May 21, 2024
MAILPAC Group Limited (MAILPAC)
Unaudited financials for the first quarter ended March 31, 2024:
MAILPAC Group Limited (MAILPAC) for the first quarter ended March 31, 2024, reported a 7% decrease in revenue totalling $368.50 million compared to $398.01 million in the corresponding three months last year.
Cost of Sales amounted to $170.60 million (2023: $206.98 million), this represents a decrease of 18% year over year. Consequently, gross profit increased by 4% to $197.91 million compared to $191.03 million for the first quarter ended March 31, 2023.
Administrative and general expenses increased by 15% to close at $111.41 million (2023: $96.77 million), while selling and promotion costs increased by 5% from $18.42 million in 2023 to $19.39 million for the three months period under review. As a result, Total Expenses for the first quarter amounted to $130.80 million, a 14% increase relative to $115.19 million reported in 2023.
Operating profit for the three months amounted to $67.11 million, a 12% decrease relative to $75.84 million reported in 2023. Finance and policy cost totalled $17.06 million a 5% increase from the corresponding period last year. (2023: $16.27 million).
Profit Before Taxation for the first quarter ended March 31, 2024, amounted to $50.13 million, a 17% decrease relative to $60.15 million reported in 2023.
Net Profit for the three months amounted to $50.13 million, a 17% decrease from the $60.15 million reported in 2023.
Consequently, Earnings Per Share for the three months amounted to $0.020 (2023: EPS: $0.024). The twelve-month trailing EPS was $0.10, and the number of shares used in these calculations was 2,500,000,000. Notably, MAILPAC’s stock price closed the trading period on May 20, 2024 at a price of $2.05 with a corresponding P/E ratio of 20.49x.
Balance Sheet Highlights
The company’s total assets for the first quarter of 2024 decreased by 14% equating to $626.27 million (2023: $726.71 million). This decrease was attributable to the 41% decrease in cash and cash equivalents which totalled $156.17 million (2023: $263.55 million).
Shareholder’s equity was $537.86 million (2023: $637.74 million), representing a book value per share of $0.22 (2023: $0.26).
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