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.
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 effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.