INDIES reports 69% increase in six months net profit

June 14, 2022

Indies Pharma Jamaica Limited (INDIES), for the six months ended April 30, 2022, reported revenue of $462.88 million, 9% higher than the $424.25 million booked in 2021. For the second quarter, revenue closed at $250.58 million (2021: $200.72 million).

Cost of sales, for the six months ended April 30, 2022, decline by 23% to close at $127.37 million (2021: $166.38 million). This resulted in gross profit increasing by 30%, amounting to $335.52 million for the six months relative to $257.87 million reported in the previous corresponding period. For the second quarter ended April 30, 2022, gross profit closed at $178.53 million (2021: $119.76 million).

Other operating income, for the six months ended April 30, 2022, increased by 106% to close at $730,695 (2021: $355,186). Additionally, administrative and other expenses increased by 19% closing at $191.46 million in 2022 from $160.41 million booked twelve months earlier.  For the quarter, administrative and other expenses closed at $99.04 million (2021: $85.52 million).

As such, operating profit, for the six months ended April 30, 2022, rose by 48% totalling $144.79 million (2021: $97.82 million). For the quarter, operating profit amounted to $79.78 million versus $34.38 million recorded in the prior comparable quarter. Exchange loss for the six months amounted to $275,058 relative to a gain of $1.19 million booked in the 2021. Finance cost for the six months ended April 30, 2022 amounted to $29.86 million (2021: $31 million).

Profit before taxation increased by 69% to close the six months ended April 30, 2022 at $ 114.65 million (2021: $68.01 million). For the quarter, profit before taxation amounted to $64.12 million compared to $20.49 million in the previous corresponding quarter.

Net profit, for the six months ended April 30, 2022, closed at $114.65 million (2021: $68.01 million). While for the quarter, net profit totalled $64.12 million (2021: $20.49 million).

Total comprehensive income for the six months ended April 30, 2022 amounted to $114.65 million (2021: $69.33 million) and closed at $64.12 million (2021: $21.81 million) for the quarter ended April 30, 2022.

Consequently, earnings per share (EPS) for the six months amounted to $0.086 (2021: $0.051). While for the quarter, earnings per share closed at $0.048 (2021: $0.015). The trailing twelve months earnings per share amounted to $0.17.  The numbers of shares used in the calculations are 1,332,536,649 units. Notably, INDIES stock price closed the trading period on June 13, 2022 at $3.06 with a corresponding P/E of 18.11 times.

Balance Sheet at a glance:

As at April 30, 2022, the Company’s total asset base amounted to $2.25 billion (2021: $1.67 billion). The increase is mainly due to ‘Property, Plant and Equipment’ which closed at $944.40 million (2021: $650.23 million). ‘Cash and Cash Equivalents’ also contributed to the growth closing at $260.25 million (2021: $84.87 million). However, the movement was affected by a decline in ‘Investment’ and ‘Receivables’ to $121.02 million (2021: $302.24 million) and $180.71 million (2021: $218.13 million) respectively.

Equity attributable to stockholders of parent amounted to $1.07 billion (2021: $709.49 million) with book value per share amounting to $0.80 (2021: $0.53).


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