INDIES reports 18% increase in first quarter net profits

March 17, 2023

Indies Pharma Jamaica Limited (INDIES)

Unaudited Financials for the three months ended January 31, 2023:

 Indies Pharma Jamaica Limited (INDIES), reported revenues for the three months ended January 31, 2023 of $255.64 million (2022: $212.30 million), an increase of 20%.

Cost of sales amounted to a total of $80.37 million (2022: $56.05 million), a 43% increase. As such, gross profit increased 12% to $175.27 million (2022: $156.25 million).

Other operating income for the three months end amounted to $440,135 (2022: $946,499), a decrease of 53% year over year. Administrative expenses increased by 8% to $99.62 million (2022: $92.51 million).

Profit from operations increased 18% to $76.09 million (2022: $64.69 million).

Foreign exchange loss for the first quarter amounted to $452,384 (2022: loss of $612,149), while finance cost increased to $16.60 million (2022: $15.08 million).

Profit before tax increased 18% to $59.03 million (2022: $50.22 million).

Consequently, net profit for the first quarter increased 18% to $59.03 (2022: $50.22 million).

Earnings per share (EPS) for the period amounted $0.044 (2022: $0.038). The trailing twelve months EPS amounted to $0.17. The number of shares used in the calculations is 1,332,536,649 units. The stock last traded on March 16 2023 at $2.88 with a corresponding P/E ratio of 16.72 times.


Balance Sheet at a glance:

Total assets amounted to $2.23 billion (2022: $2.06 billion), 8% more year over year. This was primarily due to a $121.31 million increase in ‘Intangible Assets’ which closed at $441.62 million (2022: $320.31 million).

Shareholders’ Equity totalled $1.22 billion (2022: $1.16 billion) resulting in a book value per share of $0.91 (2022: $0.87).




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