March 1, 2023
Regency Petroleum Limited (RPL) for the financial year ended December 31, 2022 reported a 12% increase in revenue, moving from $606.62 million in 2021 to $681.14 million for the period in review.
The cost of sales for the year ended December 31, 2022 increased 11% from 512.11 million in 2021 to 568.27 million in 2022. As a result, gross profit increased to $112.87 million (2021: $94.51 million).
Other Operating Income amounted to $117.72 million, up from $98.45 million reported in 2021.
This resulted in an operating loss of $34.55 million for the year-end compared to an operating loss of $19.00 million documented for the comparable period in 2021.
Consequently, RPL recorded profit before tax of $72.84 million, a 6% decrease from $77.12 million booked for the same period last year.
The Company incurred taxation of $16.51 million for the period under review relative to $18.17 million for the comparable period, resulting in a net profit of $56.33 million versus the $58.95 million booked twelve months earlier.
As a result, earnings per share (EPS) for the year-end amounted to $0.04 compared to earnings per share (EPS) of $0.05 reported in 2021. The number of shares used in our calculations is 1,435,786,770 units. RPL stock last traded on February 28, 2022, at $2.21 with a corresponding P/E ratio of 56.33 times.
Balance Sheet at a glance:
RPL, as at December 31, 2022, recorded ‘Total Assets’ of $431.88 million (2021: $142.76 million), a 303% increase year over year. The increase was attributed mainly to increases of $174 million and $93.31 million increase in “Property, Plant and equipment” and “Cash and cash equivalents” which closed at $259.19 million (2021: $85.19 million) and $94.67 million (2021: $1.36 million), respectively.
Shareholders’ equity totaled $388.83 million (2021: $72.36 million), resulting in a book value per share of $0.27 (2021: $0.05).
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