Indies Pharma Jamaica Limited (INDIES)

Unaudited financials for the six months ended April 30, 2024:

Indies Pharma Jamaica Limited (INDIES) for the six months ended April 30, 2024, reported a 17% increase in Revenue totaling $570.78 million compared to $487.16 million in the corresponding period last year. Revenue for the second quarter had a 30% increase to close at $301.40 million compared to $231.52 million for the comparable quarter of 2023.

Cost of Sales amounted to $172.77 million (2023: $148.07 million), this represents an increase of 17% year over year. Consequently, gross profit increased by 17% to $398.01 million compared to $339.09 million for the six months ended April 30, 2023. The company booked gross profit of $208.52 million for the second quarter versus $163.82 million reported for the similar quarter of 2023.

Other operating income increase by 2928% to close at $29.04 million (2023: $959,075), while Administrative and other expenses increased by 14% from $217.41 million in 2023 to $247.46 million in the period under review. As a result, profit from operation for the six months ended April 30, 2024, amounted to $179.59 million, a 46% increase relative to $122.64 million reported in 2023.

Exchange Gain for the six months ended April 30, 2024, amounted to $255,749 relative to an Exchange Loss of $1.62 million reported in 2023. Exchange Gain for the second quarter amounted to $550,403 whilst for the similar quarter of 2023 reported exchange loss of $1.17 million. Finance cost totalled $28.10 million, a 14% decrease from the corresponding period last year. (2023: $32.75 million).

Profit before taxation for the six months ended April 30, 2024, amounted to $151.74 million, a 72% increase relative to $88.27 million reported in 2023. Profit before taxation for the second quarter amounted to $79.50 million (2023: $28.36 million).

Net Profit for the six months amounted to $133.56 million, a 51% increase from the $88.27 million reported in 2023. For the second quarter, Net Profit for the year was $70.22 million (2023: $28.36 million).

Consequently, Earnings Per Share for the six months amounted to $0.10 (2023: EPS: $0.07), while Earnings Per Share for the quarter totaled $0.05 (2023: EPS: $0.02). The twelve-month trailing EPS was $0.19, and the number of shares used in these calculations was 1,332,536,649.

Notably, INDIES’s stock price closed the trading period on June 17, 2024, at a price of $2.50 with a corresponding P/E ratio of 13.07x.

Balance Sheet Highlights

The company’s assets totalled $2.35 billion (2023: $2.25 billion). This increase was attributable to Inventories which equated to $314.96 million for the period (2023: $163.74 million). Additionally, Receivables also contributed to the increase amounting to $219.43 million for the period (2023: $147.25 million).

Shareholder’s equity was $1.35 billion (2023: $1.10 billion), representing a book value per share of $1.02 (2023: $0.82).

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