February 13, 2025
Elite Diagnostic Limited (ELITE)
Unaudited Financials for the Six Months Ended December 31, 2024:
Elite Diagnostic Limited (ELITE) reported an 8% increase in income, totalling $401.73 million for the six months ended December 31, 2024, compared to $371.97 million in the corresponding period last year. Income for the second quarter increased by 13%, closing at $198.86 million compared to $175.74 million for the comparable quarter of 2023.
Direct costs amounted to $109.36 million (2023: $103.98 million), representing a 5% year-over-year increase. Consequently, gross profit increased by 9% to $292.36 million compared to $267.99 million for the six months ended December 31, 2023. The company booked a gross profit of $149.50 million for the second quarter versus $129.95 million reported for the similar quarter of 2023.
Administrative expenses increased by 16%, closing at $207.81 million (2023: $179.72 million), while depreciation and amortization increased by 10%, from $76.33 million in 2023 to $84.33 million in the period under review. As a result, operating profit for the six months ended December 31, 2024, amounted to $222,000, a 98% decrease relative to $11.94 million reported in 2023.
Foreign exchange gain for the six months ended December 31, 2024, amounted to $1.10 million, relative to the foreign exchange loss of $1.24 million reported in 2023. Foreign exchange gain for the second quarter amounted to $1.00 million (2023: foreign exchange loss of $944,061). Finance costs totalled $19.01 million, a 25% decrease from the corresponding period last year (2023: $25.27 million).
Loss before tax for the six months ended December 31, 2024, amounted to $17.65 million, a 22% increase relative to $14.52 million reported in 2023. Loss before tax for the second quarter amounted to $6.21 million (2023: $9.04 million).
Net loss for the six months amounted to $17.65 million, a 22% increase from the $14.52 million reported in 2023. For the second quarter, net loss was $6.21 million (2023: $9.04 million).
Consequently, loss per share for the six months amounted to $0.05 (2023: LPS: $0.04), while loss per share for the quarter totalled $0.02 (2023: LPS: $0.03).
The twelve-month trailing EPS was $0.07, and the number of shares used in these calculations was 353,400,000.
Notably, ELITE’s stock price closed the trading period on February 13, 2025, at $1.68, with a corresponding P/E ratio of 25.78x.
Balance Sheet Highlights:
The company’s assets totalled $999.93 million (2023: $1.05 billion). This decrease in total assets was attributable to the right of use of assets, which amounted to $82.89 million (2023: $121.72 million). Property, plant, and equipment also contributed to the decrease, equating to $714.78 million (2023: $752.06 million).
Shareholders’ equity was $493.33 million (2023: $469.94 million), representing a book value per share of $1.40 (2023: $1.33).
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