Indies Pharma Jamaica Limited (INDIES)

Audited financials for the twelve months ended October 31, 2024:

Indies Pharma Jamaica Limited (INDIES) for the twelve months ended October 31, 2024 reported a 10% increase in Revenue totaling $1.16 billion compared to $1.06 billion in the corresponding period last year. Revenue for the fourth quarter had a 9% increase to close at $291.73 million compared to $268.56 million for the comparable quarter of 2023.

Cost of Sales amounted to $384.30 million (2023: $328.99 million), this represents an increase of 17% year over year. Consequently, gross profit increased by 7% to $774.67 million compared to $726.46 million for the twelve months ended October 31, 2023. The company booked gross profit of $186.82 million for the fourth quarter versus $171.71 million reported for the similar quarter of 2023.

Other operating income increased by 86% to close at $35.86 million (2023: $19.24 million), while Administrative and other expenses increased by 9% from $463.16 million in 2023 to $503.47 million in the period under review. As a result, Profit from operation for the twelve months ended October 31, 2024 amounted to $307.06 million, a 9% increase relative to $282.55 million reported in 2023.

Exchange Gain for the twelve months ended October 31, 2024, amounted to $8.78 million, a 373% increase relative to $1.86 million reported in 2023. Exchange Gain for the fourth quarter amounted to $8.08 million (2023: $948, 931). Finance cost (Loan interest)  totaled $64.07 million a 4% decrease from the corresponding period last year. (2023: $66.78 million).

Profit before taxation for the twelve months ended October 31, 2024, amounted to $251.77 million, a 16% increase relative to $217.63 million reported in 2023. Profit before taxation for the fourth quarter amounted to $51.14 million (2023: $42.91 million).

Taxation for the twelve months ended October 31, 2024, had a 569% increase to reach $30.60 million (2023: $4.58 million). Net Profit for the year for the twelve months amounted to $221.18 million, a 4% increase from the $213.06 million reported in 2023. For the fourth quarter, Net Profit for the year was $45.50 million (2023: $38.33 million).

Consequently, Earnings Per Share for the twelve months amounted to $0.17 (2023: EPS: $0.16), while Earnings Per Share for the quarter totaled $0.03 (2023: EPS: $0.03). The number of shares used in these calculations was 1,332,536,649.

Notably, INDIES’s stock price closed the trading period on January 28, 2025 at a price of $3.55 with a corresponding P/E ratio of 21.39x.

Balance Sheet Highlights

The company’s assets totalled $2.31 billion (2023: $2.24 billion). The movement in total assets is primarily attributed to 46% increase in ‘Inventories’ amounting to $248.58 million (2023: $170.38 million) which was partly offset by a 14 % decline in ‘Cash and cash equivalents’ amounting to $221.97 million (2023: $256.68 million).

Shareholder’s equity was $1.29 billion (2023: $1.22 billion), representing a book value per share of $0.97 (2023: $0.91).

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