February 10, 2025
LASCO Manufacturing Limited (LASM)
Unaudited financials for the nine months ended December 31, 2024:
LASCO Manufacturing Limited (LASM) for the nine months ended December 31, 2024 reported a 3% increase in Revenue totaling $9.50 billion compared to $9.24 billion in the corresponding period last year. Revenue for the third quarter had a 2% increase to close at $3.29 billion compared to $3.22 billion for the comparable quarter of 2023.
Cost of Sales amounted to $5.98 billion (2023: $5.77 billion), this represents an increase of 4% year over year. Consequently, gross profit increased by 1% to $3.53 billion compared to $3.47 billion for the nine months ended December 31, 2023. The company booked gross profit of $1.21 billion for the third quarter versus $1.19 billion reported for the similar quarter of 2023.
Other Operating Income increased by 160% to close at $290.60 million (2023: $111.94 million), while Operating Expenses increased by 5% from $1.17 billion in 2023 to $1.24 billion in the period under review. As a result, Operating Profit for the nine months ended December 31, 2024 amounted to $2.58 billion, a 7% increase relative to $2.41 billion reported in 2023.
Finance Cost for the nine months ended December 30, 2024, amounted to $2.55 million, a 61% decrease relative to $6.49 million reported in 2023. Finance Cost for the third quarter amounted to $26, 000 (2023: $1.57 million). Profit before Tax totaled $2.58 billion a 7% increase from the corresponding period last year. (2023: $2.41 billion).
Taxation for the nine months ended December 30, 2024, amounted to $632.31 million, a 9% decrease relative to $696.42 million reported in 2023. Taxation for the third quarter amounted to $145.55 million (2023: $242.77 million).
Net Profit for the nine months ended December 31, 2024 had a 14% increase to reach $1.94 billion (2023: $1.71 billion) . Unrealized losses on financial instruments for the nine months amounted to $2.48 million (2023: Unrealized loss of $13.23 million). For the third quarter, Unrealized losses on financial instruments was $2.50 million (2023: Unrealized Loss of $20.12 million).
Total comprehensive income for the nine months ended December 30, 2024, amounted to $1.94 billion, a 14% increase relative to $1.71 billion reported in 2023. Total comprehensive income for the third quarter amounted to $659.97 million (2023: $548.17 million).
Consequently, Earnings Per Share for the nine months amounted to $0.47 (2023: EPS: $0.41), while Earnings Per Share for the quarter totaled $0.16 (2023: EPS: $0.14). The twelve-month trailing EPS was $0.63 and the number of shares used in these calculations was 4,132,913,151.
Notably, LASM’s stock price closed the trading period on February 10, 2025 at a price of $7.45 with a corresponding P/E ratio of 11.78x.
Balance Sheet Highlights
The company’s assets totaled $17.71 billion (2023: $15.25 billion). The movement in total assets was mainly attributable to 72% increase in ‘Trade and Other Receivables’ to $4.86 billion (2024: $2.82 billion) and a $1.29 billion increase in ‘Short term Investments’ to $3.90 billion (2024: $2.61 billion).
Shareholder’s equity was $14.34 billion (2023: $12.31 billion), representing a book value per share of $3.47 (2023: $2.98).
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