June 15, 2023

Indies Pharma Jamaica Limited (INDIES) for the six months ended April 30, 2023 reported a 5% increase in revenue totaling $487.16 million compared to $462.88 million in the corresponding period last year. Revenue for the second quarter had an 8% increase to close at $231.52 million compared to $250.58 million for the comparable quarter of 2022.

Cost of sales amounted to $148.07 million (2022: 127.37 million), this represents an increase of 16% year over year. Consequently, gross profit increased by 1% to $339.09 million compared to $335.52 million for the six months ended April 30, 2022. The company booked gross profit of $163.82 million for the second quarter versus $178.53 million reported for the similar quarter of 2022.

Other operating income increase by 31% to close at $959,075 (2022: $730,695), while Administrative and other expenses increase by 14% from $191.46 million in 2022 to $217.41 million in the period under review. Exchange Loss/Gain for the six months ended April 30, 2023 amounted to $1.62 million, a 490% increase relative to $275,058 reported in 2022.

Profit from operations for the six months ended April 30, 2023, amounted to $122.64 million, a 15% decrease relative to $144.79 million reported in 2022. Profit from operations for the second quarter amounted to $45.68 million (2022: $79.78 million). Finance cost totalled $32.75 million a 10% increase from the corresponding period last year. (2022: $29.86 million).

Profit before taxation for the six months ended April 30, 2023, amounted to $88.27 million, a 23% decrease relative to $114.65 million reported in 2022. Profit before taxation for the second quarter amounted to $28.36 million (2022: $64.12 million).

Net Profit for the six months amounted to $88.27 million, a 23% decrease from the $114.65 million reported in 2022. For the second quarter, Net Profit for the year was $28.36 million (2022: $64.12 million).

Consequently, Earnings Per Share for the six months amounted to $0.07 (2022: EPS: $0.09), while Earnings Per Share for the quarter totaled $0.02 (2022: EPS: $0.05). The twelve month trailing EPS was $0.15 and the number of shares used in these calculations was 1,332,536,649. Notably, INDIES’s stock price closed the trading period on June 12, 2023 at a price of $3.07 with a corresponding P/E ratio of 21.04x.

Balance Sheet Highlights

The company’s assets totalled $2.245 billion (2022: $2.254 billion). ‘Inventories’ closed the period at $163.74 million (2022: $215.38 million). ‘Cash and Cash Equivalents’ closed the period at $349.72 million (2022: $260.25 million).

Shareholder’s equity was $1.10 billion (2022: $1.07 billion), representing a book value per share of $0.82 (2022: $0.80).

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