{"id":485488,"date":"2021-05-03T06:33:44","date_gmt":"2021-05-03T10:33:44","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/newater-technology-inc-announces-year-2020-audited-financial-results\/"},"modified":"2021-05-03T06:33:44","modified_gmt":"2021-05-03T10:33:44","slug":"newater-technology-inc-announces-year-2020-audited-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/newater-technology-inc-announces-year-2020-audited-financial-results\/","title":{"rendered":"Newater Technology, Inc. Announces Year 2020 Audited Financial Results"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n NEW YORK<\/span>, May 3, 2021<\/span> \/PRNewswire\/ —\u00a0Newater Technology, Inc. (NASDAQ: NEWA) (”NEWA,” ”we,” ”our” or the ”Company”), a leading company specializing in development, production and application of DTRO equipment and systems used in waste water filtration, today announced its financial results for the year ended December 31, 2020<\/span>.<\/p>\n

The year ended December 31, 2020<\/span> Financial Highlights (all comparisons to the year ended December 31, 2019<\/span>):<\/p>\n

Revenues increased by 36% from $37.6 million<\/span> to $51.16 million<\/span> in 2020, our revenue growth in the year 2020 resulted primarily from increased demand for our systems. These increases can be evidenced in the total revenue from project sales, number of end customers, and number of large-scale projects.<\/p>\n

Cost of revenues increased by 43% from $21.7 million<\/span> to $30.99 million<\/span> in 2020, the increase in cost of revenues directly corresponded to the increase in revenue during the same year.<\/p>\n

Gross profit increased by 27% from $15.9 million<\/span> to $20.2 million<\/span> in 2020, while the gross profit margin was 39% in 2020.<\/p>\n

Net income (before currency translation loss) increased by 29% from $4.3 million<\/span> to $5.6 million<\/span> in 2020, and the net profit margin in 2020 was 11%.<\/p>\n

Total assets increased by 19% from $78 million<\/span> to $93 million<\/span> in 2020 mainly driven by the purchasing of more inventories and prepayment made for a land use right.<\/p>\n

Basic earnings per share was $0.51<\/span> in 2020, compared to $0<\/span>. 40 in 2019 and $0<\/span>. 67 in 2018.<\/p>\n

Mr. Yuebiao Li, the Company’s CEO, commented “We are pleased with our accomplishments in 2020, we overcame the impact of COVID-19 epidemic. In the depressed market, we overcame difficulties and exploited the huge market in coal mine drainage treatment by using the company’s patented process package and we completed the construction and production of the project in the same year. We are pleased with the expansion of our business in the field of steel coking wastewater treatment as well.”<\/p>\n

In 2021, we will continue to make more efforts to skillfully apply our products to more wastewater treatment fields and undertake larger projects, in order to achieve company’s eternal goal of “renewable resources (New Water) recycling.”<\/p>\n

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\n About Newater Technology, Inc.<\/u>
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Founded in 2012 and headquartered in Yantai, China<\/span>, Newater, operating its business through its wholly owned subsidiary Yantai Jinzheng Eco-Technology Co. Ltd., specializes in the development, manufacture and sale of DTRO (Disk Tube Reverse Osmosis) and DTNF (Disk Tube Nano-Filtration) membranes for waste water treatment, recycling and discharge. Newater provides integrated technical solutions in engineering support and installation, technical advice and services, and, and other project-related solutions to turn wastewater into valuable clean water. Newater also provides wastewater treatment services, such as landfill leachate treatment and purification services.<\/p>\n

More information about the Company can be found at www.dtNEWA.com<\/a>.<\/p>\n

The Company’s products can be used across a wide spectrum of industries, including:<\/p>\n