August 14, 2023
Honey Bun Limited (HONBUN) for the nine months ended June 30, 2023 reported a 18% increase in Revenue totaling $2.56 billion compared to $2.16 billion in the corresponding period last year. Revenue for the third quarter had a 10% increase to close at $866.11 million compared to $789.40 million for the comparable quarter of 2022.
Cost of Sales amounted to $1.44 billion (2022: 1.31 billion), this represents a increase of 10% year over year. Consequently, gross profit increased by 31% to $1.12 billion compared to $855.43 million for the nine months ended June 30, 2022. The company booked gross profit of $386.92 million for the third quarter versus $292.70 million reported for the similar quarter of 2022.
Administrative Expenses increase by 26% to close at $481.62 million (2022: $382.12 million), while Selling, Distribution & Promotion Expenses increase by 26% from $298.24 million in 2022 to $376.40 million in the period under review. As a result, total operating expenses for the nine months ended June 30, 2023 amounted to $858.02 million, a 26% increase relative to $680.36 million reported in 2022.
Profit from operations for the nine months ended June 30, 2023, amounted to $263.80 million, a 50% increase relative to $175.75 million reported in 2022. Profit from operations for the third quarter amounted to 92.48 million (2022: $63.23 million).
Finance Income totalled $12.14 million a 30% increase from the corresponding period last year. (2022: $9.36 million), while Finance Cost totalled $5.31 million a 422% increase from the corresponding period last year. (2022: $1.02 million)
Profit before Taxation for the nine months ended June 30, 2023, amounted to $270.63 million, a 47% increase relative to $184.29 million reported in 2022. Profit before Taxation for the third quarter amounted to $95.48 million (2022: $70.24 million). Taxation for the nine months ended June 30, 2023 had a 49% increase to reach $68.69 million (2022: $46.21 million) . Net Profit for the nine months amounted to $201.95 million, a 46% increase from the $138.08 million reported in 2022. For the third quarter, Net Profit was $70.89 million (2022: $49.04 million).
Consequently, Earnings Per Share for the nine months amounted to $0.43 (2022: EPS: $0.29), while Earnings Per Share for the quarter totaled $0.15 (2022: EPS: $0.10). The twelve month trailing EPS was $0.53 and the number of shares used in these calculations was 471,266,950.
Notably, HONBUN’s stock price closed the trading period on August 14, 2023 at a price of $6.05 with a corresponding P/E ratio of 10.66x.
Balance Sheet Highlights
The company’s assets totalled $1.70 billion (2022: $1.47 billion). Shareholder’s equity was $1.29 billion (2022: $1.09 billion), representing a book value per share of $2.73 (2022: $2.32).
Total equity as at June 30, 2023 amounted to $1.29 billion compared to $1.09 billion reported in 2022. This translates to a book value of $2.73 (2022: $2.32).
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