March 12, 2024
Everything Fresh Limited (EFRESH) for the twelve months ended December 31, 2023, reported a 20% increase in Revenue totalling $3.17 billion compared to $2.64 billion in the corresponding period last year. Revenue for the fourth quarter had a 4% increase to close at $765.74 million compared to $736.89 million for the comparable quarter of 2022.
Cost of Sales amounted to $2.49 billion (2022: $2.10 billion), this represents an increase of 19% year over year. Consequently, gross profit increased by 27% to $678.82 million compared to $536.22 million for the twelve months ended December 31, 2022. The company booked gross profit of $164.05 million for the fourth quarter versus $149.74 million reported for the similar quarter of 2022.
Total Income increased by 25% to close at $678.91 million (2022: $542.05 million).
Selling and promotion expenses decreased by 29% to $37.36 million (2022: $52.70 million), while administrative expenses increased by 25% from $397.94 million in 2022 to $498.61 million in the period under review. As a result, operating expenses for the twelve months ended December 31, 2023, amounted to $535.97 million, a 19% increase relative to $450.64 million reported in 2022.
Operating Profit for the twelve months ended December 31, 2023, amounted to $142.94 million, a 56% increase relative to $91.41 million reported in 2022. Operating Profit for the fourth quarter amounted to $12.96 million (2022: $14.73 million).
Finance Costs totalled $57.82 million a 34% increase from the corresponding period last year. (2022: $43.25 million).
Profit Before Tax for the twelve months ended December 31, 2023, amounted to $85.13 million, a 77% increase relative to $48.16 million reported in 2022. Loss before Tax for the fourth quarter amounted to $1.20 million (2022: Profit of $1.60 million).
Tax credit for the twelve months ended December 31, 2023, amounted to $15.30 million (2022: nil). As such, Net Profit for the twelve months amounted to $100.43 million, a 109% increase from the $48.16 million reported in 2022. For the fourth quarter, Net Profit was $15.13 million (2022: $1.60 million).
Net profit attributable to shareholders for the period ended December 31, 2023, amounted to $98.68 million (2022: $42.58 million).
Consequently, Earnings Per Share for the twelve months amounted to $0.13 (2022: EPS: $0.05), while Earnings Per Share for the quarter totalled $0.02 (2022: EPS: $0.002). The twelve month trailing EPS was $0.13, and the number of shares used in these calculations was 780,000,000.
Notably, EFRESH’s stock price closed the trading period on March 11, 2024, at a price of $1.61 with a corresponding P/E ratio of 12.73x.
Balance Sheet Highlights
The company’s assets totalled $1.45 billion (2022: $1.26 billion). The growth in total assets was mainly driven by a 124% uptick in ‘Cash & cash equivalents’ to $165.77 million (2022: $73.98 million). Both ‘Inventories’ and ‘Trade Receivables’ also saw notable increases, by $35.57 million and $55.08 million, respectively.
Shareholder’s equity was $463.51 million (2022: $365.36 million), representing a book value per share of $0.59 (2022: $0.47).
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