November 8, 2023
Wisynco Group Limited (WISYNCO)
Unaudited financials for the first quarter ended September 30, 2023:
Wisynco Group Limited (WISYNCO) for the first quarter ended September 30, 2023 reported a 15% increase in Revenue totalling $13.73 billion compared to $11.95 billion in the corresponding three months last year.
Management noted, “In our first quarter, we generated the highest amount of revenue in our company’s history, which continued the trend established in Quarter 3 of the previous year, where each successive quarter’s revenue was the company’s highest. We continue to see strong demand for our products in all channels. We had some challenges related to machine downtime, but nevertheless we were able to produce more than in any preceding quarter. The energy and power behind this outstanding performance is our exceptional people. We will continue to invest in the development and wellbeing of our people. This quarter saw the full opening of our employee gymnasium.”
Cost of Sales amounted to $8.93 billion (2022: $7.62 billion), this represents an increase of 17% year over year.
Consequently, gross profit increased by 11% to $4.81 billion compared to $4.33 billion for the first quarter ended September 30, 2022.
Other Income increased by 11% to close at $64.04 million (2022: $57.53 million).
Selling and distribution expenses increased by 14% from $2.12 billion in 2022 to $2.43 billion for the three months period under review.
Administration expenses for the first quarter amounted to $513.44 million, a 13% increase relative to $454.83 million reported in 2022.
Operating Profit for the three months amounted to $1.93 billion, a 7% increase relative to $1.80 billion reported in 2022.
Finance Income increased 97% to $167.99 million (2022: $85.22 million).
Finance costs totalled $10.88 million, a 93% decrease from the corresponding period last year. (2022: $149.51 million).
Profit Before Tax for the first quarter ended September 30, 2023, amounted to $2.07 billion, a 20% increase relative to $1.73 billion reported in 2022.
Taxation for the three months amounted to $517.24 million (2022: $430.93 million).
Net Profit for the three months amounted to $1.55 billion, a 20% increase from the $1.30 billion reported in 2022.
Total comprehensive income closed at $1.54 billion (2022: $1.27 billion).
Consequently, Earnings Per Share for the three months amounted to $0.41 (2022: EPS of $0.35). The trailing twelve-month EPS was $1.38 and the number of shares used in these calculations was 3,761,250,000.
Notably, WISYNCO’s stock price closed the trading period on November 07, 2023 at a price of $20.52 with a corresponding P/E ratio of 14.88x.
Balance Sheet Highlights
The company’s assets totalled $32.90 billion (2022: $26.19 billion). The growth in total assets was mainly due to ‘Property Plant and Equipment’ increasing 40% to close at $9.09 billion, and ‘Cash and short-term deposits’ growing 26% to $9.07 billion.
Shareholder’s equity was $22.70 billion (2022: $19.12 billion), representing a book value per share of $6.04 (2022: $5.09).
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