July 29, 2021
Lasco Distributors Limited (LASD), for the three months ended June 30, 2021, posted a 22% increase in revenue to $5.76 billion, up from $4.70 billion booked in the corresponding period in 2020.
Cost of sales amounted to $4.79 billion, up 26% on the $3.81 billion reported in the prior comparable period. Nonetheless, gross profit recorded an 8% increase year over year, closing at $964.19 million compared to the $896.24 million generated for the same period in the prior year. According to LASD, “ This was due to increase product and logistics costs, which were not immediately recovered through price increases, and the implementation of temporary price promotions to drive volumes.”
Other operating income rose by 13% to end the three months closing at $82.53 million relative to $73.14 million in the corresponding period last year.
Operating expenses of $699.69 million were booked for the period, 8% increase from $650.84 million recorded for the comparable period of 2020.
Operating profit increased by 9% to close at $347.03 million for the period under review (2020: $318.53 million) while Finance cost totalled $257,000 (2020: $1.50 million)
Pre-tax profit amounted to $346.78 million, a 9% increase from the $317.03 million reported in the previous year.
Net profit for the period closed at $292.07 million (2020: $258.02 million), a 13% increase year over year following taxation of $54.71 million (2020: $59.01 million). Additionally, total comprehensive income for the period amounted to $329.35 million relative to $271.36 million booked last year same time.
Earnings per share for the three months ended June 2021, totalled $0.08 versus $0.07 for the corresponding period in 2020. The trailing twelve months EPS is $0.27. The total amount of shares outstanding used for this calculation was 3,510,702,702 units. Notably, LASD’s closed the trading period on July 28, 2021, at $3.82 with a corresponding P/E ratio of 14.21 times.
LASD stated that, “All key categories delivered growth, led by the Nutrition flagship brand LASCO Food Drink, which continued to expand its leadership position. The beverage category benefitted from the reopening of several distribution channels which were closed during the first quarter of financial year 2020/2021.”
Balance Sheet Highlights:
As at June 30, 2021, ‘Total Assets’ amounted to $11.92 billion, 21% more than last year’s $9.84 billion. This increase was due to an increase in ‘Cash and Cash Equivalent’ which closed at $3.23 billion (2020: $2.32 billion). ‘Receivables’ also contributed to the growth closing at $3.20 billion (2020: $2.54 billion).
Shareholders’ equity amounted to $6.80 billion as at June 2021 (2020: $5.80 billion), reflecting a 17% increase. This translated in a book value per share of $1.94 (2020: $1.65).
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