August 30, 2024
Wisynco Group Limited (WISYNCO) for the year ended June 30, 2024, reported a 11% increase in Revenue totaling $54.27 billion compared to $48.71 billion in the corresponding period last year. Revenue for the fourth quarter had a 12% increase to close at $14.19 billion compared to $12.66 billion for the comparable quarter of 2023.
Cost of Sales amounted to $35.89 billion (2023: $31.85 billion), this represents an increase of 13% year over year. Consequently, gross profit increased by 9% to $18.38 billion compared to $16.86 billion for the year ended June 30, 2023. The company booked gross profit of $4.78 billion for the fourth quarter versus $4.17 billion reported for the similar quarter of 2023.
Other Income increased by 17% to close at $296.82 million (2023: $252.78 million), while Selling and distribution expenses increased by 16% from $9.16 billion in 2023 to $10.64 billion in the period under review. Also, administration expenses for the year ended June 30, 2024, amounted to $2.13 billion, a 19% increase relative to $1.79 billion reported in 2023.
Consequently, Operating Profit for the year ended June 30, 2024, amounted to $5.91 billion, a 4% decrease relative to $6.16 billion reported in 2023. Operating Profit for the fourth quarter amounted to $1.32 billion (2023: $1.32 billion).
Net finance income totalled $583.12 million an 86% increase from the corresponding period last year. (2023: $313.14 million).
Profit Before Tax for the year ended June 30, 2024, amounted to $6.45 billion, a 2% increase relative to $6.31 billion reported in 2023. Profit Before Tax for the fourth quarter amounted to $1.46 billion (2023: $1.52 billion).
Taxation for the year ended June 30, 2024, had a 9% decrease to reach $1.26 billion (2023: $1.39 billion). As such, Net Profit for the year amounted to $5.19 billion, a 5% increase from the $4.92 billion reported in 2023. For the fourth quarter, Net Profit was $1.24 billion (2023: $1.26 billion).
Consequently, Earnings Per Share for the year amounted to $1.38 (2023: EPS: $1.31), while Earnings Per Share for the quarter totaled $0.33 (2023: EPS: $0.34). The twelve-month trailing EPS was $1.38 and the number of shares used in these calculations was 3,761,250,000.
Notably, WISYNCO’s stock price closed the trading period on August 30, 2024, at a price of $21.18 with a corresponding P/E ratio of 15.36x.
Balance Sheet Highlights
The company’s assets totalled $36.81 billion (2023: $32.39 billion). The growth in total assets was influenced by a $7.86 billion increase in ‘Property, plant and equipment’ and a $2.68 billion uptick in ‘Investment securities. However, ‘Cash and short-term deposits’ declined by $4.85 billion to partly offset the movement.
Shareholder’s equity was $24.77 billion (2023: $21.13 billion), representing a book value per share of $6.58 (2023: $5.62).
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