February 8, 2024
LASCO Manufacturing Limited (LASM) for the nine months ended December 31, 2023, reported an 11% increase in Revenue totaling $9.24 billion compared to $8.33 billion in the corresponding period last year. Revenue for the third quarter had a 13% increase to close at $3.22 billion compared to $2.86 billion for the comparable quarter of 2022.
Cost of Sales amounted to $5.77 billion (2022: $5.28 billion), this represents an increase of 9% year over year. Consequently, gross profit increased by 14% to $3.47 billion compared to $3.05 billion for the nine months ended December 31, 2022. The Company booked gross profit of $1.19 billion for the third quarter versus $1.08 billion reported for the similar quarter of 2022.
Other Operating Income increased by 637% to close at $111.94 million (2022: $15.18 million), while Operating Expenses increased 7% from $1.09 billion in 2022 to $1.17 billion in the period under review. As a result, operating profits for the nine months ended December 31, 2023, amounted to $2.41 billion, a 22% increase relative to $1.97 billion reported in 2022.
Finance Cost for the nine months ended December 31, 2023, amounted to $6.49 million, a 67% decrease relative to $19.83 million reported in 2022.
Tax for the nine months ended December 31, 2023, amounted to $696.42 million, a 19% growth relative to $583.10 million reported in 2022.
Net Profit for the nine months ended December 31, 2023 had a 25% increase to reach $1.71 billion (2022: $1.37 billion).
Total comprehensive income for the nine months ended December 31, 2023, amounted to $1.70 billion, a 17% increase relative to $1.46 billion reported in 2022. Total comprehensive income for the third quarter amounted to $548.18 million (2022: $504.76 million).
Consequently, Earnings Per Share for the nine months amounted to $0.41 (2022: EPS: $0.33), while Earnings Per Share for the quarter totaled $0.14 (2022: EPS: $0.12). The twelve-month trailing EPS was $0.59 and the number of shares used in these calculations was 4,132,913,151.
Notably, LASM’s stock price closed the trading period on February 08, 2024, at a price of $4.90 with a corresponding P/E ratio of 8.37x.
Balance Sheet Highlights
The company’s assets totalled $15.25 billion (2022: $12.99 billion). The growth in total assets was primarily driven by a 67% uptick in ‘Cash and bank balances’ to $2.84 billion (2022: $1.70) and a 62% increase in ‘Short term investments’ to $2.61 billion (2022: $1.62 billion).
Shareholder’s equity was $12.31 billion (2022: $10.40 billion), representing a book value per share of $2.98 (2022: $2.52).
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