BRG reports 18% increase in six months net profit.

For the six months ended September 30, 2017:

Revenues for the six months increased by 6% for the period to close at $1.08 billion (2016: $1.02 billion). For the quarter the company reported revenue of $620.98 million relative to the $512.25 million reported in 2016.

The company saw a 5% increase in total operating expenses to total $979.66 million. The main driver for the increase was a 6% increase in Raw materials and consumables used by $28.16 million to close at $522.99 million. Employee benefits expense also had a 6 % increase to close at $248.15 million. According to the company “This increase was due primarily to costs associated with publication of the Directors’ Circular re Take-over Bid Offer by Ansa Coatings International Limited.”

Profit before Tax increased by 10% for the period to $95.88 million (2016: $87.18 million).

 Taxation declined by $3.23 million to $18.54 million. Consequently, Net Profit increased by 18% or $11.93 million to $77.34 million year-to-date (2016: $65.42 million). For the quarter the company reported net profit of $53.92 million a 21.86% increase (2016: $44.25 million).

 The twelve-month earnings-per-share was $1.53 while for the six months, it amounted to $0.36.  For the quarter the company recorded EPS of $0.25 The number of shares used in our calculations was 214,322,393.

 

Balance Sheet Highlights:

The company, as at September 30, 2017, recorded total assets of $1.49 billion, an increase of 20.66% when compared to $1.23 billion recorded last year. This was due to a 26.47% increase in current assets which resulted from a 52.38% increase in Cash and Bank Balances by $77.02 million. Inventories totaled $412.41 million a 7.88% increase or $30.13 million.

Non-current assets also increased by $19 million to close at $360.89 million (2016: $341.88 million). This was mainly due to a 16.71% increase in post-employment benefit to total $150.13 million (2016: $128.63 million).

Total Stockholders’ equity as at September 30, 2017, closed at $947.10 million, a 36.95% increase from $691.55 million for the corresponding period last year. This resulted in a book value of $4.42 compared to the value of $3.23 as at September 30, 2016.

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2017-11-10T21:47:15+00:00