EFRESH reports year end net loss of $27.58 million

March 3, 2022

Everything Fresh (EFRESH) for the twelve-months ended December 31, 2021, reported total revenues of $1.61 billion, a 54% increase from the $1.05 million reported for the prior period in 2020. For the quarter, revenue totalled $535.29 million compared to $258.97 million reported for 2020’s corresponding quarter.

Cost of Sales for the period increased 40% to $1.27 billion relative to the $905.94 million booked the corresponding period in 2020. Despite the growth, Gross Profit for the period amounted to $343.47 million, a 140% increase from the $142.82 million reported in 2020. Gross profit for the quarter amounted to $109.41 million, relative to a profit of $62.38 million booked in prior quarter.

Total Operating Expenses rose by 21% for the twelve-months ended December 31, 2021, to total $353.68 million compared to $293.50 million booked for the corresponding period in 2020. Of this, administrative expenses rose to $334.70 million (2020: $277.00 million), while selling and promotion expenses advanced to $18.98 million (2020: $16.50 million).

The company reported finance cost of $27.25 million, a 10% decrease on the $30.17 million reported in 2020. No taxation was reported for the year ended December 31, 2021 (2020: $3.36 million).

EFRESH reported a Net Loss of $27.58 million for the year relative to a loss of $181.14 million recorded for in the prior year.

Loss per share (LPS) for the period amounted to $0.04 (LPS 2020: $0.23). The total amount of shares outstanding used for this calculation was 780,000,000 units. Notably, EFRESH closed the trading period on March 1, 2022 at a price of $1.11.

Balance Sheet at a glance:

As of December 31, 2021, total assets amounted to $947.21 million, 26% more than last year’s $754.40 million in 2020. This was attributed to a 59% increase in ‘Trade receivables’ which now values $260.45 million (2020: $163.77 million) and ‘Intangible Asset’ which rose to $86.10 million (2020: $3.74 million).

Shareholder’s Equity decreased by 9% for the twelve-months period, totalling $325.11 million compared to the previous year’s total of $358.62 million, this resulted in a book value per share of approximately $0.42 (2020: $0.46).


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