Stanley Motta Limited (SML)

Unaudited financials for the first quarter ended March 31, 2024:

Stanley Motta Limited (SML) for the first quarter ended March 31, 2024, reported a 4% increase in revenue totalling $131.85 million compared to $127.04 million in the corresponding three months last year.

Additionally, other operating income increased by 122% to $518,000 compared to $233,000 for the first quarter ended March 31, 2023.

Administrative Expenses increased by 22% to close at $49.98 million (2023: $41.01 million). As such, Operating Profit decreased by 4% from $86.26 million in 2023 to $82.39 million for the three months of 2024.

Finance Costs for the first quarter amounted to $19.29 million, a 2% decrease relative to $19.61 million reported in 2023.

Profit before taxation for the three months amounted to $63.10 million, a 5% decrease relative to $66.65 million reported in 2023.

Taxation totalled $3.30 million, a 355% increase from the corresponding period last year. (2023: $724,000).

Net profit for the first quarter ended March 31, 2024, amounted to $59.80 million, a 9% decrease relative to $65.92 million reported in 2023.

Total Comprehensive Income for the three months amounted to $59.83 million, a 22% decrease from the $76.57 million reported in 2023.

Consequently, Earnings Per Share for the three months amounted to $0.08 (2023: EPS: $0.09). The twelve-month trailing EPS was $2.32, and the number of shares used in these calculations was 757,828,490.

Notably, SML’s stock price closed the trading period on May 9, 2024, at a price of $7.48 with a corresponding P/E ratio of 3.22x.

Balance Sheet Highlights

The company’s assets totalled $10.00 billion (2023: $7.34 billion). The growth in total assets was particularly due to a 38% increase in ‘Investment Properties’ to $9.76 billion (2023: $7.08 billion).

Shareholder’s equity was $7.72 billion (2023: $6.16 billion), representing a book value per share of $10.19 (2023: $8.13).

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