November 14, 2024
Stanley Motta Limited (SML)
Unaudited financials for the nine months ended September 30, 2024:
Stanley Motta Limited (SML) for the nine months ended September 30, 2024 reported a 9% increase in Revenue totaling $420.47 million compared to $387.01 million in the corresponding period last year. Revenue for the third quarter had a 11% increase to close at $138.50 million compared to $125.12 million for the comparable quarter of 2023.
Gross Profit amounted to $420.47 million (2023: $387.01 million), this represents an increase of 9% year over year. Consequently, other operating income decreased by 77% to $4.93 million compared to $21.84 million for the nine months ended September 30, 2023. The company booked other operating income of $646,000 for the third quarter versus $308,000 reported for the similar quarter of 2023.
Administrative Expenses increased by 6% to close at $155.10 million (2023: $146.84 million), while Operating Profit increased by 3% from $262.02 million in 2023 to $270.31 million in the period under review. As a result, finance costs for the nine months ended September 30, 2024 amounted to $66.95 million, a 10% increase relative to $60.60 million reported in 2023.
Profit before taxation for the nine months ended September 30, 2024, amounted to $203.36 million, a 1% increase relative to $201.42 million reported in 2023. Profit before taxation for the third quarter amounted to $68.85 million (2023: $51.96 million). Taxation totaled $5.52 million a 15% increase from the corresponding period last year. (2023: $4.81 million).
Net profit for the nine months ended September 30, 2024, amounted to $197.84 million, a 1% increase relative to $196.61 million reported in 2023. Net profit for the third quarter amounted to $66.64 million (2023: $51.88 million).
Currency translation difference on net asset of foreign subsidiary for the nine months ended September 30, 2024 had a 258% increase to reach $28.05 million (2023: $7.83 million) . Total Comprehensive Income for the nine months amounted to $225.89 million, a 10% increase from the $204.44 million reported in 2023. For the third quarter, Total Comprehensive Income was $66.64 million (2023: $55.66 million).
Consequently, Earnings Per Share for the nine months amounted to $0.26 (2023: EPS: $0.26), while Earnings Per Share for the quarter totaled $0.09 (2023: EPS: $0.07). The twelve month trailing EPS was $2.33 and the number of shares used in these calculations was 757,828,490.
Notably, SML’s stock price closed the trading period on November 14, 2024 at a price of $6.53 with a corresponding P/E ratio of 2.80x.
Balance Sheet Highlights
The company’s assets totaled $10.56 billion (2023: $8.22 billion). The movement in total assets was mainly influenced by a $2.41 billion increase in ‘Investment Properties’ amounting to $10.24 billion (2023: $7.82 billion). Additionally, there was a 79% increase in ‘Receivables’ amounting to $53.53 million (2023: $29.84 million).
Shareholder’s equity was $7.83 billion (2023: $6.29 billion), representing a book value per share of $10.33 (2023: $8.29).
Disclaimer:
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 affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein
