August 16, 2024
Honey Bun Limited(HONBUN)
Unaudited financials for the nine months ended June 30, 2024:
Honey Bun Limited (HONBUN) reported a 13% increase in revenue totaling $2.89 billion for the nine months ended June 30, 2024, compared to $2.56 billion in the corresponding period last year. Revenue for the third quarter increased 10% to close at $956.50 million compared to $866.11 million for the comparable quarter of 2023.
Cost of Sales amounted to $1.55 billion (2023: $1.44 billion), an increase of 8% year over year. Consequently, gross profit increased by 20% to $1.34 billion compared to $1.12 billion for the nine months ended June 30, 2023. The company booked a gross profit of $436.92 million for the third quarter versus $386.92 million reported for the similar quarter of 2023.
Administrative Expenses increased by 20% to close at $576.48 million (2023: $481.62 million), while Selling, Distribution & Promotion Expenses increased by 21% from $376.40 million in 2023 to $457.19 million in the period under review. As a result, total operating expenses for the nine months ended June 30, 2024, amounted to $1.03 billion, a 20% increase relative to $858.02 million reported in 2023.
Profit from operations for the nine months ended June 30, 2024, amounted to $305.28 million, a 16% increase relative to $263.80 million reported in 2023. Profit from operations for the third quarter amounted to $84.49 million (2023: $92.48 million).
Finance Income totaled $13.12 million, an 8% increase from last year’s corresponding period. (2023: $12.14 million) while Finance Costs totaled $10.19 million, a 92% decrease from last year’s corresponding period. (2023: $5.31 million).
Profit before Taxation for the nine months ended June 30, 2024, amounted to $308.74 million, a 14% increase relative to $270.63 million reported in 2023. Profit before Taxation for the third quarter amounted to $83.81 million (2023: $95.48 million). Taxation for the nine months ending June 30, 2024, had a 1% increase to $67.75 million (2023: $68.69 million). Net Profit for the nine months amounted to $240.99 million, a 19% increase from the $201.95 million reported in 2023. For the third quarter, Net Profit was $73.24 million (2023: $70.89 million).
Consequently, Earnings Per Share for the nine months amounted to $0.51 (2023: EPS: $0.43), while Earnings Per Share for the quarter totaled $0.16 (2023: EPS: $0.15). The twelve-month trailing EPS was $0.58, and the number of shares used in these calculations was 471,266,950.
Notably, HONBUN’s stock closed the trading period on August 15, 2024, at $8.16, with a corresponding P/E ratio of 14.18x.
Balance Sheet Highlights
The company’s assets totaled $1.92 billion (2023: $1.70 billion), an increase attributed to an increase in ‘Property, Plant & Equipment’, which closed at $736.41 million (2023: $708.14 million).
Shareholder’s equity was $1.48 billion (2023: $1.29 billion), representing a book value per share of $3.14 (2023: $2.73).
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