April 3, 2024
A.S. BRYDEN & SONS HOLDINGS LIMITED (ASBH)
Audited financials for the twelve months ended December 31, 2023:
Expressed in TT$ unless stated otherwise
A.S. BRYDEN & SONS HOLDINGS LIMITED (ASBH) for the twelve months ended December 31, 2023, reported a 104% increase in Revenue totalling $2.56 billion compared to $1.25 billion in the corresponding period last year. Revenue for the fourth quarter had a 20% increase to close at $757.09 million compared to $629.25 million for the comparable quarter of 2022.
Direct expenses amounted to $1.90 billion (2022: $895.77 million), this represents an increase of 112% year over year. Consequently, gross profit increased by 86% to $664.99 million compared to $357.99 million for the twelve months ended December 31, 2022. The company booked gross profit of $202.12 million for the fourth quarter versus $170.79 million reported for the similar quarter of 2022.
Other income increased by 16% to close at $396,000 (2022: $341,000), while Administration and other operating expenses increased by 78% from $247.73 million in 2022 to $441.32 million in the period under review. As a result, operating profit for the twelve months ended December 31, 2023, amounted to $219.65 million, a 106% increase relative to $106.43 million reported in 2022.
Share of results of Associate for the twelve months ended December 31, 2023, amounted to $47,000, a 96% decrease relative to $1.27 million reported in 2022.
Finance costs totalled $53.93 million a 129% increase from the corresponding period last year. (2022: $23.60 million).
Profit before Taxation for the twelve months ended December 31, 2023, amounted to $165.77 million, a 97% increase relative to $84.10 million reported in 2022. Profit before Taxation for the fourth quarter amounted to $52.35 million (2022: $24.32 million).
Taxation for the twelve months ended December 31, 2023, amounted to $25.94 million (2022: $14.46 million). As such, Net profit for the twelve months amounted to $139.83 million, a 101% increase from the $69.65 million reported in 2022. For the fourth quarter, Net profit was $35.33 million (2022: $28.40 million).
Net profit attributable to shareholders for the twelve months ended December 31, 2023, amounted to $128.77 million. (2022: $65.37 million).
Consequently, Earnings Per Share for the twelve months amounted to $0.10 (2022: EPS: $0.05), while Earnings Per Share for the quarter totalled $0.03 (2022: EPS: $0.02). The number of shares used in these calculations was 1,389,683,010.
Notably, ASBH’s stock price closed the trading period on April 02, 2024 at a price of $38.50 with a corresponding P/E ratio of 16.65x.
Balance Sheet Highlights
The company’s assets totalled $2.19 billion (2022: $1.96 billion). The growth in total assets was primarily driven by a 25% increase in ‘Trade and other receivables’ to $667.71 million (2022: $532.89 million).
Shareholder’s equity was $671.45 million (2022: $564.30 million), representing a book value per share of $0.48 (2022: $0.41).
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
