IPCL year end profits jumps 151% to $236.43 million

May 1, 2023

Image Plus Consultants Ltd. for the year ended February 28, 2023, reported a 41% increase in revenue to $1.09 billion (2022: $777.47 million). Revenue for the fourth quarter amounted to $291.01 million (2022: $218.94 million).

Cost of sales grew 39% to $377.49 million from $272.20 million in 2021. Q4 Cost of Sales amounted to $103.76 million (2022: $80.20 million).

As a result of this Gross Profit for the year was $716.31 million, 42% higher than the $505.27 million reported in 2022. Gross profit for the quarter was $187.25 million (2022: $138.73 million).

Administrative expenses and Depreciation and Amortization amounted to $417.19 million (2022: $364.72 million) and $43.23 million (2022: $36.43 million) respectively.

Finance income for the year amounted to $3.74 million compared to the $2.02 reported in 2022. Finance cost was $6.82 million relative to $6.33 million reported in 2022.

Profit before tax for the year was $251.98 million, 123% higher than the $113.06 million reported in 2022.

The company recorded a tax expense of $15.55 million compared to $18.77 million reported in 2022.

After taxation, IPCL recorded year end net profit of $236.43 million, 151% higher than the $94.29 million reported in 2022. Net profit for the quarter amounted to $88.08 million (2022: $35.70 million)

Earnings per share (EPS) for the year amounted to $0.19 (2022: $0.08). The earnings per share for the quarter amounted to $0.07 (2022: $0.03). The number of shares used in our calculations is 1,239,449,680. IPCL stock price closed the trading period at a price of $1.94 on April 28, 2023, with a corresponding P/E ratio of 10.17 times.


Balance sheet at a glance:

As at February 28, 2023, Total assets increased 159% to $1.16 billion (2022: $447.40 million). This was mainly attributed to ‘Financial Investments’ which increased 3044% to $435.02 million (2022: $13.83 million).

Shareholders’ equity increased 252% to $938.02 million (2022: $266.84 million), resulting in a book value per share of $0.76 (2022: $0.22).



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