May 13, 2023
Everything Fresh (EFRESH) for the three months ended March 31, 2023 reported total revenue of $846.25 million, a 58% increase from the $534.25 million reported in Q1 2022.
Gross Profit for the period amounted to $175.62 million, growing by 63% from the $108.01 million reported in Q1 2022.
Total operating expenses in Q1 rose by $33.34 million or 35% to $128.16 million compared to $94.82 million booked for the corresponding period in 2022. Of this, Administrative Expenses rose by $31.56 million to $122.06 million (2022: $90.51 million), while Selling and Promotion Expenses advanced to $6.10 million (2022: $4.32 million). After deducting operating expenses, EFRESH had an operating profit of $47.48 million in their first quarter (2022: $15.90 million).
No taxes were incurred for the period in review or the period prior.
Net profit amounted to $35.07 million a 388% increase in comparison to the prior quarter in 2022 where net profit was $7.19 million.
Consequently, Earnings per share (EPS) for the period amounted to $0.045 (EPS 2022: $0.009). The trailing twelve months EPS is $0.097. The total amount of shares outstanding used for this calculation was 780,000,000 units. Notably, EFRESH closed the trading period on May 11, 2023 at a price of $1.89, with a corresponding PE ratio of 19.39 times.
Balance Sheet at a glance:
As at March 31, 2023, total assets amounted to $1.36 billion, 41% more than the $967.34 million in Q1 2022. This was attributable to a $277.84 million increase in ‘Inventories’ to $575.62 million (2022: $297.79 million), a $126.94 million increase in ‘Trade Receivables’ which amounted to $402.70 million (2022: $275.76 million).
Shareholder’s Equity totalled $400 million versus $329.75 million as at March 31, 2022. This resulted in a book value per share of approximately $0.513 compared to $0.423 in 2022.
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