Naturally Splendid Reports $7.34 Million in 2016 Revenue
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 28, 2017) - Naturally Splendid Enterprises Ltd. ("Naturally Splendid") (TSX VENTURE:NSP) (OTCQB:NSPDF) (FRANKFURT:50N) is pleased to announce its financial results for the year ended December 31, 2016. All amounts are in Canadian dollars and are prepared in accordance with International Financial Reporting Standards.
Naturally Splendid recorded $7,346,746 in revenue during 2016. This represents a dramatic increase in revenue compared to 2015, when sales totaled $301,523, a nearly 25 times multiple. The significant increase in top line revenue was mainly due to bulk sales of hemp products to Korea and to the Company's subsidiary POS-BPC commencing operations in the second quarter of 2016. We have also seen our retail brands, NATERA®, CHII and PawsitiveFX begin to contribute more than years prior as these brands gain market share.
Gross profit for 2016 amounted to $1,234,571 or 16.8% of sales and net loss was $2,775,579. These amounts also represent significant improvements over 2015 gross profit of $39,848 -- 13.2% of sales and net loss of $6,981,286.
Naturally Splendid CEO Dave Eto states, "2016 was an incredible growing experience. An organization doesn't expand as quickly as we did without both learnings and opportunities. On the learning side we realized how competitive the South Korean marketplace can be and focusing on the commodities can not be the sole purpose of our business model. On the opportunity side, we've establish a very solid business reputation with South Korean distributors who are interested in other products we deliver; secured excellent relationships with Canadian and foreign government trade agencies that seek to work with us because of our Asian knowledge; and allowed NSE to be opportunistic and nimble when evaluating other opportunities like HempOmega and CBD -- our key focusses in 2017."
Mr. Dave Eto adds, "We are very excited for our biotech products this year, which will give us an advantage to new accounts and by leveraging these in Business to Business applications like Canature and Laguna Blends. NSE is able to develop both domestic and international sales, as we see new opportunities for HempOmega developing."
Mr. Dave Eto closes by saying, "I'd like to thank our partners, suppliers, clients and shareholders for your continued support and engagement as we embark on an exciting 2017."
Naturally Splendid's unaudited condensed financial statements and management's discussion and analysis have been filed on Naturally Splendid's profile on the SEDAR website.
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