Kingold Jewelry, China’s leading manufacturer of 24 carat jewelry sold mostly by weight, announces its 2009 results. Revenue increased by 128% and the balance sheet is greatly strengthened.

 

FINANCIAL SUMMARY (in U.S. Dollars)
 

 

FULL YEAR RESULTS for 2009
 

 

INCOME STATEMENT
 

 

FOR THE FISCAL YEARS ENDED AS OF DECEMBER 31,

 
 

2008
           

2009
 
Revenue: $ 109,782,936 $ 250,450,650
 
Income from
Operations $ 8,441,970 $ 12,613,309
Before taxes:
 
Net Income: $ 7,812,631 $ 9,005,233
 
 

 

BALANCE SHEET
 

 

AS OF DECEMBER 31,
 

2008

2009
 
Cash: $ 281,994 $ 7,964,120
 
Inventories: $ 24,862,355 $ 31,756,009
 
Current Assets: $ 29,238,394 $ 47,561,318
 
Short Term Loans: $ 14,151,907 $ 8,775,522
 
Current Liabilities: $ 10,683,428 $ 17,084,008
 

About Kingold Jewelry Inc.

Kingold, centrally located in Wuhan City, China’s fourth largest city, was founded in 2002 and today is China’s leading designer and manufacturer of 24-K gold jewelry sold by weight. The Company has a well regarded in-house design team and sells both directly to retailers and through major distributors across China. Kingold has received numerous industry awards and is one of only 162 members of the Shanghai Gold Exchange. Sales have grown from $29 million in FY2006 to $250 million in FY 2009 with net income growing from $1.3 million to $9 million over the same period. Demand for 24K gold jewelry is growing rapidly due to increased demand from China’s expanding urban middle class, who consider it a store of wealth. Kingold is well positioned to consolidate its leadership position in this high growth market.

Copyright Business Wire 2010

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