Indies Pharma Jamaica Limited (INDIES)

Unaudited financials for the twelve months ended October 31, 2024:

Indies Pharma Jamaica Limited  (INDIES) for the twelve months ended October 31, 2024 reported a 10% increase in Revenue totaling $1.16 billion compared to $1.06 billion in the corresponding period last year. Revenue for the fourth quarter had a 9% increase to close at $291.73 million compared to $268.56 million for the comparable quarter of 2023.

Cost of Sales amounted to $384.30 million (2023: $328.99 million), this represents an increase of 17% year over year. Consequently, gross profit increased by 7% to $774.67 million compared to $726.46 million for the twelve months ended October 31, 2023. The company booked gross profit of $186.82 million for the fourth quarter versus $171.71 million reported for the similar quarter of 2023.

Other operating income increased by 86% to close at $35.86 million (2023: $19.24 million), while Administrative and other expenses increased by 9% from $463.16 million in 2023 to $503.75 million in the period under review. As a result, Profit from operation for the twelve months ended October 31, 2024 amounted to $306.79 million, a 9% increase relative to $282.55 million reported in 2023.

Exchange Gain for the twelve months ended October 31, 2024, amounted to $8.78 million, a 373% increase relative to $1.86 million reported in 2023. Exchange Gain for the fourth quarter amounted to $8.08 million (2023: $948,931). Finance cost (Loan interest)  totaled $63.80 million a 4% decrease from the corresponding period last year. (2023: $66.78 million).

Profit before taxation for the twelve months ended October 31, 2024, amounted to $251.77 million, a 16% increase relative to $217.63 million reported in 2023. Profit before taxation for the fourth quarter amounted to $51.14 million (2023: $42.91 million).

Taxation for the twelve months ended October 31, 2024, had a 569% increase to reach $30.60 million (2023: $4.58 million). Net Profit for the year for the twelve months amounted to $221.18 million, a 4% increase from the $213.06 million reported in 2023. For the fourth quarter, Net Profit for the year was $45.50 million (2023: $38.33 million).

Consequently, Earnings Per Share for the twelve months amounted to $0.17 (2023: EPS: $0.16), while Earnings Per Share for the quarter totaled $0.034 (2023: EPS: $0.028). The number of shares used in these calculations was 1,332,536,649.

Notably, INDIES’s stock price closed the trading period on December 13, 2024 at a price of $3.39 with a corresponding P/E ratio of 20.42x.

Balance Sheet Highlights

The company’s assets totalled $2.30 billion (2023: $2.24 billion). The movement in total assets is primarily attributed to 76% increase in ‘Inventories’ amounting to $248.58 million (2023: $170.38 million) which was partly offset by a 14 % decline in ‘Cash and cash equivalents’ amounting to $221.97 million (2023: $256.68 million).

Shareholder’s equity was $1.29 billion (2023: $1.22 billion), representing a book value per share of $0.97 (2023: $0.91).

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 effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.