May 13, 2021
MailPac Group Limited (MAILPAC)’s revenue amounted to $470.01 million for the three months ended March 31, 2021, relative to $365.74 million booked in 2020. While cost of sales totalled $244.87 million (2020: $181.46 million). As such gross profit summed to $225.14 million for the period under review, 29% higher than $184.28 million booked for the corresponding quarter.
Administrative and general expenses equalled $91.49 million (2020: $65.70 million) for the three months while selling and distribution costs totalled $16.91 million (2020: $10.42 million). Thus, operating expenses for the quarter amounted to $108.41 million, 42% up from $76.12 million booked in 2020.
Consequently, the Company booked an operating profit of $116.73 million, 8% increase from $108.16 million recorded twelve months earlier.
Other income amounted to $529,521 (2020: $39,650) for the quarter ended March 31, 2021.
Finance and policy costs for the quarter totalled to $13.90 million, up from $6.29 million booked in the prior comparable period. Consequently, MAILPAC booked profit before taxation of $103.36 million for the three months ended March 2021, relative to $101.91 million booked for the previous corresponding period.
There was no taxation incurred due to the 100% income tax remission under the rules of the Jamaica Junior Stock Exchange, thus resulting in net profit of $103.36 million (2020: $101.91 million) for the three months ended March 31, 2021.
Consequently, earnings per share (EPS) amounted to $0.041, stable compared to the quarter ended March 31, 2020. The twelve months trailing EPS was $0.18. The number of shares used in this calculation was 2,500,000,000 shares. MAILPAC closed the trading period on May 13, 2021 at $3.98 with a corresponding P/E of 22.38 times.
Balance Sheet at a glance:
As at March 31, 2021, total assets closed at $623.58 million, 17% greater than $534.60 million documented twelve months earlier. This is mainly as a result of an increase in ‘Cash and Cash equivalents’ amounting to $248.43 million (2020: $194.40 million) and ‘Property, plant and equipment’ amounted to $69.58 million (2020: $32.28 million) as at March 31, 2021.
Shareholders’ equity totalled $525.07 million, 15% up from $455.55 million booked in 2020 resulting in a book value of $0.21 (2020: $0.18).
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