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).
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.