Huadi International Annual Net Profit Surges

(RTTNews) - Huadi International Group Co., Ltd. (HUDI), a maker of industrial stainless steel seamless pipes and tubes products, on Tuesday reported a surge in net profit for the full year, amidst an increase in revenue due to the end of COVID-19 control measures and a recovery in construction market.

For the full year, the company posted net income of $3.295 million or $0.23 per share, higher than the $1.948 million or $0.15 per share, reported last year.

Operating income stood at $3.110 million, compared with $2.352 million a year ago.

Revenue improved to $84.33 million from the previous year's $76.37 million in 2022.

The company said: "We were extending business in the domestic market in China. Our domestic sales increased over 13.8% year-over-year to $73.7 million which was offset by a slight decrease of 9.6%, year-over-year, of our international sales revenue."