July 5, 2024
Lumber Depot Limited (LUMBER)
Audited financials for the twelve months ended April 30, 2024:
Lumber Depot Limited (LUMBER), for the twelve months ending April 30, 2024, reported a 0.09% decrease in revenue totalling $1.521 billion compared to $1.522 billion in the corresponding period last year.
Cost of Sales amounted to $1.21 billion (2023: $1.23 billion), a decrease of 2% year over year. Consequently, gross profit increased by 7% to $311.82 million compared to $290.82 million for the twelve months ended April 30, 2023. Impairment gains on trade receivables increased by 7% to close at $3.43 million (2023: $3.19 million), while Administrative & Other Expenses increased by 17% from $153.09 million in 2023 to $179.24 million in the period under review. As a result, profit from operations for the twelve months ended April 30, 2024, amounted to $136.04 million, a 3% decrease relative to $140.94 million reported in 2023.
Other income for the twelve months ending April 30, 2024, increased, amounting to $10.92 million, a 32% rise from the $8.27 million reported in 2023. Profit before net finance costs and taxation totalled $146.96 million, a 2% decrease from last year’s corresponding period. (2023: $149.21 million).
Net Financial cost for the twelve months ended April 30, 2024, amounted to $4.07 million, a 1% increase relative to $4.04 million reported in 2023.
Profit before taxation decreased 2% to $142.88 million for the twelve months ended April 30, 2024 (2023: $145.17 million). Profit attributable to members, the total comprehensive income for the twelve months, also decreased 2% to $142.88 million, a 2% decrease from the $145.17 million reported in 2023.
Consequently, Earnings Per Share for the twelve months amounted to $0.20 (2023: EPS: $0.21). The number of shares used in these calculations was 706,237,500.
Notably, LUMBER’s stock closed the trading period on July 01, 2024, at $2.81, with a corresponding P/E ratio of 13.89x.
Balance Sheet Highlights
The company’s assets saw a substantial increase, totalling $801.75 million (2023: $681.47 million). This growth is mainly attributed to an increase in the company’s “Advance Deposit” on its 35% acquisition of Atlantic Hardware & Plumbing Company Limited. “Cash and Cash Equivalents” closed the year at $217.67 million (2023: $184.44 million), representing an 18% year-over-year increase. Taxation recoverable accounts also significantly increased, closing the year at $3.88 million (2023: $2.55 million), a 52% year-on-year increase.
Shareholder’s equity was $679.23 million (2023: $587.19 million), representing a book value per share of $0.96 (2023: $0.83). This increase in Shareholder’s equity is attributed to the company’s “Retained earnings,” representing a 22% year-over-year increase, closing the fiscal year at $509.16 million (2023: $417.13 million).
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