February 11, 2025
LASCO Distributors Limited (LASD)
Unaudited Financials for the Nine Months Ended December 31, 2024:
LASCO Distributors Limited (LASD) reported a 4% increase in revenue, totalling $22.70 billion for the nine months ended December 31, 2024, compared to $21.86 billion in the corresponding period last year. Revenue for the third quarter increased by 6%, closing at $7.73 billion compared to $7.31 billion for the comparable quarter of 2023.
Cost of sales amounted to $18.69 billion (2023: $17.90 billion), representing a 4% year-over-year increase. Consequently, gross profit increased by 1% to $4.01 billion compared to $3.96 billion for the nine months ended December 31, 2023. The company booked a gross profit of $1.35 billion for the third quarter versus $1.32 billion reported for the similar quarter of 2023.
Operating expenses for the nine months ended December 31, 2024, amounted to $2.85 billion, a 7% increase relative to $2.66 billion reported in 2023.
Profit from operations for the nine months ended December 31, 2024, amounted to $1.31 billion, a 13% decrease relative to $1.51 billion reported in 2023. Profit from operations for the third quarter amounted to $431.02 million (2023: $509.31 million). Finance costs totalled $8.88 million, a 2,286% increase from the corresponding period last year (2023: $372,000).
Profit before taxation for the nine months ended December 31, 2024, amounted to $1.30 billion, a 14% decrease relative to $1.51 billion reported in 2023. Profit before taxation for the third quarter amounted to $423.81 million (2023: $509.18 million).
Taxation for the nine months ended December 31, 2024, decreased by 17% to $255.37 million (2023: $309.12 million). Net profit for the nine months amounted to $1.05 billion, a 13% decrease from the $1.20 billion reported in 2023. For the third quarter, net profit was $329.56 million (2023: $404.38 million).
Total comprehensive income for the nine months ended December 31, 2024, amounted to $1.07 billion, a 10% decrease relative to $1.19 billion reported in 2023. Total comprehensive income for the third quarter amounted to $355.19 million (2023: $398.21 million).
Consequently, earnings per share for the nine months amounted to $0.30 (2023: EPS: $0.34), while earnings per share for the quarter totalled $0.09 (2023: EPS: $0.11). The twelve-month trailing EPS was $0.37, 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 11, 2025, at $4.26, with a corresponding P/E ratio of 11.58x.
Balance Sheet Highlights
The company’s assets totalled $17.04 billion (2023: $14.90 billion). This increase in total assets was attributable to inventories, which amounted to $5.29 billion (2023: $4.16 billion). Property, plant, and equipment also contributed to the increase, equating to $2.50 billion (2023: $1.97 billion).
Shareholders’ equity was $10.21 billion (2023: $9.25 billion), representing a book value per share of $2.90 (2023: $2.62).
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