April 2, 2024
Stanley Motta Limited (SML) for the year ended December 31, 2023, reported a 6% increase in revenue totalling $527.45 million compared to $499.37 million in the corresponding period last year. Revenue for the fourth quarter had a 12% increase to close at $140.44 million compared to $125.95 million for the comparable quarter of 2022.
Gross profit amounted to $527.45 million (2022: 499.37 million), there being no direct expenses.
Other operating income decreased by 54% to $5.39 million compared to $11.79 million for the year ended December 31, 2022, while administrative expenses increased by 4% to close at $186.97 million (2022: $179.77 million). The company recorded a fair value gain on investment properties of $1.51 billion, 145% more than the $616.83 million booked in 2022.
Consequently, operating profit increased by 96% from $948.22 million in 2022 to $1.86 billion in the period under review. Finance costs for the year amounted to $84.54 million, a 6% decrease relative to $89.65 million reported in 2022.
Profit before taxation for the year ended December 31, 2023, amounted to $1.77 billion, a 106% increase relative to $858.57 million reported in 2022. Profit before taxation for the fourth quarter amounted to $1.57 billion (2022: $681.11 million). Taxation charges for the year totalled $7.05 million, a 29% decrease from the corresponding period last year (2022: $9.99 million).
Net profit for the year ended December 31, 2023, amounted to $1.77 billion, a 108% increase relative to $848.58 million reported in 2022. Net profit for the fourth quarter amounted to $1.57 billion (2022: $674.88 million).
Total comprehensive income for the year amounted to $1.77 billion, an increase of 111% from the $840.57 million reported in 2022. For the fourth quarter, total comprehensive income was $1.57 billion (2022: $699.32 million).
Earnings per share (EPS) for the year amounted to $2.33 (2022: $1.12), while EPS for the quarter totalled $2.07 (2022: $0.89). The number of shares used in these calculations was 757,828,490.
Notably, SML’s stock price closed the trading period on March 28, 2024, at a price of $6.53 with a corresponding P/E ratio of 2.80x.
Balance Sheet Highlights:
The company’s assets totalled $9.76 billion (2022: $7.19 billion); a year-over-year increase of 36% largely attributed to a 39% uptick in investment property, which closed at $9.55 billion (2022: $6.86 billion).
Shareholder’s equity was $7.66 billion (2022: $6.08 billion), representing a book value per share of $10.11 (2022: $8.02).
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