April 30, 2024
Image Plus Consultants Limited (IPCL)
Audited financials for the twelve months ended February 29, 2024:
Image Plus Consultants Limited (IPCL) for the twelve months ended February 29, 2024, reported a 9% increase in Revenue totalling $1.20 billion compared to $1.09 billion in the corresponding period last year. Revenue for the fourth quarter had a 12% increase to close at $326.30 million compared to $291.01 million for the comparable quarter of 2023.
Cost of sales amounted to $430.87 million (2023: $377.49 million), this represents an increase of 14% year over year. Consequently, gross profit increased by 7% to $764.78 million compared to $716.31 million for the twelve months ended February 28, 2023. The company booked gross profit of $207.76 million for the fourth quarter versus $187.25 million reported for the similar quarter of 2023.
Administrative expenses increased by 14% to close at $477.58 million (2023: $417.19 million), while depreciation and amortisation increased by 48% from $43.23 million in 2023 to $64.11 million in the period under review. Also, other expenses for the twelve months ended February 29, 2024, amounted to $688,059, an 840% increase relative to $73,200 reported in 2023.
Operating profit for the twelve months ended February 29, 2024, amounted to $222.40 million, a 13% decrease relative to $255.82 million reported in 2023. Operating profit for the fourth quarter amounted to $65.50 million (2023: $62.16 million).
Net Finance Cost totalled $419,590, an 86% decrease from the corresponding period last year. (2023: $3.07 million).
Profit before Tax for the twelve months ended February 29, 2024, amounted to $224.33 million, a 11% decrease relative to $251.98 million reported in 2023. Profit before Tax for the fourth quarter amounted to $60.14 million (2023: $72.29 million).
Income Tax Expense for the twelve months ended February 29, 2024, had a 20% decrease to reach $12.40 million (2023: $15.55 million).
Net profit for the twelve months amounted to $211.93 million, a 10% decrease from the $236.43 million reported in 2023. For the fourth quarter, Net profit was $47.74 million (2023: $88.08 million).
Consequently, Earnings Per Share for the twelve months amounted to $0.17 (2023: EPS: $0.19), while Earnings Per Share for the quarter totalled $0.04 (2023: EPS: $0.07). The number of shares used in these calculations was 1,239,449,680.
Notably, IPCL’s stock price closed the trading period on April 30, 2024, at a price of $1.90 with a corresponding P/E ratio of 11.11x.
Balance Sheet Highlights
The company’s assets totalled $1.61 billion (2023: $1.16 billion). The growth in total assets was influenced by a 281% increase in ‘Property, plant & equipment’ to $1.21 billion (2023: $318.77 million), while ‘Financial investments’ declined from $435.02 million in 2023 to close the period at nil, partly offsetting the upward movement.
Shareholder’s equity was $1.08 billion (2023: $938.02 million), representing a book value per share of $0.87 (2023: $0.76).
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