May 16, 2022
Elite Diagnostic Limited (ELITE) for the nine months ended March 31, 2022 booked a 23% increase in revenue to total $449.51 million compared to $365.56 million for the same period in 2021. Revenue for the third quarter rose by 24% to $160.97 million (2021: $129.47 million).
Direct costs for the nine months increased 9%, closing at $140.31 million, up from $129.22 million reported the prior year, while for the third quarter there was a 1% increase in direct costs, closing at $43.12 million (2021: $42.90 million).
As such, gross profit for the nine months amounted to $309.20 million, a growth of 31% when compared to $236.35 million recorded last year. However, gross profit for the third quarter increased by 36% from $86.57 million in 2021 to $117.85 million for the period under review.
Administrative expenses climbed by 23% for the nine months to total $175.11 million (2021: $141.84 million). Depreciation and amortization increased fell slightly to total $76.16 million down from the $76.54 million booked in 2021. This resulted in profit from operations of $57.93 million for the nine months ended March 31,2022, a 222% increase relative to $17.97 million booked a year ago.
Finance cost for the nine months totalled $18.69 million, a 19% increase when compared to the $15.73 million recorded for the same period last year, while foreign exchange loss amounted to $4.34 million compared to a loss of $5.13 million the prior year.
Profit before tax for the nine months ended March 31, 2022 totalled $34.90 million compared to a loss of $2.89 million recorded last year. Profit before tax for the quarter amounted to $28.16 million relative to a profit before tax of $4.36 million booked for the prior year’s corresponding quarter.
Net profit for the period totalled $34.90 million relative to a net loss of $2.89 million recorded the prior financial year’s corresponding period. Net profit for the quarter amounted to $28.16 million, compared to a net profit of $4.36 million booked for the same quarter in prior year.
Earnings per share (EPS) for the period totalled $0.10, relative to an loss per share (LPS) of $0.01 booked in 2021. EPS for the third quarter amounted to $0.08 relative to a earnings per share (EPS) of $0.01 in corresponding quarter of 2021. The trailing twelve-month EPS amounted to $0.112. The number of shares used in our calculations amounted to 353,400,000 units. ELITE’s stock price closed the trading period on May 13, 2022 at $3.78 with a corresponding P/E ratio of 33.64 times.
Balance Sheet at a glance:
As at March 31, 2022, total assets amounted to $898.56 million, up $208.22 million from the balance of $690.34 million as at the previous year. The increase in total assets was as a result of a 168% increase in ‘Cash and Cash equivalent’ which closed at $176.89 million relative to $66.11 million as at March 31, 2021 and ‘Deposit on equipment’ which closed at $94.55 million (2021: nil).
Shareholders’ equity of $467.26 million was reported (2021: $456.88 million) which resulted in a book value per share of $1.32 (2021: $1.29).
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