November 13, 2023
Stanley Motta Limited (SML) for the nine months ended September 30, 2023:
Stanley Motta Limited (SML) for the nine months ended September 30, 2023 reported a 4% increase in Revenue totaling $387.01 million compared to $373.42 million in the corresponding period last year. Revenue for the third quarter had a 1% increase to close at $125.12 million compared to $123.34 million for the comparable quarter of 2022.
Other operating income increased by 111% to $21.84 million compared to $10.38 million for the nine months ended September 30, 2022. The company booked other operating income of $308,000 for the third quarter versus $22,000 reported for the similar quarter of 2022.
Administrative Expenses decreased by 2% to close at $146.84 million (2022: $149.59 million), while Operating Profit increased by 12% from $234.21 million in 2022 to $262.02 million in the period under review. As a result, finance costs for the Nine months ended September 30, 2023 amounted to $60.60 million, a 7% increase relative to $56.74 million reported in 2022.
Profit before taxation for the Nine months ended September 30, 2023, amounted to $201.42 million, a 13% increase relative to $177.47 million reported in 2022. Profit before taxation for the third quarter amounted to $51.96 million (2022: $64.46 million). Taxation totalled $4.81 million a 28% increase from the corresponding period last year. (2022: $3.76 million).
Net profit for the nine months ended September 30, 2023, amounted to $196.61 million, a 13% increase relative to $173.71 million reported in 2022. Net profit for the third quarter amounted to $51.88 million (2022: $63.26 million).
Currency translation difference on net asset of foreign subsidiary for the Nine months ended September 30, 2023 had a 124% increase to reach $7.83 million (2022: loss of $32.46 million) . Total Comprehensive Income for the Nine months amounted to $204.44 million, a 45% increase from the $141.25 million reported in 2022. For the third quarter, Total Comprehensive Income was $55.66 million (2022: $43.59 million).
Consequently, Earnings Per Share for the Nine months amounted to $0.26 (2022: EPS of $0.23), while Earnings Per Share for the quarter totaled $0.07 (2022: EPS of $0.08). The twelve-month trailing EPS was $1.15 and the number of shares used in these calculations was 757,828,490.
Notably, SML’s stock price closed the trading period on November 10, 2023 at a price of $5.79 with a corresponding P/E ratio of 5.03x.
Balance Sheet Highlights
The company’s assets totalled $8.22 billion (2022: $6.52 billion). This growth came from a 26% jump in ‘Investment Properties’ totalling $7.82 billion (2022: $6.21 billion).
Shareholder’s equity was $6.29 billion (2022: $5.44 billion), representing a book value per share of $8.29 (2022: $7.18).
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