August 16, 2021
Elite Diagnostic Limited (ELITE) for the year ended June 30, 2021 booked a 14% increase in revenue to total $502.26 million compared to $439.85 million in 2020. For the quarter, revenue increased 49% from $91.97 million booked June 2020 to $136.70 million.
Direct costs for the year increased 8%, closing at $175.20 million, up from $161.50 million reported the prior year, while for the fourth quarter there was a 34% uptick in direct costs, closing at $45.98 million (2020: $34.23 million).
As such, gross profit for the year amounted to $327.06 million, relative to $278.34 million in 2020. Elite’s gross profit for the fourth quarter climbed 57% from $57.74 million in 2020 to $90.72 million for the corresponding quarter in 2021.
Administrative expenses climbed 22% for the year, closing at $195.92 million (2020: $160.37 million). Depreciation and amortization reflected an increase of 17% to total $102.75 million relative to the $88.18 million reported in 2020. This resulted in profit from operations of $28.39 million for the year ended June 30, 2021, a 5% decrease relative to $29.79 million booked twelve months earlier.
Finance cost for the twelve months ended June 30, 2021 totaled $21.01 million, an increase of 1% when compared to the $20.77 million recorded for the prior year, while foreign exchange loss amounted to $6.73 million compared to a loss of $465,299 the prior year.
Profit before tax for the year end amounted to $659,498 compared to $8.55 million recorded last year, a decline of 92% year over year. Profit before tax for the quarter amounted to $3.55 million relative to a loss before tax of $12.48 million booked for the prior year’s corresponding quarter.
Net profit for the period totaled $659,498 relative to $8.55 million recorded the prior financial year. Net profit for the quarter amounted to $3.55 million, compared to a net loss of $12.48 million booked for the same quarter in 2020.
Earnings per share (EPS) for the period totaled $0.002 (2020: $0.02). EPS for the fourth quarter amounted to $0.01 relative to LPS of $0.04 recorded for the corresponding quarter of 2020. The number of shares used in our calculations amounted to 353,400,000 units. ELITE’s stock price closed the trading period on August 14, 2021, at $3.04 with a corresponding P/E of 1629.02 times.
ELITE stated, “The St. Ann location, with the challenges resolved, continues to see increased revenue growth month over month. With the increasing demand for imaging services, the company has purchased a new MRI system that will be operational early 2022 and will be located at the Liguanea branch. The addition of the new MRI will reduce our operating hours and its related expenses.”
Balance Sheet at a glance:
As at June 30, 2021, total assets amounted to $698.37 million, up 1% from the balance of $690.56 million as at the previous year. The improvement in total assets was as a result of ‘Cash and cash equivalents’ with a 55% or 21.62 million increase to $60.84 million (2020: $39.22 million). This was tempered by a 3% decrease in ‘Property, plant and equipment’ from $603.23 million in 2020 to $586.72 million in 2021.
Shareholders’ equity of $460.42 million was reported (2020: $459.76 million) which resulted in a book value per share of $1.30 (2020: $1.30).
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