May 16, 2024
Eppley Limited (EPLY) for the first quarter ended March 31, 2024, reported an 8% increase in interest income totalling $117.68 million compared to $108.47 million in the corresponding three months last year.
Interest Expense amounted to $83.03 million (2023: $71.01 million), this represents an increase of 17% year over year. Consequently, net interest income decreased by 7% to $34.65 million compared to $37.46 million for the first quarter ended March 31, 2023.
Asset management fee income increased by 21% to close at $83.96 million (2023: $69.56 million), while Fees and other operating income increased by 20% from $28.08 million in 2023 to $33.59 million for the three months.
Administrative Expenses for the three months amounted to $67.35 million, a 9% increase relative to $61.95 million reported in 2023. Net impairment losses of financial and contracts assets totalled $198,000, an 18% decline from the corresponding period last year (2023: $242,000).
Profit Before Tax for the first quarter amounted to $85.05 million, a 16% increase relative to $73.40 million reported in 2023.
Taxation for the three months was $1.68 million (2023: $6.38 million). Net Profit for the three months amounted to $83.37 million, a 24% increase from the $67.02 million reported in 2023.
Consequently, Earnings Per Share for the three months amounted to $0.43 (2023: EPS: $0.35). The twelve-month trailing EPS was $2.72, and the number of shares used in these calculations was 192,468,300.
Notably, EPLY’s stock price closed the trading period on May 15, 2024, at a price of $37.46 with a corresponding P/E ratio of 13.77x.
Balance Sheet Highlights
The company’s assets totalled $6.75 billion (2023: $5.36 billion). This was attributed to ‘real estate available-for-sale’ of $597.02 million (2023: nil).
Shareholder’s equity was $1.21 billion (2023: $954.90 million), representing a book value per share of $6.26 (2023: $4.96).
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