February 23, 2023
Revenue increased 82% to $79.67 billion (2021: $43.88 billion). For the quarter, revenue increased 122% to $28.23 billion (2021: $12.73 billion).
Direct expenses increased 79% to $58.98 billion (2021: $32.97 billion). Consequently, gross profit increased 90% to $20.69 billion (2021: $10.91 billion). For the quarter, gross profit increased 160% to $7.27 billion (2021: $2.79 billion).
Other operating income declined 53% to $721.89 million (2021: $1.52 billion). For the quarter, other operating income declined 87% to $183.20 million (2020: $1.37 billion).
Other operating expenses increased 67% to $14.76 billion (2021: $8.84 billion). For the quarter, other operating expenses increased 67% to $5.61 billion (2021: $3.37 billion).
Operating profit increased 85% to $6.65 billion (2021: $3.60 billion). For the quarter, operating profit increased 132% to $1.84 billion (2021: $794.78 million).
Finance costs increased 64% to $1.96 billion (2021: $1.20 billion). For the quarter, finance costs increased 42% to $660.47 million (2021: $466.60 million).
There were no losses as a result of fire (2021: $168.18 million); share of results of joint venture increased 53% to $121.30 million (2021: $79.14 million).
Profit before taxation increased 108% to $4.81 billion (2021: $2.31 billion). For the quarter, profit before taxation increased 724% to $1.27 billion (2021: $154.04 million).
Taxation charge increased 421% to $894.79 million (2021: $171.72 million). For the quarter, taxation charge amounted to $59.87 million (2021: taxation credit of $223.60 million).
As a result, profit from continuing operations increased 83% to $3.92 billion (2021: $2.14 billion). For the quarter, profit from continuing operations increased 220% to $1.21 billion (2021: $377.63 million).
Net profit increased 93% to $3.84 billion (2021: $1.99 billion). For the quarter, net profit increased 314% to $1.21 billion (2021: $291.57 million).
Net profit attributable to shareholders increased 48% to $2.95 billion (2021: $1.99 billion). For the quarter, net profit attributable to shareholders increased 141% to $703.25 million (2021: $291.57 million).
Total comprehensive income declined 55% to $3.39 billion (2021: $7.51 billion). For the quarter, total comprehensive income declined 85% to $871.90 million (2021: $5.68 billion).
Earnings per share (EPS) amounted to $4.03 (2021: $2.72). For the quarter, EPS amounted to $0.96 (2021: $0.40). The number of shares used in our calculations amounted to 733,546,855 units. SEP’s stock price closed the trading period on February 21, 2023 at $65.04 with a corresponding P/E ratio of 16.15 times.
Balance Sheet at a Glance:
Total assets as at December 31, 2022 increased 87% to $87.50 billion (2021: $46.91 billion). This upward movement was mainly attributable to a 136% increase in ‘Inventories’ which amounted to $24.07 billion (2021: $10.21 billion).
Shareholders’ equity as at December 31, 2022 increased 20% to $28.14 billion (2021: $23.45 billion). This translated into a book value per share of $38.36 (2020: $31.97).
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