EPLY reports year-end net profit of $238.80 million

April 3, 2023

Net interest income increased 37% to $137.97 million (2021: $100.94 million). For the quarter, net interest income increased 39% to $26.04 million (2021: $18.77 million).

Asset management income increased 29% to $283.34 million (2021: $219.11 million). For the quarter, asset management income increased 94% to $80.14 million (2021: $41.37 million).

Other operating income declined 35% to $91.48 million (2021: $140 million). For the quarter, other operating income declined 36% to $50.94 million (2021: $79.53 million).

Administrative expenses increased 15% to $243 million (2021: $211.69 million). For the quarter, administrative expenses increased 18% to $74.67 million (2021: $63.09 million).

Net impairment of financial and contract assets increased 97% to $2.90 million (2021: $1.47 million). For the quarter, net impairment of financial and contract assets increased 53% to $2.78 million (2021: $1.81 million).

Share of net profit from joint venture declined 86% to $2.94 million (2021: $21.58 million). For the quarter, share of net loss from joint venture declined 61% to $59,000 (2021: $153,000).

Profit before taxation increased 1% to $269.84 million (2021: $268.47 million). For the quarter, profit before taxation increased 7% to $79.61 million (2021: $74.61 million).

Taxation charges increased 84% to $31.05 million (2021: $16.83 million). For the quarter, taxation charges soared to $28.96 million (2021: $893,000).

Net profit declined 5% to $238.80 million (2021: $251.63 million). For the quarter, net profit declined 31% to $50.65 million (2021: $73.72 million).

Total comprehensive income declined 10% to $240.53 million (2021: $266.09 million). For the quarter, total comprehensive income declined 41% to $50.34 million (2021: $84.67 million).

Earnings per share (EPS) amounted to $1.24 (2021: $1.31). For the quarter, EPS amounted to $0.26 (2021: $0.38). The total amount of shares outstanding used for this calculation was 192,468,300 units. EPLY last traded at $37.00 on April 3, 2023 with a corresponding P/E ratio of 29.82 times.

Balance Sheet Highlights:

Total assets as at December 31, 2022 amounted to $5.61 billion (2021: $5.52 billion), an increase of 2% year over year. This is primarily attributed to a 56% increase in ‘Cash and Deposits’ to $1.03 billion (2021: $661.40 million).

Shareholder’s Equity as at December 31, 2022 increased 1% to $1.10 billion (2021: $1.09 billion). This resulted in a book value per share of approximately $5.69 (2021: $5.66).

 

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