January 15, 2025
Image Plus Consultants Limited (IPCL)
Unaudited financials for the nine months ended November 30, 2024:
Image Plus Consultants Limited (IPCL) reported a 4% decrease in revenue, totalling $835.55 million for the nine months ended November 30, 2024, compared to $869.35 million in the corresponding period last year. Revenue for the third quarter decreased by 6%, closing at $296.75 million compared to $315.20 million for the comparable quarter of 2023.
Cost of sales amounted to $287.75 million (2023: $312.33 million), representing a decrease of 8% year over year. Consequently, gross profit decreased by 2% to $547.80 million compared to $557.02 million for the nine months ended November 30, 2023. The company booked a gross profit of $198.35 million for the third quarter versus $203.32 million reported for the similar quarter of 2023.
Administrative expenses increased by 13% to $399.12 million (2023: $353.02 million), while depreciation and amortisation increased in 2024 to $81.04 million (2023: $46.88 million).
Operating profit for the nine months ended November 30, 2024, amounted to $67.63 million, a 57% decrease relative to $156.90 million reported in 2023. Operating profit for the third quarter amounted to $39.87 million (2023: $64.93 million). Finance costs totalled $28.73 million, a 252% increase from the corresponding period last year (2023: $8.17 million).
Profit before tax for the nine months ended November 30, 2024, amounted to $41.57 million, a 75% decrease relative to $164.19 million reported in 2023. Profit before tax for the third quarter amounted to $26.17 million (2023: $61.42 million).
Net profit for the nine months amounted to $41.57 million, a 75% decrease from the $164.19 million reported in 2023. For the third quarter, net profit was $26.17 million (2023: $61.42 million).
Consequently, earnings per share (EPS) for the nine months amounted to $0.03 (2023: $0.13), while EPS for the quarter totalled $0.02 (2023: $0.05). The twelve-month trailing EPS was $0.10, and the number of shares used in these calculations was 1,239,449,680.
Notably, IPCL’s stock price closed the trading period on January 15, 2025, at $1.90, with a corresponding P/E ratio of 18.91x.
Balance Sheet Highlights
The company’s assets totalled $1.61 billion (2023: $1.50 billion). This increase was attributable to trade and other receivables, which amounted to $355.33 million (2023: $251.94 million).
Shareholders’ equity was $1.08 billion (2023: $1.03 billion), representing a book value per share of $0.87 (2023: $0.83).
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