May 2, 2022–Oriental Culture Holding LTD. (“OCG” or the “Company”) (NASDAQ: OCG), a leading online provider of collectibles and artwork e-commerce services, today announced its financial results for the fiscal year ended December 31, 2021.
Key Financial Highlights for Fiscal Year 2021:
- Operating revenues increased by $20.2 million or 115.6% from $17.4 million in fiscal year 2020 to $37.6 million in fiscal year 2021.
- Gross profit was $35.2 million in 2021 as compared to $14.8 million in 2020, representing a 137.7% growth from the same period in 2020.
- Net income reached $11.4 million in 2021, an increase of 458.8% or $9.4 million from $2.0 million over the same period of 2020.
Mr. Lewis Wan, Chairman of the Board of Directors of the Company commented, “2021 is destined to be an extraordinary year for the Company. We not only delivered strong financial results amid challenges from COVID-19 pandemic, but also set new records for our revenue and net income, which is the best gift to celebrate our first anniversary of listing on Nasdaq. Looking forward, we are optimistic on the Company’s development in the emergence of NFT and Metaverse areas and the new position of Hong Kong to act as an East-Meets-West Centre for international cultural exchanges in the blockchain and related cultural and art products.”
Ms. Fiona Ni, Chief Financial Officer of the Company commented: “The art and collectible market has bounced back in China and Hong Kong in 2021, and we are optimistic about the global economy with the vaccine roll out worldwide, encouraging signs of early economic recovery, and continuing government stimulus measures. Thanks to the encouraging market environment, we not only achieved the record breaking revenues and net income in 2021 and our gross margin for 2021 also reached to approximately 94% comparing to approximately 85% in 2020.”