November 07, 2024
LASCO Distributors Limited (LASD)
Unaudited financials for the six months ended September 30, 2024:
LASCO Distributors Limited (LASD) for the six months ended September 30, 2024, reported a 3% increase in Revenue totalling $14.97 billion compared to $14.54 billion in the corresponding period last year. Revenue for the second quarter had a 6% increase to close at $7.64 billion compared to $7.23 billion for the comparable quarter of 2023.
Cost of Sales amounted to $12.30 billion (2023: $11.91 billion), this represents an increase of 3% year over year. Consequently, gross profit increased by 1% to $2.67 billion compared to $2.64 billion for the six months ending September 30, 2023. The company booked gross profit of $1.35 billion for the second quarter versus $1.30 billion reported for the similar quarter of 2023.
Operating expenses for the six months ended September 30, 2024, amounted to $1.92 billion, a 10% increase relative to $1.75 billion reported in 2023.
Profit from Operations for the six months ended September 30, 2024, amounted to $880.97 million, a 12% decrease relative to $997.29 million reported in 2023. Profits from Operations for the second quarter amounted to $439.67 million (2023: $395.19 million). Finance Costs totalled $1.67 million, a 563% increase from the corresponding period last year. (2023: $251,000).
Profit before taxation for the six months ended September 30, 2024, amounted to $879.31 million, a 12% decrease relative to $997.04 million reported in 2023. Profit before taxation for the second quarter amounted to $438.30 million (2023: $395.06 million).
Taxation for the six months ending September 30, 2024, had a 21% decrease to reach $161.12 million (2023: $204.31 million). Net Profit for the six months amounted to $718.18 million, a 9% decrease from the $792.73 million reported in 2023. For the second quarter, Net Profit was $359.28 million (2023: $345.15 million).
Total Comprehensive Income for the six months ended September 30, 2024, amounted to $731.14 million, an 8% decrease relative to $796.73 million reported in 2023. Total Comprehensive Income for the second quarter amounted to $372.23 million (2023: $349.15 million).
Consequently, Earnings Per Share for the six months amounted to $0.20 (2023: EPS: $0.22), while Earnings Per Share for the quarter totaled $0.10 (2023: EPS: $0.10). 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 price closed the trading period on November 07, 2024, at a price of $4.56 with a corresponding P/E ratio of 11.72x.
Balance Sheet Highlights
The company’s assets totalled $15.65 billion (2023: $14.45 billion). This upward movement was largely due to inventories, which amounted to $5.05 billion (2022: $3.73 billion), followed by a 20% increase in property, plant and equipment, which amounted to $2.35 billion (2022: $1.96 billion).
Shareholder’s equity was $9.87 billion (2023: $8.86 billion), representing a book value per share of $2.80 (2023: $2.51).
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