November 15, 2024
Everything Fresh Limited(EFRESH)
Unaudited financials for the nine months ended September 30, 2024:
Everything Fresh Limited (EFRESH) for the nine months ended September 30, 2024 reported a 8% increase in Revenue totaling $2.60 billion compared to $ in the corresponding period last year. Revenue for the third quarter had a 19% increase to close at $875.46 million compared to $733.06 million for the comparable quarter of 2023.
Cost of Sales amounted to $2.03 billion (2023: $1.89 billion), this represents a increase of 7% year over year. Consequently, gross profit increased by 12% to $575.74 million compared to $514.77 million for the nine months ended September 30, 2023. The company booked gross profit of $187.24 million for the third quarter versus $158.65 million reported for the similar quarter of 2023. Total Income increase by 12% to close at $576.54 million (2023: $514.82 million), while Administrative increase by 23% from $364.93 million in 2023 to $449.26 million in the period under review. As a result, operating expenses for the nine months ended September 30, 2024 amounted to $482.02 million, a 25% increase relative to $384.84 million reported in 2023.
Operating Profit for the nine months ended September 30, 2024, amounted to $94.53 million, a 27% decrease relative to $129.98 million reported in 2023. Operating Profit for the third quarter amounted to 22.60 million (2023: $23.47 million). Finance Costs totalled $41.50 million a 5% decrease from the corresponding period last year. (2023: $43.65 million). Profit Before Tax for the nine months ended September 30, 2024, amounted to $53.03 million, a 39% decrease relative to $86.33 million reported in 2023. Profit Before Tax for the third quarter amounted to $5.10 million (2023: $8.14 million).
Taxation for the nine months ended September 30, 2024 had a 361% increase to reach $4.74 million (2023: $1.03 million). Net profit attributable to Shareholders of the company for the nine months amounted to $44.35 million, a 47% decrease from the $84.24 million reported in 2023. For the third quarter, net profit attributable to Shareholders of the company was $3.16 million (2023: $6.90 million).
Consequently, Earnings Per Share for the nine months amounted to $0.06 (2023: EPS: $0.11), while Earnings Per Share for the quarter totaled $0.004 (2023: EPS: $0.010). The twelve month trailing EPS was $0.08 and the number of shares used in these calculations was 780,000,000.
Notably, EFRESH’s stock price closed the trading period on November 15, 2024 at a price of $2.19 with a corresponding P/E ratio of 29.06x.
Balance Sheet Highlights
The company’s assets totalled $1.65 billion (2023: $1.20 billion). The company’s total asset base experienced significant growth, driven primarily by a 124% year-over-year (YoY) increase in “Cash and Cash Equivalents,” which rose to $165.77 million by the end of the quarter, compared to $73.98 million in 2023. Additionally, “Trade Receivables” grew by 15% YoY, reaching $414.12 million (up from $359.04 million in 2023), while “Inventories” saw a 7% YoY increase, ending the quarter at $576.89 million (compared to $541.32 million in 2023). A particularly notable contributor was the 107% YoY rise in the “Deferred Taxation” asset, which climbed to $34.22 million, up from $16.78 million in the prior year.
Shareholder’s equity was $507.87 million (2023: $449.61 million), representing a book value per share of $0.65 (2023: $0.58).
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