August 16, 2024
MAILPAC Group Limited (MAILPAC)
Unaudited financials for the six months ended June 30, 2024:
MAILPAC Group Limited (MAILPAC) for the six months ended June 30, 2024, reported a 23% increase in Revenue totaling $992.41 million compared to $804.16 million in the corresponding period last year. Revenue for the second quarter had a 54% increase to close at $623.91 million compared to $406.15 million for the comparable quarter of 2023.
Cost of Sales amounted to $531.83 million (2023: $411.79 million), this represents an increase of 29% year over year. Consequently, gross profit increased by 17% to $460.58 million compared to $392.37 million for the six months ended June 30, 2023. The company booked gross profit of $262.67 million for the second quarter versus $201.34 million reported for the similar quarter of 2023.
Administrative and general expenses increased by 59% to close at $312.41 million (2023: $196.77 million), while selling and promotion costs increase by 23% from $31.51 million in 2023 to $38.71 million in the period under review. As a result, total expenses for the six months ended June 30, 2024, amounted to $351.12 million, a 54% increase relative to $228.28 million reported in 2023.
Operating profit for the six months ended June 30, 2024, amounted to $109.46 million, a 33% decrease relative to $164.09 million reported in 2023. Operating profit for the second quarter amounted to $42.35 million (2023: $88.26 million). Finance and policy costs totalled $41.45 million a 34% increase from the corresponding period last year. (2023: $30.93 million).
Profit Before Taxation for the six months ended June 30, 2024, amounted to $68.67 million, a 49% decrease relative to $134.58 million reported in 2023. Profit Before Taxation for the second quarter amounted to $18.54 million (2023: $74.43 million).
Net Profit for the six months amounted to $68.67 million, a 49% decrease from the $134.58 million reported in 2023. For the second quarter, Net Profit was $18.54 million (2023: $74.43 million).
Consequently, Earnings Per Share for the six months amounted to $0.03 (2023: EPS: $0.05), while Earnings Per Share for the quarter totaled $0.01 (2023: EPS: $0.03). The twelve-month trailing EPS was $0.08, and the number of shares used in these calculations was 2,500,000,000.
Notably, MAILPAC’s stock price closed the trading period on August 16, 2024, at a price of $2.01 with a corresponding P/E ratio of 25.87x.
Balance Sheet Highlights
The company’s assets totalled $841.66 million (2023: $631.62 million). This increase in total assets was attributable to ‘Intangible Assets’ which equated to $321.51 million for the period under review (2023: $237.68 million).
Shareholder’s equity was $693.58 million (2023: $537.17 million), representing a book value per share of $0.28 (2023: $0.21).
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