MACAU, Feb. 14,
2024 /PRNewswire/ -- Nature Wood Group Limited
(NASDAQ: NWGL), a global leader in vertically-integrated forestry
and FSC business operations, today revealed its preliminary
financial results for the full year ended December 31, 2023.
2023 Financial Overview:
Nature Wood experienced a challenging year in 2023, with total
sales reaching $25.4 million, a
decrease from $55.3 million in 2022.
The year concluded with the Company anticipating a loss of
$5.2 million, in contrast to the
income of $5.2 million reported in
the prior year. These outcomes were significantly influenced by the
ongoing global economic downturn and geopolitical tensions,
including the prolonged impact of the Russian-Ukrainian war, which
continued to affect the construction and home renovation sectors
adversely.
Performance Insights:
The decline in revenue and the shift to a loss position reflect
persistent global challenges. Despite these hurdles, Nature Wood
has implemented aggressive cost-cutting measures to streamline
operations, enhancing the Company's ability to return to
profitability.
Strategic Initiatives and Looking Forward:
Nature Wood remains committed to identifying and capitalizing on
new opportunities, particularly in the carbon credit market, which
presents a promising avenue for high-profit margin. The Company is
optimistic about the potential this venture holds for contributing
significantly to future growth.
CEO's Statement:
Mr. Jianjun Zeng, the chief
executive officer of Nature Wood, shared, "while 2023 has been a
demanding year for our business, we are confident that the most
challenging times are behind us. With the aggressive cost-cutting
measures we have put in place and our strategic focus on
high-margin opportunities like the carbon credit market, we
anticipate 2024 to be a year of growth and profitability. We are
poised to leverage our strengths and the emerging market dynamics
to ensure a successful future."
Future Announcements:
Nature Wood plans to provide more detailed information and
insights into its strategic initiatives, including further
developments in the carbon credit market, with the release of its
audited financial results.
About Nature Wood Group Limited
Nature Wood Group Limited is a global leading
vertically-integrated forestry company that focuses on FSC business
operations, timber and wood products industry. The Company's
operations cover both up-stream forest management and harvesting,
and down-stream wood-processing and distribution. Nature Wood
offers a broad line of products, including logs, decking, flooring,
sawn timber, recycled charcoal, synthesized charcoal, machine-made
charcoal and essential oils, primarily through its sales network in
Europe, South Asia, South
America, North America and
China. The Company is one of the
largest exporters of wood products in Peru, with approximately 615,333 hectares of
forest concessions as of June 30,
2023. In terms of the export value in 2021, the Company is
(i) the second largest wood products export supplier; (ii) the
second largest wood products export supplier certified by the FSC;
and (iii) the largest decking product supplier, in Peru. Nature Wood is also the largest oak
export supplier and the second largest hardwood export supplier, in
France in terms of export volume
in 2021. For more information, please
visit: www.nature-wood.com.
Safe Harbor Statement
This press release contains statements that may constitute
"forward-looking" statements pursuant to the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "aims,"
"future," "intends," "plans," "believes," "estimates," "likely to,"
and similar statements. Statements that are not historical facts,
including statements about the Company's beliefs, plans, and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. Further
information regarding these and other risks is included in the
Company's filings with the SEC. All information provided in this
press release is as of the date of this press release, and the
Company does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
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SOURCE Nature Wood Group Limited