April 13, 2023
AMG Packaging Paper Company Limited (AMG) for the six months ended February 28, 2023:
Turnover increased 3% to $500.82 million (2022: $486.81 million). For the quarter, turnover increased 14% to $246.54 million (2022: $216.81 million).
Total manufacturing costs increased 1% to $355.49 million (2022: $351.83 million) due to a 2% decline in cost of inventories and an 11% increase in direct cost to $267.52 million (2022: $272.72 million) and $87.96 million (2022: $79.11 million), respectively.
As such, gross profit increased 8% to $145.33 million (2022: $134.98 million). For the quarter, gross profit increased 18% to $71.91 million (2022: $61.07 million).
Total expenses increased 28% to $88 million (2022: $68.91 million).
Operating profit declined 13% to $57.33 million (2022: $66.07 million).
Other income declined to $230,653 (2022: $269,980). As such, pre-tax profit declined 13% to $57.56 million (2022: $66.34 million).
Tax charges increased 14% to $15.42 million, (2022: $13.49 million).
As such, net profit declined 20% to $42.14 million (2022: $52.85 million). For the quarter, net profit increased 1% to $17.77 million (2022: $17.58 million).
Earnings per share (EPS) amounted to $0.08 (2022: $0.10). For the quarter, EPS remained at $0.03. The twelve-month trailing EPS amounted to $0.19. The number of shares used in our calculations amounted to 511,894,285 units. Notably, AMG’s stock price closed the trading period on April 12, 2023 at $3.06 with a corresponding P/E of 16.21x.
Balance Sheet Highlights:
Total assets as at February 28, 2023 increased 61% to $1.58 billion (2022: $978.06 million). This upward movement was primarily due to a 129% leap in ‘Property, Plant & Equipment’ which closed at $1.07 billion (2022: $468.95 million).
Shareholder’s equity as at February 28, 2023 increased 85% to $1.23 billion (2022: $660.80 million) resulting in a book value per share of $2.39 (2022: $1.29).
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