May 2, 2022
K.L.E Group Limited (KLE), for the year ended December 31, 2021, recorded no revenue versus $151.38 million booked in twelve months earlier. Followed by no cost of sales for the year under review compared to the $44.37 million reported in 2020; as a result, there was no gross profit relative to $107.01 million in 2020.
Other operating income increased by $77.97 million to $78.48 million relative to $505,000 booked in the prior corresponding period. In addition, Administrative and Other Expenses decreased by 89% from $186.06 million in 2020 to $21.36 million for the year ended December 31, 2021.
Consequently, income from operations amounted to $57.12 million in contrast to the loss of $78.55 million for the same period last year. Operating income for the quarter amounted to $72.16 million (2020: loss of $38.67 million).
Finance and depreciation costs rose to $16.17 million when compared to $10.55 million for the same period of 2020, a 53% increase. Furthermore, Share of post-tax loss of equity accounted associate amounted to $6.98 million (2020: $13.23 million).
As a result, KLE profit before taxation amounted to $33.97 million, relative to a loss of $102.33 million booked December 31, 2020. While for the quarter profit before tax amounted to $91.92 million, relative to a loss of $37.90 million recorded twelve months earlier.
The Company reported tax charge in the sum of $8.24 million relative to $1.63 million booked a year earlier. As such, KLE recorded net profit of $25.73 million compared to net loss of $103.96 million for the comparable period last year. For the fourth quarter ended December 31, 2021, net profit closed at $83.68 million (2020: loss of $39.52 million).
KLE net profit after discounted operation loss of $11.40 million (2020: nil), amounted to $14.33 million for the year, while for the quarter profit after discounted operation closed at 72.28 million Total comprehensive income for the year amounted to $13.80 million relative to a loss of $104.49 million in 2020.
Earnings per share amounted to $0.26 for the year relative to a LPS of $1.04 in 2020. While for the quarter, earnings per share amounted to $0.84 versus loss per share of $0.40 documented twelve months earlier. The number of shares used in our calculations is 100,000,000 units. The stock last traded on April 29, 2022 at $2.60 with a corresponding P/E of 10.10 times.
Balance Sheet Highlights:
The Company, as at December 31, 2021, recorded total assets of $209.79 million, a decrease of 26% when compared to $284.75 million in 2020. This decrease was primarily attributable to a 100% decrease in “Property, Plant & Equipment” to nil (2020: $108.56 million).
Total Stockholders’ equity as at December 31, 2021 was $8.65 million, relative to shareholders deficit of $5.15 million reported last year resulting in a book value per share of $0.09 compared to a shareholders’ deficit per share of $0.05 as at December 2020.
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