April 30, 2026
Image Plus Consultants Limited (IPCL)
Audited Financial Statements for the Twelve Months Ended February 28, 2026
Image Plus Consultants Limited (IPCL) reported a 1% increase in Revenue to $1.09 billion for the twelve months ended February 28, 2026, compared to $1.08 billion in the corresponding period last year. Revenue for the fourth quarter increased 18% to $288.85 million, up from $245.30 million in the comparable quarter of 2025.
Direct Costs amounted to $376.96 million (2025: $389.55 million), a decrease of 3% year over year. Consequently, Gross Profit increased 3% to $715.21 million compared to $691.30 million for the twelve months ended February 28, 2025. The company booked Gross Profit of $186.85 million for the fourth quarter versus $160.21 million reported for the comparable quarter of 2025.
Administrative Expenses increased 4% to $520.82 million (2025: $503.03 million), while Depreciation and Amortisation increased 5% to $114.33 million (2025: $108.43 million). Other Expenses amounted to $2.84 million for the twelve months ended February 28, 2026, compared to nil in 2025.
Operating Profit for the twelve months ended February 28, 2026, amounted to $77.22 million, a 3% decline relative to $79.84 million reported in 2025. Operating Profit for the fourth quarter amounted to $14.32 million (2025: $12.21 million). Finance Income declined 80% to $0.37 million (2025: $1.79 million), while Finance Cost decreased marginally by 0.4% to $38.51 million (2025: $38.68 million). The Group also recorded a Gain on Business Acquisition of $10.08 million (2025: nil) and a Foreign Exchange Loss of $0.48 million (2025: $0.19 million
Profit for the Year for the twelve months ended February 28, 2026, amounted to $48.67 million, an 11% increase relative to $43.93 million reported in 2025. Profit for the fourth quarter amounted to $11.33 million (2025: $2.37 million).
Earnings Per Share for the twelve months amounted to $0.04 (2025: $0.04), while Earnings Per Share for the fourth quarter totalled $0.01 (2025: $0.002). The number of shares used in these calculations was 1,239,449,680. Notably, IPCL’s stock price closed at $0.74 on April 30, 2026, with a corresponding trailing P/E ratio of 18.85x.
Balance Sheet Highlights
The company’s total assets amounted to $1.53 billion (2025: $1.60 billion), a decrease of 5% year over year, primarily driven by a 43% decline in Property, Plant and Equipment to $662.25 million (2025: $1.15 billion), partially offset by the addition of Intangible Assets of $59.50 million and a Contract Asset of $554.33 million, both of which were not present in the prior year.
Total Shareholders’ Equity increased 2% to $1.11 billion (2025: $1.08 billion), driven by the accretion of Retained Earnings to $640.44 million (2025: $612.23 million). Book value per share was $0.89 (2025: $0.87).
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