July 15, 2024
Medical Disposables and Supplies Limited (MDS) reported a 2% decrease in Revenue totalling $3.71 billion for the twelve months ended March 31, 2024, compared to $3.77 billion in the corresponding period last year. Revenue for the fourth quarter increased 1% to close at $1.02 billion, compared to $1.01 billion for the comparable quarter of 2023.
Cost of Sales amounted to $3.00 billion (2023: $2.76 billion), an increase of 9% year over year. Gross Profit decreased by 30% to $713.90 million compared to $1.01 billion for the twelve months ended March 31, 2023. The company booked a gross Profit of $47.07 million for the fourth quarter versus $260.49 million reported for the similar quarter of 2023.
Administrative expenses increased by 4% to close at $473.63 million (2023: $456.39 million) while Selling and promotional costs increased by 13% from $327.11 million in 2023 to $370.71 million in the period under review. As a result, total operating expenses for the twelve months ended March 31, 2024, amounted to $905.16 million, a 9% increase relative to $828.10 million reported in 2023.
Operating Loss for the twelve months ended March 31, 2024, amounted to $175.27 million relative to an operating profit of $195.72 million reported in 2023. Operating Loss for the fourth quarter amounted to a loss of $213.30 million (2023: operating profit of $27.54 million).
Finance income totalled $272,272, an 89% decrease from last year’s period. (2023: $2.47 million) while Finance costs totalled $159.93 million, a 54% increase from last year’s corresponding period (2023: $104.17 million).
Loss before tax for the twelve months ended March 31, 2024, amounted to $320.51 million relative to profit before tax, $96.72 million reported in 2023, while loss before tax for the fourth quarter amounted to $231.78 million (2023: profit before tax of $14.54 million). Tax credit for the twelve months ending March 31, 2024, amounted to $4.55 million (2023: tax charges of $16.52 million). Loss for the year for the twelve months amounted to $315.96 million from a profit of $80.20 million reported in 2023. The fourth quarter’s loss amounted to $227.41 million (2023: net profit of $12.39 million).
Consequently, Loss Per Share for the twelve months amounted to $1.11 (2023: EPS: $0.27), while Loss Per Share for the quarter totalled $0.78 (2023: EPS: $0.05). The number of shares used in these calculations was 263,157,895.
Notably, MDS’s stock closed the trading period on July 15, 2024, at $2.52.
Balance Sheet Highlights:
The company’s assets totalled $2.75 billion, a 13% decrease from $3.03 billion in 2023. This significant decline in total assets is primarily due to a 17% year-over-year decline in ‘Cash and cash equivalents,’ which ended the fiscal year at $118.05 million. ‘Property, plant and equipment’ also saw a 3% year-over-year decline, closing the year at $759.42 million, and ‘Inventories’ represented a 25% year-over-year decline, ending the fiscal year at $1.12 billion. Shareholder’s equity was $769.13 million (2023: $1.06 billion), representing a book value per share of $2.92 (2023: $4.03). 28% year-over-year decline. The decline in shareholders’ equity results from the company’s loss over the fiscal year, both in its operational business and non-controlling interests. The “Retained profits” account represented the most significant loss with a 35% year-over-year decline, closing the fiscal year at $552.77 million (2023: $844.86 million).
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