EFRESH reports 88% increase in six months net profit

Date: August 14, 2018 

Everything Fresh (EFRESH) for the six months ended June 30, 2018 reported total revenues of $969.02 million, a 6% increase on the $914.99 million reported for the prior period in 2017. For the quarter, revenue totalled $494.27 million, 10% more than the $450.65 million reported for 2017’s quarter.

Cost of Sales for the period increased 2% to $861.37 million relative to the $842.62 million booked the corresponding period in 2017. As such, gross profit for the period amounted to $107.68 million, a 46% improvement on the $73.63 million reported in 2017. Gross profit for the quarter surged 80% to total $65.63 million, compared with the $36.50 million booked in prior quarter.

The Company reported other operating income of $33,000 for the period, 97% less than the $1.25 million reported for the corresponding period.

Total operating expenses increased 26% for the six months ended, to total $62.81 million, $12.93 million above the $49.88 million booked for the corresponding period in 2017. Of this, administrative expenses advanced 30% to $53.51 million (2017: $41.20 million), while Finance cost totalled $9.30 million (2017:$8.68 million).

As such, the Company booked profit before taxation of $44.87 million, an 89% increase on the $23.75 million recorded for 2017’s corresponding period.

Following taxation of $8.27 million for the period (2017: $4.30 million), the Company booked net profit for the six months of $36.61 million, an 88% improvement on the $19.45 million recorded for 2017. Net profit for the quarter increased 180% to total $26.54 million relative to $9.49 million recorded for the prior year’s quarter.

Consequently, earnings per share (EPS) for the period amounted to $0.05 (2017: $0.02), while earnings per share for the quarter totalled $0.03 (2017: $0.01). The trailing twelve months EPS is $0.07. The total amount of shares outstanding used for this calculation was 780,000,000 units. Notably, EFRESH closed the trading period on August 14, 2019 at a price of $1.86.

Balance Sheet Highlights:

As at June 30, 2018, total assets amounted to $858.37 million, 73% more than last year’s $495.58 million in 2017. This was attributed to a rise in ‘Other receivables’ and ‘Cash and ‘Cash Equivalents’ to total $271.17 million (2017: $40.73 million) and $213.22 million (2017: $43.85 million) respectively.

Shareholder’s Equity increased by 189% for six months period, totalling $650.80 million compared to the previous year’s total of $225.17 million, this resulted in a book value per share of approximately $0.83 relative to $0.29 in 2017.



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