Water Ways Technologies Inc. has announced its results of its financial and business operations for first quarter ended March 31, 2020.
President, CEO and Chairman of the Board of Water Ways Ohad Haber said during these challenging times the company achieved record first quarter sales that surpassed the first quarter sales of 2018 and 2019. Water Ways saw substantial growth in company’s business in Canada and increased the sales to CAD 1.1 million during first quarter of 2020 by attaining inroads selling to Canadian farmers.
CEO and Chairman of the Board of Water Ways Ohad Haber added, “We will strive to continue to grow the business in Canada in the coming quarters. Overall the Covid-19 crisis delayed the launch of our Chinese business unit which we hope will be operational in the coming months resulting in direct sales to the Chinese market.”
The company reported first quarter revenue of CAD $3.21 million which is about 62% higher as compared to CAD $1.98 million during the same quarter of 2019. The service projects amounted recognized revenues of CAD $1.12 million in first quarter, about 270% higher as compared to CAD $0.3 million during the same quarter of 2019. The spike was seen because of the increase in service projects started in Ethiopia and the continuation of the another cotton irrigation project originated in Uzbekistan.
The company revenue products sales increased to CAD 2.08 million as compared to C$1.67 million during the same quarter of previous year. The company achieved this mark because of the Canadian subsidiary’s sales of over CAD 1.1 million.
The company attained gross profit of CAD 603k or 0.60 million during first quarter as compared to CAD 246 thousand or 0.246 million during the same period in 2019. The company took few steps to improve the profitability of services and products which resulted in overall increase in gross profit.