June 30, 2023
Future Energy Source Company Limited (FESCO) for the year ended March 31, 2023 reported a 107% increase in Revenue totaling $26.28 billion compared to $12.67 billion in the corresponding period last year. Revenue for the fourth quarter had a 32% increase to close at $6.14 billion compared to $4.66 billion for the comparable quarter of 2022.
The cost of goods sold amounted to $25.39 billion (2022: 12.28 billion), this represents an increase of 107% year over year. Consequently, gross profit increased by 128% to $887.82 million, compared to $389.35 million for the year ended March 31, 2022. The company booked a gross profit of $241.17 million for the fourth quarter, versus $145.22 million reported for the similar quarter of 2022.
Operating and administrative expenses increased by 129% to close at $307.29 million (2022: $133.94 million), while Impairment losses on financial assets increase by 668% from $2.32 million in 2022 to $17.86 million in the period under review.
Operating Profit for the year ended March 31, 2023, amounted to $566.40 million, a 122% increase relative to the $254.95 million reported in 2022. Operating Profit for the fourth quarter amounted to 135.30 million (2022: $98.45 million). Finance (cost) and income totaled $8.12 million, a 176% increase from the corresponding period last year. (2022: $2.94 million).
Profit Before Taxation for the year ended March 31, 2023, amounted to $574.51 million, a 123% increase relative to the $257.88 million reported in 2022. Profit Before Taxation for the fourth quarter amounted to 140.12 million (2022: $87.09 million).
Taxation for the year ended March 31, 2023, had a 23% increase to reach $3.25 million (2022: $4.24 million). Net profit for the year-end amounted to $571.27 million, a 125% increase from the $253.64 million reported in 2022. For the fourth quarter, Net profit was $136.87 million (2022: $87.09 million).
Consequently, Earnings Per Share for the year-end amounted to $0.23 (2022: EPS: $0.10), while Earnings Per Share for the quarter totaled $0.05 (2022: EPS: $0.03). The twelve-month trailing EPS was $0.23, and the number of shares used in these calculations was 2,500,000,000. Notably, FESCO’s stock closed the trading period on June 29, 2023, at a price of $3.68 with a corresponding P/E ratio of 16.10x.
Balance Sheet Highlights
FESCO, as at March 31, 2023, recorded ‘Total Assets’ of $3.83 billion (2022: $2.79 billion), a 37% increase year over year. The increase was attributed mainly to increases of $1.61 billion for ‘Property, Plant and Equipment’ which closed at $2.75 billion (2022: $1.14 billion).
Shareholders’ equity totaled $1.30 billion (2022: $770.59 million), representing a book value per share of $0.52 (2022: $0.31).
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