August 05, 2024
LASCO Distributors Limited (LASD)
Unaudited financials for the first quarter ended June 30, 2024:
LASCO Distributors Limited (LASD), for the quarter ended June 30, 2024, reported a 0.1% increase in Revenue totaling $7.33 billion compared to $7.31 billion in the corresponding period last year.
Despite a slight increase in the cost of sales to $6.00 billion (2023: $5.98 billion), LASD has shown resilience. The gross profit decreased by 1% to $1.32 billion, compared to $1.34 billion for the June 30, 2023 quarter, indicating the company’s ability to navigate challenges.
Operating expenses for the quarter ended June 30, 2024, amounted to $941.25 million, a 17% increase relative to $806.17 million reported in 2023.
Profit from Operations for the quarter ended June 30, 2024, amounted to $441.30 million, a 27% decrease relative to $602.10 million reported in 2023. Finance Costs totaled $287,000, a 152% increase from last year’s corresponding period. (2023: $114,000).
Profit before taxation for the quarter ended June 30, 2024, amounted to $441.01 million, a 27% decrease relative to $601.98 million reported in 2023.
Taxation for the quarter ended June 30, 2024, decreased 47% to $82.10 million (2023: $154.40 million). Net Profit for the quarter amounted to $358.91 million, a 20% decrease from the $447.58 million reported in 2023.
Total Comprehensive Income for the quarter ended June 30, 2024, amounted to $363.28 million, a 21% decrease relative to $460.25 million reported in 2023.
Consequently, Earnings Per Share for the quarter amounted to $0.10 (2023: EPS: $0.13). The twelve-month trailing EPS was $0.39, and the number of shares used in these calculations was 3,525,702,702.
Notably, LASD’s stock closed the trading period on August 05, 2024, at $4.10, with a corresponding P/E ratio of 10.64x.
Balance Sheet Highlights
The company’s assets totaled $15.10 billion (2023: $13.53 billion). The increase in the company’s total asset base is ascribed to the rise in “Property, Plant and Equipment” account, representing a year-over-year increase of 20% closing the quarter at $2.34 billion (2023: $1.95 billion), “Intangible Asset” which witnessed a year over year increase of 1928%, closing the quarter at $156.87 million (2023: $7.74 million), and “Inventories” which accounted for the significant rise in the asset of $1.21 billion, which repressed a year over increase of 32% ending the quarter at $4.98 billion (2023: $3.76 billion).
Shareholder’s equity was $9.88 billion (2023: $8.87 billion), representing a book value per share of $2.80 (2023: $2.52). The increase in Shareholder’s Equity is attributed to a rise in the “Retained Earnings” earnings account of $1.00 billion, representing a 12% year-over-year increase ending the quarter at $9.22 billion (2023: $8.21 billion).
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