November 15, 2021
Eppley Limited (EPLY), for the nine months ended September 30, 2021 reported Interest Income for the period of $288.60 million relative to $247.67 million the previous year, an 17% increase. While for the third quarter interest income amounted to $111.06 million relative to $78.69 million in 2020.
Interest Expenses amounted to $206.33 million, up 34% from $153.93 million for the corresponding period in 2020. While, for the quarter, interest expense closed at $84.25 million (2020: $52.50 million).
Consequently, net interest income fell 12% to $82.27 million, down from $93.74 million in the corresponding period of 2020. Net interest income for the third quarter amounted to $26.82 million relative to $26.20 million for the corresponding quarter of 2020.
Other operating income decreased by 16% to total $59.26 million relative to $70.74 million in 2020, while asset management fee income amounted to $178.95 million (2020: $121.33 million).
Administrative expenses increased by 5% to close at $148.64 million (2020: $130.71 million). Reversals of Net impairment losses of financial and contracts assets amounted to $393,000 versus a net impairment loss of $27,000 booked in 2020.
Share of net profit from joint venture amounted to $21.73 million relative to $11.01 million booked the year prior.
As such, pre-tax profit closed at $193.96 million for the nine months ended September 30, 2021, 17% more than the $166.08 million booked in 2020. Taxes for the nine months ended September 30, 2021 amounted to $3.07 million relative to $1.43 million booked for the prior period and as such net profit amounted to $190.88 million, relative to net profit of $164.66 million in 2020. Third quarter net profit amounted to $81.94 million relative to $57.61 million in last year.
Total comprehensive income for the period under review amounted to $194.39 million (2020: $167.25 million). For the quarter total comprehensive income amounted to $77.67 million (2020: $61.22 million).
Earnings per share for the nine months ended September 30, 2021 totalled $0.99 compared to $0.86 for the corresponding period in 2020, while earnings per share for the quarter amounted to $0.43 (2020: $0.30). The trailing twelve months EPS is $1.31. The total amount of shares outstanding used for this calculation was 192,468,300 units. EPLY closed the trading period at $37.00 on November 12, 2021 with a corresponding P/E of 28.31 times.
Balance Sheet Highlights:
As at September 30, 2021, total assets amounted to $5.41 billion, 37% more than last year’s $3.95 billion in 2020. This was attributed to a rise in ‘Lease Receivables’ by 177% to close the period at $1.60 billion (2020: $578.17 million).
Shareholder’s Equity increased by 13% as at September 2021, to total $1.02 billion compared to the previous year’s total of $907.13 million, this resulted in a book value per share of approximately $5.32 relative to $4.71 in 2020.
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