February 14, 2025

Kintyre Holdings Limited (KNTYR)

Unaudited financials for the twelve months ended December 31, 2024:

Kintyre Holdings Limited  (KNTYR) for the twelve months ended December 31, 2024 reported a 35% increase in Revenue totaling $217.08 million compared to $160.27 million in the corresponding period last year. Revenue for the fourth quarter had a 50% increase to close at $93.35 million compared to $62.09 million for the comparable quarter of 2023.

Cost Of Sales amounted to $36.25 million (2023: $30.09 million), this represents an increase of 20% year over year. Consequently, gross profit increased by 39% to $180.83 million compared to $130.18 million for the twelve months ended December 31, 2023. The company booked gross profit  of $85.92 million for the fourth quarter versus $57.49 million reported for the similar quarter of 2023.

Administrative & General Exp decreased by 63% to close at $80.90 million (2023: $220.64 million), while Depreciation & Amortization decreased by 78% from $13.76 million in 2023 to $2.97 million in the period under review. As a result, total operating expenses for the twelve months ended December 31, 2024 amounted to $83.87 million, a 64% decrease relative to $234.39 million reported in 2023.

Net Operating Income before tax for the twelve months ended December 31, 2024, amounted to $101.62 million, relative to $101.31 million reported in 2023. Net Operating Income before tax for the fourth quarter amounted to $68.44 million (2023: $23.49 million). Finance Costs totalled $4.11 million, a 90% decrease from the corresponding period last year. (2023: $42.49 million).

Pre-tax profit for the twelve months ended December 31, 2024, amounted to $97.51 million, a 168% increase relative to the pre-tax loss of $143.80 million reported in 2023. Pre-tax profit for the fourth quarter amounted to $68.30 million (2023: $20.05 million).

Income Tax for the twelve months ended December 31, 2024 had a 67% increase to reach $16.87 million (2023: $10.10 million) . Net Operating Income after tax for the twelve months amounted to $80.64 million, a 152% increase from the Net Operating loss of $153.90 million reported in 2023. For the fourth quarter, Net Operating Income after tax was $60.35 million (2023: $12.39 million).

Consequently, Earnings Per Share for the twelve months amounted to $0.08 (2023: LPS: $0.16), while Earnings Per Share for the quarter totaled $0.06 (2023: EPS: $0.01). The number of shares used in these calculations was 949,685,242.

Notably, KNTYR’s stock price closed the trading period on February 13, 2025 at a price of $0.39 with a corresponding P/E ratio of 4.59x.

Balance Sheet Highlights

The company’s assets totaled $605.49 million (2023: $709.74 million). The movement in total assets was primarily attributable to a 47% decrease in ‘Goodwill’ amounting to $266.01 million (2023: $500.97 million) and a $15.35 million decrease in ‘Accounts Receivable’ amounting to $41.05 million (2023: $56.40 million). Conversely, ‘Plant, property and equipment’ increased by 71% amounting to $188.64 million (2023: $110.43 million).

Shareholder’s equity was $312.30 million (2023: $290.86 million), representing a book value per share of $0.33 (2023: $0.31).

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