September 11. 2020
Indies Pharma Jamaica Limited (INDIES), for the nine months ended July 31, 2020, reported revenue of $565.83 million, 2% lower than the $575.81 million booked in 2019. For the third quarter, revenue closed at $164.87 million (2019: $214.52 million).
Cost of sales, for the nine months ended July 31, 2020, declined by 11% to close at $168.45 million (2019: $188.80 million). This resulted in gross profit increasing by 3%, amounting to $397.38 million for the nine months relative to $387.01 million reported in the previous corresponding period. For the third quarter ended July 31, 2020, gross profit closed at $119.25 million (2019: $135.82 million).
Other operating income, for the nine months ended July 31, 2020, increased by 309% to close at $1.52 million (2019: $370,574).
Additionally, administrative and other expenses declined by 11% moving from $275.73 million in 2019 to $246.04 million in 2020. For the quarter, administrative and other expenses closed at $72.65 million (2019: $103.86 million). The Company noted that, “this was mainly due to the decline in rent, vehicle expenses, IT, security, and lack of one-off expenses such as Interest penalty.”
As such, operating profit, for the nine months ended July 31, 2020, rose by 37% totalling $152.85 million (2019: $111.65 million). For the quarter, operating profit amounted to $47.27 million versus $32.19 million recorded in the prior comparable quarter. Exchange gain for the nine months amounted to $5.93 million relative to a gain of $1.73 million booked in the 2019. There was no finance cost for the nine months ended July 31, 2020 versus $281,994 reported for the corresponding period in 2019.
Profit before taxation increased by 40% to close the nine months ended July 31, 2020 at $158.78 million (2019: $113.09 million). For the quarter, profit before taxation amounted to $50.64 million compared to $33.61 million in the previous corresponding quarter.
Net profit, for the nine months ended July 31, 2020, closed at $158.78 million (2019: $113.09 million). While for the quarter, net profit totalled $50.64 million (2019: $33.62 million).
Total comprehensive income for the nine months ended July 31, 2020 amounted to $159.48 million (2019: $118.24 million) and closed at $50.64 million (2019: $33.62 million ) for the quarter ended July 31, 2020.
Consequently, earnings per share (EPS) for the nine months amounted to $0.12 (2019: $0.09). While for the quarter, earnings per share closed at $0.038 (2019: $0.025). The trailing twelve months earnings per share amounted to $0.133. The numbers of shares used in the calculations are 1,332,536,649 units. Notably, INDIES stock price closed the trading period on September 10, 2020 at $2.73.
Balance Sheet at a glance:
As at July 31, 2020, the Company’s total asset base amounted to $1.30 billion (2019: $746.39 million). The increase was due to a 708% rise in ‘Property, plant and equipment’ which closed at $698.28 million (2019: $86.42 million).
Equity attributable to stockholders of parent amounted to $738.87 million (2019: $680.31 million) with book value per share amounting to $0.55 (2019: $0.51).
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