BIL reports 4% increase in nine months net profit

August 15, 2022


Barita Investments Limited (BIL)

Unaudited Financials for the Nine Months Ended June 30, 2022

For the nine months ended June 30, 2022, Barita Investments Limited (BIL) net interest income increased by 20.34% amounting to $1.39 billion relative to the $1.15 billion for the comparable nine months in 2021. Net interest income for the third quarter closed at $359.85 million (2021: $412.37 million).

Dividend Income rose significantly to total $30.57 million compared to the $877,000 earned for the nine months ended June 30, 2021. Gains on investment activities rose by 163% to $2.65 billion (2021: $1 billion).

Fees & Commissions Income fell by 7% to close at $2.52 billion (2021: $2.72 billion).

Foreign exchange trading and translation gain amounted to $602.87 million compared to a gain of $1.78 billion recorded in the previous year.

Other income totalled $33.20 million versus $26.57 million recorded for the similar period in 2021. As such, net operating revenue amounted to $7.22 billion relative to $6.69 billion recorded for the comparable period in 2021. Net operating revenue for the quarter rose 1% to $2.67 billion relative to $2.64 billion reported the previous year.

Administrative Expenses for the period amounted to $1.44 billion, increasing 5.82 % from $1.36 billion in 2021. Staff costs for the nine months rose 25% from $929.91 million booked in 2021 to $1.16 billion in 2022.

Profit before tax amounted to $4.60 billion relative to a profit before taxation of $4.30 billion in 2021. Profit before tax for the quarter improved 1.5% to $1.75 billion (2021: $1.73 billion).

Following taxation of $766.67 million (2021: $628.41 million), the company reported net profit of $3.83 billion, an 4.42% increase when compared to $3.67 billion documented twelve months earlier. Net profit for the quarter amounted to $1.55 billion (2021: $1.61 billion).

Total comprehensive income for the nine months ended June 30, 2022 was $1.72 billion relative to $3.59 billion in 2021. While for the quarter, total comprehensive income closed at $418.36 million (2021: $1.59 billion).

The earnings per share for the nine months end June 30, 2022 amounted to $3.14 relative to the EPS of $3.01 in 2021. EPS for the quarter amounted to $1.27 (2021: $1.32). The trailing earnings per share amounted to $3.46. The number of shares used in our calculations amounted to 1,220,388,243 units. BIL stock price closed the trading period on August 15, 2022 at $86.35 with a corresponding P/E of 24.96 times.

Balance Sheet at a glance:

As at June 30, 2022, total assets amounted $109.93 billion (2021: $84.19 billion), a $25.73 billion improvement year over year. The growth was as a result of ‘Loan Receivables’ which increased by $10.03 billion to a total of $12.92 billion (2021: $2.89 billion) and ‘Marketable Securities’ which rose by $14.83 billion to $24.37 billion (2021: $9.54 billion).

Shareholders’ Equity amounted to $37.40 billion relative to $30.26 billion reported in 2021 resulting in a book value per share of $34.45 relative to $27.87 booked in 2021.



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