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).
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.