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.
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.