February 17, 2025
Seprod Limited (SEP)
Unaudited Financials for the Twelve Months Ended December 31, 2024:
Seprod Limited (SEP) reported a 19% increase in revenue, totalling $133.08 billion for the twelve months ended December 31, 2024, compared to $112.15 billion in the corresponding period last year. Revenue for the fourth quarter increased by 29%, closing at $39.65 billion compared to $30.84 billion for the comparable quarter of 2023.
Cost of sales amounted to $97.65 billion (2023: $80.78 billion), representing a 21% year-over-year increase. Consequently, gross profit increased by 13% to $35.44 billion compared to $31.37 billion for the twelve months ended December 31, 2023. The company booked a gross profit of $10.71 billion for the fourth quarter versus $7.79 billion reported for the similar quarter of 2023.
Other operating income decreased by 42%, closing at $1.08 billion (2023: $1.88 billion), while other operating expenses increased by 9% from $24.55 billion in 2023 to $26.83 billion in the period under review. As a result, operating profit for the twelve months ended December 31, 2024, amounted to $9.69 billion, an 11% increase relative to $8.70 billion reported in 2023.
Share of results of associate and joint venture for the twelve months ended December 31, 2024, amounted to $402.86 million, a 91% increase relative to $211.09 million reported in 2023. Share of results of associate and joint venture for the fourth quarter amounted to $110.34 million (2023: $91.36 million). Profit before taxation totalled $6.22 billion, an 11% increase from the corresponding period last year (2023: $5.61 billion).
Finance costs for the twelve months ended December 31, 2024, increased by 17% to reach $3.87 billion (2023: $3.30 billion).
Taxation for the twelve months ended December 31, 2024, amounted to $2.00 billion, a 101% increase relative to $992.80 million reported in 2023. Taxation for the fourth quarter amounted to $593.43 million (2023: $57.41 million).
Net profit from continuing operations for the twelve months ended December 31, 2024, decreased by 8% to reach $4.22 billion (2023: $4.61 billion). Net loss for the period from discontinued operations for the twelve months amounted to $84.76 million, a 73% increase from the $48.98 million reported in 2023. For the fourth quarter, net loss for the period from discontinued operations was $24.93 million (2023: $28.33 million).
Net profit for the twelve months ended December 31, 2024, amounted to $4.14 billion, a 9% decrease relative to $4.56 billion reported in 2023. For the fourth quarter, net profit was $1.17 billion (2023: $1.49 billion).
Net profit attributable to shareholders for the twelve months ended December 31, 2024, amounted to $2.97 billion, a 3% decrease relative to $2.88 billion reported in 2023. For the fourth quarter, net profit attributable to shareholders was $552.95 million (2023: $997.85 million).
Consequently, earnings per share (EPS) for the twelve months amounted to $4.05 (2023: EPS: $3.93), while EPS for the quarter totalled $0.75 (2023: EPS: $1.36). The number of shares used in these calculations was 733,546,855.
Notably, SEP’s stock price closed the trading period on February 14, 2025, at $87.41 with a corresponding P/E ratio of 21.60x.
Balance Sheet Highlights:
The company’s assets totalled $131.69 billion (2023: $104.57 billion). This increase in total assets was attributable to trade and other receivables, which amounted to $33.13 billion (2023: $22.84 billion). Additionally, property, plant, and equipment also contributed to the increase, equating to $29.77 billion (2023: $23.12 billion).
Shareholders’ equity was $29.83 billion (2023: $28.21 billion), representing a book value per share of $40.66 (2023: $38.46).
Disclaimer:
Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
