E-Home Household Services Holdings Limited Announces Half-Year Results Ended December 31, 2023

FUZHOU, China, May 1, 2024 /PRNewswire/ -- E-Home Household Service Holdings Limited (Nasdaq: EJH) (the "Company" or "E-Home"), a provider of integrated household services in China, today announced its financial results for the six months ended December 31, 2023.

Financial Highlight

• Total revenues were $26.95 million for the six months ended December 31, 2023.
• Overall gross profit margin still reached 24.4%, but net profit decreased due to increased expenditure on brand promotion and advertising.
• Net assets of $149.11 million as at 31 December 2023.
• Increased public cleaning business, signed a number of well-known property cleaning and public place cleaning, restructured its elderly care business and electrical maintenance business.

Mr. Wenshan Xie, Chairman and CEO of E-Home, commented: "The last six months have been more challenging for our business, as the economic downturn and industry involution have also affected our business. In particular, the increase in service personnel costs and the concentration of marketing and advertising channels on the Internet have affected us. However, the overall turnover of our company remained stable for the half year."

Recent Development

Mr. Wenshan Xie, Chairman and CEO of E-Home, commented: "We remain confident in our ability to improve profitability in the future. This is because not only do our fundamentals remain strong, but we have restructured our business model, including our elderly care and maintenance business, added new contracts for high-speed rail stations and government buildings, and implemented a comprehensive strategic plan for cleaning services in public places. The company is also introducing AI smart customer service and piloting the use of AI housekeeping robots to address customer service issues. The company expects these businesses to perform well in 2024 and contribute to the company's profitability."

About E-Home Household Service Holdings Limited

Established in 2014, E-Home Household Service Holdings Limited is a Nasdaq-listed household service company based in Fuzhou, China. The Company, through its website and WeChat platform "e-home", provides integrated household services, including 1) Installation and maintenance of home appliances and smart homes; 2) Housekeeping, nanny, confinement nurse and cleaning services; 3) Internet elderly care + home-based elderly care; 4) Cleaning of public establishments.

After years of development, the Company has formed two main services and two auxiliary services targeting at individual consumers (ToC) and business clients (ToB), with two important subsidiaries. 1) The ToC business focuses on nanny, confinement nurse, home-based elderly care and cleaning, and family comprehensive service supplemented by other housekeeping services. At present, it has successfully connected with metaverse technology to realize metaverse-based customer service as well as training of domestic workers. The ToB business focuses on public cleaning and cleaning robotic equipment. Two subsidiaries: 1. Zhongrun Pharmaceutical, which integrates pharmaceutical warehousing, distribution, wholesaling, retailing and online sales; 2. Chuang Ying Business School: corporate president class training, in-house training, business consulting and counseling, and policy counseling.

E-Home has become a modern enterprise of comprehensive service for family life. The Company always adheres to the business philosophy of "solving every issue of customers with heart", and to the code of conduct of "doing everything well with heart". The Company aims to set the benchmark of the household service industry. For more information, visit the Company's website at http://www.ej111.com/ir.html. 

Forward-Looking Statement

All statements other than statements of historical fact in this announcement are forward-looking statements in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions are intended to identify such forward-looking statements. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to consider risk factors, including those described in the Company's filings with the SEC, that may affect the Company's future results. All forward-looking statements attributable to the Company and its subsidiaries or persons acting on their behalf are expressly qualified in their entirety by these risk factors.

SOURCE E-Home Household Service Holdings Limited