April 3, 2024
A.S. BRYDEN & SONS HOLDINGS LIMITED (ASBH)
Audited financials for the twelve months ended December 31, 2023:
Expressed in TT$ unless stated otherwise
A.S. BRYDEN & SONS HOLDINGS LIMITED (ASBH) for the twelve months ended December 31, 2023, reported a 104% increase in Revenue totalling $2.56 billion compared to $1.25 billion in the corresponding period last year. Revenue for the fourth quarter had a 20% increase to close at $757.09 million compared to $629.25 million for the comparable quarter of 2022.
Direct expenses amounted to $1.90 billion (2022: $895.77 million), this represents an increase of 112% year over year. Consequently, gross profit increased by 86% to $664.99 million compared to $357.99 million for the twelve months ended December 31, 2022. The company booked gross profit of $202.12 million for the fourth quarter versus $170.79 million reported for the similar quarter of 2022.
Other income increased by 16% to close at $396,000 (2022: $341,000), while Administration and other operating expenses increased by 78% from $247.73 million in 2022 to $441.32 million in the period under review. As a result, operating profit for the twelve months ended December 31, 2023, amounted to $219.65 million, a 106% increase relative to $106.43 million reported in 2022.
Share of results of Associate for the twelve months ended December 31, 2023, amounted to $47,000, a 96% decrease relative to $1.27 million reported in 2022.
Finance costs totalled $53.93 million a 129% increase from the corresponding period last year. (2022: $23.60 million).
Profit before Taxation for the twelve months ended December 31, 2023, amounted to $165.77 million, a 97% increase relative to $84.10 million reported in 2022. Profit before Taxation for the fourth quarter amounted to $52.35 million (2022: $24.32 million).
Taxation for the twelve months ended December 31, 2023, amounted to $25.94 million (2022: $14.46 million). As such, Net profit for the twelve months amounted to $139.83 million, a 101% increase from the $69.65 million reported in 2022. For the fourth quarter, Net profit was $35.33 million (2022: $28.40 million).
Net profit attributable to shareholders for the twelve months ended December 31, 2023, amounted to $128.77 million. (2022: $65.37 million).
Consequently, Earnings Per Share for the twelve months amounted to $0.10 (2022: EPS: $0.05), while Earnings Per Share for the quarter totalled $0.03 (2022: EPS: $0.02). The number of shares used in these calculations was 1,389,683,010.
Notably, ASBH’s stock price closed the trading period on April 02, 2024 at a price of $38.50 with a corresponding P/E ratio of 16.65x.
Balance Sheet Highlights
The company’s assets totalled $2.19 billion (2022: $1.96 billion). The growth in total assets was primarily driven by a 25% increase in ‘Trade and other receivables’ to $667.71 million (2022: $532.89 million).
Shareholder’s equity was $671.45 million (2022: $564.30 million), representing a book value per share of $0.48 (2022: $0.41).
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