EFRESH reports nine months net loss of $20.25 million

November 12, 2021

Everything Fresh (EFRESH) for the nine months ended September 30, 2021, reported total revenues of $1.08 billion, a 37% increase from the $789.79 million reported for the prior period in 2020. For the quarter, revenue totalled $494.71 million compared to $192.91 million reported for 2020’s quarter. EFRESH stated, “On June 1, 2021 the company completed the purchase of 60% of the shares of Everything Fresh Bahamas Ltd, and has consolidated the latter’s results in these quarterly financial statements. In addition, EFRESH stated, “Sales to the tourism sector began to rebound in March and April of this year followed by significant growth in May and June.”

Cost of Sales for the period increased 19% to $845.47 million relative to the $709.35 million booked the corresponding period in 2020. As such, gross profit for the period amounted to $234.05 million, a 191% increase from the $80.44 million reported in 2020. Gross profit for the quarter amounted to $104.25 million, relative to a profit of $23.67 million booked in prior quarter.

The Company reported other operating income of $6.07 million for the period, 99% more than the $3.05 million reported for the corresponding period. For the quarter other operating income closed at $2.91 million.

Total operating expenses rose by 37% for the nine months ended September 30, 2021, to total $243.04 million compared to $177.90 million booked for the corresponding period in 2020. Of this, administrative expenses fell slightly to $225.42 million (2020: $176.48 million), while selling and promotion expenses advanced to $17.63 million (2020: $1.41 million).

The company reported finance cost of $17.30 million, a 26% decrease on the $23.40 million reported in 2020.

EFRESH reported a profit for the quarter totalled $3.57 million relative to a loss of $50.05 million recorded for the prior year’s quarter. They recorded a loss for the 9-month period amounting to $20.25 million (2020 loss: $117.80 million).

Consequently, loss per share (LPS) for the period amounted to $0.03 (LPS 2020: $015), while earnings per share for the quarter totalled $0.005 (LPS 2020: $0.067). The trailing twelve months LPS is $0.10. The total amount of shares outstanding used for this calculation was 780,000,000 units. Notably, EFRESH closed the trading period on November 12, 2021 at a price of $1.00.

Balance Sheet at a glance:

As of September 30, 2021, total assets amounted to $931.03 million, 11% more than last year’s $839.42 million in 2020. This was attributed to an increase in ‘Trade receivables” totalling $210.84 million (2020: $138.56 million).

Shareholder’s Equity decreased by 20% for nine months period, totalling $338.69 million compared to the previous year’s total of $421.96 million, this resulted in a book value per share of approximately $0.43 relative to $0.54 in 2020.