Oriental Culture Holding LTD. (NASDAQ: OCG), the leading e-commerce services provider for artwork and collectibles, recently announced its annual financial results for the year ending December 31, 2020. The company’s operating revenue surged by 29.7% or $4.0 million to $17.4 million in FY20, as against $13.4 million in FY19.
In the fiscal year 2020, OCG’s gross profit came in at $14.8 million against $12.1 million in the previous year. This indicates a rise of 22.1% from FY19. OCG’s net income in the fiscal year 2020 was $2.0 million, representing a decrease of 77.5% or $7.1 million compared with $9.1 million in FY19.
EPS of Oriental Culture Holding LTD. (NASDAQ: OCG)
Earnings per share of Oriental Culture Holding LTD. (NASDAQ: OCG) was reported at $0.13 in 2020, representing a decline of 79.6% compared with $0.64 EPS in 2019. New accounts and products are added to OCG platforms in the second half of the previous year. Until December 31, 2020, the company reported that the kinds of commodities listed on the OCG platform, artwork, and collectibles was 3030, indicating an increase of 163% from 2019. In 2020, OCG had a total of 95,000 new accounts on its trading platform, reflecting a 44% rise on a YoY basis from about 66,000 new accounts in 2019.
With the faster vaccination of communities worldwide, the company is expecting a faster road to recovery in the present year, i.e., 2021. The Chairman of OCG’s Board, Mr. Lewis Wan, said that when the economy wheel starts rolling, liquid assets will become the vital tools for stimulating economic growth. Assets valued in RMB will hold importance in context with economic growth in China. Mr. Wan said that the products on OCG platforms are all high collection value liquid assets valued in RMB.