SHENZHEN, China, Dec. 31,
2024 /PRNewswire/ -- MingZhu Logistics Holdings
Limited ("MingZhu" or the "Company") (Nasdaq: YGMZ), an elite
provider of logistics and transportation services to businesses,
today announced its unaudited financial results for the six
months ended June 30, 2024.
Mr. Jinlong Yang, CEO of MingZhu,
commented, "After the severe negative impact of the COVID downturn,
our focus has been on rebuilding our core logistics business. This
process has demanded substantial resources, including significant
investments and dedicated personnel to meet customer needs.
Unfortunately, the additional costs, coupled with higher interest
rates, have been amplified by lower sales during the six months
ending June 30, 2024, resulting in an
increased net loss. Moving forward, our priorities are twofold.
First, we are committed to returning sales growth in our core
logistics business while reducing operating expenses to improve
profitability. While this will take time, we are encouraged by
early signs of progress despite uncertainties from rising global
tensions. Second, we are prioritizing long-term business
diversification to position the company for future success in an
evolving market. Our team brings extensive expertise in operating
across China, where we have built
a reputation as a trusted partner in safely and efficiently
transporting goods. We've successfully expanded into adjacent
opportunities, such as premium liquor distribution, leveraging our
logistics infrastructure and partnerships. Looking ahead, we plan
to explore additional opportunities that capitalize on our
established infrastructure, dedicated ecosystem, and deep local
connections to create value for our shareholders."
Operating Results for the Six Months Ended June 30, 2024
Revenue for the six months ended June 30,
2024, decreased by $33.2
million or 59.2%, to $22.9
million from $56.1 million for
the same period as last year.
Total costs decreased by $31.9
million, or 58.6%, to $22.6
for the six months ended June 30,
2024 as compared to $54.4
million for the six months ended June
30, 2023.
Net loss totaled approximately $9.8
million for the six months ended June
30, 2024, as compared to a net loss of approximately
$0.9 million for the six months ended
June 30, 2023, representing an
increase of $8.9 million.
Balance Sheet and Cash Flow
Cash and cash equivalents dropped by $4.0
million to $1.3 million as of
June 30, 2024, as we only need to
maintain such a smaller balance of cash when our revenues and costs
declined.
About MingZhu Logistics Holdings Limited (NASDAQ:
YGMZ)
Established in 2002 and headquartered in Shenzhen, China, MingZhu Logistics Holdings
Limited is a 4A-rated professional trucking service provider. Based
on the Company's regional logistics terminals in Guangdong Province and Xinjiang Autonomous
Region, MingZhu Logistics Holdings offers tailored solutions to our
clients to deliver their goods through our network density and
broad geographic coverage across the country by a combination of
self-owned fleets tractors and trailers and subcontractors' fleets.
For more information, please visit ir.szygmz.com.
Forward-Looking Statements
The statements in this press release regarding the Company's
future expectations, plans and prospects constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include statements
regarding plans, goals, objectives, strategies, future events,
expected performance, assumptions and any other statements of fact
that have not occurred. Any statements that contain the words
"may", "will", "want", "should", "believe", "expect", "anticipate",
"estimate", "calculate" or similar statements that are not factual
in nature are to be considered forward-looking statements. Actual
results may differ materially from historical results or from those
expressed in these forward-looking statements as a result of a
variety of factors. These factors include, but are not limited to,
the Company's strategic objectives, the Company's future plans,
market demand and user acceptance of the Company's products or
services, technological advances, economic trends, the growth of
the trucking services market in China, the Company's reputation and brand, the
impact of industry competition and bidding, relevant policies and
regulations, fluctuations in China's macroeconomic conditions, and the
risks and assumptions disclosed in the Company's reports provided
to the CSRC (China Security Regulatory Commission). For these and
other related reasons, we advise investors not to place any
reliance on these forward-looking statements, and we urge investors
to review the Company's relevant SEC filings for additional factors
that may affect the Company's future results of operations. The
Company undertakes no obligation to publicly revise these
forward-looking statements subsequent to the filing of these
documents as a result of changes in particular events or
circumstances.
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SOURCE MingZhu Logistics Holdings Limited