December 31, 2024

Barita Investments Limited (BIL)

Audited financials for the year ended September 30, 2024:

Barita Investments Limited (BIL) for the year ended September 30, 2024, reported a 11% increase in Net Interest Income totaling $646.22 million compared to $581.19 million in the corresponding period last year. Net Interest Income for the fourth quarter had a 3% increase to close at $164.10 million compared to $158.64 million for the comparable quarter of 2023.

• Fees and Commission Income for the year ended September 30, 2024, amounted to $3.71 billion (2023: $3.40 billion).
• Foreign Exchange Trading and Translation Gains/Loss for the year amounted to $593.92 million (2023: $604.32 million).
• Gain on Sale of Investments for the year ended September 30, 2024, amounted to $4.87 billion (2023: $4.36 billion).
• Other income for the year amounted to $60.53 million (2023: $61.97 million).

Consequently, Net Operating Revenue for the year ended September 30, 2024, amounted to $10.00 billion (2023: $9.09 billion). For the fourth quarter, Net operating revenue amounted to $2.96 billion (2023: $1.72 billion).

Staff Costs decreased by 4% to close at $1.66 billion (2023: $1.74 billion), while Administration expenses decreased by 7% from $2.88 billion in 2023 to $2.68 billion in the period under review. As a result, total expenses for the year ended September 30, 2024, amounted to $4.98 billion, an 8% increase relative to $4.61 billion reported in 2023.

Operating profit for the year ended September 30, 2024, amounted to $5.01 billion, a 12% increase relative to $4.48 billion reported in 2023. Operating profit for the fourth quarter amounted to $1.29 billion (2023: $402.47 million).

Share of results of associated company totalled $24.08 million a 75% decrease from the corresponding period last year. (2023: $95.03 million).

Profit Before Taxation for the year ended September 30, 2024, amounted to $5.04 billion, a 10% increase relative to $4.58 billion reported in 2023. Profit Before Taxation for the fourth quarter amounted to $1.32 billion (2023: $428.89 million).

Taxation for the year ended September 30, 2024, had a 5% increase to reach $1.22 billion (2023: $1.16 billion). As such, Net Profit for the year amounted to $3.82 billion, a 12% increase from the $3.42 billion reported in 2023. For the fourth quarter, Net Profit was $999.33 million (2023: $332.68 million).

Consequently, Earnings Per Share for the year amounted to $3.13 (2023: EPS: $2.80), while Earnings Per Share for the quarter totaled $0.82 (2023: EPS: $0.27). The twelve-month trailing EPS was $3.13, and the number of shares used in these calculations was 1,220,388,243.

Notably, BIL’s stock price closed the trading period on December 30, 2024, at a price of $73.67 with a corresponding P/E ratio of 23.56x.

Balance Sheet Highlights

The company’s assets totalled $142.32 billion (2023: $128.19 billion). The growth in total assets during the period was driven particularly by a $5.85 billion increase in ‘Pledged assets’, a $5.21 billion increase in ‘Securities Purchased under Resale Agreements’ and also a $4.45 billion uptick in ‘Receivables’.

Shareholder’s equity was $35.30 billion (2023: $35.39 billion), representing a book value per share of $28.93 (2023: $29.00).

Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.

Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.