Seprod Limited (SEP)
Audited financials for the twelve months ended December 31, 2025:

Seprod Limited (SEP) for the twelve months ended December 31, 2025, reported a 14% increase in Revenue totalling $152.33 billion compared to $133.61 billion in the corresponding period last year. The fourth-quarter revenue was approximately $39.28 billion, representing a 2% decrease from $40.18 billion for the comparable quarter of 2024.

Direct Expenses amounted to $108.47 billion (2024: $94.54 billion), representing an increase of 15% year over year. Consequently, Gross Profit increased by 12% to $43.86 billion compared to $39.07 billion for the twelve months ended December 31, 2024. The fourth quarter gross profit amounted to approximately $13.74 billion, compared to $11.94 billion for the corresponding quarter of 2024.

Finance and Other Operating Income increased by 180% to $5.76 billion from $2.06 billion in 2024. The company also recognised Fair Value Gains on Investment Property of $2.07 billion, compared to nil in the prior year. Administration and Other Operating Expenses increased by 25% to $39.86 billion from $31.99 billion, while Net Impairment Losses on Trade Receivables rose to $763.99 million from $150.73 million. Despite the higher expenses, Operating Profit increased by 23% to $11.07 billion compared to $8.99 billion in 2024.

Finance Costs increased by 22% to $4.99 billion compared to $4.09 billion in the corresponding period last year. The Share of Results of Joint Ventures and Associate decreased by 60% to $272.77 million from $688.90 million. Consequently, Profit Before Taxation increased by 14% to $6.35 billion compared to $5.59 billion in 2024.

Taxation amounted to $1.14 billion, representing a 49% decrease from $2.22 billion in 2024. As a result, Net Profit from Continuing Operations increased by 54% to $5.20 billion compared to $3.37 billion in the prior year.

The company recorded a Net Loss from Discontinued Operations of $346.97 million, compared to a loss of $42.89 million in 2024. The larger loss was mainly associated with Golden Grove Sugar Company Limited and included the write-off of assets held for sale and certain receivables. Consequently, total Net Profit for the year increased by 46% to $4.86 billion compared to $3.33 billion in 2024.

Net Profit Attributable to Stockholders of the Company increased by 47% to $3.84 billion, compared to $2.61 billion in 2024. This comprises $4.18 billion in profit attributable to stockholders from continuing operations, partly offset by a $346.97 million loss from discontinued operations. Net Profit attributable to Non-Controlling Interests amounted to $1.02 billion, bringing total Group Net Profit to $4.86 billion.

Consequently, the Earnings Per Share for the twelve months amounted to $5.14, based on Total Comprehensive Income of $4.68 billion and 910,945,538 shares outstanding (2024: EPS of $5.48). Earnings Per Share for the fourth quarter amounted to approximately $2.34, compared to $0.27 for the corresponding quarter of 2024. The twelve-month trailing EPS was $5.14, and the number of shares used in these calculations was 910,945,538.

Notably, SEP’s stock price closed the trading period on June 17, 2026, at $72.98, this represents a P/E ratio of approximately 14.19x.

Balance Sheet Highlights

The company’s Total Assets amounted to $146.04 billion at December 31, 2025, representing an 8% increase from $135.57 billion in 2024. The increase was mainly driven by Trade and Other Receivables, which rose to $36.78 billion from $32.39 billion, as well as the recognition of Investment Property valued at $2.27 billion. Deferred Tax Assets increased to $4.70 billion from $3.64 billion, while Cash and Bank Balances rose to $6.99 billion from $5.80 billion.

Equity Attributable to Stockholders of the Company was $38.02 billion (2024: $29.58 billion), representing a book value per share of $41.74 (2024: $32.48).