INDIES reports 22% decrease in year end net profits

December 14, 2021

Indies Pharma Jamaica Limited (INDIES), reported revenues for the twelve months ended October 31, 2021 of $846.83 million, an increase of 11% when compared with the $765.95 million booked last year. Revenues for the fourth quarter increased 7% to $213.54 million (2020: $200.11 million).

Cost of sales amounted to a total of $296.53 million relative to the $239.26 million reported for the same period last year, a 24% increase year over year.

As such, gross profit increased 4% to a total of $550.30 million relative to the $526.69 million for the FY2020. Gross profit for the quarter closed at $150.21 million (2020: $128.50 million).

Other operating income for the year ended amounted to $5 million a rise of 168% from last year’s $1.86 million. Administrative expenses rose by 5% to close the period at $330.15 million (2020: $315 million).

This led to an increase in the company’s profit from operations from $213.56 million in 2020 to $225.15 million for the period under review. Profit from operations for the quarter closed at $69.64 million relative to $51.73 million recorded for the same quarter of 2020.

Notably, INDIES reported $2.76 million in foreign exchange gains for FY2021 (2020: $4.30 million), while finance cost rose to $67.45 million (2020: $9.19 million).

INDIES reported a profit before tax of $160.47 million relative to the $208.68 million reported in 2020. For the quarter, profit before tax amounted to $54.03 million (2020: $50.10 million).

Consequently, net profit for the year decreased 22% to $160.47 million relative to a net profit $208.68 million in 2020, there was no tax charge for the period, compared to a tax charge of $2.03 million in 2020. For the fourth quarter, net profit was $54.03 million (2020: $48.07 million).

Total comprehensive income totalled $451.33 million relative to $278.06 million in 2020, a 62% increase. While for the quarter total comprehensive income amounted to $342.50 million (2020: $48.07 million).

Earnings per share (EPS) for the period amounted $0.12 compared to and (EPS) of $0.16 recorded in 2020. For the quarter, EPS totalled $0.041 (2020: $0.036). The number of shares used in the calculations is 1,332,536,649. The stock last traded on December 14, 2021 at $3.05 with a corresponding P/E ratio of 16.77 times.

Balance Sheet at a glance:

As at October 31, 2021, total assets amounted to $2.02 billion, 16% more than $1.78 billion the year prior. This was as a result of an increase in ‘Intangible assets’ which closed $317.63 million (2020: $114.70 million).

Shareholders’ Equity totalled $1.09 billion (2020: $786.74 million) resulting in a book value per share of $0.82 (2020: $0.59).

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2021-12-14T20:18:26-05:00