November 15, 2022
Eppley Limited (EPLY), for the nine months ended September 30, 2022 reported interest income of $331.72 million relative to $288.60 million the previous year, a 15% increase. While for the third quarter interest income amounted to $106.36 million relative to $111.06 million in 2021.
Interest Expenses amounted to $219.78 million, up 7% from $206.33 million for the corresponding period in 2021. While, for the quarter, interest expense closed at $76.13 million (2021: $84.25 million).
Consequently, net interest income rose 36% to $111.94 million, up from $82.27 million in the corresponding period of 2021. Net interest income for the third quarter amounted to $30.23 million relative to $26.82 million for the corresponding quarter of 2021.
Fees and other operating income decreased by 5% to total $56.01 million relative to $59.26 million in 2021, while asset management fee income amounted to $187.74 million (2021: $178.95 million).
Administrative expenses increased by 13% to close at $168.53 million (2021: $148.64 million). Net impairment on financial assets amounted to $74,000 versus a net impairment of $393,000 booked in 2021.
Share of net profit from joint venture amounted to $3 million relative to $21.73 million booked the year prior.
As such, pre-tax profit closed at $190.24 million for the nine months ended September 30, 2022, 2% less than the $193.96 million booked in 2021. Taxes for the nine months ended September 30, 2022 amounted to $3.52 million relative to $3.07 million booked for the prior period and as such net profit amounted to $186.72 million, relative to net profit of $190.88 million in 2021. Third quarter net profit amounted to $76.75 million relative to $81.94 million in last year.
Total comprehensive income for the period under review amounted to $188.76 million (2021: $194.39 million). For the quarter total comprehensive income amounted to $85.68 million (2021: $77.67 million).
Earnings per share (EPS) for the nine months ended September 30, 2022 totalled $0.97 compared to $0.99 for the corresponding period in 2021, while earnings per share for the quarter amounted to $0.40 (2021: $0.43). The trailing twelve months EPS is $1.29. The total amount of shares outstanding used for this calculation was 192,468,300 units. EPLY closed the trading period at $36.01 on November 14, 2022 with a corresponding P/E of 28.01 times.
Balance Sheet Highlights:
As at September 30, 2022, total assets amounted to $5.52 billion, 2% more than last year’s $5.41 billion in 2021. This was attributed to a rise in ‘Lease Receivables’ by 6% to close the period at $1.70 billion (2021: $1.60 billion).
Shareholder’s Equity increased by 3% as at September 2022, to total $1.06 billion compared to the previous year’s total of $1.02 billion, this resulted in a book value per share of approximately $5.48 relative to $5.32 in 2021.
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