August 10, 2022
Stanley Motta Limited (SML), for the six months ended June 30, 2022, booked a 3% increase in revenue to total $250.08 million compared to $243.17 million for the same period in 2021. Revenue for the quarter amounted to $129.27 million compared to $123.72 million booked in 2021. Management noted by “these increases are mainly attributable to the depreciation of the Jamaican dollar which moved from an average of J$150.15 to J$150.15:US$1 as at 30 June 2021 to J$153.09:US$1 at 30 June 2022”.
Other operating income closed at $10.35 million relative to the $2.04 million that was documented for the six months ended June 30, 2021.
Administrative expenses amounted to $108.66 million (2021: $111.24 million). Management noted, “the decreases are mainly related to a reduction in Repair & Maintenance charges incurred for the period ended 30 June 2022.”
This translated into operating profit of $151.77 million (2021: $133.97 million), a 13% increase year over year. Operating profit for the quarter amounted to $89.34 million compared to $68.11 million reported for the same quarter in 2021.
Finance costs of $38.77 million was recorded for the period under review (2021: $21.80 million). As such, profit before tax increased to $113 million for the period ended June 30, 2022 relative to $112.17 million documented in the same period last year.
Tax expense year to date amounted to $2.56 million compared to $1.99 million incurred for the corresponding period in 2021.
Consequently, net profit for the period totaled $110.45 million (2021: $110.18 million). For the quarter, net profit increase 24% to $69.64 million relative to $56.13 million booked in 2021.
Total comprehensive income of $97.66 million was reported for the period versus $158.27 million recorded in the prior corresponding period. While for the quarter, total comprehensive income amounted to $70.80 million (2021: $48.94 million).
Earnings per share (EPS) for the period remained at $0.15 year over year. EPS for the quarter amounted to $0.09 compared to $0.07 for the quarter ended June 30, 2021. The trailing twelve months EPS amounted to $1.20. The number of shares used in our calculations amounted to 757,828,490 units. SML’s stock price closed the trading period on August 9, 2022 at $5.50 with a corresponding P/E of 4.59 times.
Balance Sheet at a glance:
As at June 30, 2022, total assets amounted to $6.55 billion, up from $5.84 billion booked twelve months earlier. The increase in total assets was mainly due to the increase in ‘Investment Properties’ which closed at $6.23 billion (2021: $5.54 billion) resulting in a 13% increase year over year.
Shareholders’ Equity of $5.44 billion (2021: $4.83 billion) which resulted in a book value per share of $7.18 (2021: $6.38).
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