MingZhu Logistics reports H1 revenue $22.9M vs $56.1M last year

Jinlong Yang, CEO of MingZhu, commented, “After the severe negative impact of the COVID downturn, our focus has been on rebuilding our core logistics business. This process has demanded substantial resources, including significant investments and dedicated personnel to meet customer needs. Unfortunately, the additional costs, coupled with higher interest rates, have been amplified by lower sales during the six months ending June 30, 2024, resulting in an increased net loss. Moving forward, our priorities are twofold. First, we are committed to returning sales growth in our core logistics business while reducing operating expenses to improve profitability. While this will take time, we are encouraged by early signs of progress despite uncertainties from rising global tensions. Second, we are prioritizing long-term business diversification to position the company for future success in an evolving market. Our team brings extensive expertise in operating across China, where we have built a reputation as a trusted partner in safely and efficiently transporting goods. We’ve successfully expanded into adjacent opportunities, such as premium liquor distribution, leveraging our logistics infrastructure and partnerships. Looking ahead, we plan to explore additional opportunities that capitalize on our established infrastructure, dedicated ecosystem, and deep local connections to create value for our shareholders.”