Atlas Engineered Products Ltd (AEP) has announced second-quarter 2021 revenue of C$14,408,430, an 82% year-over-year increase and the company’s best 2Q results to date.
Atlas also saw its net income for the period surge 650% year-over-year to C$1,649,359, driven by increased revenues, improved gross margins, and reduced operating expenses.
“These results are a culmination of hard work, perseverance, and focus by the entire AEP team to deal with all the recent challenges that have been out of our control and need to be handled every hour of the day,” Atlas Engineered Products CEO Hadi Abassi said in a statement.
READ: Atlas Engineered Products attributes strong 2Q to organic growth in revenues
“All of us at AEP are focusing on the day-to-day and looking to the future to the opportunities that arise through successful operational and financial results like these,” Abassi added.
The company also noted that its gross margin for the three months ending June 30, 2021 edged up to 26% from 24% a year earlier, amidst rising raw material prices and shortages.
In June, Atlas said its focus continues to be on the raw material and labor challenges experienced by the construction industry, while also driving forward with further organic growth and production efficiency initiatives.
Atlas Engineered Products is a growth company that is acquiring and operating profitable, well-established operations in Canada's truss and engineered products industry.
It has a well-defined and disciplined acquisition and operating growth strategy, enabling it to scale aggressively and apply new technologies, giving the company a unique opportunity to consolidate a fragmented industry of independent operators.
Contact Sean at sean@proactiveinvestors.com