February 14, 2022
Elite Diagnostic Limited booked a 22% increase in revenue to total $288.37 million from $236.07 million booked the same period in 2020. Revenue for the second quarter rose by 17% to $147.54 million (2020: $126.36 million).
Direct costs for the period increased 13%, closing at $97.19 million, up from $86.31 million reported the prior year, while for the second quarter there was a 7% increase year over year to $47.13 million (2020: $43.97 million).
As such, gross profit for the six months amounted to $191.18 million, reflecting a growth of 28% when compared to $149.76 million recorded last year. Gross profit, for the second quarter ended December 31, 2021, increased 22% to $100.42 million from $82.39 million for the corresponding period in 2020.
Administrative expenses climbed by 24% for the period, to total $114.88 million (2020: $92.46 million). Depreciation and amortization also increased by 8% to total $54.73 million relative to the $50.55 million booked in 2020. This resulted in profit from operations of $21.58 million, a significant increase relative to $6.75 million booked in the same period a year ago.
Finance Cost for the six months totalled $11.33 million, 10% up when compared to the $10.32 million recorded for the same period last year, while foreign loss amounted to $3.67 million relative to foreign loss of $3.70 million the prior year’s comparable period. Other income closed the period at $163,555 (2020: $20,161)
Profit before tax totalled $6.75 million compared to a loss of $7.25 million recorded last year. Following no income tax for the period, net profit for the period totalled $6.75 million relative to a loss of $7.25 million recorded the prior corresponding period. Whereas, net profit for the quarter amounted to $7.26 million, a 135% increase compared to $3.09 million booked for the prior quarter of 2020.
Earnings per share (EPS) for the period totalled $0.02 (2020: LPS $0.02). EPS for the fourth quarter amounted to $0.02 (2020: $0.01). The trailing twelve-month EPS amounted to $0.017. The number of shares used in our calculations amounted to 353,400,000 units. ELITE’s stock price closed the trading period on February 11, 2022, at $3.49 with a corresponding P/E of 202.10 times.
Balance Sheet at a glance:
As at December 31, 2021, total assets amounted to $778.03 million, up 13% from the $687.12 million reported as at the previous year. The increase in total assets was as a result of ‘Deposit on Equipment’ amounting to $94.55 million (2020: nil).
Shareholders’ Equity of $442.01 million was reported (2020: $452.51 million) which resulted in a book value per share of $1.25 (2020: $1.28).
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