May 16, 2025
ISP Finance Services Limited(ISP)
Unaudited financials for the first quarter ended March 31, 2025:
ISP Finance Services Limited (ISP) for the first quarter ended March 31, 2025, reported a 29% decrease in total interest income, totalling $99.21 million, compared to $140.15 million in the corresponding three months last year.
Interest Expense amounted to $12.53 million (2024: $15.37 million), which represents a decrease of 18% year over year. Consequently, net interest income decreased by 31% to $86.67 million compared to $124.78 million for the first quarter ended March 31, 2024.
Gross Profit decreased by 31% to close at $83.52 million (2024: $120.36 million), while Commission Expense on loans decreased by 29% from $4.42 million in 2024 to $3.15 million for the three months. As a result, Total Operating Expenses for the first quarter amounted to $72.24 million, a 23% decrease relative to $94.27 million reported in 2024.
Allowance for Credit Loss for the three months amounted to $26.71 million, a 34% decrease relative to $40.53 million reported in 2024. Other operating expenses totalled $22.55 million, a 23% decrease from last year’s corresponding period. (2024: $29.31 million).
Profit Before Taxation for the first quarter ended March 31, 2025, amounted to $17.28 million, a 34% decrease relative to $26.09 million reported in 2024.
Taxation for the three months decreased 34% to $2.88 million (2024: $4.35 million). Net Profit for the three months amounted to $14.40 million, a 34% decrease from the $21.75 million reported in 2024.
Consequently, Earnings Per Share for the three months amounted to $0.14 (2024: EPS: $0.21). The twelve-month trailing EPS was $0.46, and the number of shares used in these calculations was 105,000,000. Notably, ISP’s stock closed the trading period on May 15, 2025, at a price of $20.00, with a corresponding P/E ratio of 43.41x.
Balance Sheet Highlights
The company’s assets totalled $1.29 billion (2024: $1.17 billion). The overall growth in the company’s asset base is driven by a 635% YoY surge in Other Receivables, which closed the quarter at $51.38 million (2024: $6.99 million); a 6% YoY rise in Loans, net of provisions for credit losses, reaching $1.07 billion (2024: $1.00 billion); a 48% YoY increase in Property, Plant and Equipment, ending at $23.55 million (2024: $15.87 million); and a 3% YoY uptick in Cash & Cash Equivalents, totaling $119.91 million (2024: $116.20 million).
Shareholder’s equity was $654.97 million (2024: $606.59 million), representing a book value per share of $6.24 (2024: $5.78).
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