SML reports 1% increase in nine months net profit

November 14, 2024

 

Stanley Motta Limited (SML)

Unaudited financials for the nine months ended September 30, 2024:

Stanley Motta Limited (SML) for the nine months ended September 30, 2024 reported a 9% increase in Revenue totaling $420.47 million compared to $387.01 million in the corresponding period last year. Revenue for the third quarter had a 11% increase to close at $138.50 million compared to $125.12 million for the comparable quarter of 2023.

Gross Profit amounted to $420.47 million (2023: $387.01 million), this represents an increase of 9% year over year. Consequently, other operating income decreased by 77% to $4.93 million compared to $21.84 million for the nine months ended September 30, 2023. The company booked other operating income of $646,000 for the third quarter versus $308,000 reported for the similar quarter of 2023.

Administrative Expenses increased by 6% to close at $155.10 million (2023: $146.84 million), while Operating Profit increased by 3% from $262.02 million in 2023 to $270.31 million in the period under review. As a result, finance costs for the nine months ended September 30, 2024 amounted to $66.95 million, a 10% increase relative to $60.60 million reported in 2023.

Profit before taxation for the nine months ended September 30, 2024, amounted to $203.36 million, a 1% increase relative to $201.42 million reported in 2023. Profit before taxation for the third quarter amounted to $68.85 million (2023: $51.96 million). Taxation totaled $5.52 million a 15% increase from the corresponding period last year. (2023: $4.81 million).

Net profit for the nine months ended September 30, 2024, amounted to $197.84 million, a 1% increase relative to $196.61 million reported in 2023. Net profit for the third quarter amounted to $66.64 million (2023: $51.88 million).

Currency translation difference on net asset of foreign subsidiary for the nine months ended September 30, 2024 had a 258% increase to reach $28.05 million (2023: $7.83 million) . Total Comprehensive Income for the nine months amounted to $225.89 million, a 10% increase from the $204.44 million reported in 2023. For the third quarter, Total Comprehensive Income was $66.64 million (2023: $55.66 million).

Consequently, Earnings Per Share for the nine months amounted to $0.26 (2023: EPS: $0.26), while Earnings Per Share for the quarter totaled $0.09 (2023: EPS: $0.07). The twelve month trailing EPS was $2.33 and the number of shares used in these calculations was 757,828,490.

Notably, SML’s stock price closed the trading period on November 14, 2024 at a price of $6.53 with a corresponding P/E ratio of 2.80x.

Balance Sheet Highlights

The company’s assets totaled $10.56 billion (2023: $8.22 billion). The movement in total assets was mainly influenced by a $2.41 billion increase in ‘Investment Properties’ amounting to $10.24 billion (2023: $7.82 billion). Additionally, there was a 79% increase in ‘Receivables’ amounting to $53.53 million (2023: $29.84 million).

Shareholder’s equity was $7.83 billion (2023: $6.29 billion), representing a book value per share of $10.33 (2023: $8.29).

 

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2024-11-14T16:25:06-05:00