May 13, 2022
Everything Fresh (EFRESH) for the three months ended March 31, 2022 reported total revenue of $534.25 million, a 173% increase from the $195.57 million reported in Q1 2021. Cost of Sales for the three-month period grew 182% to $426.24 million relative to the $151.11 million booked the corresponding period in 2021.
Owing to the mammoth growth in top-line revenue, Gross Profit for the period amounted to $108.01 million, growing by 143% from the $44.60 million reported in Q1 2021.
The Company reported ‘other operating income’ of $2.72 million for the period, $1.97 million more than the million reported in Q1 2021.
Total operating expenses in Q1 rose by $28.31 million or 43% to $94.82 million compared to $66.51 million booked for the corresponding period in 2021. Of this, Administrative Expenses rose by $25.73 million to $90.51 million (2021: $64.77 million), while Selling and Promotion Expenses advanced to $4.32 million (2021: $1.74 million). After deducting operating expenses, EFRESH had an operating profit of $15.90 million in their first quarter (2021: $22.31 million).
After finance costs of $8.71 million (2021: $5.29 million), EFRESH posted Q1 profit before tax of $7.19 million (2021: -$27.60 million)
No taxes were incurred for the period in review or the period prior.
Consequently, Earnings per share (EPS) for the period amounted to $0.009 (LPS 2021: $0.035). The trailing twelve months EPS is $0.009. The total amount of shares outstanding used for this calculation was 780,000,000 units. Notably, EFRESH closed the trading period on May 12, 2022 at a price of $1.69, with a corresponding PE ratio of 175.33 times.
Balance Sheet at a glance:
As at March 31, 2022, total assets amounted to $967.34 million, 36% more than the $709.96 million in Q1 2021. This was attributable to a $82.36 million increase in ‘Intangible Assets’ to $85.41 million (2021: $3.05 million) a $54.80 million increase in ‘Cash & Cash Equivalents’ and a $119.48 million increase in ‘Trade Receivables’ which amounted to $275.76 million (2021: $156.28 million).
Shareholder’s Equity totalled $329.75 million versus $331.02 million as at March 31, 2021. This resulted in a book value per share of approximately $0.423 compared to $0.424 in 2021.
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