February 1, 2021
Indies Pharma Jamaica Limited (INDIES), reported revenues for the twelve months ended October 31, 2021 of $846.83 million, an increase of 11% when compared with the $765.95 million booked last year. Revenues for the fourth quarter increased 7% to $213.54 million (2020: $200.11 million).
Cost of sales amounted to a total of $295.90 million relative to the $239.26 million reported for the same period last year, a 24% increase year over year. As such, gross profit increased 5% to a total of $550.93 million relative to the $526.69 million for the FY2020. Gross profit for the quarter closed at $150.82 million (2020: $128.50 million).
Other operating income for the year end amounted to $7.49 million a rise of 302% from last year’s $1.86 million. Administrative expenses rose by 4% to close the period at $326.83 million (2020: $315 million).
This led to an increase in the company’s profit from operations from $213.56 million in 2020 to $231.59 million for the period under review. Profit from operations for the quarter closed at $78.93 million relative to $51.73 million recorded for the same quarter of 2020.
Notably, INDIES reported $14.76 million in foreign exchange gains for FY2021 (2020: $4.30 million), while finance cost rose to $67.79 million (2020: $9.19 million).
INDIES reported a profit before tax of $178.56 million relative to the $208.68 million reported in 2020. For the quarter, profit before tax amounted to $74.98 million (2020: $50.10 million).
Consequently, net profit for the year decreased 14% to $178.56 million relative to a net profit $206.65 million in 2020, there was no tax charge for the period, compared to a tax charge of $2.03 million in 2020. For the fourth quarter, net profit was $74.98 million (2020: $48.07 million).
Total comprehensive income totalled $467.03 million relative to $278.06 million in 2020, a 68% increase. While for the quarter total comprehensive income amounted to $74.98 million (2020: $48.07 million).
Earnings per share (EPS) for the period amounted $0.13 compared to and (EPS) of $0.16 recorded in 2020. For the quarter, EPS totalled $0.056 (2020: $0.036). The number of shares used in the calculations is 1,332,536,649. The stock last traded on January 31, 2022 at $3.10 with a corresponding P/E ratio of 22.76 times.
Balance Sheet at a glance:
As at October 31, 2021, total assets amounted to $2.04 billion, 14% more than $1.78 billion the year prior. This was as a result of an increase in ‘Property, plant and equipment’ which closed $940.25 million (2020: $627.78 million).
Shareholders’ Equity totalled $1.11 billion (2020: $786.74 million) resulting in a book value per share of $0.83 (2020: $0.59).
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