NANAIMO – An record 81 percent increase in third quarter revenues to $17,563,359 propelled Atlas Engineered Products (AEP) to its best quarterly results to date.
For the three months ending September 30, revenues rose from 9,677,692 for the same period of 2020. Revenue also rose 67 percent to $41,101,422 for the nine months ending September 30, up from $24,676,476 for the third quarter of the previous year.
“I am incredibly proud of the AEP team with their dedication and resilience in producing these record results, says AEP CEO, President and founder Hadi Abassi. “The mandate for our team this year was improving AEP’s bottom-line results, and I couldn’t be happier with the results as we achieved net income of almost $4.5 million for the year to date.”
AEP recorded a net income of $2,793,913 and $4,494,480 for the three and nine months ended September 30, 2021 compared to a net income of $419,589 for the three months ended September 30, 2020 and a net loss of $122,771 for the nine months ended September 30, 2020. The significant increase was also driven by increased revenues, improved gross margins, and reduced operating expenses.
“As noted in our third quarter performance update, Q3 has provided another record quarter for the Company. These results were thanks to strong demand and hard work from the entire AEP team to improve efficiency and successfully maneuver us through fluctuating material prices and both material and labour shortages,” said Melissa MacRae, Interim CFO. “We are all looking forward to what our fourth quarter is going to bring to finish out our results for 2021.”
