August 15, 2024
Medical Disposables and Supplies Limited (MDS)
Unaudited financials for the first quarter ended June 30, 2024:
Medical Disposables and Supplies Limited (MDS) for the first quarter ended June 30, 2024, reported a 5% increase in revenue totalling $972.69 million compared to $925.51 million in the corresponding three months last year.
Cost of Sales amounted to $732.05 million (2023: $690.84 million), this represents a increase of 6% year over year. Consequently, gross profit increased by 3% to $240.64 million compared to $234.67 million for the first quarter ended June 30, 2023.
Administrative expenses increase by 10% to close at $134.09 million (2023: $122.08 million), while Selling and promotional costs decrease by 9% from $77.85 million in 2023 to $70.85 million for the three months. As a result, Total Operating Costs for the first quarter amounted to $211.26 million, a 2% increase relative to $207.80 million reported in 2023.
Operating Profit for the three months amounted to $29.38 million, a 9% increase relative to $26.87 million reported in 2023.
Finance income totalled $4,101 a 95% decrease from the corresponding period last year. (2023: $86,684) while Finance costs for the first quarter ended June 30, 2024, amounted to $31.10 million, a 17% increase relative to $26.58 million reported in 2023.
Profit before tax for the three months was $6.01 million (2023: Loss of $291,708). Income tax expense for the three months amounted to $3.86 million (2023: Taxation credit of $181,741). Profit for the three months amounted to $2.16 million, compared to a loss of $109,967 reported in 2023.
Consequently, Earnings Per Share for the three months amounted to $0.01 (2023: LPS: $0.00). The twelve-month trailing LPS was $1.19 and the number of shares used in these calculations was 263,157,895. Notably, MDS’s stock price closed the trading period on August 15, 2024, at a price of $1.82.
Balance Sheet Highlights
The company’s assets totaled $2.67 billion, an 8% decrease from $2.91 billion booked in 2023. The reduction in the company’s total asset base is attributable to a 24% YoY decrease in “Inventories,” ending the quarter at $1.08 billion (2023: $1.42 billion), a 3% YoY decline in “Property, plant and equipment” ending the quarter at $751.62 million (2023: $774.80 million) and an 5% YoY decline in “Cash and cash equivalents” ending the quarter at $77.14 million (2023: $81.07 million).
Shareholder’s equity was $775.05 million (2023: $1.06 billion), representing a book value per share of $2.95 (2023: $4.03).
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