October 15, 2024
Margaritaville (Turks) Limited (MTL)
Unaudited financials for the first quarter ended August 31, 2024:
Margaritaville (Turks) Limited (MTL) for the first quarter ended August 31, 2024, reported a 40% increase in revenue totaling US$2.53 million compared to US$1.81 million in the corresponding three months last year.
Cost of Sales amounted to US$671,451 (2023: US$475,245), this represents an increase of 41% year over year. Consequently, gross profit increased by 40% to US$1.86 million compared to US$1.33 million for the first quarter ended August 31, 2023.
Administrative Expenses increased by 43% to close at US$1.40 million (2023: US$978,619), while Depreciation and Amortization expenses decreased by 15% from US$68,579 in 2023 to US$58,250 for the three months. As a result, Total Expenses for the first quarter amounted to US$1.47 million, a 39% increase relative to US$1.05 million reported in 2023.
Operating profit for the three months amounted to US$393,393, a 41% increase relative to US$279,526 reported in 2023.
Other operating expenses totalled US$617, a 99% decrease from the corresponding period last year. (2023: expense of US$44,138).
Finance cost for the first quarter ended August 31, 2024, amounted to US$4,100, a 29% decrease relative to US$5,760 reported in 2023.
No taxes were reported. As such, Total Comprehensive profit for the three months amounted to US$388,575, a 69% increase from the US$229,628 reported in 2023.
Consequently, Earnings Per Share for the three months amounted to US0.58cents (2023: EPS: US0.34cents). The twelve-month trailing EPS was US1.21cents or (J$1.90) and the number of shares used in these calculations was 67,500,000.
Notably, MTL’s stock price closed the trading period on October 14, 2024, at a price of J$13.36 with a corresponding P/E ratio of 7.04x.
Balance Sheet Highlights
The company’s assets totalled US$7.75 million (2023: US$6.32 million). The growth in total assets was mainly driven by a 67% or US$1.80 million increase in ‘owing to related companies’ closing the period at US$4.50 million (2023: US$2.70 million).
Shareholder’s equity was US$5.02 million (2023: US$4.20 million), representing a book value per share of US$0.07 (2023: US$0.06).
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