May 1, 2023
K.L.E Group Limited (KLE), for the year ended December 31, 2022, recorded no booked in twelve months earlier. Followed by no cost of sales for the year under review as a result, there was no gross profit/loss.
Other operating income decreased by $60.42 million to $18.06 million relative to $78.48 million booked in the prior corresponding period. In addition, Administrative and Other Expenses decreased by 89% from $21.36 million in 2021 to $12.46 million for the year ended December 31, 2022.
Consequently, income from operations amounted to $5.59 million in contrast to the profit of $57.12 million for the same period last year. For the quarter profit from operations amounted to $10.82 million compared to $72.16 million in 2021.
Finance and depreciation costs rose to $11.33 million when compared to $16.17 million for the same period of 2021, a 30% decrease. Furthermore, the Share of post-tax loss of equity accounted associate amounted to $3.20 million (2021: loss of $6.98 million).
As a result, KLE loss before taxation amounted to $2.54 million, relative to a profit of $33.97 million booked on December 31, 2021. While for the quarter profit before tax amounted to $11.10 million, relative to a profit of $91.92 million recorded twelve months earlier.
Adjustment to discontinued operation results for the period under review closed at $27.21 million (2021: nil).
The Company reported no tax charges for the period under review in comparison to the tax of $8.24 million recorded in the year prior. As such, KLE recorded a net loss of $24.67 million compared to net profit of $14.33 million for the comparable period last year. For the fourth quarter ended December 31, 2022, net profit closed at $11.10 million (2021: profit of $72.28 million).
Total comprehensive income for the year amounted to $24.96 million relative to a profit of $13.80 million in 2021.
Earnings per share amounted to $0.25 for the year relative to an EPS of $0.14 in 2021. While for the quarter, earnings per share amounted to $0.11 versus earnings per share of $0.72 documented twelve months earlier. The number of shares used in our calculations is 100,000,000 units. The stock last traded on April 28, 2023 at $2.02 with a corresponding P/E of 8.19 times.
Balance Sheet Highlights:
The Company, as at December 31, 2022, recorded total assets of $142.82 million, a decrease of 32% when compared to $209.79 million in 2021. This decrease was primarily attributable to an 80% decrease in “Cash & Cash Equivalent” to $11.46 million (2021: $57.23 million).
Total Stockholders’ equity as at December 31, 2022 was $33.61 million, relative to shareholders equity of $8.65 million reported last year resulting in a book value per share of $0.34 compared to a book value per share of $0.09 as at December 2021.
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