August 11, 2023
Elite Diagnostic Limited (ELITE) for the year ended June 30, 2023, reported a 21% increase in Income totaling $755.37 million compared to $624.22 million in the corresponding period last year. Income for the fourth quarter had an 8% increase to close at $189.61 million compared to $175.69 million for the comparable quarter of 2022.
Direct Costs amounted to $228.07 million (2022: $191.96 million), this represents an increase of 19% year over year. Consequently, Gross Profit increased by 22% to $527.31 million compared to $432.26 million for the year ended June 30, 2022. The company booked Gross Profit of $136.74 million for the fourth quarter versus $124.13 million reported for the similar quarter of 2022.
Elite’s Administrative Expenses increase by 34% to close at $324.21 million (2022: $242.29 million), while Depreciation & Amortization increased by 38% from $107.53 million in 2022 to $148.75 million in the period under review. As a result, Operating Profit for the year ended June 30, 2023, amounted to $54.35 million, a 34% decrease relative to $82.45 million reported in 2022.
Foreign Exchange Loss for the year ended June 30, 2023, amounted to $4.56 million, a 30% decline relative to $6.47 million reported in 2022. Finance Cost totalled $46.98 million a 72% increase from the corresponding period last year. (2022: $27.32 million).
Profit Before Tax for the year ended June 30, 2023, amounted to $2.82 million, a 94% reduction relative to $48.66 million reported in 2022. Loss Before Tax for the fourth quarter amounted to $1.74 million (2022: Profit before tax of $13.92 million).
There was no Income Taxation for the period therefore, Net Profit for the year ended amounted to $2.82 million, a 94% decrease from the $48.66 million reported in 2022. For the fourth quarter, Net Loss was $1.74 million (2022: Net profit of $13.92 million).
Consequently, Earnings Per Share for the year ended amounted to $0.008 (2022: EPS: $0.138), while Loss Per Share for the quarter totaled $0.005 (2022: EPS: $0.04). The twelve-month trailing EPS was $0.008, and the number of shares used in these calculations was 353,400,000.
Notably, ELITE’s stock price closed the trading period on August 11, 2023, at a price of $2.11 with a corresponding P/E ratio of 264.86x.
Balance Sheet Highlights
The company’s assets totalled $1.09 billion (2022: $919.56 million). Notably, Right of use asset rose to $108.09 million (2022: $24.46 million), while Receivables recorded a 102% increase to $119.47 million (2022: $59.26 million).
Shareholder’s equity was $474.29 million (2022: $478.54 million), representing a book value per share of $1.34 (2022: $1.35).
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