China Jo-Jo Drugstores (CJJD.US) announced its financial results for the 2024 fiscal year, which ended on March 31, 2024. The company's revenue in 2024 fiscal year was $155 million, an increase of 3.8% year-on-year. The gross profit was $31.11 million, a year-on-year decrease of 9.3%. The net loss was $4.23 million, an increase of 80.0% year-on-year. The net loss per share was $2.93, an increase of 92.9% year-on-year.
In terms of business, for the fiscal year ending March 31, 2024, the revenue of the retail pharmacy business was $75.68 million, a year-on-year decrease of 9.2%. Excluding the impact of exchange rates, the actual sales revenue of the retail pharmacy decreased by 5.0%. The revenue of the online pharmacy business was $31.86 million, a year-on-year decrease of 1.6%. The revenue of the wholesale business was $47 million, a year-on-year increase of 42.1%.
Liu Lei, chairman and CEO of China Jo-Jo Drugstores, said: "We are pleased to showcase our financial performance for the 2024 fiscal year, which reflects our commitment to maintaining business model elasticity in a constantly changing market. Our wholesale business achieved significant revenue growth of 42.1%, which is the result of our focus on providing competitive prices to wholesale buyers and leveraging modern wholesale platforms to promote sales. We believe that this strategy will help us achieve long-term and sustainable growth. Our commitment to providing high-quality services and products remains firm. By adopting flexible product and pricing strategies, we have successfully made progress in the fiercely competitive Chinese healthcare market. Looking ahead, we will continue to strengthen our competitive advantages to differentiate our business and achieve outstanding results. We plan to actively seek as many growth opportunities as possible to strengthen our business, improve customer experience, and expand our product portfolio to meet the changing needs of customers. We will also continue to seize market expansion opportunities and focus on improving efficiency and controlling costs to achieve accelerated growth. We are deeply committed to contributing to China's healthcare market and the communities we support, and we will continue to create greater value for our shareholders, ensuring that our contributions benefit all shareholders."