Indies Pharma Jamaica Limited (INDIES)
Unaudited financials for the six months ended April 30, 2026:

Indies Pharma Jamaica Limited (INDIES) for the six months ended April 30, 2026, reported a 5% decrease in Revenue totaling $564.86 million compared to $595.83 million in the corresponding period last year. Revenue for the second quarter had a 6% increase to close at $285.02 million compared to $270.00 million for the comparable quarter of 2025.

Year to date, the cost of sales amounted to $173.79 million (2025: $176.80 million), a decrease of 2% year over year. Consequently, gross profit decreased by 7% to $391.07 million compared to $419.03 million for the six months ended April 30, 2025. The company booked gross profit of $209.64 million for the second quarter versus $199.38 million reported for the similar quarter of 2025.

Other operating income increased by 43% to close at $7.20 million (2025: $5.03 million), while administrative and other expenses increased by 6% from $238.11 million in 2025 to $253.65 million in the period under review. As a result, profit from operations for the six months ended April 30, 2026, amounted to $144.62 million, a 22% decrease relative to $185.96 million reported in 2025.

Exchange Loss for the six months ended April 30, 2026, amounted to $2.28 million, compared to an Exchange Gain of $351,326 reported in 2025. Exchange Loss for the second quarter amounted to $373,143 (2025: Exchange Gain of $1.71 million). Finance cost — loan interest totaled $47.52 million, a 60% increase from the corresponding period last year (2025: $29.70 million), reflecting the new NCB bond facility used to retire the Sagicor bond.

Profit before taxation for the six months ended April 30, 2026, amounted to $94.81 million, a 39% decrease relative to $156.61 million reported in 2025. Profit before taxation for the second quarter amounted to $69.36 million (2025: $72.19 million).

The tax charge incurred for the six months ended April 30, 2026, decreased by 45% to $10.42 million (2025: $18.79 million). Net Profit for the six months amounted to $84.40 million, a 39% decrease from the $137.82 million reported in 2025. For the second quarter, Net Profit was $62.96 million (2025: $63.77 million).

Consequently, Earnings Per Share for the six months amounted to $0.063 (2025: $0.103), while Earnings Per Share for the quarter totaled $0.047 (2025: $0.048). The twelve-month trailing EPS was $0.10, and the number of shares used in these calculations was 1,332,536,649.

Management attributed the year-to-date decline primarily to the adverse impact of Hurricane Melissa, which disrupted operations in the first quarter of the fiscal year. The improved second-quarter performance — with revenue up 6% and gross profit up 5% quarter-over-quarter versus the prior year — signals a recovery trajectory is underway.

Notably, INDIES’s stock price closed at $2.54 on June 12, 2026, with a corresponding P/E ratio of 26.47x.

Balance Sheet Highlights

The company’s assets totalled $3.01 billion (2025: $2.46 billion), a 22% increase year over year. The movement in total assets was primarily attributable to the revaluation of the company’s 3-acre property earmarked for the construction of the Indies Pharma corporate headquarters, which received all necessary planning approvals and was revalued at US$7.5 million — a J$435 million uplift over the previous valuation conducted in September 2021. Cash and cash equivalents also grew to $450.74 million (2025: $320.64 million). Receivables increased by 51% to $291.82 million (2025: $193.13 million), while inventories declined by 22% to $155.74 million (2025: $199.76 million).

Shareholders’ equity stood at $1.63 billion (2025: $1.25 billion), a 31% increase, representing a book value per share of $1.23 (2025: $0.94).

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