March 18, 2024
Fosrich Company Limited (FOSRICH) for the year ended December 31, 2023, reported a 10% increase in Revenue totaling $3.70 billion compared to $3.37 billion in the corresponding period last year. Revenue for the fourth quarter had a 5% increase to close at $833.19 million compared to $794.68 million for the comparable quarter of 2022.
Cost of Sales amounted to $2.13 billion (2022: $1.98 billion), this represents an increase of 8% year over year. Consequently, gross profit increased by 12% to $1.56 billion compared to $1.39 billion in 2022. The company booked gross profit of $480.61 million for the fourth quarter versus $274.17 million reported for the similar quarter of 2022.
Other Income increased by 674% to close at $81.01 million (2022: $10.47 million), while Administrative and other expenses increased by 30% from $790.01 million in 2022 to $1.03 billion in the period under review. As a result, profit before depreciation and finance cost for the year amounted to $613.65 million, a marginal increase relative to $612.72 million reported in 2022.
Depreciation – owned assets for the year amounted to $67.21 million, a 15% increase relative to $58.21 million reported in 2022. Depreciation – leased assets for the year amounted to $49.48 million (2022: $46.35 million). Finance costs totalled $219.57 million, a 20% increase from the corresponding period last year. (2022: $182.42 million).
Profit before taxation for the year amounted to $277.38 million, a 15% decrease relative to $325.74 million reported in 2022. Profit before taxation for the fourth quarter amounted to $122.89 million (2022: $62.14 million).
Taxation for the year was $42.15 million (2022: $1.03 million). Net profit for the year end amounted to $235.24 million, a 28% decrease from the $324.71 million reported in 2022. For the fourth quarter, Net profit was $99.77 million (2022: Net loss of $63.17 million).
Consequently, Earnings Per Share for the year end amounted to $0.05 (2022: EPS: $0.06), while Earnings Per Share for the quarter totaled $0.02 (2022: LPS: $0.01). The number of shares used in these calculations was 5,078,485,197.
Notably, FOSRICH’s stock price closed the trading period on March 15, 2024, at a price of $2.15 with a corresponding P/E ratio of 45.91x.
Balance Sheet Highlights
The company’s assets totalled $5.68 billion (2022: $5.30 billion). This resulted mainly from an 832% jump in ‘Due from related parties’ closing at $745.45 million.
Shareholder’s equity was $2.04 billion (2022: $1.79 billion), representing a book value per share of $0.41 (2022: $0.36).
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