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).
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