March 8, 2022
For the year ended December 31, 2021, FosRich Company Limited (FOSRICH)’s revenue rose by 24% to $2.35 billion relative to $1.90 billion booked in 2020. Revenue for the quarter amounted to $665.21 million, 32% above the $504.20 million booked for the similar quarter of 2020.
Cost of sales for the year increased by 22% to $1.31 billion (2020: $1.07 million). However, gross profit increased by 26% to $1.04 billion compared to $824.75 million in 2020. Gross profit for the quarter amounted to $372.07 million (2020: $270.43 million).
Other income totalled $56.13 million for the year relative to the previous year’s gain of $32.46 million.
Administrative and other expenses increased by 25% to $631.63 million (2020: $505.75 million) and depreciation went up by 26% to $83.14 million (2020: $65.75 million). Fosrich’s finance costs recorded an increase of 16%, closing at $185.20 million (2020: $160.02 million).
Consequently, profit before tax for the year ended December 2021, amounted $199.31 million, 59% higher than the $125.70 million recorded in 2020. While for the quarter, profit before taxation amounted to $20.09 million relative to $50.45 million in 2020, representing a 60% decrease year-on-year.
There were no tax charges for the year under review (2020: nil). As a result, net profit for the year amounted to $199.31 million relative to $125.70 million reported twelve months earlier. Net profit for the quarter amounted to $20.09 million (2020: $50.45 million).
Total comprehensive income for the year amounted to $199.48 million compared to $125.23 million for 2020.
Earnings per share amounted to $0.40 for the period relative to earnings per share of $0.25 in 2020. EPS for the quarter amounted to $0.04 (2020: $0.10). The number of shares used in our calculations is 502,275,555. Notably, FOSRICH stock price close the trading period on March 8, 2022 at $15.99 with a corresponding P/E of 40.30 times.
Balance Sheet Highlights:
The company, as at December 31, 2021, recorded total assets of $3.77 billion, an increase of 23% when compared to $3.06 billion recorded last year. The increase was mainly attributed to ‘Inventories’ and ‘Rights of Use Assets’ which closed at $1.78 billion (2020: $1.46 billion) and $564.85 million (2020: $393.34 million).
Total Stockholders’ Equity as at December 31, 2021, closed at $1.02 billion (2020: $868.56 million) resulting in a book value per share of $2.02 per share (2020: $1.73 per share).
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