July 19, 2023
Image Plus Consultants Ltd. for the three months ended May 31, 2023, reported a 7% increase in revenue to $300.18 million (2022: $281.09 million).
Cost of sales grew 18% to $108.41 million from $91.93 million in 2022. As a result, gross profit amounted to $191.78 million, 1% higher than the $189.16 million reported in 2022.
Administrative expenses amounted to $117.41 million (2022: $91.16 million), while depreciation and amortization amounted to $14.41 million (2022: $8.87 million).
Operating profit amounted to $59.92 million, a 33% decrease relative to $89.14 million reported in 2022.
Finance income for the period amounted to $4.88 million (2022: $579,255), while finance cost totalled $1.72 million (2022: $2.57 million).
Profit before tax was $64.12 million, 27% lower than the $87.72 million reported in 2022.
The company recorded no tax expense for the period under review (2022: $16 million).
IPCL recorded net profit of $64.12 million, 11% lower than the $71.72 million reported in 2022.
Earnings per share (EPS) amounted to $0.05 (2022: $0.06). The twelve-month trailing EPS amounted to $0.19. The number of shares used in our calculations is 1,239,449,680. IPCL’s stock price closed the trading period at a price of $2.01 on July 18, 2023, with a corresponding P/E ratio of 10.89x.
Balance Sheet Highlights:
As of May 31, 2023, total assets increased 148% to $1.23 billion (2022: $498.60 million). This was mainly attributed to ‘Trade and Other Receivables’, which increased 147% to $487.47 million (2022: $197.55 million). Additionally, ‘Financial Investments’ and ‘Property Plant and Equipment’ contributed to the growth in total assets with a 640% increase to $265.03 million (2022: $35.83 million) and 67% increase to $334.32 million (2022: $200.48 million), respectively.
Shareholders’ equity increased 174% to $927.77 million (2022: $338.56 million), resulting in a book value per share of $0.75 (2022: $0.27).
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