INDIES reports 6% increase in first quarter net profit

March 15, 2022

Indies Pharma Jamaica Limited reported revenue of $212.30 million, 5% lower than the $223.53 million booked in 2021.

Cost of Sales decreased 34% to close at $56.05 million (2021: $85.42 million). Gross profit increased by 13%, amounting to $156.25 million for the period relative to $138.11 million in 2021.

Other operating income for the period increased by 352% to close at $946,499 (2021: $209,621).

Additionally, administrative and other expenses increased by 24%, moving from $74.89 million in 2021 to $92.51 million.

As such, operating profit increased by 2% from $63.44 million recorded in 2021 to $64.69 million for the quarter ended January 31, 2022. Indies recorded finance costs of $15.08 million for the quarter ended January 2022 (2021: $15.58 million), while foreign exchange gain amounted to $612,149 compared to a loss of $331,679 in 2021.

Profit before taxation for the quarter increased by 6% to close at $50.22 million (2021: $47.53 million). INDIES incurred no taxes for the quarter, thus net profit amounted to $50.22 million (2021: $47.53 million). Total Comprehensive Income amounted to $50.22 million for the quarter ended January 31, 2022 relative to $47.53 million in 2021.

Consequently, earnings per share (EPS) for the quarter amounted to $0.038 compared with $0.036 for the corresponding period of last year. The trailing twelve months earnings per share amounted to $0.136.  The numbers of shares used in the calculations are 1,332,536,649 units. Notably, INDIES stock price closed the trading period on March 15, 2022 at $3.03 with a corresponding P/E of 22.28 times.

Balance Sheet at a glance:

Assets totalled $2.06 billion as at January 31, 2022 relative to $1.76 billion a year prior. The increase in total assets was largely due to a 46% surge in ‘Property, plant and equipment’ to total $938.51 million (2021: $641.85 million).

Total shareholder’s equity amounted to $1.16 billion (2021: $834.27 million) with book value per share amounting to $0.87 (2021: $0.63).


Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.

Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned here.