November 15, 2024
Seprod Limited (SEP)
Unaudited financials for the nine months ended September 30, 2024:
Seprod Limited (SEP) for the nine months ended September 30, 2024, reported a 14% increase in Revenue totalling $93.43 billion compared to $82.20 billion in the corresponding period last year. Revenue for the third quarter had a 27% increase to close at $35.10 billion compared to $27.75 billion for the comparable quarter of 2023.
Cost of Sales amounted to $68.71 billion (2023: $61.34 billion), this represents an increase of 12% year over year. Consequently, gross profit increased by 19% to $24.72 billion compared to $20.86 billion for the nine months ended September 30, 2023. The company booked gross profit of $9.80 billion for the third quarter versus $7.04 billion reported for the similar quarter of 2023.
Finance & Other Operating Income decreased by 13% to close at $949.36 million (2023: $1.09 billion). Additionally, operating profit for the nine months ended September 30, 2024, amounted to $7.08 billion, a 3% increase relative to $6.88 billion reported in 2023.
Finance Costs for the nine months ended September 30, 2024, had a 23% increase to reach $2.94 billion (2023: $2.39 billion).
Share of Results of associate & joint venture for the nine months ended September 30, 2024, amounted to $292.52 million, a 65% increase relative to $177.33 million reported in 2023. Share of Results of associate & joint venture for the third quarter amounted to $72.47 million (2023: $40.93 million). Profit Before Taxation totalled $4.44 billion a 5% decrease from the corresponding period last year. (2023: $4.66 billion).
Taxation for the nine months ended September 30, 2024, amounted to $1.40 billion, a 29% increase relative to $1.09 billion reported in 2023. Taxation for the third quarter amounted to $436.07 million (2023: $431.21 million).
Net Profit from Continuing Operations for the nine months ended September 30, 2024, had a 15% decrease to reach $3.03 billion (2023: $3.57 billion). Net Loss for the period from discontinued operation for the nine months amounted to $59.83 million, a 30% increase from the $46.15 million reported in 2023. For the third quarter, Net Loss for the period from discontinued operation was $18.68 million (2023: $23.11 million).
Net Profit for the nine months ended September 30, 2024, had a 16% decrease to reach $2.98 billion (2023: $3.52 billion). For the third quarter, Net Profit for the quarter was $827.65 million (2023: $981.66 million).
Net profit attributable to shareholders for the nine months ended September 30, 2024, amounted to $2.42 billion, a 5% decrease relative to $2.55 billion reported in 2023. For the third quarter, Net profit attributable to shareholders was $653.84 million (2023: $667.55 million).
Consequently, Earnings Per Share for the nine months amounted to $3.29 (2023: EPS: $3.48), while Earnings Per Share for the quarter totaled $0.89 (2023: EPS: $0.91). The twelve-month trailing EPS was $3.74, and the number of shares used in these calculations was 733,546,855.
Notably, SEP’s stock price closed the trading period on November 14, 2024, at a price of $84.43 with a corresponding P/E ratio of 22.57x.
Balance Sheet Highlights:
The company’s assets totalled $121.32 billion (2023: $93.49 billion). This increase was attributable to ‘Property, Plant and Equipment’, which amounted to $29.34 billion (2023: $21.12 billion). ‘Receivables’, also contributed to the increase equating to $28.75 billion (2023: $20.10 billion).
Shareholder’s equity was $29.74 billion (2023: $26.71 billion), representing a book value per share of $40.54 (2023: $36.41).
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