January 16, 2024
Image Plus Consultants Limited (IPCL) for the nine months ended November 30, 2023, reported a 8% increase in Revenue totaling $869.35 million compared to $802.79 million in the corresponding period last year. Revenue for the third quarter had a 27% increase to close at $315.20 million compared to $247.97 million for the comparable quarter of 2022.
Cost of sales amounted to $312.33 million (2022: $273.73 million), this represents an increase of 14% year over year. Consequently, gross profit increased by 5% to $557.02 million compared to $529.06 million for the nine months ended November 30, 2022. The company booked gross profit of $203.32 million for the third quarter versus $165.12 million reported for the similar quarter of 2022.
Administrative expenses increased by 19% to close at $353.02 million (2022: $297.06 million), while depreciation and amortization increased from $32.04 million to $46.88 in the period under review. Also, other expenses for the nine months ended November 30, 2023, amounted to $216,401 (2022: nil).
Operating profit for the nine months ended November 30, 2023, amounted to $156.90 million, a 19% decrease relative to $193.66 million reported in 2022. Operating profit for the third quarter amounted to $64.93 million (2022: $33.16 million).
Net finance income totalled $5.01 million, relative to net finance cost of $14.32 million booked in the corresponding period last year.
Profit before Tax for the nine months ended November 30, 2023, amounted to $164.19 million, a 9% decrease relative to $179.69 million reported in 2022. Profit before Tax for the third quarter amounted to $61.42 million (2022: $27.21 million).
Income Tax Expense for the nine months ended November 30, 2023, amounted to nil (2022: $31.33 million). As such, Net profit for the nine months amounted to $164.19 million, an 11% increase from the $148.36 million reported in 2022. For the third quarter, Net profit was $61.42 million (2022: $23.75 million).
Consequently, Earnings Per Share for the nine months amounted to $0.13 (2022: EPS: $0.12), while Earnings Per Share for the quarter totaled $0.05 (2022: EPS: $0.02). The twelve-month trailing EPS was $0.20 and the number of shares used in these calculations was 1,239,449,680.
Notably, IPCL’s stock price closed the trading period on January 15, 2024, at a price of $1.99 with a corresponding P/E ratio of 9.78x.
Balance Sheet Highlights
The company’s assets totalled $1.50 billion (2022: $651.49 million). The growth in total assets was primarily driven by a 259% increase in ‘Property, Plant and Equipment’ to close at $1.15 billion (2022: $321.72 million).
Shareholder’s equity was $1.03 billion (2022: $385.20 million), representing a book value per share of $0.83 (2022: $0.31).
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