March 2, 2023
Everything Fresh Limited (EFRESH)
Audited Financials for the twelve months ended December 31, 2022:-
Everything Fresh (EFRESH) for the twelve months ended December 31, 2022 reported total revenues of $2.64 billion, a 63% increase from the $1.61 billion reported for the prior period in 2021. For the quarter, revenue totalled $736.89 million, 38% higher than the $535.29 million reported in 2021.
Cost of Sales for the period rose by 65% to $2.10 billion relative to the $1.27 billion booked the corresponding period in 2021. As such, gross profit for the period amounted to $536.22 million, a 56% increase from the $343.47 million reported in 2021.
The Company reported other operating income of $5.83 million for the period, 41% less than the $9.88 million reported for the corresponding period.
Total operating expenses rose by 27% for the twelve months ended December 31, 2022, to total $450.64 million compared to $353.68 million booked for the corresponding period in 2021. Of this, administrative expenses rose to $397.94 million (2021: $334.70 million), while selling and promotion expenses advanced to $52.70 million (2021: $18.98 million).
The company reported finance cost of $43.25 million, 59% more than the $27.25 million reported in 2021.
As such, the Company booked profit before taxation of $48.16 million, relative to loss before tax of $27.58 million recorded for 2021’s corresponding period. However, for the quarter, profit before taxation amounted to $1.60 million versus loss before tax of $7.20 million booked in the same period last year.
No taxes were incurred for the period in review or the prior period, thus resulting in net profit for the twelve months closed at $48.16 million versus net loss of $27.58 million recorded for 2021. Net profit for the quarter totalled $1.60 million relative to a loss of $7.20 million recorded for the prior year’s quarter.
Consequently, earning per share (EPS) for the period amounted to $0.05 (LPS 2021: $0.04), while earnings per share for the quarter totaled $0.002 (LPS 2021: $0.01). The total amount of shares outstanding used for this calculation was 780,000,000 units. Notably, EFRESH closed the trading period on March 1, 2023 at a price of $1.4 with a corresponding P/E of 25.65 times.
Balance Sheet at a glance:
As at December 31, 2022, total assets amounted to $1.26 billion, 33% more than last year’s $947.21 million in 2021. This was attributed to an increase in ‘Inventories’ and ‘Trade Receivables’ totalling $541.32 million (2021: $307.77 million) and $359.04 million (2021: $260.45 million) respectively. However, this was tempered with by a downward movement in ‘Right of use assets’ which amounted to $53.93 million (2021: $79.04 million).
Shareholder’s Equity grew by 16% for twelve months period, totalling $365.36 million compared to the previous year’s total of $325.11 million, this resulted in a book value per share of approximately $0.47 relative to $0.42 in 2021.
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