November 14, 2024
Medical Disposables and Supplies Limited (MDS)
Unaudited financials for the six months ended September 30, 2024:
Medical Disposables and Supplies Limited (MDS) for the six months ended September 30, 2024, reported a 5% increase in Revenue totaling $1.88 billion compared to $1.79 billion in the corresponding period last year. Revenue for the second quarter had a 5% increase to close at $907.74 million compared to $866.95 million for the comparable quarter of 2023.
Cost of Sales amounted to $1.44 billion (2023: $1.34 billion), this represents an increase of 8% year over year. Consequently, gross profit decreased by 3% to $439.02 million compared to $454.49 million for the six months ended September 30, 2023. The company booked gross profit of $198.38 million for the second quarter versus $219.82 million reported for the similar quarter of 2023.
Administrative expenses increase by 5% to close at $262.95 million (2023: $251.17 million), while Selling and promotional costs decrease by 3% from $155.48 million in 2023 to $151.05 million in the period under review. As a result, total operating costs for the six months ended September 30, 2024, amounted to $438.02 million, a 2% increase relative to $427.48 million reported in 2023.
Operating Profit for the six months ended September 30, 2024, amounted to $7.20 million, a 78% decrease relative to $32.48 million reported in 2023. Operating Loss for the second quarter amounted to $22.15 million (2023: Operating Profit of $8.87 million).
Finance income totalled $44,271, a 50% decrease from the corresponding period last year. (2023: $88,422) while Finance costs totalled $67.83 million, a 1% increase from the corresponding period last year. (2023: $67.37 million)
Loss before tax for the six months ended September 30, 2024, amounted to $47.73 million, a 24% increase relative to $38.57 million reported in 2023. Loss before tax for the second quarter amounted to $53.74 million (2023: Loss before tax of $38.28 million). Loss for the period amounted to $47.73 million, a 24% increase from the Loss for the period of $38.39 million reported in 2023. For the second quarter, Loss for the period was $49.89 million (2023: Los for the period of $38.28 million).
Consequently, Loss Per Share for the six months amounted to $0.14 (2023: LPS: $0.14), while Loss Per Share for the quarter totaled $0.16 (2023: LPS: $0.14). The twelve-month trailing LPS was $1.15, and the number of shares used in these calculations was 263,157,895.
Notably, MDS’s stock price closed the trading period on November 13, 2024, at a price of $2.18 with a negative P/E ratio of 1.89x.
Balance Sheet Highlights:
The company’s assets totalled $2.80 billion; a 6% decrease from $2.98 billion booked in 2023. This decrease was attributable to ‘Inventories’ which amounted to $1.17 billion (2023: $1.42 billion).
Shareholders’ equity was $731.92 million (2023: $1.02 billion), representing a book value per share of $2.78 (2023: $3.89).
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