June 3, 2024
Future Energy Source Company Limited (FESCO)
Unaudited financials for the twelve months ended March 31, 2024:
Future Energy Source Company Limited (FESCO) for the twelve months ended March 31, 2024, reported a 9% increase in Revenue totalling $28.77 billion compared to $26.28 billion in the corresponding period last year. Revenue for the fourth quarter had a 21% increase to close at $7.42 billion compared to $6.14 billion for the comparable quarter of 2023.
Cost Of Goods Sold amounted to $27.32 billion (2023: $25.39 billion), this represents an increase of 8% year over year. Consequently, gross profit increased by 64% to $1.46 billion compared to $887.82 million for the twelve months ended March 31, 2023. The company booked gross profit of $313.49 million for the fourth quarter versus $241.17 million reported for the similar quarter of 2023.
No Other Income was recorded (2023: $3.73 million), while Impairment losses on financial assets decreased by 92% from $17.86 million in 2023 to $1.49 million in the period under review.
Operating Profit for the twelve months ended March 31, 2024, amounted to $672.25 million, a 19% increase relative to $566.40 million reported in 2023. Operating Profit for the fourth quarter amounted to $103.72 million (2023: $131.57 million).
Finance Cost totalled $157.20 million (2023: Finance Income $8.12 million).
Profit Before Taxation for the twelve months ended March 31, 2024, amounted to $515.06 million, a 10% decrease relative to $574.51 million reported in 2023. Profit Before Taxation for the fourth quarter amounted to $49.10 million (2023: $136.39 million).
Taxation for the twelve months ended March 31, 2024, amounted to nil (2023: $3.25 million). As such, Net profit for the twelve months amounted to $515.06 million, a 10% decrease from the $571.27 million reported in 2023. For the fourth quarter, Net profit was $49.10 million (2023: $136.39 million).
Consequently, Earnings Per Share for the twelve months amounted to $0.21 (2023: EPS: $0.23), while Earnings Per Share for the quarter totalled $0.02 (2023: EPS: $0.05). The number of shares used in these calculations was 2,500,000,000.
Notably, FESCO’s stock price closed the trading period on May 31, 2024, at a price of $3.40 with a corresponding P/E ratio of 16.50x.
Balance Sheet Highlights
The company’s assets totalled $5.08 billion (2023: $3.83 billion). The growth in total assets was partly influenced by a $554.41 million or 20% increase in ‘Property, plant and equipment’ to $3.30 billion (2023: $2.75 billion).
Shareholder’s equity was $2.15 billion (2023: $1.30 billion), representing a book value per share of $0.86 (2023: $0.52).
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