November 14, 2024
Future Energy Source Company Limited (FESCO)
Unaudited financials for the six months ended September 30, 2024:
Future Energy Source Company Limited (FESCO) for the six months ended September 30, 2024 reported a 14% increase in Revenue totaling $15.71 billion compared to $13.77 billion in the corresponding period last year. Revenue for the second quarter had a 10% increase to close at $7.93 billion compared to $7.20 billion for the comparable quarter of 2023.
Cost Of Goods Sold amounted to $14.84 billion (2023: $13.05 billion), this represents a increase of 14% year over year. Consequently, gross profit increased by 21% to $867.40 million compared to $718.51 million for the six months ended September 30, 2023. The company booked gross profit of $455.12 million for the second quarter versus $379.88 million reported for the similar quarter of 2023. Other Income closed at $869,623 (2023: $0).
Operating Profit for the six months ended September 30, 2024, amounted to $390.25 million, a 3% increase relative to $377.88 million reported in 2023. Operating Profit for the second quarter amounted to 204.45 million (2023: $175.82 million). Finance Cost totaled $71.58 million, a 17% increase from the corresponding period last year. (2023: $61.17 million).
Profit Before Taxation for the six months ended September 30, 2024, amounted to $318.67 million, an 1% increase relative to $316.70 million reported in 2023. Profit Before Taxation for the quarter closed at 170.30 million (2023: $158.69 million).
No taxation was reported for the six months ended September 30, 2024. As such FESCO reported net profit for the six months amounted to $318.67 million, a 1% increase from the $316.70 million reported in 2023. For the second quarter, Net profit was $170.30 million (2023: $158.69 million).
Consequently, Earnings Per Share for the six months amounted to $0.13 (2023: EPS: $0.13), while Earnings Per Share for the quarter totaled $0.07 (2023: EPS: $0.06). The twelve month trailing EPS was $0.21 and the number of shares used in these calculations was 2,500,000,000.
Notably, FESCO’s stock price closed the trading period on November 14, 2024 at a price of $3.65 with a corresponding P/E ratio of 17.65x.
Balance Sheet Highlights
The company’s assets totaled $5.25 billion (2023: $4.66 billion). The movement in total assets was mainly influenced by a $660.21 million increase in ‘Plant, property and equipment’ amounting to $3.47 billion. (2023: $2.88 billion).
Shareholder’s equity was $2.58 billion (2023: $1.62 billion), representing a book value per share of $1.03 (2023: $0.65).
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