February 10, 2023
Revenue for the nine months ended December 31, 2022 increased 13% to $19.64 billion (2021: $17.37 billion). Management noted that this resulted because of growth in both Domestic and Export markets. Revenue for the quarter increased 17% to $6.78 billion (2021: $5.79 billion).
Cost of Sales for the nine months ended December 31, 2022 increased 12% to $16.23 billion (2021: $14.45 billion). for the quarter cost of Sales increased 17% to $5.59 billion (2021: $4.79 billion).
Gross Profit for the nine months ended December 31, 2022 increased 17% to $3.41 billion (2021: $2,92 billion). Gross Profit for the quarter improved 19% year over year to $1.19 billion (2021: $1 billion).
Other Operating Income for the nine-month period decreased 18% to $161.23 million (2021: $196.59 million).
Operating Expenses year to date increased 11% to $2.37 billion (2021: $2.13 billion), while for the quarter there was an increase of 7% to $800.21 million (2021: $751.37 million).
Profit from Operations for the nine months ended December 31, 2022 increased 23% to $1.20 billion (2021: $979.18 million). Profit from Operations for the quarter increased 32% to $480.71 million (2021: $362.96 million).
Finance Costs for the nine months ended December 31, 2022 reflected a surged to $24.72 million relative to $1.52 million for the corresponding period in 2021.
Profit Before Taxation for the nine months ended December 31, 2022 increased 20% to $1.18 billion (2021: $977.66 million). Profit Before Taxation for the quarter increased 26% to $457.31 million (2021: $362.60 million).
LASD recorded Taxation for the nine months ended December 31, 2022 of $245.42 million (2021: $202.46 billion).
Net Profit for the nine months ended December 31, 2022 increased 20% to $930.11 million (2021: $775.20 million). Net Profit for the quarter increased 20% to $342.98 million (2021: $285.90 million).
Total Comprehensive Income for the nine months ended December 31, 2022 increased 22% to $963.57 million (2021: $790.43 million). Total Comprehensive Income for the quarter increased 13% to $340.35 million (2021: $301.13 million).
Earnings per Share (EPS) for the nine months ended December 31, 2022 was $0.26 (2021: $0.22). EPS for the quarter ended December 31, 2022 was $0.10 (2021: $0.08). The twelve-month trailing earnings per share amounted to $0.33. The number of shares outstanding used for this calculation was 3,510,702,702. LASD’s stock closed the trading period at a price of $2.78 on February 8, 2023 with a corresponding P/E ratio of 8.33 times.
Management noted that “the focus on Exports continues to deliver above company average growth, in line with the company’s strategic objectives.”
Balance Sheet at a glance:
As at December 31, 2022, the Company’s total assets closed at $12.50 billion, 7% more than the $11.65 billion quoted a year ago. The main contributor to this was the 33% increase in ‘Inventories’, which closed at $4.40 billion (2021: $3.29 billion) tempered by a 47% decline in ‘Cash and Cash Equivalent’, which closed at $1.21 billion (2021: $2.27 billion).
Shareholders’ Equity stood at $7.90 billion (2021: $7.03 billion), resulting in a book value per share of $2.25 (2021: $2.00).
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