May 30, 2024
LASCO Distributors Limited (LASD)
Audited financials for the year ended March 31, 2024:
LASCO Distributors Limited (LASD) reported a 10% increase in revenue totaling $29.19 billion for the year ended March 31, 2024, compared to $26.56 billion in the corresponding period last year.
Cost of Sales amounted to $23.91 billion (2023: $21.97 billion), an increase of 9% year over year. Consequently, gross profit increased by 15% to $5.28 billion, compared to $4.58 billion for the year-end ended March 31, 2023.
Admin & other increased by 12% to close at $2.85 billion (2023: $2.53 billion), while Selling and promotion increased by 29% from $626.97 million in 2023 to $808.85 million in the period under review. As management expressed, operating expenses increased primarily due to increased staff-related expenditures, marketing investment, security costs, and insurance premiums.
As a result, operating expenses for the year ended March 31, 2024, amounted to $3.66 billion, a 16% increase relative to the $3.16 billion reported in 2023.
Profit from Operations for the year-end ended March 31, 2024, amounted to $1.81 billion, an 11% increase relative to the $1.62 billion reported in 2022. Finance Costs totaled $509,000, an 88% decrease from last year’s corresponding period. (2023: $4.27 million).
Profit before taxation for the year-end ended March 31, 2024, amounted to $1.81 billion, a 12% increase relative to the $1.62 billion reported in 2023.
Taxation for the year ended March 31, 2024, increased 36% to $364.73 million (2023: $267.44 million). Net Profit for the year ended amounted to $1.45 billion, a 7% increase from the $1.35 billion reported in 2023.
Total Comprehensive Income for the year-end ended March 31, 2024, amounted to $1.46 billion, a 4% increase relative to $1.40 billion reported in 2023.
Consequently, Earnings Per Share for the year ended amounted to $0.41 (2023: EPS: $0.38). The number of shares used in these calculations was 3,525,702,702.
Notably, LASD’s stock closed the trading period on May 30, 2024, at $4.10, with a corresponding P/E ratio of 9.99x.
Balance Sheet Highlights
The company’s assets totaled $14.21 billion (2023: $13.38 billion). This 6% year-over-year increase is attributable to an astronomical rise in Intangible assets of 2139% year-over-year, representing an increase of $165.47 million, closing the year at $173.20 million (2023: $7.74 million). There was also a 21% year-over-year increase in Receivables closing the year at $4.35 billion (2023: $3.58 billion) and a 2% year-over-year increase in Inventories closing the year at $4.56 billion (2023: $4.47 billion).
Shareholder’s equity, a key indicator of a company’s financial health, has shown a robust increase. It stood at $9.52 billion (2023: $8.41 billion), representing a book value per share of $2.70 (2023: $2.39). This increase is mainly attributed to a 14% year-over-year growth in the Retained earnings account, which closed the year at $8.85 billion (2023: $7.76 billion).
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