Bon Natural Life Limited , one of the leading bio-ingredient solutions providers in the natural, health and personal care industries, today announced its half-year financial results for the six months ended March 31, 2021.
1H–2021 Financial Highlights
Management Commentary
“The accelerating growth in our record revenue and earnings is a great way to mark our first reported results as a public company and creates a solid foundation for us to build upon,” Said Richard Hu, BON’s Chairman & CEO, “Our well-known brand combined with our quality product offering provide a great value proposition to our customers and has positioned us to gain additional market share during this time of increased demand. I am encouraged by the pace of our new business wins this year as well as the robust growth of our sales pipeline. We will continue to optimize our sales strategy to shift to larger enterprise clients and to lower our manufacturing cost to support sustainable long-term profitability. I want to recognize our hardworking team for their tireless efforts and thank our loyal customers for their trust in us. The timing of our expansion with the Yumen Plant could not come at a more opportune time. We are seeing more demand for our products and this new facility will come online just in time for us to meet our customers’ requirements. We are confident that our technology, business model and strategy would enable us to gain more market share and maintain our growth momentum.”
1H-2021 Product Categories Summary: Growth vs. Prior Year
Revenues increase (decrease) |
Gross Profits increase (decrease) |
|
Fragrance Compounds |
133.0% |
226.9% |
Health Supplements (Powder Drinks) |
338.4% |
306.0% |
Bioactive Food Ingredients |
(69.7%) |
(79.0%) |
Fragrance Compounds
Health Supplements (Powder Drinks)
Bioactive Food Ingredients
General and administrative expenses decreased by $132,164, or approximately 16.3%, from $811,799 in the six months ended March 31, 2020, to $679,635 in the same period of 2021, mainly attributable to a $197,327 decrease in professional consulting service fees during the six months ended March 31, 2021, as the Company incurred higher consulting service fees and higher audit fees in connection with our IPO in the six months ended March 31, 2020.
Government subsidies received in the form of a grant and recognized as other operating income totaled $446,910 and $332,418 in the six months ended March 31, 2021 and 2020, respectively.
Net income increased from $1.6 million in the six months ended March 31, 2020 to $2.3 million in the same period of 2021.
Net cash provided by operating activities during the six months ended March 31, 2021 was $2.0 million compared to $0.5 million in the same period of 2020.
Diluted earnings per share (“EPS”) was $0.40, compared to $0.30 for the same period in 2020.
Investors are encouraged to review the Company’s complete financial statements and related disclosures for additional information. These materials are available at https://www.sec.gov/edgar/browse/?CIK=1816815&owner=exclude.
Subsequent Events
Investor Conference Call and Webcast
A live webcast to discuss the Company’s 1H 2021 financial results will be held on August 17, 2021, beginning at 8:30 a.m. EST. The webcast and accompanying slide presentation may be accessed on the Company’s IR website at https://ir.bnlus.com/events-presentations/. The webcast also can be accessed by using the direct link: https://services.choruscall.com/mediaframe/webcast.html?webcastid=WCdGNEV5
For those unable to listen to the live webcast, a recorded version will be available on the Company’s website after the event.
Pre-registration: https://dpregister.com/sreg/10159604/ec6c783af0
Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the operator. Participants may pre-register at any time, up to and including after the time that the call has started.
Those without internet access or unable to pre-register may dial in by calling:
U.S. Toll Free: 1-866-777-2509 | International Toll: 1-412-317-5413
About Bon Natural Life Limited
The Company focuses on the manufacturing of personal care ingredients, such as plant extracted fragrance compounds for perfume and fragrance manufacturers, natural health supplements such as powder drinks and bioactive food ingredient products mostly used as food additives and nutritional supplements by their customers. For additional information, please visit the Company’s website at www.bnlus.com.