FOSRICH reports 65% increase in year end net profit

Date: March 04, 2019

Revenue rose by 24% to $1.29 billion relative to 2017’s $1.05 million). Revenue for the quarter amounted to $347.33 million, 39% above the $250 million booked for the similar quarter of 2017.

Cost of sales increased by 32% to $759.23 million (2017: 573.01 million). As a result, gross profit increased by 13% to $534 million compared to $473.23 million in 2017. Gross profit for the quarter amounted to $123.64 million (2017: $113.10 million).

Other income totalled $47.41 million for the period relative to the previous year’s gain of $41.91 million.

Total expenses increased by 7% to $490.29 million (2017: $456.26 million). Of this, administrative and other expenses increased to $422.79 million (2017: $404.83 million), while finance costs expenses recorded an increase of 31%, closing at $67.50 million (2017: $51.43 million). Total expenses for the quarter amounted to $133.57 million compared to $123.03 million.

Consequently, profit before taxation amounted to $91.11 million relative to $58.88 million in 2017, representing a 55% increase year-on-year.

Tax charges for the year was $718,259, a 82% decrease when compared with $3.94 million. As a result, net profit for the year amounted to $90.39 million relative to $54.94 million. Net profit for the quarter amounted to $19.37 million (2017: $32.37 million).

Earnings per share amounted to $0.18 for the period relative to earnings per share of $0.11 in 2017. EPS for the quarter amounted to $0.04 (2017: $0.06). The number of shares used in our calculations is 502,275,555. Notably, FOSRICH stock price close the trading period on March 04, 2019 at $3.87.

Balance Sheet Highlights:

The company, as at December 31, 2018, recorded total assets of  $2.05 million, an increase of 58% when compared to $1.3 million recorded last year. The increase was mainly attributed to inventories which closed at $1.02 billion versus $625.06 million in 2017.

Total Stockholders’ Equity as at December 31, 2018, closed at $693.35 million (2017: $604.93 million) resulting in a book value per share of $1.38 per share compared to $1.20.

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