February 29, 2024
Regency Petroleum Limited (RPL) for the year ended December 31, 2023, reported a 36% increase in Gross Operating Revenue totaling $928.76 million compared to $681.14 million in the corresponding period last year. Gross Operating Revenue for the fourth quarter had a 94% increase to close at $286.53 million compared to $148.07 million for the comparable quarter of 2022.
Cost of Sales amounted to $807.00 million (2022: $568.27 million), this represents an increase of 42% year over year. Consequently, gross profit increased by 8% to $121.76 million compared to $112.87 million for the year ended December 31, 2022. The company booked gross profit of $23.59 million for the fourth quarter versus $20.24 million reported for the similar quarter of 2022.
Administrative Expenses increased by 126% to close at $72.30 million (2022: $31.96 million), while Selling & Distributive Expenses increase by 995% from $128,441 in 2022 to $1.41 million in the period under review. As a result, operating profit for the year amounted to $49.54 million, a 42% decrease relative to $85.63 million reported in 2022.
Profit before Finance Cost for the year amounted to $49.54 million, a 42% decrease relative to $85.63 million reported in 2022. Loss before Finance Cost for the fourth quarter amounted to $6.12 million (2022: Profit of $9.90 million). Finance Costs totalled $3.78 million, a 70% decrease from the corresponding period last year (2022: $12.79 million).
Pretax Profit for the year ended amounted to $45.76 million, a 37% decrease relative to $72.84 million reported in 2022. Pretax Profit for the fourth quarter amounted to $3.25 million (2022: $4.87 million).
No taxation was recorded for the year (2022: $16.51 million). Net Profit for the year amounted to $45.76 million, a 19% decrease from the $56.33 million reported in 2022. For the fourth quarter, Net Profit was $3.63 million (2022: $577,180).
Consequently, Earnings Per Share for the year amounted to $0.03 (2022: EPS: $0.04), while Earnings Per Share for the quarter totaled $0.003 (2022: EPS: $0.0004). The number of shares used in these calculations was 1,435,786,770.
Notably, RPL’s stock price closed the trading period on February 28, 2024, at a price of $2.24 with a corresponding P/E ratio of 70.29x.
Balance Sheet Highlights
The company’s assets totalled $704.94 million (2022: $431.88 million). This resulted from a 68% increase in ‘Property, plant & equipment’ closing at $435.79 million.
Shareholder’s equity was $434.79 million (2022: $388.83 million), representing a book value per share of $0.30 (2022: $0.27).
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