September 18, 2023
Margaritaville (Turks) Limited (MTL)
Audited financials for the year ended May 31, 2023:
Margaritaville (Turks) Limited (MTL) for the year ended May 31, 2023 reported a 177% increase in Revenue totaling US$7.26 million compared to US$2.62 million in the corresponding period last year. Revenue for the fourth quarter had a 39% increase to close at US$2.28 million compared to US$1.64 million for the comparable quarter of 2022.
Cost of Sales amounted to US$2.24 million (2022: US$884,666), this represents an increase of 153% year over year.
Consequently, gross profit increased by 190% to US$5.02 million compared to US$1.73 million for the year ended May 31, 2022. The company booked gross profit of US$1.37 million for the fourth quarter versus US$1.00 million reported for the similar quarter of 2022.
Administrative Expenses increased by 91% to close at US$3.83 million (2022: US$2.01 million), while Depreciation and Amortization decreased by 6% from US$278,916 in 2022 to US$262,869 in the period under review.
Total expenses for the year ended May 31, 2023 amounted to US$4.13 million, a 79% increase relative to US$2.31 million reported in 2022.
Operating profit for the year ended May 31, 2023, amounted to US$1.69 million relative to operating loss of $576,714 reported in 2022. Operating profit for the fourth quarter amounted to US$1.15 million (2022: US$178,130).
Finance cost for the year ended May 31, 2023, amounted to US$21,465, a 34% decrease relative to US$32,424 reported in 2022. Finance cost for the fourth quarter amounted to US$5,851 (2022: US$32,424).
There were no taxes for the period under review. As such, net profit for the year ended May 31, 2023 grew to US$1.67 million from net loss of US$609,138 reported in 2022. For the fourth quarter, net profit was US$490,550 (2022: US$167,455).
Consequently, Earnings Per Share for the year end amounted to US$0.03 (2022: LPS: US$0.01), while Earnings Per Share for the quarter totaled US$0.01 (2022: EPS: US$0.003). The number of shares used in these calculations was 67,500,000.
Notably, MTLJA and MTLUSD closed the trading period on September 15, 2023 at a price of J$16.29 and $0.12, respectively.
Balance Sheet Highlights
The company’s assets totalled US$6.05 million (2022: US$4.26 million). The 42% increase in total assets was particularly due to ‘Owing by related companies’ growing by US$1.79 million to close at US$2.21 million.
Shareholder’s equity was US$3.97 million (2022: US$2.30 million), representing a book value per share of US$0.06 (2022: US$0.03).
Disclaimer:
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.
