March 29, 2025
Everything Fresh Limited (EFRESH)
Audited financials for the twelve months ended December 31, 2024:
Everything Fresh Limited (EFRESH) for the twelve months ended December 31, 2024, reported a 16% increase in Revenue totaling $3.68 billion compared to $3.17 billion in the corresponding period last year. Revenue for the fourth quarter had a 40% increase to close at $1.07 billion compared to $765.74 million for the comparable quarter of 2023.
Cost of Sales amounted to $2.89 billion (2023: $2.49 billion), this represents an increase of 16% year over year. Impairment losses amounted to $11.64 million (2023: Impairment recoverable of $118,000). Consequently, gross profit increased by 14% to $774.76 million compared to $678.94 million for the twelve months ended December 31, 2023. The company booked gross profit of $199.03 million for the fourth quarter versus $164.16 million reported for the similar quarter of 2023.
Other operating income amounted to $813,000 (2023: $91, 000). As a result, Total Income increased by 14% to close at $775.58 million (2023: $679.03 million), while administrative expenses increased by 25% from $498.72 million in 2023 to $621.06 million; Selling and promotion expenses amounted to $49.94 million (2023: $37.36 million) in the period under review. Consequently, operating expenses for the twelve months ended December 31, 2024, amounted to $671.00 million, a 25% increase relative to $536.09 million reported in 2023.
Operating Profit for the twelve months ended December 31, 2024, amounted to $104.58 million, a 27% decrease relative to $142.94 million reported in 2023. Operating Profit for the fourth quarter amounted to $10.05 million (2023: $12.96 million). Finance Costs totaled $58.35 million, a 1% increase from the corresponding period last year. (2023: $57.82 million).
Profit Before Tax for the twelve months ended December 31, 2024, amounted to $46.22 million, a 46% decrease relative to $85.13 million reported in 2023. Loss Before Tax for the fourth quarter amounted to $6.80 million (2023: Loss Before Tax of $1.20 million).
The tax charge incurred for the twelve months ended December 31, 2024 amounted to $14.11 million (2023: Tax credit of $15.30 million) . Net profit attributable to shareholders of the company for the twelve months amounted to $30.10 million, a 70% decrease from the $98.68 million reported in 2023. For the fourth quarter, Net loss attributable to shareholders of the company was $14.26 million (2023: Net profit attributable to shareholders of $14.43 million).
Consequently, Earnings Per Share for the twelve months amounted to $0.04 (2023: EPS: $0.13), while Loss Per Share for the quarter totaled $0.02 (2023: EPS: $0.02). The twelve-month trailing EPS was $0.04 and the number of shares used in these calculations was 780,000,000.
Notably, EFRESH’s stock price closed the trading period on March 28, 2025, at a price of $2.03 with a corresponding P/E ratio of 52.61x.
Balance Sheet Highlights
The company’s assets totaled $1.81 billion (2023: $1.45 billion). The movement in total assets was mainly attributable to a 39% increase in Trade Receivable amounting to $575.33 million ($414.12 million) and a $97.05 million increase in “Inventories” amounting to $673.94 million. Shareholders’ equity was $492.05 million (2023: $463.51 million), representing a book value per share of $0.63 (2023: $0.59).
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