November 14, 2024
Regency Petroleum Limited (RPL)
Unaudited financials for the nine months ended September 30, 2024:
Regency Petroleum Limited (RPL) for the nine months ended September 30, 2024 reported a 100% increase in Gross Operating Revenue totaling $1.28 billion compared to $642.24 million in the corresponding period last year. Gross Operating Revenue for the third quarter had a 42% increase to close at $395.49 million compared to $278.96 million for the comparable quarter of 2023.
Cost of Sales amounted to $1.09 billion (2023: $544.06 million), this represents an increase of 99% year over year. Consequently, gross profit increased by 101% to $196.89 million compared to $98.17 million for the nine months ended September 30, 2023. The company booked gross profit of $66.86 million for the third quarter versus $38.52 million reported for the similar quarter of 2023.
Administrative Expenses increased by 145% to close at $103.67 million (2023: $42.33 million), while Selling & Distributive Expenses increased by 266% from $555,061 in 2023 to $2.03 million in the period under review. As a result, operating profit for the nine months ended September 30, 2024 amounted to $86.44 million, a 53% increase relative to $56.51 million reported in 2023.
Profit before Finance Cost for the nine months ended September 30, 2024, amounted to $86.44 million, a 53% increase relative to $56.51 million reported in 2023. Profit before Finance Cost for the third quarter amounted to $22.62 million (2023: $21.23 million). Finance Costs totaled $4.46 million a 45% increase from the corresponding period last year. (2023: $3.08 million).
Pretax Profit for the nine months ended September 30, 2024, amounted to $81.97 million, a 53% increase relative to $53.43 million reported in 2023. Pretax Profit for the third quarter amounted to $21.64 million (2023: $19.60 million).
No taxation was reported for the nine months ended September 30, 2024. As such Net Profit for the nine months amounted to $81.97 million, a 55% increase from the $53.05 million reported in 2023. For the third quarter, Net Profit was $21.64 million (2023: $19.23 million).
Consequently, Earnings Per Share for the nine months amounted to $0.06 (2023: EPS: $0.04), while Earnings Per Share for the quarter totaled $0.02 (2023: EPS: $0.01). The twelve month trailing EPS was $0.05 and the number of shares used in these calculations was 1,435,786,770.
Notably, RPL’s stock price closed the trading period on November 13, 2024 at a price of $2.80 with a corresponding P/E ratio of 53.84x.
Balance Sheet Highlights
The company’s assets totalled $781.24 million (2023: $577.33 million). The movement in total assets was mainly influenced by a 234% increase in ‘Deferred expenditure’ amounting to $140.52 million (2023: $42.03 million). Additionally, there was $72.92 million increase ‘Plant, property and equipment’ amounting to $445.05 million (2023: $372.13 million). Shareholder’s equity was $516.58 million (2023: $441.88 million), representing a book value per share of $0.36 (2023: $0.31).
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