INDIES reports nine months net profit of $187.71 million

September 12. 2022

Indies Pharma Jamaica Limited (INDIES), for the nine months ended July 31, 2022, reported revenue of $727.63 million, 15% higher than the $633.30 million booked in 2021. For the third quarter, revenue closed at $264.74 million (2021: $207.64 million).

Cost of sales declined by 10% to close at $210.26 million (2021: $233.18 million). This resulted in gross profit increasing by 29%, amounting to $517.37 million for the nine months relative to $400.11 million reported in the previous corresponding period. For the third, gross profit closed at $181.84 million (2021: $143.99 million).

Other operating income, decreased by 50% to close at $1.73 million (2021: $3.42 million).

Additionally, administrative and other expenses increased by 13% moving from $250.87 million in 2021 to $282.25 million in 2022.  For the quarter, administrative and other expenses closed at $91.08 million (2021: $85.20 million).

As such, operating profit for the period rose by 55% totalling $236.84 million (2021: $152.66 million). For the quarter, operating profit amounted to $91.75 million versus $61.86 million recorded in the prior comparable quarter.

Exchange loss amounted to $4.08 million relative to a gain of $2.58 million booked in the 2021. Finance cost declined to $45.05 million (2021: $51.66 million).

Profit before taxation increased by 81% to close at $187.71 million (2021: $103.58 million). For the quarter, profit before taxation amounted to $72.76 million (2021: $42.58 million).

Net profit for the period closed at $187.71 million (2021: $103.58 million). While for the quarter, net profit totalled $72.76 million (2021: $42.58 million).

Total comprehensive income for the period amounted to $188.36 million (2021: $105.98 million) and closed at $73.41 million (2021: $42.58 million ) for the quarter ended July 31, 2022.

Consequently, earnings per share (EPS) for the nine months amounted to $0.141 (2021: $0.078). While for the quarter, EPS closed at $0.055 (2021: $0.032). The trailing twelve months earnings per share amounted to $0.197.  The numbers of shares used in the calculations are 1,332,536,649 units. Notably, INDIES stock price closed the trading period on September 9, 2022 at $3.00 with a corresponding P/E of 15.22 times.

Balance Sheet at a glance:

As at July 31, 2022, the Company’s total asset base amounted to $2.17 billion (2021: $1.73 billion). The increase was mainly due to a 46% rise in ‘Property, plant and equipment’ to $949.75 million (2021: $648.84 million) and 38% rise in ‘Intangible assets’ to $370.19 million (2021: $268.45 million).

Equity attributable to stockholders amounted to $1.14 billion (2021: $746.14 million) with book value per share amounting to $0.86 (2021: $0.56).



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