May 12, 2025

Seprod Limited (SEP)

Audited Financials for the Twelve Months Ended December 31, 2024

Seprod Limited (SEP) reported a 19% increase in turnover, totaling $133.61 billion, compared to $112.15 billion for the corresponding period in 2023. Turnover for the fourth quarter rose 29%, closing at $39.65 billion, up from $30.84 billion in the comparable quarter of 2023.

Cost of Sales amounted to $94.54 billion (2023: $80.78 billion), representing a 17% year-over-year increase. Consequently, gross profit rose 25% to $39.07 billion, compared to $31.37 billion for the twelve months ended December 31, 2023. For the fourth quarter, gross profit was $10.71 billion, versus $7.79 billion in the same quarter of 2023.

Finance and Other Operating Income increased by 10%, closing at $2.06 billion (2023: $1.88 billion), while Administrative and Other Operating Expenses rose 31%, from $24.35 billion in 2023 to $31.99 billion in the period under review. As a result, operating profit for the twelve months ended December 31, 2024, amounted to $8.99 billion, a 3% increase compared to $8.70 billion in 2023.

Finance Costs increased by 24%, reaching $4.09 billion (2023: $3.30 billion).

Share of Results of Associate and Joint Venture for the twelve months ended December 31, 2024, amounted to $688.90 million, a 226% increase from $211.09 million in 2023. For the fourth quarter, this figure was $110.34 million (2023: $91.36 million). Profit Before Taxation totaled $5.59 billion, a slight decrease from $5.61 billion in 2023.

Taxation for the twelve months amounted to $2.22 billion, a 124% increase compared to $992.80 million in 2023. For the fourth quarter, taxation was $593.43 million (2023: $57.41 million).

Net Profit from Continuing Operations declined 27% to $3.37 billion (2023: $4.61 billion). The net loss from discontinued operations for the twelve months was $42.89 million, a 12% decrease from $48.98 million in 2023. For the fourth quarter, the net loss from discontinued operations was $24.93 million (2023: $28.33 million).

Net Profit for the Year amounted to $3.33 billion, a 27% decrease compared to $4.56 billion in 2023. Additionally, Total Comprehensive Income declined 42% to $4.02 billion, down from $6.94 billion in 2023.

Net Profit Attributable to Shareholders for the twelve months ended December 31, 2024, was $2.66 billion from $2.93 billion in 2023. For the fourth quarter, this figure was $552.95 million (2023: $997.85 million).

Consequently, Earnings Per Share (EPS) for the twelve months amounted to $3.56 (2023: $3.93), while EPS for the quarter totaled $0.75 (2023: $1.36). The twelve-month trailing EPS was $3.56, based on 733,546,855 shares.

Notably, SEP’s stock price closed the trading period on May 9, 2025, at $84.14, with a corresponding P/E ratio of 23.61x.

Balance Sheet Highlights:

The company’s total assets amounted to $135.57 billion (2023: $104.57 billion), driven primarily by an increase in trade and other receivables, which totaled $32.39 billion (2023: $22.59 billion).

Shareholders’ equity stood at $29.58 billion (2023: $28.21 billion), representing a book value per share of $40.33 (2023: $38.46).

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 effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.