EPLY reports 56% increase in nine months net profit

November 06, 2018

Eppley Limited (EPLY), for the nine months ended September 30, 2018, recorded a 23% increase in interest income to $234.42 million from $109.96 million booked for the prior year’s corresponding period. For the third quarter interest income amounted to $84.61 million relative to $66.73 million in 2017.

Interest Expenses amounted to $127.58 million, up 9% from $116.54 million for the corresponding period in 2017.

Consequently, Net Interest Income rose 44% to $106.83 million, up from $74.42 million for the corresponding period in 2017. Net Interest Income for the third quarter amounted to $40.02 million relative to $24.08 million for the previous quarter in 2017.

Other Operating Income went up 73% to total $68.48 million relative to $39.48 million in 2017, while Administrative Expenses increased by 55% to close at $98.15 million (2017: $63.14 million). For the quarter, Administrative expenses was recorded at $38.87 million (2017: $20.50 million).

‘Share of Net Profit from Joint Venture accounted for using equity method’ amounted to $3.50 million relative to $833,000 the year prior.

As such, Pre-tax profit closed at $80.67 million for the nine months ended September 30, 2018, 56% more than the $51.60 million booked in 2017. No taxes were incurred for the period, in which Net Profit attributable to shareholders amounted to $80.67 million compared to $51.60 million in 2017. For the third quarter, net profit amounted to $36.05 million relative to $21.05 million in the last year.

Earnings per share for the nine months ended September 30, 2018 totalled $0.42 versus $0.27 for the corresponding period in 2017, while earnings per share for the quarter amounted to $0.19 (2017: $0.11). The trailing twelve months EPS is $0.51. The total amount of shares outstanding used for this calculation was 192,468,300 units. EPLY closed the trading period on November 05, 2018, at $8.00.

Balance Sheet Highlights:

As at September 30, 2018, total assets amounted to $3.16 billion, 28% more than last year’s $2.46 billion in 2017. This was attributed by a rise in Investment Securities to close the period at $362.84 million, up by 1149%. Also, there was a significant increases recorded for ‘Other Receivables’ and ‘Lease Receivables’ closing at $139.96 million (2017: $79.85 million) and $599.27 million (2017: $366.98 million), respectively.

Shareholder’s Equity increased by 6% for nine months period, totalling $740.38 million compared to the previous year’s total of $697.87 million, this resulted in a book value per share of approximately $3.85 relative to $3.63 in 2017.

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