November 7, 2022
Lasco Distributors Limited (LASD), for the six months ended September 30, 2022, booked a 11% increase in revenue which amounted to $12.86 billion (2021: $11.57 billion). While, for the quarter, LASD posted a 14% increase in revenue to $6.60 billion, up from $5.82 billion booked in the corresponding period in 2021.
Cost of sales amounted to $10.64 billion, up 10% on the $9.66 billion reported in the prior comparable period. As such, gross profit recorded a 16% increase year over year, closing at $2.22 billion compared to the $1.92 billion generated for the same period in the prior year.
For the period under review, operating expenses totalled $1.57 billion (2021: $1.38 billion). While, for the quarter, operating expenses of $853.80 million were booked, a 25% increase from $683.31 million recorded for the comparable period of 2021.
As such, operating profit amounted to $719.54 million (2021: $616.23 million). Operating profit for the quarter increased by 25% to close at $336.98 million for the period under review (2021: $269.19 million) while Finance cost totalled $1.32 million (2021: $1.16 million)
Pre-tax profit for the six months totalled $718.23 million versus $615.06 million booked twelve months earlier. For the quarter, pre-tax profit amounted to $335.86 million, a 25% increase from the $268.29 million reported in the previous year.
Net profit for the period closed at $587.14 million compared to $489.30 million recorded twelve months earlier after incurring taxes of $131.10 million (2021: $125.76 million). Net profit for the quarter closed at $262.25 million increasing by 33% from $197.24 million booked in the prior comparable period. Additionally, total comprehensive income for the period amounted to $620.60 million relative to $503.14 million booked last year same time.
Earnings per share for the six months ended September 2022, totaled $0.17 versus $0.14 for the corresponding period in 2021. For the quarter, EPS amounted to $0.07 (2021: $0.06). The trailing twelve months EPS is $0.32. The total amount of shares outstanding used for this calculation was 3,510,702,702 units. Notably, LASD’s closed the trading period on November 7, 2022, at $2.97 with a corresponding P/E ratio of 9.36 times.
Balance Sheet Highlights:
As at September 30, 2022, ‘Total Assets’ amounted to $13.41 billion, 8% more than last year’s $12.37 billion reported last year. The increase was as a result of ‘Inventories’ which closed at $4.30 billion (2021: $3.12 billion) and ‘Receivables’ which amounted to $4.18 billion (2021: $3.88 billion).
Shareholders’ equity amounted to $7.59 billion as at September 2022 (2021: $6.75 billion), reflecting a 13% increase. This translated in a book value per share of $2.16 (2021: $1.92)
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