SMG Reports Preliminary Unaudited Revenues of approximately $51.7 million for the Year Ended December 31, 2021, an Increase of approximately 93% From the Previous Year
HOUSTON, TX, Jan. 28, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- SMG Industries, Inc. (“SMG” or the "Company") (OTCQB:SMGI), a growth-oriented transportation services company focused on the domestic infrastructure logistics market, today announced that its preliminary unaudited results of consolidated revenues from operations for the year ended December 31, 2021 were approximately $51.7 million, representing an increase of about 93% from its comparable year ended December 31, 2020 of $26.6 million. Unaudited revenues for the fourth quarter ended December 31, 2021 were approximately $17.08 million, an increase of about 113% from $7.99 million in the fourth quarter 2020.
SMG continued to benefit from improved general economic activity levels as Covid-19 restrictions were eased and infrastructure and manufacturing customer activity increased. The Company also benefited from higher commodity prices in 2021 relative to fiscal year 2020.
Mr. Allen Parrott, CFO of SMG, stated, "The Company experienced positive year over year increases in revenues as economic and customer activity improved, compared to 2020. The terminal expansion that diversified 5J into flatbed and transportation brokerage initiated in the second quarter of 2021 contributed to this revenue growth. Additionally, SMGI’s 5J Transportation Group experienced greater activity within its drilling rig relocation business unit as commodity prices drove increased customer activity volume along with improved pricing, utilization and margin efficiencies. SMG Industries continues to build sought after capacity specific to its logistics and specialized heavy/super-heavy haul business segments further positioning the Company to expand share in infrastructure markets.”
The Company currently anticipates announcing its full audited financial results along with management’s discussion and analysis within its Annual Report on Form 10-K for 2021 on or about March 30, 2022.
About SMG Industries, Inc.: SMG Industries is a growth-oriented transportation services company focused on the domestic infrastructure logistics market. Through several of the Company’s wholly-owned subsidiaries branded as the “5J Transportation Group,” it offers heavy haul, super heavy haul, flatbed, brokerage, and drilling rig mobilization services. 5J’s dimensional permitted jobs can support up to 500-thousand-pound loads which include cargo associated with wind energy, power generation components, bridge beams, compressors, and refinery and construction equipment. SMG Industries, Inc. headquartered in Houston, Texas has facilities in Floresville, Hempstead, Henderson, Houston, Odessa, Palestine, and Victoria, Texas. Read more at www.SMGIndustries.com and 5J-Group.com.
Source: SMG Industries, Inc. +1-713-955-3497
