LASD reports 11% increase in three months net profit

August 5, 2022

Lasco Distributors Limited (LASD), for the three months ended June 30, 2022, posted a 9% increase in revenue to $6.26 billion, up from $5.76 billion booked in the corresponding period in 2021. According to LASD, “ This was a result of growth in all Divisions: Consumer, Pharmaceutical and Exports, driven by rebalanced marketing investment to diversify the business and a focus on improving on-shelf availability.”

Cost of sales amounted to $5.18 billion, up 8% on the $4.79 billion reported in the prior comparable period. Nonetheless, gross profit recorded an 11% increase year over year, closing at $1.07 billion compared to the $964.19 million generated for the same period in the prior year.

Other operating income contracted by 66% to end the three months closing at $28.35 million relative to $82.53 million in the corresponding period last year.

Operating expenses of $718.03 million were booked for the period, 3% increase from $699.69 million recorded for the comparable period of 2021.

Operating profit increased by 10% to close at $382.57 million for the period under review (2021: $347.03 million) while Finance cost totalled $201,000 (2021: $257,000)

Pre-tax profit amounted to $382.36 million, a 10% increase from the $346.78 million reported in the previous year.

Net profit for the period closed at $324.89 million (2021: $292.07 million), an 11% increase year over year following taxation of $57.48 million (2021: $54.71 million). Additionally, total comprehensive income for the period amounted to $383.12 million relative to $329.35 million booked last year same time.

Earnings per share for the three months ended June 30 2022, totalled $0.09 versus $0.08 for the corresponding period in 2021. The trailing twelve months EPS is $0.30. The total amount of shares outstanding used for this calculation was 3,510,702,702 units. Notably, LASD’s closed the trading period on August 5, 2022, at $3.10 with a corresponding P/E ratio of 10.37 times.

Balance Sheet Highlights:

As at June 30, 2022, ‘Total Assets’ amounted to $13.43 billion, 13% more than last year’s $11.92 billion. This increase was due to an increase in ‘Inventories’ which closed at $3.75 billion (2021: $2.83 billion). ‘Receivables’ also contributed to the growth closing at $3.72 billion (2021: $3.20 billion).

Shareholders’ equity amounted to $7.36 billion as at June 30, 2022 (2021: $6.80 billion), reflecting an 8% increase. This translated in a book value per share of $2.10 (2021: $1.94).


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