Indies Pharma Jamaica Limited (INDIES) for the first quarter ended January 31, 2024, reported a 5% increase in revenue totalling $269.38 million compared to $255.64 million in the corresponding three last year.

Cost of sales amounted to $79.89 million (2023: $80.37 million), this represents a decrease of 1% year over year. Consequently, gross profit increased by 8% to $189.49 million compared to $175.27 million for the first quarter ended January 31, 2023.

Other operating income surged to $25.66 million (2023: $440,135), while administrative and other expenses increased by 30% from $99.62 million in 2023 to $129.26 million for the three months. As a result, profit from operation for the first quarter amounted to $85.89 million, a 13% increase relative to $76.09 million reported in 2023.

Exchange loss for the three amounted to $294,653, a 35% decrease relative to exchange loss of $452,384 reported in 2023. Finance cost (loan interest) totalled $14.20 million, a 14% decrease from the corresponding period last year (2023: $16.60 million).

Profit before taxation for the first quarter ended January 31, 2024, amounted to $71.39 million, a 21% increase relative to $59.03 million reported in 2023.

Taxation for the three amounted to $8.90 million (2023: nil). Net profit for the three amounted to $62.49 million, a 6% increase from the $59.03 million reported in 2023.

Earnings per share (EPS) for the three amounted to $0.05 (2023: $0.04). The twelve-month trailing EPS was $0.16, and the number of shares used in these calculations was 1,332,536,649. Notably, INDIES’s stock price closed the trading period on March 14, 2024, at a price of $2.72 with a corresponding P/E ratio of 16.74x.

Balance Sheet Highlights:

The company’s assets totalled $2.29 billion (2023: $2.23 billion); a 3% increase year over year largely attributed to increases in inventories (up $64.53 million or 35%), receivables (up $63.69 million or 38%) and investment property (up $55.19 million); tempered by decreases in cash and cash equivalents (down $68.79 million or 24%), property, plant and equipment (down $62.37 million or 7%), and right-of-use assets (down $41.26 million or 37%).

Shareholder’s equity was $1.28 billion (2023: $1.22 billion), representing a book value per share of $0.96 (2023: $0.91).

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