August 21, 2025
Atlantic Hardware & Plumbing CO. LTD.(AHPC)
Unaudited financials for the six months ended June 30, 2025:
Atlantic Hardware & Plumbing CO. LTD. (AHPC) for the six months ended June 30, 2025, reported a 9% increase in Revenue totalling $864.33 million compared to $794.06 million in the corresponding period last year. Revenue for the second quarter decreased by 1% to close at $404.82 million compared to $408.60 million for the comparable quarter of 2024.
Cost of Sales amounted to $ 610.38 million (2024: $576.24 million), representing a 6% year-over-year increase. Consequently, gross profit increased by 17% to $25.40 million compared to $21.78 million for the six months ending June 30, 2024. The company booked gross profit of $123.14 million for the second quarter, versus $114.58 million reported for the similar quarter of 2024.
Admin expenses increased by 37% to close at $170.84 million (2024: $124.34 million). As a result, operating profit for the six months ended June 30, 2025, amounted to $103.59 million, a 9% decrease relative to $114.19 million reported in 2024. Finance cost totalled $64.20 million, a 19% increase from the corresponding period last year. (2024: $53.86 million).
Profit before tax for the six months ended June 30, 2025, amounted to $39.40 million, a 35% decrease relative to $60.24 million reported in 2024. Profit before tax for the second quarter amounted to $17.49 million (2024: loss of $66,000).
Taxation for the six months ended June 30, 2025, had a 64% decrease to reach $ 5.46 million (2024: $15.06 million). Net Profit for the six months amounted to $33.93 million, a 25% decrease from the $45.18 million reported in 2024. For the second quarter, Net Profit was $17.49 million (2024: loss of $50,000). “Despite solid revenue growth, AHPC’s net profit fell as the benefits of gross margin expansion were overshadowed by a sharp rise in administrative expenses and higher finance costs, which ultimately eroded operating margins. These rising costs outweighed the gains from sales and efficiency improvements, leading to weaker overall profitability.”
Consequently, Earnings Per Share for the six months amounted to $0.014 (2024: EPS: $0.018), while Earnings Per Share for the quarter totalled $0.01 (2024: LPS: $0.00). The twelve-month trailing EPS was $0.05, and the number of shares used in these calculations was 2,499,999,800.
Notably, AHP’s stock price closed the trading period on August 21, 2025, at a price of $0.91 with a corresponding P/E ratio of 19.61x.
Balance Sheet Highlights
The company’s assets totalled $1.49 billion (2024: $1.54 billion). The total decline in the company’s asset base is driven by a 89% YoY decline in PP&E ending the quarter at $30.68 million (2024: $285.83 million) and a 26% YoY decline in Cash Resources ending the quarter at $105.04 million (2024: $142.07 million).
Shareholders’ equity was $445.12 million (2024: shareholders’ deficit of $83.99 million). This resulted in a shareholders’ equity per share of $0.18 versus a shareholders’ deficit per share of $0.03.
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