INDIES reports 26% increase in year-end net profits

December 9, 2022

Indies Pharma Jamaica Limited (INDIES), reported revenues for the twelve months ended October 31, 2022 of $937.28 million (2021: $846.83 million), an increase of 11% year over year. For the quarter, revenues decreased 2% to $209.65 million (2021: $213.54 million).

Cost of sales amounted to a total of $282.32 million (2021: $295.90 million), a 5% decrease year over year. As such, gross profit increased 19% to $654.97 million (2021: $550.93 million). For the quarter, gross profit closed at $137.59 million (2021: $150.68 million).

Other operating income for the year end amounted to $3.84 million (2021: $7.49 million), a decrease of 49% year over year. Administrative expenses increased by 13% to $370.76 million (2021: $326.83 million).

Profit from operations increased 24% to $288.04 million (2021: $231.59 million). For the quarter, profit from operations closed at $51.04 million (2021: $74.69 million).

Foreign exchange loss for FY2022 amounted to $2.23 million (2021: gains of $14.76 million), while finance cost decreased to $59.98 million (2021: $67.79 million).

Profit before tax increased 26% to $225.84 million (2021: $178.56 million). For the quarter, profit before tax amounted to $34.26 million (2021: $71.08 million).

Consequently, net profit for the year increased 26% to $225.84 (2021: $178.56 million).  There remained no tax charge year over year. For the quarter, net profit was $34.26 million (2021: $71.08 million).

Total comprehensive income totalled $225.84 million (2021: $467.03 million), a 52% decrease year over year. For the quarter, total comprehensive income amounted to $34.26 million (2021: $71.08 million).

Earnings per share (EPS) for the period amounted $0.17 (2021: $0.13). For the quarter, EPS totalled $0.026 (2021: $0.056). The number of shares used in the calculations is 1,332,536,649. The stock last traded on December 8, 2022 at $2.88 with a corresponding P/E ratio of 16.99 times.

Balance Sheet at a glance:

Total assets amounted to $2.16 billion (2021: $2.04 billion), 6% more year over year. This was primarily due to the 201% increase in ‘Right of use asset’ which closed $119.26 million (2021: $39.62 million).

Shareholders’ Equity totalled $1.18 billion (2021: $1.11 billion) resulting in a book value per share of $0.89 (2021: $0. 83).


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