Consumer-centric holding firm specialising in distribution of food, beverage and alcohol-related products, Pacific Ventures (OTCMKTS:PACV) provided financial results for quarter four as well as for the entire year ending December 31, 2022.
Market Reaction
On Monday, PACV stock gained 19.44% to $0.0215 with 8.91 million shares, compared to its average volume of 471K shares. The stock moved within a range of $0.0181 – 0.0339 after opening trade at $0.0250.
Earnings Recap
While the revenues surged by 39% to $42.0 million vis-à-vis $30.2 million in 2020, the revenues in the quarter four augmented by 58% to a record $11.5 million. The company’s gross profit during the year increased by 45% to $4.9 and the Gross profit margin was 11.6% during the year.
Shannon Masjedi, President, and CEO of Pacific Ventures Group said that the record revenues of $42 million in the year was related to meeting large demand from existing customers. Masjedi added that the strategic steps taken for creating efficiencies in the operating segments have positioned the firm to continue expansion in 2022.
CEO of Pacific Ventures also added that the restaurant sector has recovered from pre-pandemic sales volumes. Furthermore, he stated the company is focusing on leveraging innovative technology for optimising processing, production as well as distribution.
Masjedi also said that the firm is employing an opportunistic approach to the growth strategy and keeping a strong pipeline of attractive acquisition candidates. He also expressed gratitude to the employees as well as loyal customers for the dedication as it aims to become a leading food and beverage distributor.
Key Quote
“Our record revenues of $42 million in 2021 were directly attributed to our ability to meet increased demand from our existing customers while growing our sales channels,” said Shannon Masjedi, President and CEO of Pacific Ventures Group. “The strategic steps that we have taken to create efficiencies in our operating segments have positioned our company for continued expansion into 2022, with the restaurant sector now having fully recovered from pre-pandemic sales volumes. As we look forward, we are focused on leveraging cutting-edge technology to optimize processing, production, and distribution while realizing cross-selling synergies across our businesses. We are also continuing to employ an opportunistic approach to our growth strategy and maintain a robust pipeline of attractive acquisition candidates. I would like to thank our loyal customers and employees for their dedication as we work diligently to become a leading food and beverage distributor and ultimately create sustainable, long-term value for our stakeholders.”
Traders Review
PACV stock is trading below the 20-Day and 50-Day Moving averages of $0.0284 and $0.0410 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1616.
