13 Feb 2023
Readen Holding Corporation (OTC Pink: RHCO) Announces Filing of December 31, 2022 Financial Statements with OTC Markets, Revenue Up 152%, Earnings Up 1,414%
READEN HOLDING CORPORATION (OTC PINK: RHCO), a Venture Capital Corporation which is active in the Fintech, Online Payment and E-commerce industries, today announced that the Company has filed its financial statements for the quarter ending December 2022 with OTC Markets Disclosure & News Service. RHCO reported an increase in Revenue of 151.70% compared to the quarter ending September 2022, which is also a year-over-year increase of 665.25%. And the Company has recorded a profit of $822,343 for this period, an impressive increase of 1,413.99% compared to last quarter.
The encouraging result was due to the recent activities in Oke Partners and Oke Club, which have brought significant income to the Company. As Covid restrictions started to relax in Q4 of 2022, travel and retail sectors were back on track to normal. Oke Club (Oke Travel Club: oketravelclub.enjoymydeals.com) has been benefited from the resume of traveling with a solid growth of paid membership. And Oke Partners (www.okepartners.com) also saw growth in members and merchants which has increased the consumer spendings through OkeApp. The Company will realize a full scale, multiple channels marketing campaign for Oke Partners and Oke Club in coming months and expects even bigger growth in the aftermath of Covid.
Meanwhile, Neckermann Direct (www.neckermanndirect.eu) - the Company’s B2C E-commerce Platform has also contributed profits significantly. RHCO has revived Neckermann Direct last year, turning the 70 years old, one of the most well-known retails brands in Europe into a front runner of global E-commerce, and providing a platform for Asian merchants and products to enter European market. The Company has captured the market opportunity, as E-commerce giant Amazon blocked numerous Chinese merchant accounts and forced many Chinese companies to seek other direct selling channels. Neckermann Direct welcomes cross-border merchants from Asia to directly sell their products to customers in Europe, activity bridging the gap between European customers and Asian merchants and has already added more than 150,000 products online. This has resulted in tremendous sales growth on Neckermann Direct platform.
Richard Klitsie, CEO of RHCO stated, “The management team of RHCO is thrilled to present our stockholders this good news in the beginning of 2023. For many companies, the past two years have been very difficult due to Covid situations. Our Company managed to keep on building, developing and exploring under the same circumstances, because we always believe in the future of Fintech and E-Commerce and would not give in easily. This profitable Q4 2022 was the result of our hard work and strong resilience. Our team has a high spirit, and we expect to sustain the percentage of growth in revenue and profit for the next quarter.”