July 19, 2022
Blue Power Group Limited (BPOW), for the year ended April 30, 2022, recorded a decrease in revenues by 1% to $526.45 million relative to $534 million recorded in 2021. For the quarter, revenue increased 82% from $98.81 million in 2021 to $179.93 million in the period under review. The Company noted “BPGL earns its revenue primarily from the production and sale of soap for Jamaica and export markets. The business earns additional income from property rental and warehousing services, as well as management fees, interest and dividends.”
Cost of Sales for the period increased by 12% to $373.42 million (2021: $332.24 million). Gross profit decreased by 24% to $153.02 million (2021: $201.76 million). For the fourth quarter, cost of sales spiked by 59% to $139.76 million (2021: $87.99 million); consequently, gross profit grew by 271% to $40.17 million (2021: $10.82 million).
Administrative expenses amounted to $191.19 million, a 26% increase relative to $152.19 million last year. Impairment gains on trade receivables amounted to $1.34 million relative to losses of $7.52 million reported a year prior. Whereas impairment gains on investment totalled $1.71 million relative to gains of $747,900 reported in 2021. Consequently, operating loss totalled $35.12 million, relative to operating profit of $57.83 million for the prior year’s period.
Other income amounted to $62.39 million relative to $35.21 million booked in the prior year.
Finance income amounted to $26.61 million (2021: $43.41 million), while Finance Cost totalled $3.07 million (2021: $2.11 million) for the year end. As such, profit before taxation rose by 56% to $209.09 million relative to $134.34 million for the corresponding period last year.
The company reported a 44% decrease in taxes in the year to $15.56 million compared to the $27.77 million paid in the prior year. Net profit for the year totalled $193.54 million relative to the $106.57 million booked last year. The company experienced a net loss for the quarter totalling to $10.80 million compared net profit of $23.65 million for the prior year’s quarter.
Total comprehensive income amounted to $181.54 million (2021: $308.34 million) for the year ended April 30, 2022.
Earnings-per-share for the period amounted to $0.34 (2021: $0.19), while loss-per-share for the quarter amounted to $0.02 (2021: EPS $0.04). The number of shares used in our calculation is 564,990,000. Notably, BPOW stock price closed the trading period on July 19, 2022, at $3.57.
Balance Sheet at a glance:
The Company, as at April 30, 2022, recorded total assets of $1.53 billion, an increase of 14% when compared to $1.35 billion recorded last year. This was as a result of the Company booking ‘Interest in associated company’ of $354.61 million (2021: nil). Additionally, there was an 80% increase in ‘Property, plant and equipment’ which closed at $267.82 million relative to $149.08 million recorded as at April 30, 2021.
Total Stockholders’ Equity as at April 30, 2022 closed at $1.43 billion (2021: $1.26 billion). This resulted in a book value per share of $2.53 (2021: $2.22).
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