FOSRICH reports 81% increase in Net Profits

Date: March 1, 2018

FosRich Company Limited (FOSRICH) for the twelve months ended December 31, 2017 booked a 9% decrease in revenue to total $1.05 billion compared to $1.16 billion for the same period in 2016.

Cost of sales for the year showed a reduction of 17%, moving from $686.66 million to $573.01 million. Despite this decrease, gross profit amounted to $473.23 million, an increase of 1% when compared to $468.89 million recorded last year.

Other income, for the year totalled $41.91 million a significant increase when compared to the $12.88 million recorded for the prior financial year.

Administrative and other expenses climbed by 5%, to total $404.83 million (2016: $384.30 million). Finance costs of $51.43 million were recorded for the year, an decline of 17% when compared to $62.19 million in the year prior.

Profit before taxation totalled $58.88 million compared to $35.29 million last year. The company booked tax charges for the period of $3.94 million (2016: $4.95 million).

Net Profit for the year totalled $54.94 million, an 81% increase compared to $30.34 million the prior financial year.

Earnings per share (EPS) for the year totalled $0.11 (2016: $0.06). The number of share used in our calculations amounted to 502,275,555 units. FOSRICH’s stock price close the trading period on March 1, 2017 at $2.67. 

Balance Sheet at a glance:

 As at December 31, 2017, total assets amounted to $1.30 billion, up $178.57 million from the balance of $1.12 billion as at December 2016. The increase in total assets was as a result of the Short-term Loan and ‘Due from Related Parties’ which totalled $103.74 million (2016: nil) and $124.97 million (2016: $67.06 million).

Shareholders’ Equity of $608.97 million was reported (2016: $398.91 million) which resulted in a book value per share of $1.21 (2016: $0.79).


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