Indies Pharma Jamaica Limited (INDIES)

Unaudited financials for the twelve months ended October 31, 2025:

Indies Pharma Jamaica Limited (INDIES), for the twelve months ended October 31, 2025, reported a 3% decrease in revenue, totalling $1.13 billion, compared to $1.16 billion in the corresponding period last year. This decline was primarily due to late arrivals of out-of-stock items caused by government platform software issues and disruptions from Hurricane Melissa during the peak sales period in October. Revenue for the fourth quarter fell by 7%, closing at $271.54 million, versus $291.73 million for the comparable quarter of 2024.

Cost of Sales amounted to $350.82 million (2024: $384.30 million), representing a 9% decrease year-over-year, reflecting improved cost management despite supply chain delays. Consequently, gross profit remained relatively flat at $776.61 million, compared to $774.67 million for the twelve months ended October 31, 2024. For the fourth quarter, the company recorded gross profit of $187.10 million, versus $186.82 million reported for the similar quarter of 2024.

Other operating income fell sharply by 72%, closing at $9.95 million (2024: $35.86 million). Meanwhile, administrative and other expenses increased by 4%, moving from $503.47 million in 2024 to $524.11 million, driven by higher operational costs and provisions for near-expired inventory in line with company policy. As a result, profit from operations for the twelve months ended October 31, 2025, amounted to $262.45 million, a 15% decrease relative to $307.06 million reported in 2024.

Exchange loss for the twelve months ended October 31, 2025, totalled $482, 403, a 95% decrease compared to the $8.78 million gain reported in 2024. For the fourth quarter, exchange loss amounted to $1.58 million (2024: gain of $8.08 million). Finance cost – loan interest totalled $61.95 million, reflecting a 3% decrease from the corresponding period last year (2024: $64.07 million), following bond refinancing during the year.

Profit before taxation for the twelve months ended October 31, 2025, was $200.98 million, a 20% decrease relative to $251.77 million reported in 2024. For the fourth quarter, profit before taxation amounted to $9.58 million (2024: $51.14 million), largely impacted by inventory write-downs and hurricane-related disruptions.

Taxation for the twelve months ended October 31, 2025, declined by 14% to $26.34 million (2024: $30.60 million). Net profit for the year amounted to $174.64 million, a 21% decrease from $221.18 million reported in 2024. For the fourth quarter, net profit was $6.02 million (2024: $45.50 million).

Consequently, Earnings Per Share for the twelve months amounted to $0.13 (2024: EPS: $0.17), while Earnings Per Share for the quarter totaled $0.004 (2024: EPS: $0.03). The twelve-month trailing EPS was $0.13, and the number of shares used in these calculations was 1,332,536,649.

Notably, INDIES’s stock price closed the trading period on December 12, 2025, at a price of $2.83 with a corresponding P/E ratio of 21.59x.

Balance Sheet Highlights

The company’s assets totaled $2.98 billion (2024: $2.31 billion). The movement in total assets was primarily attributable to an increase in Property, Plant and Equipment amounting to $1.33 billion (2024: $875.56 million).

Shareholder’s equity was $1.72 billion (2024: $1.29 billion), representing a book value per share of $1.29 (2024: $0.97).

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