January 15, 2026
Image Plus Consultants Limited (IPCL)
Unaudited Financial Results for the Nine Months Ended November 30, 2025
Image Plus Consultants Limited (IPCL) for the nine months ended November 30, 2025, reported a 4% decrease in Revenue totaling $803.32 million compared to $835.55 million in the corresponding period last year. Revenue for the third quarter had a 7% decrease to close at $277.20 million compared to $296.75 million for the comparable quarter of 2024.
Cost of sales amounted to $274.96 million, representing a 10% year-over-year reduction from $304.46 million in 2024. As a result, gross profit declined marginally by 1% to $528.36 million, compared to $531.09 million for the nine months ended November 30, 2024. Gross profit for the third quarter stood at $178.50 million, compared to $192.49 million reported in the same quarter of 2024.
Administrative expenses decreased slightly by 1% to $379.26 million, compared to $382.42 million in the prior year. Depreciation and amortisation expenses increased by 6% to $85.78 million, up from $81.04 million in 2024. As a result, total other expenses for the nine-month period amounted to $417,798.
Operating profit for the nine months totaled $62.90 million, reflecting a 7% decline from $67.63 million reported in 2024. Third-quarter operating profit amounted to $19.90 million, compared to $39.87 million in the corresponding quarter last year. Net finance costs increased by 13% to $30.47 million, up from $27.02 million in 2024.
Profit before tax for the nine-month period amounted to $33.01 million, representing a 21% decrease relative to $41.57 million reported in 2024. For the third quarter, profit before tax totaled $9.91 million, compared to $26.17 million in the prior year. Realised fair value gains for the nine months amounted to $4.33 million.
Net profit for the nine-month period stood at $37.34 million, reflecting a 10% decline from $41.57 million reported in 2024. Net profit for the third quarter amounted to $9.91 million, compared to $26.17 million in the corresponding quarter last year.
Consequently, Earnings Per Share for the nine months amounted to $0.03 (2024: EPS: $0.03), while Earnings Per Share for the quarter totaled $0.01 (2024: EPS: $0.02). The twelve-month trailing EPS was $0.03, and the number of shares used in these calculations was 1,239,449,680.
Notably, IPCL’s stock price closed the trading period on January 15, 2026, at a price of $0.98 with a corresponding P/E ratio of 29.97x.
Balance Sheet Highlights
Total assets amounted to $1.56 billion, down from $1.61 billion in 2024. This decline was primarily attributable to lower trade and other receivables, which fell to $161.96 million from $355.33 million in the prior year.
Shareholders’ equity stood at $1.09 billion, compared to $1.08 billion in 2024, translating to a book value per share of $0.88, up slightly from $0.87 in the prior year.
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