Revenue amounted to $1.71 billion, an increase of 29% compared to the $1.33 billion booked in 2016. Cost of Sales increased $326.27 million to total $1.30 billion relative to $977.02 million in 2016, a 33% increase. As a result, Gross Profit grew by 17% or $60.50 million to total $410.73 million in 2017 compared to $350.23 million in 2016. Revenue for the fourth quarter amounted to $455.65 million up 11% (2016: $408.93 million).
Total Operating Cost rose 21% to close at $279.42 million (2016: $230.49 million). Of this total, Selling and Promotional costs rose by 28% to $102.58 million relative to $80.39 million in 2016. Administrative Expenses declined by 18% to close the year at $152.22 million (2016: $129.18 million). Other Operating Expenses decreased by 76% to close the year at $2.48 million (2016: $10.2 million), while depreciation increased by 106% to close the year at $22.14 million (2016: $10.72 million). For the fourth quarter Total Operating Cost amounted $68.32 million (2016: $61.38 million).
Operating Profit closed at $135.58 million relative to $120.76 million in 2016 this represents a 12% increase. The company reported Finance Income of $95,404 for the period, this compares with the $1.12 million booked for 2016.
Finance Cost for the year amounted to $34.30 million relative to the $23.51 million reported in 2016.
Foreign Exchange Losses of $743,304 were reported for the year relative to a loss of $965,030 in 2016.
Pre-tax profit totalled $100.63 million, up from the $97.39 million booked the year prior, a 3% increase. After taxation of $60,000, Profit after Tax rose 5% amounting to $100.57 million compared to $96.08 million in 2016. For the fourth quarter Net Profits totalled $33.77 million (2016: $29.21 million).
Earnings per Share for the year amounted $0.38 (2016: $0.37), while EPS for the quarter totaled $0.13 relative to $0.11 last year. The number of shares used in the calculation was 263,157,895.
Balance Sheet at a glance:
As at March 31, 2017, Total Assets rose by 8% amounting to $1.21 billion
Shareholders’ equity totaled $563.54 million (2016: $488.01 million) with book value per share of $2.14 (2016: $1.85).
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