November 11, 2024
LASCO Manufacturing Limited (LASM)
Unaudited financials for the six months ended September 30, 2024:
LASCO Manufacturing Limited (LASM) for the six months ended September 30, 2024 reported a 3% increase in Revenue totaling $6.21 billion compared to $6.03 billion in the corresponding period last year. Revenue for the second quarter had a 7% decrease to close at $2.96 billion compared to $3.19 billion for the comparable quarter of 2023.
Cost of Sales amounted to $3.89 billion (2023: $3.74 billion), this represents a increase of 4% year over year. Consequently, gross profit increased by 1% to $2.32 billion compared to $2.29 billion for the six months ended September 30, 2023. The company booked gross profit of $1.08 billion for the second quarter versus $1.22 billion reported for the similar quarter of 2023.
Other Operating Income increased by 272% to close at $253.74 million (2023: $68.27 million), while Operating Expenses increased by 6% from $754.51 million in 2023 to $800.78 million in the period under review. As a result, operating profits for the six months ended September 30, 2024 amounted to $1.77 billion, an 11% increase relative to $1.60 billion reported in 2023.
Finance Cost for the six months ended September 30, 2024, amounted to $2.53 million, a 49% decrease relative to $4.92 million reported in 2023. Finance Cost for the second quarter amounted to $1.81 million (2023: $2.28 million). Profit before Tax totaled $1.77 billion, a 11% increase from the corresponding period last year. (2023: $1.59 billion).
Tax for the six months ended September 30, 2024, amounted to $486.76 million, a 7% increase relative to $453.65 million reported in 2023. Tax for the second quarter amounted to $212.88 million (2023: $258.34 million).
Net Profit for the year for the six months ended September 30, 2024 had a 12% increase to reach $1.28 billion (2023: $1.14 billion) . Unrealized gains on financial instruments for the six months amounted to $16,000, a 100% decrease from the $6.90 million reported in 2023. For the second quarter, Unrealised loss on financial instruments was $10.48 million (2023: $22.88 million).
Total comprehensive income for the six months ended September 30, 2024, amounted to $1.28 billion, a 12% increase relative to $1.15 billion reported in 2023. Total comprehensive income for the second quarter amounted to $568.17 million (2023: $592.14 million).
Consequently, Earnings Per Share for the six months amounted to $0.31 (2023: EPS: $0.28), while Earnings Per Share for the quarter totaled $0.14 (2023: EPS: $0.15). The twelve month trailing EPS was $0.61 and the number of shares used in these calculations was 4,132,913,151.
Notably, LASM’s stock price closed the trading period on November 11, 2024 at a price of $7.74 with a corresponding P/E ratio of 12.69x.
Balance Sheet Highlights
The company’s assets totaled $16.86 billion (2023: $14.49 billion). The movement in total assets was mainly influenced by a 76% increase in ‘Short Term Investments’ resulting in a total of $3.97 billion (2023: $2.25 billion) which was slightly offset by $200.44 million decline in ‘Cash and Bank balances’ .
Shareholders’ equity was $13.64 billion (2023: $11.75 billion), representing a book value per share of $3.30 (2023: $2.84).
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