November 19, 2025
Medical Disposables and Supplies Limited (MDS)
Unaudited financials for the six months ended September 30, 2025
Medical Disposables and Supplies Limited (MDS) reported a 6% increase in Revenue for the six months ended September 30, 2025, totaling $2.00 billion compared to $1.88 billion in the corresponding period last year. Revenue for the second quarter increased by 11% to close at $1.00 billion compared to $907.74 million for the comparable quarter of 2024.
Cost of Sales amounted to $1.55 billion (2024: $1.44 billion). This represents a 7% increase year over year. As a result, gross profit increased by 3% to $453.29 million compared to $439.02 million for the six months ended September 30, 2024. The company booked gross profit of $228.30 million for the second quarter versus $198.38 million reported for the similar quarter of 2024.
Administrative expenses increased by 5% to close at $275.78 million (2024: $262.95 million), while selling and promotional costs increased by 2% from $151.05 million in 2024 to $154.48 million in the period under review. Consequently, total operating costs for the six months ended September 30, 2025, amounted to $445.34 million, reflecting a 3% increase relative to $431.83 million reported in 2024.
Operating Profit for the six months ended September 30, 2025, amounted to $7.95 million, reflecting a marginal increase compared to $7.20 million reported in 2024. Operating Profit for the second quarter amounted to $5.56 million, compared to an Operating Loss of $22.15 million recorded for the similar quarter of 2024.
Finance income totalled $119,593, representing a 195% increase from the corresponding period last year (2024: $40,584), while finance costs amounted to $68.03 million, showing a slight increase relative to $67.83 million in 2024.
Loss before tax for the six months ended September 30, 2025, amounted to $23.23 million, a 51% decrease compared to $47.73 million reported in 2024. Loss before tax for the second quarter amounted to $6.78 million, compared to a loss before tax of $53.74 million reported for the similar quarter of 2024.
No taxation was reported for the six-month period. Net loss amounted to $23.23 million, a 51% improvement relative to the net loss of $47.73 million reported in 2024. For the second quarter, net loss amounted to $6.78 million (2024: net loss of $49.89 million).
Consequently, Loss Per Share for the six months amounted to $0.08 (2024: $0.14), while Loss Per Share for the quarter totalled $0.04 (2024: $0.16). The twelve-month trailing LPS was $0.71, and the number of shares used in these calculations was 263,157,895.
Notably, MDS’s stock price closed the trading period on November 18, 2025, at $1.51.
Balance Sheet Highlights
The company’s assets totalled $2.88 billion, representing a 1% increase compared to $2.84 billion booked in 2024. This increase was mainly attributable to property, plant and equipment, which amounted to $1.01 billion (2024: $744.43 million).
Shareholders’ equity was $937.46 million (2024: $731.92 million), reflecting a book value per share of $3.56 (2024: $2.78).
Disclaimer:
Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein
