May 14, 2024

Everything Fresh Limited (EFRESH) for the first quarter ended March 31, 2024, reported a 2% decrease in revenue totalling $832.16 million compared to $846.25 million in the corresponding three months last year.

Cost of Sales amounted to $641.83 million (2023: $670.63 million), this represents a decrease of 4% year over year. Consequently, gross profit increased by 8% to $190.33 million compared to $175.62 million for the first quarter ended March 31, 2023.

Total Income increased by 8% to close at $190.37 million (2023: $175.64 million), while Administrative increase by 20% from $122.06 million in 2023 to $146.92 million for the three months period under review. As a result, Operating Expenses for the first quarter amounted to $159.88 million, a 25% increase relative to $128.16 million reported in 2023.

Operating Profit for the three months amounted to $30.49 million, a 36% decrease relative to $47.48 million reported in 2023.

Finance Costs totalled $13.16 million, a 6% increase from the corresponding period last year. (2023: $12.41 million).

Profit Before Tax for the first quarter ended March 31, 2024, amounted to $17.33 million, a 51% decrease relative to $35.07 million reported in 2023.

Taxation for the three months amounted to $1.70 million (2023: nil). As such, Net profit decreased by 55% to $15.63 million (2023: $35.07 million).

Net profit attributable to Shareholders of the company for the three months amounted to $14.89 million, a 57% decrease from the $34.65 million reported in 2023.

Consequently, Earnings Per Share for the three months amounted to $0.02 (2023: EPS: $0.04). The twelve month trailing EPS was $0.10, and the number of shares used in these calculations was 780,000,000. Notably, EFRESH’s stock price closed the trading period on May 14, 2024, at a price of $1.79 with a corresponding P/E ratio of 17.69x.

Balance Sheet Highlights

The company’s assets totalled $1.43 billion (2023: $1.36 billion). The growth in total assets was primarily due to a $47.16 million or 106% uptick in ‘Right of-use-assets’ to close at $91.84 million (2023: $44.68 million).

Shareholder’s equity was $478.40 million (2023: $400.01 million), representing a book value per share of $0.61 (2023: $0.51).

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