August 30, 2023
For the year ended June 30, 2023
Wisynco Group Limited (WISYNCO) for the twelve months ended June 30, 2023, reported a 25% increase in Turnover totaling $48.71 billion compared to $39.05 billion in the corresponding period last year. Turnover for the fourth quarter had a 19% increase to close at $12.66 billion compared to $10.64 billion for the comparable quarter of 2022.
Cost of Sales amounted to $31.85 billion (2022: $25.79 billion), this represents an increase of 23% year over year. Consequently, gross profit increased by 27% to $16.86 billion compared to $13.25 billion for the twelve months ended June 30, 2023. The company booked gross profit of $4.17 billion for the fourth quarter versus $3.53 billion reported for the similar quarter of 2022.
Other Income increased by 67% to close at $252.78 million (2022: $151.56 million), while selling and distribution expenses increased by 29% from $7.09 billion in 2022 to $9.16 billion in the period under review. Also, administration expenses for the twelve months ended June 30, 2023, amounted to $1.79 billion, a 25% increase relative to $1.44 billion reported in 2022.
Operating Profit for the twelve months ended June 30, 2023, amounted to $6.16 billion, a 26% increase relative to $4.87 billion reported in 2022. Operating Profit for the fourth quarter amounted to $1.32 billion (2022: $1.25 billion).
Finance income grew 48% to close $444.49 million relative to $301.26 million booked in 2022, while Finance costs totalled $131.35 million, a 12% decrease from the corresponding period last year (2022: $149.06 million).
Consequently, Profit Before Tax for the twelve months ended June 30, 2023, amounted to $6.31 billion, a 26% increase relative to $4.99 billion reported in 2022. Profit Before Tax for the fourth quarter amounted to $1.52 billion (2022: $1.07 billion).
Taxation for the twelve months ended June 30, 2023, increased 48% to reach $1.39 billion (2022: $940.77 million). As such, Net Profit for the twelve months amounted to $4.92 billion, a 21% increase from the $4.05 billion reported in 2022. For the fourth quarter, Net Profit was $1.26 billion (2022: $1.10 billion).
Consequently, Earnings Per Share for the twelve months amounted to $1.31 (2022: EPS: $1.08), while Earnings Per Share for the quarter totaled $0.34 (2022: EPS: $0.29). The number of shares used in these calculations was 3,756,250,000.
Notably, WISYNCO’s stock price closed the trading period on August 29, 2023, at a price of $16.84 with a corresponding P/E ratio of 12.85x.
Balance Sheet Highlights
The company’s assets totalled $32.39 billion (2022: $25.89 billion). Total assets grew 25% primarily due to a $2.45 billion increase in ‘Cash and Short-Term Deposits’ to close $10.13 billion (2022: $7.68 billion).
Shareholder’s equity was $21.13 billion (2022: $17.84 billion), representing a book value per share of $5.62 (2022: $4.75).
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