July 16, 2024
Image Plus Consultants Limited (IPCL)
Unaudited financials for the first quarter ended May 31, 2024:
Image Plus Consultants Limited (IPCL), for the first quarter ended May 31, 2024, reported a 2% decrease in revenue totaling $293.46 million compared to $300.18 million in the corresponding three months last year. This decrease in revenue is primarily due to a three (3) week downtime of our Ocho Rios CT unit, starting on May 22, 2024.
Cost of sales amounted to $103.46 million (2023: $108.41 million), a decrease of 5% year over year. This effective cost management led to a gross profit decrease of only 1% to $190.00 million, compared to $191.78 million for the first quarter ended May 31, 2023.
Administrative expenses increased by 7% to close at $125.38 million (2023: $117.41 million), while depreciation and amortization increased by 85% from $14.41 million in 2023 to $26.67 million for the three months. As a result, other expenses for the first quarter amounted to nil, a 100% decrease relative to $45,964 reported in 2023.
Operating profit for the three months amounted to $37.96 million, a 37% decrease relative to the $59.92 million reported in 2023. Net Finance Cost totaled $6.38 million (2023: net finance income of $3.16 million).
Profit before Tax for the first quarter ended May 31, 2024, amounted to $31.65 million, a 51% decrease relative to $64.12 million reported in 2023. Net profit for the three months amounted to $31.65 million, a 51% decrease from the $64.12 million reported in 2023.
Consequently, Earnings Per Share for the three months amounted to $0.03 (2023: EPS: $0.05). The twelve-month trailing EPS was $0.145, and the number of shares used in these calculations was 1,239,449,680. Notably, IPCL’s stock price closed the trading period on July 16, 2024, at $1.90, with a corresponding P/E ratio of 13.12x.
Balance Sheet Highlights
The company’s assets saw significant growth, totaling $1.62 billion (2023: $1.23 billion). The substantial 258% year-over-year increase in the company’s ‘Property, Plant & Equipment’ to $1.19 billion (2023: $334.32 million) is a promising sign of the company’s growth trajectory as it reinvests in its growth.
Shareholder’s equity was $1.07 billion (2023: $927.77 million), representing a book value per share of $0.86 (2023: $0.75). The increase in Shareholder’s equity is ascribed to the rise in “Retained Earnings,” which increased 31% year over year, ending the quarter at $599.94 million (2023: $457.67 million).
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