October 15, 2025
Image Plus Consultants Limited (IPCL)
Unaudited Financial Statements for the Six Months Ended August 31, 2025
Image Plus Consultants Limited (IPCL) reported a 2% decrease in revenue, totaling $526.12 million, compared to $538.81 million in the corresponding period last year. Revenue for the second quarter increased by 5%, closing at $258.70 million, compared to $245.35 million for the comparable quarter of 2024.
Cost of sales amounted to $176.26 million (2024: $200.20 million), representing a 12% decrease year-over-year. Consequently, gross profit increased by 3% to $349.86 million, compared to $338.61 million for the six months ended August 31, 2024. The company recorded a gross profit of $176.26 million for the second quarter, versus $153.85 million reported for the similar quarter of 2024.
Administrative expenses decreased by 2% to $250.81 million (2024: $257.10 million), while depreciation and amortisation increased by 4%, from $53.75 million in 2024 to $55.90 million in the period under review. As a result, other expenses for the six months ended August 31, 2025, amounted to $146,998.
Operating profit for the six months ended August 31, 2025, amounted to $43.00 million, a 55% increase relative to $27.76 million reported in 2024. Operating profit for the second quarter amounted to $19.37 million, compared to an operating loss of $10.20 million in 2024.
Net finance cost totaled $20.64 million, a 57% decrease from the corresponding period last year (2024: $13.13 million).
Profit before tax for the six months ended August 31, 2025, amounted to $23.09 million, a 50% increase relative to $15.40 million reported in 2024. Profit before tax for the second quarter amounted to $9.37 million (2024: loss before tax of $16.25 million).
Net profit for the six months amounted to $23.09 million, a 50% increase from $15.40 million reported in 2024. For the second quarter, net profit was $9.37 million (2024: net loss of $16.25 million).
Consequently, Earnings Per Share (EPS) for the six months amounted to $0.02 (2024: EPS $0.01), while EPS for the quarter totaled $0.01 (2024: LPS $0.01). The twelve-month trailing EPS was $0.04, and the number of shares used in these calculations was 1,239,449,680.
Notably, IPCL’s stock price closed the trading period on October 15, 2025, at $0.96, with a corresponding P/E ratio of 23.05x.
Balance Sheet Highlights
The company’s assets totaled $1.52 billion (2024: $1.53 billion). This decrease was attributable to trade and other receivables, which amounted to $139.70 million (2024: $251.87 million).
Shareholders’ equity was $1.11 billion (2024: $1.05 billion), representing a book value per share of $0.89 (2024: $0.85).
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