May 31, 2023
LASCO Distributors Limited (LASD) for the year ended March 31, 2023:
Revenue increased 14% to $26.56 billion (2022: $23.34 billion). For the quarter, revenue increased 16% to $6.92 billion (2022: $5.97 billion).
Cost of sales increased 13% to $21.97 billion (2022: $19.46 billion). Consequently, gross profit increased 18% to $4.58 billion (2022: $3.88 billion). For the quarter, gross profit increased 22% to $1.17 billion (2022: $960.64 million).
Operating expenses increased 11% to $3.17 billion (2022: $2.86 billion) mainly due to a 15% increase in administrative and other expenses, which closed at $2.53 billion (2022: $2.20 billion).
Operating profit increased 28% to $1.63 billion (2022: $1.27 billion). For the quarter, operating profit increased 47% to $425.03 million (2022: $289.98 million).
Finance costs increased 121% to $4.27 million (2022: $1.93 million).
After taxation of $267.44 million (2022: $250.81 million), net profit increased 33% to $1.35 billion (2022: $1.02 billion). For the quarter, net profit increased 76% to $423.47 million (2022: $241.23 million).
Total comprehensive income increased 34% to $1.40 billion (2022: $1.04 billion).
Earnings per share (EPS) amounted to $0.38 (2022: $0.29). For the quarter, EPS amounted to $0.12 (2022: $0.07). The number of shares outstanding used for this calculation was 3,525,702,702. LASD’s stock closed the trading period at a price of $2.69 on May 30, 2023 with a corresponding P/E ratio of 7.01x.
Balance Sheet Highlights:
Total assets as at March 31, 2023 increased 7% to $13.38 billion (2022: $12.45 billion). The main contributor to this movement was the 18% increase in ‘Inventories’, which closed at $4.47 billion (2022: $3.79 billion).
Shareholders’ equity as at March 31, 2023 increased 15% to $8.41 billion (2022: $7.29 billion), resulting in a book value per share of $2.39 (2022: $2.07).
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