September 30, 2024
Elite Diagnostic Limited (ELITE)
Audited financials for the year ended June 30, 2024:
Elite Diagnostic Limited (ELITE) for the twelve months ended June 30, 2024, reported a 9% increase in Income totaling $821.28 million compared to $755.33 million in the corresponding period last year. Income for the fourth quarter had a 29% increase to close at $244.18 million compared to $189.61 million for the comparable quarter of 2023.
Direct Cost amounted to $233.62 million (2023: $234.07 million). Consequently, gross profit increased by 13% to $587.66 million compared to $521.26 million for the twelve months ended June 30, 2023. The company booked gross profit of $176.28 million for the fourth quarter versus $136.74 million reported for the similar quarter of 2023.
Administrative Expenses increased by 12% to close at $357.06 million (2023: $320.10 million), while Depreciation & Amortization decreased by 1% from $136.45 million in 2023 to $135.23 million in the period under review. As a result, operating profit for the twelve months ended June 30, 2024, amounted to $95.37 million, a 47% increase relative to $64.71 million reported in 2023.
Foreign Exchange Loss for the twelve months ended June 30, 2024, amounted to $3.32 million, a 27% decrease relative to $4.56 million reported in 2023. Foreign Exchange Loss for the fourth quarter amounted to $1.19 million (2023: $343,941). Finance Cost totalled $62.79 million, a 34% increase from the corresponding period last year. (2023: $46.87 million).
Profit Before Tax for the twelve months ended June 30, 2024, amounted to $29.35 million, a 119% increase relative to $13.39 million reported in 2023. Profit Before Tax for the fourth quarter amounted to $33.88 million (2023: $1.74 million).
Income Tax for the twelve months ended June 30, 2024, decreased to reach $3.19 million (2023: $34,844). Net Profit for the twelve months amounted to $26.16 million, a 96% increase from the $13.35 million reported in 2023. For the fourth quarter, Net Profit was $32.75 million whilst for the similar period for 2023 a Net Loss of $1.74 million was reported.
Consequently, Earnings Per Share for the twelve months amounted to $0.07 (2023: EPS: $0.04), while Earnings Per Share for the quarter totaled $0.09 (2023: LPS: $0.005). The number of shares used in these calculations was 353,400,000.
Notably, ELITE’s stock price closed the trading period on September 27, 2024, at a price of $1.71 with a corresponding P/E ratio of 23.11x.
Balance Sheet Highlights
The company’s assets totalled $1.06 billion (2023: $1.10 billion). This decrease in total assets was attributable to ‘Cash and Cash Equivalents’ which amounted to $37.22 million (2023: $53.88 million). Additionally, ‘Property, Plant and Equipment’ also contributed to the decrease in total assets amounting to $747.54 million (2023: $781.37 million).
Shareholder’s equity was $510.98 million (2023: $484.83 million), representing a book value per share of $1.45 (2023: $1.37).
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