August 26, 2024
MFS Capital Partners Limited (MFS) for the year ended June 30, 2024, reported Revenue totaling $36.54 million compared to $0 in the corresponding period last year. Revenue for the fourth quarter had a 1786% increase to close at $32.46 million compared to $1.72 million for the comparable quarter of 2023.
Cost of sales amounted to $12.01 million (2023: nil). Consequently, gross profit increased to $24.53 million compared to $0 for the year ended June 30, 2023. The company booked gross profit of $20.45 million for the fourth quarter versus $1.72 million reported for the similar quarter of 2023.
Other operating income decreased by 90% to close at $3.40 million (2023: $32.90 million), while Administrative expenses increased by 207% from $23.10 million in 2023 to $71.02 million in the period under review. As a result, operating loss for the year ended June 30, 2024, amounted to $43.09 million, relative to operating profit of $9.80 million reported in 2023.
Finance costs, net for the year ended June 30, 2024, amounted to $1.58 million, a 564% increase relative to $238,215 reported in 2023.
Loss before taxation totaled $44.68 million (2023: pretax profit $9.57 million). For the quarter, loss before tax amounted to $10.55 million, relative to profit before tax of $21.35 million in 2023.
No taxes were reported for the year ended June 30, 2024. (2023: Tax charge of $823,170). As such, Net loss for the year ended June 30, 2024, amounted to $44.68 million compared to net profit of $8.74 million in 2023.
Net loss attributable to Shareholders for the year amounted to $42.17 million, down from net profit of $8.79 million reported in 2023. For the fourth quarter, Net loss attributable to Shareholders was $10.55 million (2023: profit of $5.66 million).
Consequently, Loss Per Share for the year amounted to $0.11 (2023: EPS: $0.02), while Loss Per Share for the quarter totaled $0.02 (2023: EPS: $0.01).
Notably, MFS’s stock price closed the trading period on August 23, 2024, at a price of $0.60.
Balance Sheet Highlights
The company’s assets totalled $569.00 million (2023: $64.45 million). The growth in total assets was primarily driven by a $500.00 million increase in ‘Investment in subsidiary’.
Shareholder’s equity was $219.94 million (2023: $2.12 million), representing a book value per share of $0.55 (2023: $0.01).
Disclaimer:
Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.