August 15, 2024
Medical Disposables and Supplies Limited (MDS)
Unaudited financials for the first quarter ended June 30, 2024:
Medical Disposables and Supplies Limited (MDS) for the first quarter ended June 30, 2024, reported a 5% increase in revenue totalling $972.69 million compared to $925.51 million in the corresponding three months last year.
Cost of Sales amounted to $732.05 million (2023: $690.84 million), this represents a increase of 6% year over year. Consequently, gross profit increased by 3% to $240.64 million compared to $234.67 million for the first quarter ended June 30, 2023.
Administrative expenses increase by 10% to close at $134.09 million (2023: $122.08 million), while Selling and promotional costs decrease by 9% from $77.85 million in 2023 to $70.85 million for the three months. As a result, Total Operating Costs for the first quarter amounted to $211.26 million, a 2% increase relative to $207.80 million reported in 2023.
Operating Profit for the three months amounted to $29.38 million, a 9% increase relative to $26.87 million reported in 2023.
Finance income totalled $4,101 a 95% decrease from the corresponding period last year. (2023: $86,684) while Finance costs for the first quarter ended June 30, 2024, amounted to $31.10 million, a 17% increase relative to $26.58 million reported in 2023.
Profit before tax for the three months was $6.01 million (2023: Loss of $291,708). Income tax expense for the three months amounted to $3.86 million (2023: Taxation credit of $181,741). Profit for the three months amounted to $2.16 million, compared to a loss of $109,967 reported in 2023.
Consequently, Earnings Per Share for the three months amounted to $0.01 (2023: LPS: $0.00). The twelve-month trailing LPS was $1.19 and the number of shares used in these calculations was 263,157,895. Notably, MDS’s stock price closed the trading period on August 15, 2024, at a price of $1.82.
Balance Sheet Highlights
The company’s assets totaled $2.67 billion, an 8% decrease from $2.91 billion booked in 2023. The reduction in the company’s total asset base is attributable to a 24% YoY decrease in “Inventories,” ending the quarter at $1.08 billion (2023: $1.42 billion), a 3% YoY decline in “Property, plant and equipment” ending the quarter at $751.62 million (2023: $774.80 million) and an 5% YoY decline in “Cash and cash equivalents” ending the quarter at $77.14 million (2023: $81.07 million).
Shareholder’s equity was $775.05 million (2023: $1.06 billion), representing a book value per share of $2.95 (2023: $4.03).
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