February 8, 2024
LASCO Distributors Limited (LASD) for the nine months ended December 31, 2023, reported an 11% increase in revenue totalling $21.86 billion compared to $19.64 billion in the corresponding period last year. Revenue for the third quarter had an 8% increase to close at $7.31 billion compared to $6.78 billion for the comparable quarter of 2022.
Cost of sales amounted to $17.90 billion (2022: $16.23 billion), this represents an increase of 10% year over year. Consequently, gross profit increased by 16% to $3.96 billion compared to $3.41 billion for the nine months ended December 31, 2022. The Company booked gross profit of $1.32 billion for the third quarter versus $1.19 billion reported for the similar quarter of 2022.
Other operating income for the nine-month period increased by 28% to $206.72 million (2022: $161.23 million), while operating expenses for the same period amounted to $2.66 billion, a 12% increase relative to $2.37 billion reported in 2022.
Profit from operations for the nine months ended December 31, 2023, amounted to $1.51 billion, a 26% increase relative to $1.20 billion reported in 2022. Profit from operations for the third quarter amounted to $509.31 million (2022: $480.71 million).
Finance costs totalled $372,000, a 98% decline from the corresponding period last year (2022: $24.72 million).
Profit before taxation for the nine months ended December 31, 2023, amounted to $1.51 billion, a 28% improvement relative to $1.18 billion reported in 2022. Profit before taxation for the third quarter amounted to $509.18 million (2022: $457.31 million).
Taxation for the nine months ended December 31, 2023, had a 26% increase to reach $309.12 million (2022: $245.42 million). Net profit for the nine months amounted to $1.20 billion, a 29% increase from the $930.11 million reported in 2022. For the third quarter, net profit was $404.38 million (2022: $342.98 million).
Total comprehensive income for the nine months ended December 31, 2023, amounted to $1.19 billion, a 24% increase relative to $963.57 million reported in 2022. Total comprehensive income for the third quarter amounted to 398.21 million (2022: $340.35 million).
Earnings per share (EPS) for the nine months amounted to $0.34 (2022: $0.26), while EPS for the quarter totalled $0.11 (2022: $0.10). The twelve-month trailing EPS was $0.46, and the number of shares used in these calculations was 3,525,702,702.
Notably, LASD’s stock price closed the trading period on February 8, 2024, at a price of $4.10 with a corresponding P/E ratio of 8.92x.
Balance Sheet Highlights:
The Company’s asset base increased to $14.90 billion (2022: $12.50 billion). This was primarily due to cash and cash equivalent, which grew by 107% to $2.51 billion (2022: $1.21 million), followed by a 28% increase in receivables, which closed at $5.00 billion (2022: $3.92 billion).
Shareholder’s equity was $9.25 billion (2022: $7.90 billion), representing a book value per share of $2.62 (2022: $2.24).
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