Tian Ruixiang Holdings Ltd (TIRX), a distributor of Insurance products in China, announced the financial results of its fiscal year 2020 ended October 31, 2020, after which the TIRX stock price saw a push of 18.14% to reach $14.20 a share in the pre-market today at the time of this writing. TIRX stock was performing well in the previous trading session and went up by 3.62% with a $12.02 per share price. Let’s deeply analyze the fiscal year 2020 financial results.
The fiscal Year 2020 Financial Results:
Revenue
For the fiscal year 2020, TIRX generated $3.25 million in revenue which is 62.3%, higher than the revenue of $2.00 million for the fiscal year 2019. The increase in sales professionals, as well as increasing marketing activities by the TIRX stock, increased the yearly revenue.
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Operating Expenses
Total operating expenses of Tian stock increase by $0.79 million, or 41.6% to reach $2.69 million for the fiscal year 2021 as compared to $1.90 million in 2019. These operating expenses are divided into two portions. Selling and marketing expenses of $1.56 million with 95.4% yearly increase and general and administrative expenses of $1.13 million with 2.6% increase over the year.
Net Income:
Net income of TIRX stock for the fiscal year 2020 increased to $0.63 million from the $0.18 million net income of the previous year. Earnings per share of TIRX stock for the fiscal year 2020 was recorded at $0.13 while it was $0.04 for the fiscal year 2019.
Balance Sheet:
TIRX stock had cash and cash equivalents of$6.14million as of October 31, 2020, while these were $6.24 million till the same date of the prior year. Account receivable of TIRX stock was $1.25 million at the end of October 2020 while it was $0.17 million at the end of October 2019. As of October 31, 2020, Tian stock had current assets and current liabilities of $9.56 million and $1.29 million respectively and working capital was $8.27 million at the end of October 2020 as compared to working capital of 8.09 million as of October 2019.
Conclusion:
Investors are responding to the earnings report released by the TIRX stock, but the rising momentum was already built as TIRX stock was gaining in the previous trading session. The outbreak of COVID-19 had temporarily hindered the business of Tian Ruixiang Holdings Ltd due to government restrictions in an attempt to stop the deadly pandemic but timely control in the pandemic had abled TIRX stock to continue its operations.