Quality Industrial Corp. sees significant revenue growth in 2024
- Quality Industrial Corp. reported total revenue of $11,177,567 for fiscal year 2024, with Al Shola Gas generating revenue of $14,268,840.
- Operating expenses rose to $3,280,008 due to increased professional and legal fees, including a re-audit of financials and merger-related expenses.
- The company anticipates continued growth in 2025 by investing in Al Shola Gas and expanding its operational capacity.
Quality Industrial Corp., an industrial and energy-focused company based in San Francisco, California, has reported its financial results for the fiscal year that ended on December 31, 2024. The company specializes in providing comprehensive solutions for the liquefied petroleum gas (LPG) industry and has been operating through its subsidiary, Al Shola Gas, which is headquartered in Dubai, United Arab Emirates. The positive financial performance is largely attributed to the acquisition and consolidation of Al Shola Gas starting in April 2024. Al Shola Gas generated significant revenue of $14,268,840 during 2024, showing a year-over-year increase of 31.1% compared to $10,839,209 recorded in 2023. In addition to revenue growth, quality Industrial Corp.'s operating expenses also increased in 2024, amounting to $3,280,008, up from $2,766,256 in 2023. The shift in general and administrative expenses from primarily share-based expenses in 2023 to operating expenses for Al Shola Gas in 2024 reflects changes in operational accounting. The company faced increased professional fees totaling $849,925 in 2024, a sharp rise from $315,011 the previous year, which stemmed from one-time expenses related to a financial re-audit and legal fees associated with a merger with Fusion Fuel Green PLC. Al Shola Gas contributed a net income of $2,051,645 for the year, marking a 17.6% increase from 2023, even as the company confronted a new 9% corporate tax provision imposed in the United Arab Emirates. Management at Quality Industrial Corp. expressed optimism about future growth, revealing that strong order flow from both existing and new customers has been recorded early in 2025. Their strategies aim for continued growth and consistent performance gains, with plans to invest in expanding Al Shola Gas's operational capabilities. Looking ahead in 2025, Quality Industrial Corp. intends to allocate more resources towards enhancing Al Shola Gas's sales volume and operational efficiency. This includes planned capital investments such as acquiring new vehicles for bulk LPG supply operations. The management team anticipates that these strategic initiatives will contribute to further revenue growth, despite the corresponding rise in operating expenses.