May 31, 2021
K.L.E Group Limited (KLE), for the year ended December 31, 2020, recorded total revenue of $151.38 million (2019: $224.57 million), representing a 33% decrease. Whereas revenue, for the fourth quarter ended December 31, 2020, declined 38% to $43.53 million (2019: $70.68 million).
Cost of sales for the year decreased by 31% to $44.37 million compared to the $64.25 million reported in 2019; as a result, gross profit was down 33% to total $107.01 million relative to $160.33 million in 2019. While, gross profit fell 39% to $32.31 million (2019: $52.71 million) for the quarter ended December 31, 2020.
Other operating income fell by 92% to $505,000 relative to $6.09 million booked in the prior corresponding period. In addition, Administrative and Other Expenses increased by 9% from $170.51 million in 2019 to $186.06 million for the year ended December 31, 2020.
Consequently, loss from operations amounted to $78.55 million in contrast to the loss of $4.10 million for the same period last year. Operating loss for the quarter amounted to $38.67 million (2019: loss of $14.07 million).
Finance and depreciation costs rose to $10.55 million when compared to $8.65 million for the same period of 2019, a 22% increase. Furthermore, Share of post-tax loss of equity accounted associate amounted to $13.23 million (2019: $4.75 million).
As a result, KLE loss before taxation amounted to $102.33 million, relative to a loss of $17.49 million booked December 31, 2019. While for the quarter loss before tax amounted to $37.90 million, relative to a loss of $13.63 million recorded twelve months earlier.
The Company reported tax charge in the sum of $1.63 million relative to tax credit of $682,000 million a year earlier. As such, KLE recorded net loss of $103.96 million compared to net loss of $16.81 million for the comparable period last year. For the fourth quarter ended December 31, 2020, net loss closed at $39.52 million (2019: loss of $12.81 million).
Total comprehensive loss for the year amounted to $104.49 million relative to a loss of $14.84 million in 2019.
Loss per share amounted to $1.04 for the year relative to a LPS of $0.17 in 2019. While for the quarter, loss per share amounted to $0.40 versus loss per share of $0.13 documented twelve months earlier. The number of shares used in our calculations is 100,000,000 units. The stock last traded on May 28, 2021 at $1.28.
Balance Sheet Highlights:
The Company, as at December 31, 2020, recorded total assets of $284.75 million, an increase of 33% when compared to $214.50 million in 2019. This increase was attributable to a 374% increase in “Property, Plant & Equipment” to $108.56 million (2019: $22.91 million) and “Right of use assets” which stood at $32.79 million (2019: nil).
Total Stockholders’ Deficit as at December 31, 2020 was $5.15 million, relative to shareholders equity of $99.34 million reported last year resulting in a shareholders’ deficit per share of $0.05 compared to a shareholders’ equity per share of $0.99 as at December 2019.
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