July 16, 2025
Image Plus Consultants Limited (IPCL)
Unaudited financials for the first quarter ended May 31, 2025:
Image Plus Consultants Limited (IPCL) for the first quarter ended May 31, 2025, reported a 9% decrease in revenue, totalling $267.43 million compared to $293.46 million in the corresponding three months last year.
Cost of sales amounted to $93.82 million (2024: $108.70 million). This represents a decrease of 14% year over year. Consequently, gross profit decreased by 6% to $173.61 million compared to $184.76 million for the first quarter ended May 31, 2024.
Administrative expenses increased by 2%, closing at $122.33 million (2024: $120.14 million), while depreciation and amortisation increased by 3% from $26.67 million in 2024 to $27.56 million for the three months.
Operating profit for the three months amounted to $23.63 million, a 38% decrease relative to $37.96 million reported in 2024. Net finance cost totalled $10.48 million, a 64% increase from the corresponding period last year (2024: $6.38 million).
Net profit for the first quarter ended May 31, 2025, amounted to $13.73 million, a 57% decrease relative to $31.65 million reported in 2024.
Consequently, earnings per share for the three months amounted to $0.01 (2024: $0.03). The twelve-month trailing EPS was $0.02, and the number of shares used in these calculations was 1,239,449,680.
Notably, IPCL’s stock price closed the trading period on July 15, 2025, at $1.00 with a corresponding P/E ratio of 47.66x.
Balance Sheet Highlights
The company’s assets totalled $1.54 billion (2024: $1.62 billion). This decrease was attributable to trade and other receivables, which amounted to $255.05 million (2024: $329.21 million).
Shareholders’ equity was $1.10 billion (2024: $1.07 billion), representing a book value per share of $0.88 (2024: $0.86).
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