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Golden Heaven Group Holdings Ltd. Announces Financial Results for Fiscal Year 2023

Mehrere Goldbarren. © farakos / iStock / Getty Images Plus / Getty Images http://www.gettyimages.de

PR Newswire

NANPING, China, Feb. 15, 2024 /PRNewswire/ -- Golden Heaven Group Holdings Ltd. (the "Company" or "Golden Heaven") (Nasdaq: GDHG), an amusement park operator in China, today announced its financial results for the fiscal year ended September 30, 2023. 

Ms. Qiong Jin, the CEO and Chairman of the Company, commented, "This 2023 fiscal year marked a period of resilience for the Company. Our parks experienced decreases in park attendance, mainly due to facility safety maintenance from June 2023 to September 2023, which had a notable impact on our immediate financial performance. Despite such challenges, we pursued collaborations with major amusement parks in China. We believe that our successful listing on Nasdaq in April 2023 helped us to accelerate our market expansion in China. Looking forward, we will strive to satisfy customers' entertainment needs and enhance our reputation. We are also dedicated to expanding our presence in the industry and unlocking value for all our stakeholders."

Fiscal Year 2023 Financial Highlights 

  • Total revenue was $31.8 million in fiscal year 2023, compared to $41.8 million in fiscal year 2022.
  • Gross profit was $19.3 million in fiscal year 2023, compared to $30.2 million in fiscal year 2022. Gross margin was 60.76% in fiscal year 2023, compared to 72.19% in fiscal year 2022.
  • Income from operations was $10.7 million in fiscal year 2023, compared to $21.2 million in fiscal year 2022.
  • Net income was $6.5 million in fiscal year 2023, compared to $14.3 million in fiscal year 2022.
  • Earnings per share was $0.13 in fiscal year 2023, compared to $0.29 in fiscal year 2022.

Fiscal Year 2023 Financial Results

Revenue 



For the Year Ended
September 30, 2023


For the Year Ended
September 30, 2022




USD


%


USD


%


Sales of in-park recreation



30,115,995


94.74 %



$

39,377,906


94.23

%


Rental income



1,514,697


4.77 %




1,089,435


2.61

%


Park service fees



156,110


0.49 %




1,320,855


3.16

%


Total revenue



31,786,802


100.00 %




41,788,196


100.00

%


 

Our revenue was derived from sales of in-park recreation, rental income, and park service fees. The total revenue was $31.8 million in fiscal year 2023, decreased by 23.93% from $41.8 million in fiscal year 2022. Such decrease was primarily attributable to the decrease in sales of in-park recreation and park service fees. 

Our revenue from each of our revenue segments is summarized as follows:

 For fiscal year 2023:

(USD)


Sales of in-park recreation


Rental income


Park service fees


Total

Reportable segment revenue


$

30,115,995



$

1,514,697



$

156,110



$

31,786,802


Inter-segment loss



-




-




-




-


Revenue from external customers



30,115,995




1,514,697




156,110




31,786,802


Segment gross profit


$

17,642,945



$

1,514,697



$

156,110



$

19,313,752


Gross margin



58.58

%



100

%



100

%



60.76

%

For fiscal year 2022:

(USD)


Sales of in-park recreation


Rental income


Park service fees


Total

Reportable segment revenue


$

39,377,906



$

1,089,435



$

1,320,855



$

41,788,196


Inter-segment loss

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