Mr. Kelly Abbott reports
PARCELPAL ANNOUNCES 2018 FINANCIAL RESULTS
ParcelPal Technology Inc. has released its results for fiscal 2018. ParcelPal technology has provided the audited financial statements for the first year ended Dec. 31,
2018, and has filed the statements on SEDAR. The total audited gross revenue for fiscal 2018 is $3,369,630.
2018 financial highlights:
Total gross revenue up 825 per cent in fiscal 2018, compared with the year ended Dec. 31, 2017;
EBITA (earnings before interest, taxes and amortization) of $1,371,782;
Total cash on hand of $2.08-million, with $605,342 in accounts receivables;
Gross profits of $802,035, representing a gross profit margin of 24 per cent;
Received $1,335,792 from the exercising of warrants.
2018 operating highlights:
Over 300 live locations;
Hit milestone of two million packages delivered;
Launched service in Calgary;
Delivered over two million packages in total.
Kelly Abbott, president and chief executive officer, commented: "I am extremely pleased with the progress of our operations and our financial position ending in 2018. We will continue to push the business in our current market and strive to engage new markets within the year. Our core operations are stable and contributing to our overall strategic initiatives. We remain well capitalized and well positioned to achieve our goals of expansion and addition of new delivery verticals for the next 12 months."
ParcelPal intends to pursue a number of technology, product and marketing initiatives to continue to drive growth in 2018. The company's strategic priorities include:
Grow monthly reoccurring revenues by engaging new and acquired customers;
Grow monthly reoccurring revenues by engaging new and acquired merchants;
Continue to launch multiple delivery verticals;
Further grow the technology platform and offer ParcelPal on multiple platforms;
Broaden the company's geographic footprint across Canadian cities and build on current markets in Calgary, Saskatoon and Vancouver.
IFRS (international financial reporting standards)
The operational and financial information in this release is based on the consolidated figures in accordance with international financial reporting standards.
About ParcelPal Technology Inc.
ParcelPal is a technology-driven logistics company that connects consumers to the goods they love.
The company offers on-demand delivery of merchandise from leading retailers, restaurants, medical marijuana dispensaries and liquor stores in Vancouver (and soon in major cities across Canada).
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