FTNA reports 24% increase in year end net profits

Date: August 30, 2019

 

Fontana Limited recorded a 8% increase in revenues to total $3.70 billion compared to $3.42 billion for the same period in 2018. Revenue to the quarter rose 15% to close the fourth quarter at $593.86 million (2018: $515.73 million).

Cost of Sales for the year increased 12%, closing at $2.38 billion, up from $2.13 billion reported the prior year.

As such, gross profit for the year end amounted to $1.32 billion, a 3% uptick when compared to $1.29 billion recorded last year. Gross profit for the quarter amounted to $279.66 million relative to $355.62 million booked for the fourth quarter of 2018.

Administrative expenses climbed by 8% for the year, to total $1 billion versus $923.47 million in 2018, while selling and promotion expenses closed the financial year at $78.52 million (2018: $71.27 million).

As such operating profit saw a 17% decrease to $244.94 million relative to $294.27 million booked a year ago.

Finance cost for the period totalled $15.02 million, a decrease of 39% when compared to the $24.49 million recorded for the prior year, while other income amounted to $40.34 million relative to $33.38 million booked in 2018.

This resulted in profit before taxation totalling $270.27 million compared to $303.06 million recorded last year, an 11% decline year over year.

Taxation credit for the period was $36.36 million versus a tax charge of $55.76 million for the previous year. As a result, Net Profit increased by 24% to end the period at $306.63 million relative to $247.31 million recorded the prior financial year. Net profit for the quarter rose to $101.95 million compared to $62.29 million recorded for the similar quarter of 2018.

Earnings per share (EPS) for the period totalled $0.25 (2018: $0.20). EPS for the quarter amounted to $0.08 relative to $0.05 booked for the prior year’s corresponding quarter. The number of shares used in our calculations amounted to 1,249,374,825  units.  FTNA’s stock price closed the trading period on August 29, 2019, at $ 8.23

Balance Sheet at a glance:

As at June 30, 2019, total assets amounted to $1.91 billion, up $227.54 million from $1.68 billion as at the previous year. The increase in total assets was as a result of the increase in ‘Cash and Cash equivalents’ and ‘Property, plant and equipment’, which closed the period by $382.74 million (2018: $253.84 million) and $700.89 million (2018: $577.65 million) respectively.

Shareholders’ Equity of $1.27 billion was reported (2018: $1.06 billion) which resulted in a book value per share of $4.13 (2018: $4.30).

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2019-08-30T18:53:09+00:00