February 15, 2023
MFS Capital Partners Limited (MFS)
Unaudited results for the six months ended December 31, 2022: –
For the six months ended December 31, 2022, MFS Capital Partners Limited (MFS) reported $14.59 million in revenues (2021: nil). MFS reported no cost of sales (2021: nil) consequently Gross Profit amounted to $14.59 million for the period under review. Revenue for the quarter amounted to $2.03 million (2021: nil).
MFS reported ‘Other Income’ of $2.97 million for the period (2021: $48.34 million). This other income is derived from a “Net Payables write off.”
Administrative expenses were $10.55 million (2021: $18.70 million). Admin expenses for the quarter amounted to $4.31 million (2021: $11.15 million).
The company reported an operating profit of $7.01 million versus $29.64 million in 2021.
The company had finance costs of $230,000 for the 6-month period (2021: $1.13 million).
Profit before taxation amounted to $6.78 million versus $28.51 million recorded twelve months earlier.
Taxation amounted to $892,277 (2021: $3.42 million), MFS reported a second quarter net profit of $524,763 million versus $21.91 million reported in 2021. Net Profit closed the period under review at $5.88 million (2021: $25.08 million).
Based on earnings for the period, MFS outputs an earnings per share (EPS) of $0.015 (2021: $0.06). The trailing twelve months Loss per share LPS amounted to $0.011. The number of shares used in our calculations is 400,000,000. As at February 13, 2022, MFS stock price closed the trading period at a price of $3.88.
Balance sheet at a glance:
As at December 31, 2022, Total Assets amounted to $52.6 million, 71% greater than the $30.75 million reported in 2021. This increase was mainly due to increases in ‘Due from related parties’ and ‘Cash and Bank Balances’ which closed at $28.26 million (2021: $5.37 million) and $8.56 million (2021: $1.92 million), respectively.
As at December 31, 2022, MFS reported a Shareholders’ Deficit of $29.73 million relative to Shareholders’ Deficit $25.27 million recorded in the corresponding period last year. This resulted in a shareholders’ deficit per share of $0.07 versus a shareholders’ deficit per share of $0.06 in 2021.
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 affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.