November 13, 2024
MAILPAC Group Limited (MAILPAC)
Unaudited financials for the nine months ended September 30, 2024:
MAILPAC Group Limited (MAILPAC) for the nine months ended September 30, 2024 reported a 43% increase in Revenue totaling $1.72 billion compared to $1.20 billion in the corresponding period last year. Revenue for the third quarter had a 83% increase to close at $732.03 million compared to $400.33 million for the comparable quarter of 2023.
Cost of Sales amounted to $895.49 million (2023: $612.63 million), this represents an increase of 46% year over year. Consequently, gross profit increased by 40% to $828.95 million compared to $591.86 million for the nine months ended September 30, 2023. The company booked gross profit of $368.37 million for the third quarter versus $199.49 million reported for the similar quarter of 2023.
Administrative and general expenses increased by 71% to close at $512.64 million (2023: $299.38 million), while Selling and promotion costs increased by 37% from $45.70 million in 2023 to $62.63 million in the period under review. As a result, total expenses for the nine months ended September 30, 2024 amounted to $575.27 million, a 67% increase relative to $345.08 million reported in 2023.
Operating profit for the nine months ended September 30, 2024, amounted to $253.69 million, a 3% increase relative to $246.79 million reported in 2023. Operating profit for the third quarter amounted to $144.22 million (2023: $82.69 million). Finance and policy cost totaled $71.82 million, a 60% increase from the corresponding period last year. (2023: $45.01 million).
Profit Before Taxation for the nine months ended September 30, 2024, amounted to $182.67 million, a 10% decrease relative to $203.19 million reported in 2023. Profit Before Taxation for the third quarter amounted to $114.00 million (2023: $68.62 million).
No taxation was reported for the nine months ended September 30, 2024. As such, Net Profit for the nine months amounted to $182.67 million, a 10% decrease from the $203.19 million reported in 2023. For the third quarter, Net Profit was $114.00 million (2023: $68.62 million).
Consequently, Earnings Per Share for the nine months amounted to $0.07 (2023: EPS: $0.08), while Earnings Per Share for the quarter totaled $0.05 (2023: EPS: $0.03). 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 November 12, 2024 at a price of $2.36 with a corresponding P/E ratio of 24.62x.
Balance Sheet Highlights
The company’s assets totaled $992.93 million (2023: $602.00 million). The movement in total assets was mainly influenced by 85% increase in ‘Cash and cash equivalents’ amounting to $253.83 million (2023: $137.50 million). Additionally, there was an $83.83 million increase in ‘Intangible assets’ which amounted to $321.05 million ($237.22 million). Shareholder’s equity was $807.59 million (2023: $505.78 million), representing a book value per share of $0.32 (2023: $0.20).
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