KGJI Kingold Jewelry Inc (CE)

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.