March 2, 2026
Tropical Battery Company Limited (TROPICAL)
Unaudited financials for the first quarter ended December 31, 2025:
Tropical Battery Company Limited (Tropical), for the first quarter ended December 31, 2025, reported a 6% increase in revenue, totaling $1.63 billion compared to $1.54 billion in the corresponding three months last year.
Year to date, Cost of Goods Sold amounted to $970.22 million (2024: $1.06 billion), representing a 9% decrease year over year. Consequently, gross profit increased by 40% to $661.92 million, compared to $474.36 million for the first quarter ended December 31, 2024.
Administrative, marketing and selling expenses increased by 14% to close at $494.17 million (2024: $435.05 million). Consequently, Operating profit increased by 327%, moving from $39.31 million in 2024 to $167.75 million for the three months. Notably, Other operating income for the first quarter amounted to $53.97 million, a significant increase relative to the $3.15 million reported in 2024.
Profit before depreciation, net finance costs and taxation for the three months amounted to $221.71 million, a 422% increase relative to $42.46 million reported in 2024. Depreciation totaled $45.06 million, a 29% increase from the corresponding period last year (2024: $34.92 million).
Finance costs for the three months amounted to $125.05 million compared to $134.05 million reported in 2024. Finance income totaled $10.08 million versus $23.59 million in the prior period. As a result, net finance costs for the first quarter ended December 31, 2025 amounted to $114.97 million, a slight increase relative to the $110.46 million reported in 2024.
Taxation for the quarter amounted to $9.96 million (2024: nil). Net profit for the three months amounted to $51.73 million, reflecting a strong turnaround from the restated net loss of $102.93 million reported in 2024.
Net profit attributable to shareholders amounted to $58.49 million (2024: net loss attributable to shareholders of $94.81 million).
Consequently, Earnings Per Share for the three months amounted to $0.03 (2024: LPS: $0.07). The twelve-month trailing EPS was $0.12, and the number of shares used in these calculations was 1,741,890,573. Notably, Tropical’s stock price closed the trading period on February 27, 2026 at a price of $1.26 with a corresponding P/E ratio of 10.47x.
Balance Sheet Highlights
The company’s assets totaled $7.99 billion (2024: $7.67 billion). The movement in total assets was primarily attributable to a 440% increase in Right of use assets, which rose to $327.12 million (2024: $60.59 million).
Shareholder’s equity was $1.66 billion (2024: $888.29 million), representing a book value per share of $0.95 (2024: $0.51).
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