February 11, 2025
Tropical Battery Company Limited (Tropical)
Audited financials for the twelve months ended September 30, 2025:
Tropical Battery Company Limited (Tropical) for the twelve months ended September 30, 2025, reported a 15% increase in Revenue, totaling $6.44 billion compared to $5.62 billion in the corresponding period last year. Revenue for the fourth quarter recorded a 34% increase to close at $1.82 billion, relative to $1.36 billion for the comparable quarter of 2024.
Cost of sales amounted to $4.09 billion (2024: $3.76 billion), representing a 9% year-over-year increase. Consequently, gross profit increased by 26% to $2.36 billion compared to $1.86 billion for the twelve months ended September 30, 2024. For the fourth quarter, the company recorded gross profit of $787.06 million, versus $505.26 million in the similar quarter of 2024.
Administrative, marketing and selling expenses increased by 27% to close at $1.83 billion (2024: $1.45 billion). Despite this increase, Operating profit grew by 26%, moving from $418.81 million in 2024 to $526.98 million for the period under review. Notably, Other operating income for the twelve months ended September 30, 2025, amounted to $258.16 million, reflecting a 2,283% increase relative to $10.83 million reported in 2024.
Profit before depreciation, net finance costs and taxation for the twelve months ended September 30, 2025, amounted to $785.14 million, an 83% increase relative to $429.65 million reported in 2024. For the fourth quarter, profit before depreciation, net finance costs and taxation totalled $480.09 million (2024: loss of $42.46 million). Depreciation for the period totaled $157.52 million, a 43% increase relative to $110.40 million reported in the prior year.
Net finance costs for the twelve months ended September 30, 2025, amounted to $580.60 million, a 36% increase relative to $426.20 million reported in 2024. Consequently, profit before taxation amounted to $47.02 million. (2024: Loss of $106.96 million).
The tax credit for the twelve months ended September 30, 2025 amounted to $12.70 million, compared to a tax expense of $14.49 million in 2024. As a result, Net income for the twelve months amounted to $59.72 million, a 149% improvement from the net loss of $121.44 million reported in 2024. For the fourth quarter, Net income was $206.28 million (2024: net loss of $341.61 million).
Net profit attributable to shareholders for the period amounted to $56.32 million. (2024: Loss of $154.48 million).
Consequently, Earnings Per Share for the twelve months amounted to $0.03 (2024: LPS: $0.11), while Earnings Per Share for the quarter totaled $0.11 (2024: LPS: $0.27). The twelve-month trailing EPS was $0.03, and the number of shares used in these calculations was 1,741,890,573.
Notably, Tropical’s stock price closed the trading period on February 10, 2026, at a price of $1.24 with a corresponding P/E ratio of 38.35x.
Balance Sheet Highlights
The company’s assets totaled $8.39 billion (2024: $7.85 billion). The movement in total assets was primarily attributable to a 42% increase in Accounts receivable, which rose to $1.38 billion (2024: $974.84 million).
Shareholder’s equity was $1.55 billion (2024: $1.01 billion), representing a book value per share of $0.89 (2024: $0.58).
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