September 29, 2023
Elite Diagnostic Limited (ELITE) for the year ended June 30, 2023 reported a 21% increase in Income totaling $755.33 million compared to $624.22 million in the corresponding period last year. Income for the fourth quarter had a 8% increase to close at $189.57 million compared to $175.69 million for the comparable quarter of 2022.
Direct Cost amounted to $234.07 million (2022: $191.96 million), this represents an increase of 22% year over year. Consequently, gross profit increased by 21% to $521.26 million compared to $432.26 million for the year ended June 30, 2022. The company booked gross profit of $130.69 million for the fourth quarter versus $124.12 million reported for the similar quarter of 2022.
Admin Expense increased by 32% to close at $320.10 million (2022: $242.29 million), while Depreciation & Amortization increased by 27% from $107.53 million in 2022 to $136.45 million in the period under review. As a result, operating profit for the year ended June 30, 2023 amounted to $64.71 million, a 22% decrease relative to $82.45 million reported in 2022.
Foreign Loss for the year ended June 30, 2023, amounted to $4.56 million, a 30% decrease relative to $6.47 million reported in 2022. Foreign Loss for the fourth quarter amounted to $343,941 (2022: $2.13 million). Finance Cost totalled $46.87 million a 71% increase from the corresponding period last year. (2022: $27.33 million).
Profit Before Tax for the year ended June 30, 2023, amounted to $13.39 million, a 72% decrease relative to $48.66 million reported in 2022. Profit Before Tax for the fourth quarter amounted to $8.83 million (2022: $13.94 million).
Income Tax for the year ended June 30, 2023 was $34,844 (2022: nil). Net Profit for the year ended amounted to $13.35 million, a 73% decrease from the $48.66 million reported in 2022. For the fourth quarter, Net Profit was $8.80 million (2022: $13.94 million).
Consequently, Earnings Per Share for the year ended amounted to $0.04 (2022: EPS: $0.14), while Earnings Per Share for the quarter totaled $0.025 (2022: EPS: $0.04). The number of shares used in these calculations was 353,400,000. Notably, ELITE’s stock price closed the trading period on September 28, 2023 at a price of $1.85 with a corresponding P/E ratio of 48.97x.
Balance Sheet Highlights
The company’s assets totalled $1.10 billion (2022: $919.56 million). Notably, Right of use asset rose to $108.09 million (2022: $24.46 million), while Receivables recorded a 97% increase to $116.49 million (2022: $59.26 million).
Shareholder’s equity was $484.83 million (2022: $478.54 million), representing a book value per share of $1.37 (2022: $1.35).
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