SOS books 78% increase in year end net profit

March 01, 2018

SOS reported year end revenue of $906.51 million relative to 702.07 million in 2016, a 29% increase, while for the fourth quarter revenues amounted to $241.63 million (2016: $178.35 million).

The company’s cost of sales totaled $483.49 million up 33% relative to the $363.40 million reported in 2016. As a result gross profit grew by 25% amounting to $423.01 million relative to the $338.67 million booked in 2016. Gross profit for the quarter amounted to $104.50 million relative to $81.89 million in 2016.

Administrative expenses totaled $236.63 million up 25% compared to the $193.40 million booked in 2016, while selling and promotion expenses grew by 22% closing the period at $72.26 million relative to the $59.30 million reported in 2016.

The company’s depreciation cost amounted to $22.31 million an increase of 40% relative to the $15.94 million incurred in 2016, while finance cost decreased by 15% to close at $9.48 million (2016: $11.14 million).

Other operating expenses for the year amounted to $714,969 relative to $1.25 million in 2016. Gain on foreign exchange closed at $208,016 compared to a loss of $4.87 million in 2016.

Profit before taxes grew by 55% to $82.28 million relative to the $53.15 million earned in 2016.

The company booked a tax credit of $684,870 compared to tax expense of $6.57 million. As such, net profit for the year totaled $82.97 million an increase of 78% relative to the $46.59 million reported in 2016. Net profit for the quarter amounted to $23.85 million (2016: $10.01 million).

Earnings per share for the year amounted to $0.33 (2016: $0.19), while EPS for the quarter totaled $0.10 relative $0.04 in 2016. The number of shares used in this calculation was 250,120,500. FOSRICH stock price closed the trading period on March 1, 2018 at a price of $5.08.

Balance Sheet at a glance:

Total Assets increased by 135% or $170.46 million to close at $655.20 million as at December 31, 2017 from $484.74 million the year prior. The growth year over year was due to a 31% increase in ‘Property, Plant & Equipment’ to $322.50 million (2016: $246.56 million).

 

Equity attributable to stockholders of the company as at December 31, 2017 stood at $413.76 million (2016: $242.64 million) resulting in book value per share of $1.65 (2016: $0.97). The number of shares used in our calculations amounted to 250,120,500 units.

 

 

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2018-03-02T01:28:04+00:00