Quality Industrial Corp Reports Strong Q1 Performance in 2024

Quality Industrial Corp, a manufacturer and service provider for Industrial, Oil & Gas, and Utility sectors, recently unveiled its impressive first-quarter results for 2024. The report, filed on May 15, 2024, highlighted a significant revenue increase to $3,086,519, marking an improved financial landscape for the company.

The revenue surge was largely attributed to the acquisition of Al Shola Gas, which saw a 28% increase in its revenue compared to the previous year. This enhancement was primarily driven by the heightened focus on Bulk LPG supply, a segment that now yields higher margins for the company. Consequently, QIND reported a gross profit percentage of 37%, a rise from last year’s 32%.

Net income also saw a marked improvement, with the company reporting earnings of $758,440 for the first three months of 2024, a stark contrast to a net loss of $84,536 during the same period in 2023. The profitability was chiefly due to the performance of Al Shola Gas, already making a significant impact under QIND’s umbrella.

In addition to these financial updates, the company signaled its future growth initiatives, including plans for listing on a senior exchange and expanding Al Shola Gas. Anticipations are high as the negotiations for a binding agreement with a senior exchange in Dubai are underway.

In reinforcement of its logistics capabilities, QIND plans to add two additional bobtail trucks for Al Shola Gas, aiming to boost its LPG supply volume in response to growing demand from contracted clients.