SML reports 546% increase in first quarter net profits

Date: May 15, 2019

Stanley Motta Limited (SML), for the three months ended March 31, 2019 booked a 135% increase in revenue to total $96.86 million compared to $41.17 million for the same period in 2018. The Company mentioned that, “this was due to increased rental space.”

Administrative expenses amounted to $23.03 million (2018: $15.95 million), while other operating income totalled $28,000 (2018: nil).

This translated into operating profit surging to $73.87 million when compared to last period’s $25.23 million.

Finance costs of $3.92 million was recorded for the period under review (2018: $14.54 million). As such, profit before tax soared to $69.95 million for the period ended March 2019 relative to $10.69 million documented in the same period last year.

Net profit for the period totalled $69.08 million (2018: $10.69 million). Total comprehensive income of $80.26 million was reported for the period versus $10.69 million recorded in the prior corresponding period. The Company noted that, “net profit for the quarter was also bolstered by foreign exchange gains of J$5.9m resulting from the translation of cash balances.”

Earnings per share (EPS) for the period totalled $0.09 (2018: $0.01). The number of shares used in our calculations amounted to 757,828,490 units. SML’s stock price closed the trading period on May 15, 2019 at $4.75.

Balance Sheet at a glance:

As at March 31, 2019, total assets amounted to $4.81 billion, up from $2.78 billion booked twelve months earlier. The increase in total assts was as a result of the increase in ‘Investment Property’ and ‘Inventories’ which closed at $4.68 million (2018: $2.59 million) and $1.70 million (2018: $937,000). Also, ‘Cash and Cash equivalents’ amounted $98.28 million (2018: $60.33 million).

Shareholders’ Equity of $3.95 billion was reported (2018: $1.91 billion) which resulted in a book value per share of $5.22 (2018: $2.52).

 

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2019-05-16T05:22:22+00:00