August 30, 2022
For the year ended June 30, 2022
Wisynco Group Limited for the year ended June 30, 2022, reported total revenue of $39.04 billion a 23% increase when compared with the $31.82 billion reported in 2021. Total revenues for the quarter amounted to $10.64 billion reflecting an increase of 30% over the $8.18 billion achieved in the corresponding quarter of the previous year. Management noted, “Revenue growth in the final quarter of Fiscal 22 was 30% when compared to the same period in the prior year and represents a continuation of the strong demand for our products from our 3rd quarter. We are very encouraged by the recovery in all sectors of the economy as we continue to invest in our business to meet the needs of our customers.”
Cost of sales for the year amounted to $25.79 billion, up 25% relative to $20.70 billion reported in 2021. Consequently, gross profit closed at $13.25 billion compared to the $11.12 billion booked a year earlier. Whereas gross profit for the quarter amounted to $3.53 billion (2021: $2.98 billion). Management noted, “Gross Profit for the year was $13.3 billion which was $2.1 billion or 19.1% greater than the prior year whilst our Gross Margin was 33.9% compared to 34.9% for Fiscal 2021; the reduction in Gross Margin when compared to the prior year is due to higher energy costs which, resulted from our LNG plant experiencing downtime, and higher input costs on certain raw materials.”
Total expenses, for the twelve months ended June 30, 2022, rose 13% to close at $8.53 billion (2021: $7.57 billion). Of total expenses, selling and distribution expenses climbed 15% to total $7.09 billion (2021: $6.15 billion), while administrative expenses increased 1% to $1.44 billion (2021: $1.42 billion).
Other income for the year decreased 37% to $151.56 million (2021: $240.58 million).
As such, WISYNCO booked a 28% increase in operating profit to $4.87 billion (2021: $3.79 billion). Whereas, for the quarter ended June 30, 2022, operating profit amounted to $1.25 billion (2021: $1.16 billion), a 7% increase year over year.
Finance income amounted to $301.26 million, up 54% from the $195.53 million reported in 2021. Finance costs decreased 3% to $149.06 million for the year from $153.73 million for 2021. Moreover, the Company reported ‘Share of loss of associate’ of $28.12 million for the year (2021 share of loss of associate: $29.72 million).
Profit before taxation amounted to $4.99 billion, relative to $3.80 billion reported in 2021, an 31% increase year over year. Taxation for the period amounted to $940.77 million (2021: $730.66 million).
As such, net profit increased 32% to $4.05 billion relative to $3.07 billion posted in 2021. Net profit for the fourth quarter amounted to $1.096 billion relative to $857.93 million in 2021. Notably, total comprehensive income for the year amounted to $4.19 billion (2021: $3.09 billion).
Earnings per share (EPS) for the year amounted to $1.08 (2021: $0.82). For the quarter, EPS amounted to $0.29 (2021: $0.23). The number of shares used in our calculations is 3,756,250,000. Notably, WISYNCO’s stock price closed the trading period on August 29, 2022 at $17.37 with a corresponding P/E of 16.10 times.
Balance Sheet at a Glance:
As June 30, 2022, WISYNCO’s assets totalled $25.89 billion, 16% more than the $22.37 billion recorded last year for the same period. The increase in total assets was largely due to an increase in ‘Inventories’ which rose 51% or $1.82 billion to close at $5.42 billion (2021: $3.59 billion).
Shareholder’s equity closed at $17.84 billion (2021: $15.05 billion). As such, the book value per share was $4.75 (2021: $4.01).
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