May 3, 2024
Wisynco Group Limited (WISYNCO) for the nine months ended March 31, 2024, reported a 11% increase in Revenue totalling $40.08 billion compared to $36.05 billion in the corresponding period last year. Revenue for the third quarter had a 9% increase to close at $13.10 billion compared to $11.97 billion for the comparable quarter of 2023.
Cost of Sales amounted to $26.48 billion (2023: $23.36 billion), this represents an increase of 13% year over year. Consequently, gross profit increased by 7% to $13.61 billion compared to $12.68 billion for the nine months ended March 31, 2023. The company booked gross profit of $4.39 billion for the third quarter versus $4.15 billion reported for the similar quarter of 2023.
Other Income increased by 13% to close at $198.73 million (2023: $176.47 million), while Selling and distribution expenses increased by 15% from $6.69 billion in 2022 to $7.68 billion in the period under review. Also, administration expenses for the nine months ended March 31, 2024, amounted to $1.53 billion, a 15% increase relative to $1.33 billion reported in 2023.
Operating Profit for the nine months ended March 31, 2024, amounted to $4.59 billion, a 5% decrease relative to $4.84 billion reported in 2023. Operating Profit for the third quarter amounted to $1.30 billion (2023: $1.52 billion).
Net finance income totalled $441.31 million, relative to net finance cost of $9.56 million booked in 2023.
Profit Before Tax for the nine months ended March 31, 2024, amounted to $4.99 billion, a 4% increase relative to $4.79 billion reported in 2023. Profit Before Tax for the third quarter amounted to $1.43 billion (2023: $1.57 billion).
Taxation for the nine months ended March 31, 2024, had an 8% decrease to reach $1.04 billion (2023: $1.13 billion). As such, Net Profit for the nine months amounted to $3.95 billion, a 8% increase from the $3.66 billion reported in 2023. For the third quarter, Net Profit was $1.18 billion (2023: $1.15 billion).
Consequently, Earnings Per Share for the nine months amounted to $1.05 (2023: EPS: $0.97), while Earnings Per Share for the quarter totalled $0.31 (2023: EPS: $0.31). The twelve month trailing EPS was $1.39, and the number of shares used in these calculations was 3,761,250,000.
Notably, WISYNCO’s stock price closed the trading period on May 02, 2024, at a price of $20.58 with a corresponding P/E ratio of 14.86x.
Balance Sheet Highlights
The company’s assets totalled $32.88 billion (2023: $29.51 billion). The movement in total assets was led by an 82% uptick in ‘Property, plant & equipment’ to $12.61 billion (2023: $6.93 billion), while ‘Investment securities’ increased by 148% from $1.51 billion in 2023 to $3.73 billion in the period under review. However, ‘Cash and short term deposits’ declined by 45% to offset the movement, closing at $5.06 billion (2023: $9.25 billion).
Shareholder’s equity was $24.33 billion (2023: $20.70 billion), representing a book value per share of $6.47 (2023: $5.50).
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