MFS formerly SSLVC reports year end net profit of $14.78 million

August 18, 2022
MFS Capital Partners Limited (MFS)

For the year ended June 30, 2022: –

For the year ended June 30, 2022, MFS Capital Partners Limited (MFS) reported no revenues (2021: $19.70 million). SSLVC reported no cost of sales (2021: $20.24 million) and consequently no Gross Profit for the period under review.

MFS reported ‘Other Income’ of $63.31 million for the twelve months period ended June 30, 2022 (2021: $322.83 million). Other income for the quarter amounted to $11.48 million (2021:$70.80 million).

Administrative expenses were $42.98 million (2021: $81.58 million).

The company reported an operating profit of $20.33 million versus $222.16 million in 2021.  For the fourth quarter, MFS reported an operating profit of $2.16 million (2021: $62.64 million).

The company had finance costs of $1.13 million for the 12-month period (2021: $9.88 million).

Profit before taxation amounted to $19.20 million versus $212.29 million recorded twelve months earlier. For the quarter, profit before taxation closed at $2.16 million (2021: $60.44 million).

After a tax charge of $4.42 million (2021: $47.45 million), MFS reported a 12 months net profit of $14.78 million versus $164.84 million reported in 2021. On a quarterly basis, the company recorded a net profit of $975,561 compared to $63.70 million documented in Q4 of 2021.

Net Profit attributable to shareholders closed at $10.45 million (2021: $158.92 million). While for the quarter, net profit attributable to shareholders totalled $769,384 versus $50.24 million booked twelve months earlier.

Based on earnings for the period, MFS outputs an earnings per share (EPS) of $0.03 (2021: $0.39). For the quarter, EPS amounted to $0.002 (2021: $0.16). The number of shares used in our calculations is 400,000,000. As at August 17, 2022, MFS stock price closed the trading period at a price of $3.73, with a corresponding P/E ratio of 142.73 times.

Management noted, “As this financial year comes to a close, we look forward to the upcoming year of new opportunities and a new perspective. In the first quarter of the next financial year, our team will be focused on the following:

    • Refining our business model and establishing the company as one of the premier private equity outfits in the Caribbean.
    • Strengthening the company’s balance sheet and positioning the team to take advantage of opportunities in the local and regional markets.
    • Executing MOUs to complete our first two (2) strategic acquisitions.
    • Strengthening our corporate governance framework and adopting the highest standard of risk management. “

Balance sheet at a glance:

As at June 30, 2022, Total Assets amounted to $12.57 million, 44% less than the $22.63 million reported in 2021. This decrease was mainly due to decreases in ‘Property and Equipment’ and ‘Receivables’ which closed at $2.67 million (2021: $6.35 million) and $773,849 (2021: $4.65 million), respectively.

As at June 30, 2022, MFS reported a Shareholders’ Deficit of $38.29 million relative to Shareholders’ Deficit $48.45 million recorded in the corresponding period last year. This resulted in a shareholders’ deficit per share of $0.10 versus a shareholders’ deficit per share of $0.12 in 2021.




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