October 2, 2023
MFS Capital Partners Limited (MFS) for the Year ended June 30, 2023 reported Operating income totalling $32.90 million compared to $66.03 million in the prior comparable period. Operating income of for the Fourth quarter was $27.13 million relative to $14.19 million reported for the similar quarter of 2022.
Impairment losses reported was nil, (2022: $3.50 million), while operating and administrative expenses decreased by 47% from $43.23 million in 2022 to $23.10 million in the period under review. As a result, Operating profit for the Year ended June 30, 2023 amounted to $9.80 million, a 49% decrease relative to $19.30 million reported in 2022.
Net Finance costs for the Year ended June 30, 2023, amounted to $238,215, a 79% decrease relative to $1.13 million reported in 2022. Finance costs, net for the Fourth quarter amounted to $41,785 (2022: $1,363).
Profit before taxation totalled $9.57 million a 47% decrease from the corresponding period last year. (2022: $18.17 million).
Taxation for the Year ended June 30, 2023, amounted to $823,170, (2022: nil).
Net Profit for the Year ended June 30, 2023 decreased 52% to $8.74 million from $18.17 million booked in 2022. For the fourth quarter, Net profit amounted to $4.83 million (2022: $4.36 million).
Net profit attributable to Stockholders of the Company for the Year end amounted to $8.79 million, a 32% decrease from the $12.84 million reported in 2022. For the Fourth quarter, Net profit attributable to Stockholders of the Company was $5.09 million (2022: $1.52 million).
Consequently, Earnings Per Share for the Year end amounted to $0.02 (2022: EPS: $0.03), while Earnings Per Share for the quarter totaled $0.01 (2022: EPS: $0.004). The number of shares used in these calculations was 400,000,000.
Notably, MFS’s stock price closed the trading period on September 30 , 2023 at a price of $2.00 with a corresponding P/E ratio of 90.99x.
Balance Sheet Highlights
The company’s assets totalled $65.64 million (2022: $14.23 million). The movement in total assets was primarily due to ‘Receivables’ growing by $29.01 million to close at $31.31 million and ‘Due to related parties’ amounting to $26.44 million (2022: nil).
Shareholder’s deficit was $26.82 million (2022: shareholders’ deficit of $35.61 million), representing shareholder’s deficit per share of $0.07 (2022: shareholder’s deficit per share of
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