August 14, 2024
Everything Fresh Limited (EFRESH) for the six months ended June 30, 2024, reported a 3% increase in Revenue totaling $1.73 billion compared to $1.67 billion in the corresponding period last year. Revenue for the second quarter had an 8% increase to close at $894.67 million compared to $826.72 million for the comparable quarter of 2023.
Cost of Sales amounted to $1.34 billion (2023: $1.32 billion), this represents an increase of 2% year over year. Consequently, gross profit increased by 9% to $388.50 million compared to $356.13 million for the six months ended June 30, 2023. The company booked gross profit of $198.17 million for the second quarter versus $180.50 million reported for the similar quarter of 2023.
Total Income increased by 9% to close at $389.21 million (2023: $356.16 million), while Administrative expenses increased by 24% from $237.48 million in 2023 to $294.09 million in the period under review.
Operating expenses for the six months ended June 30, 2024, amounted to $317.28 million, a 27% increase relative to $249.65 million reported in 2023.
Operating Profit for the six months ended June 30, 2024, amounted to $71.93 million, a 32% decrease relative to $106.51 million reported in 2023. Operating Profit for the second quarter amounted to $41.44 million (2023: $59.03 million).
Finance Costs totalled $24.00 million a 15% decrease from the corresponding period last year. (2023: $28.32 million).
Profit Before Tax for the six months ended June 30, 2024, amounted to $47.93 million, a 39% decrease relative to $78.19 million reported in 2023. Profit Before Tax for the second quarter amounted to $30.60 million (2023: $43.12 million).
Taxation for the six months ended June 30, 2024, amounted to $4.74 million (2023: $0). As such, net profit declined by 45% from $43.19 million in 2023 to $78.19 million in the period under review.
Net profit attributable to shareholders of the company for the six months amounted to $41.19 million, a 47% decrease from the $77.35 million reported in 2023. For the second quarter, Net profit attributable to shareholders was $26.30 million (2023: $49.29 million).
Consequently, Earnings Per Share for the six months amounted to $0.05 (2023: EPS: $0.10), while Earnings Per Share for the quarter totaled $0.03 (2023: EPS: $0.06). 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 August 14, 2024, at a price of $1.85 with a corresponding P/E ratio of 23.08x.
Balance Sheet Highlights
The company’s assets totalled $1.65 billion (2023: $1.23 billion). The growth in total assets was primarily due to a $176.85 million increase in ‘Cash and cash equivalents’ and a $131.46 million uptick in ‘Inventories’.
Shareholder’s equity was $504.70 million (2023: $442.71 million), representing a book value per share of $0.65 (2023: $0.57).
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