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).
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