June 10, 2025

Medical Disposables and Supplies Limited (MDS)

Audited Financials for the Twelve Months Ended March 31, 2025

Medical Disposables and Supplies Limited (MDS) reported a 5% increase in revenue for the twelve months ended March 31, 2025. Total revenue amounted to $3.88 billion, compared to $3.71 billion in the corresponding period last year. Revenue for the fourth quarter remained steady at $1.02 billion, unchanged from the same period in 2024.

Cost of sales totaled $3.01 billion, compared to $3.00 billion in 2024, reflecting minimal year-over-year change. As a result, gross profit increased by 23% to $876.43 million, compared to $713.90 million for the twelve months ended March 31, 2024. The company recorded a gross profit of $214.07 million for the fourth quarter, versus $47.07 million reported for the same quarter in 2024.

Administrative expenses increased by 8% to $510.05 million (2024: $473.63 million). Selling and promotional costs decreased by 4%, from $370.71 million in 2024 to $357.30 million in the period under review. Total operating costs for the twelve months ended March 31, 2025, amounted to $1.04 billion. This represents a 15% increase compared to the $905.16 million reported in 2024.

Operating loss for the twelve months ended March 31, 2025, amounted to $151.66 million. This reflects a 13% decrease compared to the operating loss of $175.27 million reported in 2024. For the fourth quarter, the operating loss was $139.00 million (2024: operating loss of $203.83 million).

Finance income totaled $123,489, a 55% decrease from the corresponding period last year (2024: $272,272). Finance costs totaled $153.71 million, a 4% decrease from the prior year (2024: $159.93 million).

Loss before tax for the twelve months ended March 31, 2025, amounted to $284.33 million. This represents an 11% decrease compared to $320.51 million reported in 2024. For the fourth quarter, loss before tax was $180.97 million (2024: loss before tax of $231.78 million). The income tax credit for the twelve months decreased by 28% to $3.27 million (2024: $4.55 million). Net loss for the year amounted to $281.06 million, an 11% decrease from the net loss of $315.96 million reported in 2024. For the fourth quarter, the net loss was $177.71 million (2024: net loss of $227.42 million).

Loss per share (LPS) for the twelve months amounted to $0.77 (2024: $1.11). LPS for the quarter totaled $0.44 (2024: $0.78).

MDS’s stock price closed the trading period on June 9, 2025, at $1.59.

Balance Sheet Highlights

The company’s total assets amounted to $2.54 billion, a 7% decrease from $2.75 billion in 2024. This decline was primarily due to a reduction in amounts due from related parties, which totaled $1.27 million (2024: $79.15 million).

Shareholders’ equity stood at $567.30 million (2024: $769.13 million). This represents a book value per share of $2.16 (2024: $2.92).

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