January 20, 2023
Express Catering Limited for the period ended November 30, 2022 reported revenue totalling US$9.12 million, an increase of 49% or US$4.94 million when compared with the US$6.13 million reported for the same period in 2021. For the quarter, revenue amounted to US$4.20 million (2021: US$ 2.50 million).
Cost of Sales increased from US$3.25 which would represent an increase of 42% year over year in comparison to 2021 which was US$2.28 million. For the quarter, cost of sales amounted to US$1.51 million (2021: US$1.04 million).
Gross Profit rose year on year by 52%, from US$3.84 million in 2021 to US$5.86 million in 2022. For the quarter gross profit amounted to US$2.70 million (2021: US$ 1.44 million).
Other Income amounted to US$15,011 (2021: other loss of US$15,328), this represents a decrease of 198% year over year.
Administrative expenses rose by 35% to close at US$2.48 million (2021: US$1.84 million). Promotional expenses increased by 14101% from US$1,338 in 2021 to US$190,003 in the period under review. Based on this increase, operating profit for the year ended period amounted to US$1.85 million this is an increase of 194% to what was reported in 2021 which was US$628,660.
Finance cost increased by 2% year over year, amounting to US$1.04 million relative to US$1.02 million recorded for the corresponding period 2021. For the quarter financial cost increased by 3% from US$508,856 in 2021 to US$521,584 in 2022.
Foreign Exchange Loss increased to US$24,051 in 2022 this is a 519% increase over the same period in the previous which was US$3,883. For the quarter foreign exchange loss went up 93% to US$5,055 (2021: US$2,620)
Profit before tax for the period increased by 219% to US$779,649 (2021: US$244,258). For the quarter profit before tax amounted to US$126,807 (2021:loss before taxation of US$320,810)
Earnings per share (EPS) for the 6 months totalled US 0.0476 cents relative to an EPS of US 0.0149 cents booked 12 months prior. For the quarter, EPS amounted to US 0.0077 cents (LPS of US 0.0196 cents). The trailing twelve months EPS of US 0.09 cents. The number of shares used in the calculation was 1,637,500,000 units. Notably, ECL stock price closed the trading period on January 20, 2023, at a price of $5.48 with a corresponding P/E of 35.47x.
Balance Sheet Highlights:
The Company as of November 30, 2022 recorded total assets of US$41.87 million (2021: US$39.94 million), $1.92 million more year over year. The increase was largely due to an increase of $2.70 million in ‘Owing by related companies’ to US$12.03 million (2021: US$9.33 million).
Shareholders’ equity was US$4.12 million (2021: US$2.49 million), representing a book value per share of US 0.252 cents (2021:US 0.152 cents).
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