply operations, are expected to support further revenue growth. Management anticipates that these strategic initiatives will result in increased revenue and corresponding operating expenses.
About Quality Industrial Corp.
Quality Industrial Corp. (“QIND”) is a diversified industrial and energy company specializing in the liquefied petroleum gas (LPG) sector through its wholly owned subsidiary, Al Shola Gas. The Company delivers end-to-end LPG solutions, including consultation, engineering, supply, installation, and maintenance services, alongside bulk and cylinder-based LPG distribution. QIND is a majority owned subsidiary of Fusion Fuel Green PLC (NASDAQ: HTOO). QIND is headquartered in San Francisco, California, and Al Shola Gas is headquartered in Dubai, United Arab Emirates.
For more information, visit: https://qualityindustrialcorp.com | https://alsholagas.ae | https://www.fusion-fuel.eu
This Press Release does not constitute an offer of any securities for sale.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Forward-looking statements are identified by words such as "expect," "plan," "anticipate," "believe," "intend," "estimate," "may," "continue," "will," "likely," and similar expressions, and include statements regarding the Company’s future growth, financial performance, strategic initiatives, and other future events or conditions. These statements are based on current expectations, estimates, and projections, and are not guarantees of future performance. Actual results may differ materially from those indicated by such forward-looking statements as a result of various risks, uncertainties, and other factors, including those disclosed in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Contact:
Quality Industrial Corp.
505 Montgomery Street, San Francisco, CA 94104, USA
Phone: +1-800-706-0806
Email: info@qualityindustrialcorp.com
Investor Relations Website: https://qualityindustrialcorp.com
Twitter: @QualityIndCorp | @Fusion_Fuel
