February 18, 2025
Eppley Limited (EPLY)
Unaudited financials for the year ended December 31, 2024:
Eppley Limited (EPLY) for the year ended December 31, 2024, reported a 21% increase in Gross Investment Income totaling $913.12 million compared to $753.82 million in the corresponding period last year. Gross Investment Income for the fourth quarter had a 37% increase to close at $289.99 million compared to $211.17 million for the comparable quarter of 2023.
Interest expense amounted to $454.30 million (2023: $315.82 million), this represents a increase of 44% year over year. Consequently, net investment income increased by 5% to $458.82 million compared to $437.99 million for the year ended December 31, 2023. The company booked net investment income of $119.65 million for the fourth quarter versus $122.69 million reported for the similar quarter of 2023.
Gain on bargain purchase increased by 194% to close at $676.05 million (2023: $230.27 million), while Administrative Expenses increased by 32% from $327.71 million in 2023 to $433.48 million in the period under review. Also, fees and other operating income for the year ended December 31, 2024, amounted to $111.98 million, a 35% decrease relative to $171.27 million reported in 2023.
Share of Profit from Joint Venture for the year ended December 31, 2024, amounted to $629.02 million, a 4807% increase relative to $12.82 million reported in 2023. Share of Profit from Joint Venture for the fourth quarter amounted to $67.79 million (2023: Loss of $117,000).
Profit Before Tax totalled $1.53 billion a 191% increase from the corresponding period last year. (2023: $525.09 million).
Taxation for the year ended December 31, 2024, amounted to $44.46 million, a 149% increase relative to $17.83 million reported in 2023. As such, Net Profit for the year ended December 31, 2024, had a 193% increase to reach $1.48 billion (2023: $507.26 million).
Net profit attributable to shareholders for the year amounted to $911.19 million, an 80% increase from the $507.38 million reported in 2023. For the fourth quarter, Net profit attributable to shareholders was $10.88 million (2023: $64.35 million).
Consequently, Earnings Per Share for the year amounted to $4.73 (2023: EPS: $2.64), while Earnings Per Share for the quarter totaled $0.06 (2023: EPS: $0.33). The twelve-month trailing EPS was $4.73 and the number of shares used in these calculations was 192,468,300.
Notably, EPLY’s stock price closed the trading period on February 17, 2025, at a price of $34.29 with a corresponding P/E ratio of 7.24x
Balance Sheet Highlights
The company’s assets totalled $20.55 billion (2023: $7.04 billion). The growth in total assets was largely due to a $8.34 billion increase in ‘Investment properties’ and a $3.89 billion increase in ‘Investment in associate’ during the period.
Shareholder’s equity was $2.06 billion (2023: $1.38 billion), representing a book value per share of $10.70 (2023: $7.19).
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