January 15, 2025
Margaritaville (Turks) Limited(MTL)
Unaudited financials for the six months ended November 30, 2024:
All figures are presented in USD unless otherwise specified.
Margaritaville (Turks) Limited (MTL), for the six months ending November 30, 2024, reported a 33% increase in revenue totalling $4.44 million compared to $3.34 million in the corresponding period last year. Revenue for the second quarter had a 24% increase to close at $1.91 million compared to $1.54 million for the comparable quarter of 2023.
Cost of Sales amounted to $1.19 million (2023: 848,714), an increase of 40% year over year. Consequently, gross profit increased by 30% to $3.25 million compared to $2.50 million for the six months ending November 30, 2023. The company booked a gross profit of $1.39 million for the second quarter versus $1.17 million reported for the similar quarter of 2023.
Administrative Expenses increased by 28% to close at $2.56 million (2023: $1.99 million), while Depreciation and Amortization increased from $116,286 in 2023 to $116,499 in the period under review. As a result, total expenses for the six months ended November 30, 2024, amounted to $2.69 million, a 27% increase relative to $2.12 million reported in 2023.
Operating profit for the six months ended November 30, 2024, amounted to $567,444, a 50% increase relative to $378,800 reported in 2023. Operating profit for the second quarter amounted to $172,741 (2023: $100,144). Other operating expense totalled $10,412, an 85% increase from last year’s corresponding period. (2023: expense of $67,884).
Finance cost for the six months ended November 30, 2024, amounted to $7,775, a 31% decrease relative to $11,215 reported in 2023. Finance cost for the second quarter amounted to $3,675 (2023: $5,455).
There was no Taxation for the six months ended November 30, 2024. As a result, the Total Comprehensive profit for the year amounted to $549,138, an 83% increase from the $299,734 reported in 2023. For the second quarter, the Total Comprehensive profit for the year was $160,561 (2023: $70,106).
Consequently, Earnings Per Share for the six months amounted to $0.81 (2023: EPS: $0.44), while Earnings Per Share for the quarter totalled $0.24 (2023: EPS: $0.10). The twelve-month trailing EPS was $0.01, and the number of shares used in these calculations was 67,500,000.
Notably, MTL’s stock price closed the trading period on January 14, 2025, at a cost of $13.36 with a corresponding P/E ratio of 6.30x.
Balance Sheet Highlights
The company’s assets totalled $8.23 million (2023: $6.59 million). The growth in the company’s total asset base is primarily attributed to a 75% year-over-year (YoY) increase in “Assets Owing by Related Companies,” which rose to US$5.15 million (2023: US$2.95 million), and a 37% YoY increase in “Cash and Bank Balances,” which ended the period at US$167,339 (2023: US$121,779).
Shareholder’s equity was $5.18 million (2023: $4.27 million), representing a book value per share of $0.08 (2023: $0.06).
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