LASCO Manufacturing Limited (LASM)

Unaudited financials for the nine months ended December 31, 2025:

LASCO Manufacturing Limited (LASM), for the nine months ended December 31, 2025, reported a 2% decline in revenue, totalling $9.28 billion, compared to $9.50 billion for the corresponding period in 2024. For the third quarter, revenue decreased by 4% to $3.18 billion, down from $3.29 billion in Q3 2024.

Year to date, Cost of Sales amounted to $5.76 billion (2024: $5.98 billion), representing a 4% year‑over‑year decrease. Consequently, gross profit declined marginally to $3.52 billion, compared to $3.53 billion for the nine months ended December 31, 2024. For the third quarter, gross profit totalled $1.19 billion, versus $1.21 billion for the comparable quarter in 2024.

Other Operating Income increased by 2% to $297.11 million (2024: $290.60 million), while Operating Expenses declined by 4% from $1.24 billion in 2024 to $1.19 billion for the period under review. As a result, operating profit for the nine months ended December 31, 2025, amounted to $2.63 billion, a 2% increase relative to $2.58 billion reported in 2024.

Finance Costs for the nine months totalled $32.18 million, a significant increase of 1,160% compared to $2.55 million in 2024. For the third quarter, finance costs were $18.03 million (2024: $26,000). Profit Before Tax amounted to $2.60 billion, reflecting a 1% increase over $2.58 billion recorded in the corresponding period last year.

The tax charge for the nine months ended December 31, 2025, was $572.18 million, a 10% decrease compared to $632.31 million in 2024. For the third quarter, tax expense was $193.71 million (2024: $145.55 million).

Net Profit for the nine‑month period increased by 4% to $2.03 billion, up from $1.94 billion in 2024. For the third quarter, net profit amounted to $698.19 million (2024: $662.47 million).

Unrealized losses on financial instruments amounted to $55.70 million, representing a 2,144% deterioration from the $2.48 million unrealised loss reported in 2024. For the third quarter, unrealized losses totaled $9.06 million (2024: $2.50 million).

Total Comprehensive Income for the nine months ended December 31, 2025, amounted to $1.97 billion, a 2% increase compared to $1.94 billion in 2024. For the third quarter, total comprehensive income was $689.13 million (2024: $659.97 million).

Consequently, Earnings Per Share for the nine months amounted to $0.49 (2024: EPS: $0.47), while Earnings Per Share for the quarter totaled $0.17 (2024: EPS: $0.16). The twelve-month trailing EPS was $0.64 and the number of shares used in these calculations was 4,142,913,151.

Notably, LASM’s stock price closed the trading period on February 06, 2026 at a price of $6.21 with a corresponding P/E ratio of 9.69x.

Balance Sheet Highlights

The company’s total assets amounted to $20.01 billion as at December 31, 2025 (2024: $17.20 billion), reflecting a 13% year‑over‑year increase. The movement in total assets was primarily driven by a 14% increase in Trade and Other Receivables, which rose to $5.56 billion compared to $4.86 billion in the prior year. Additionally, Short‑Term Investments, increased to $829 million (2024: $4.73 billion).

Inventories declined slightly by 4%, ending the period at $2.31 billion relative to $2.39 billion in 2024.

Shareholders’ equity was $16.15 billion (2024: $14.34 billion), representing a book value per share of $3.90 (2024: $3.46).

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