EPLY reports 46% increase in six months net profit

Date: August 15, 2018 

Eppley Limited (EPLY) for the six months ended June 30, 2018 reported Interest Income for the period at $149.80 million from $124.23 million the previous year, a 21% increase. While for the second quarter interest income amounted to $76.09 million relative to $61.69 million in 2017.

Interest Expenses amounted to $82.99 million, up 12% from $73.89 million for the corresponding period in 2017.

Consequently, net interest income rose 33% to $66.81 million, up from $50.34 million in the corresponding period of 2017. Net interest income for the second quarter amounted to $38.20 million relative to $24.66 million for the corresponding quarter of 2017.

Other operating income went up by 50% to total $34.22 million relative to $22.77 million in 2017, while administrative expenses increased by 39% to close at $59.27 million (2017:$ 42.64 million).

Share of net profit from joint venture accounted for using the equity method amounted to $2.87 million relative to $74,000 the year prior.

As such, pre-tax profit closed at $44.62 million for the six months ended June 30, 2018, 46% less than the $30.54 million booked in 2017. No taxes were incurred for the period and as such net profit attributable to shareholders amounted to $44.62 million, relative to net profit of $30.54 million in 2017. While second quarter net profits amounted to $23.94 million relative to $14.61 million in last year.

Earnings per share for the six months ended June 30, 2018 totalled $0.23 compared to $0.16 for the corresponding period in 2017, while earnings per share for the quarter amounted to $0.12 (2017: $0.08). The trailing twelve months EPS is $0.43. The total amount of shares outstanding used for this calculation was 192,468,300 units.

Balance Sheet Highlights:

As at June 30, 2018, total assets amounted to $2.95 billion, 20% more than last year’s $2.45 billion in 2017. This was attributed by a rise in Investment Securities of $296.33 million to close the period at $325.17 million. However, the decline in Cash and Deposits has tempered with the overall increase in the company’s assets, amounting to $341.92 million (2017: $636.77 million).

Shareholder’s Equity increased by 4% for six months period, totalling $711.02 million compared to the previous year’s total of $683.98 million, this resulted in a book value per share of approximately $3.69 relative to $3.55 in 2017.


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