November 11, 2024
Unaudited financials for the first quarter ended September 30, 2024:
Wisynco Group Limited (WISYNCO), for the first quarter ended September 30, 2024, reported a 7% increase in revenue totaling $14.64 billion compared to $13.73 billion in the corresponding quarter last year. The cost of sales amounted to $9.32 billion (2023: $8.93 billion), an increase of 4% year over year. Consequently, gross profit increased by 11% to $5.32 billion compared to $4.81 billion for the first quarter ended September 30, 2023.
Other Income decreased by 11% to close at $56.71 million (2023: $64.04 million), while Selling and distribution expenses increased by 25% from $2.43 billion in 2023 to $3.03 billion for the quarter under review. As a result, Administration expenses for the first quarter amounted to $605.37 million, an 18% increase relative to the $513.44 million reported in 2023. Operating Profit for the quarter amounted to $1.74 billion, a 10% decrease from the $1.93 billion reported in 2023. Profit Before Tax for the first quarter ended September 30, 2024, amounted to $1.88 billion, a 9% decrease relative to the $2.07 billion reported in 2023.
Taxation decreased 28% to reach $371.31 million (2023: $517.24 million). Net Profit for the quarter amounted to $1.51 billion, a 3% decrease from the $1.55 billion reported in 2023. Consequently, Earnings Per Share for the quarter amounted to $0.40 (2023: EPS: $0.41). The twelve-month trailing EPS was $1.37 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 11, 2024, at $21.18, with a corresponding P/E ratio of 15.50x.
Balance Sheet Highlights
The company’s assets totaled $36.39 billion (2023: $32.90 billion). The total increase in the company’s total asset base can be attributed to a 76% YoY increase in “Property, Plant, and Equipment” representing an astronomical $6.94 billion increase, ending the quarter at $16.03 billion (2023: $9.09 billion). A 65% YoY increase in “Investment securities” finished the quarter at $1.85 billion (2023: $1.12 billion), and a 3% YoY increase in “Receivables and prepayments” ending the quarter at $5.50 billion (2023: $5.32 billion).
Shareholder’s equity was $26.29 billion (2023: $22.70 billion), representing a book value per share of $6.99 (2023: $6.04).
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