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).
Disclaimer:
Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.