October 10, 2024
Express Catering Limited (ECL)
Unaudited financials for the first quarter ended August 31, 2024:
Express Catering Limited (ECL) for the first quarter ended August 31, 2024 reported a 1% increase in revenue totaling US$6.48 million compared to US$6.40 million in the corresponding three months last year.
Cost of Sales amounted to US$1.94 million (2023: US$2.10 million), this represents a decrease of 8% year over year. Consequently, gross profit increased by 5% to US$4.54 million compared to US$4.30 million for the first quarter ended August 31, 2023.
Depreciation and amortization expenses increased by 41% to close at US$941,539 (2023: US$666,526), while Administrative Expenses decreased by 13% from US$2.13 million in 2023 to US$1.85 million for the three months. As a result, Total Expenses for the first quarter amounted to US$2.90 million, no change relative to US$2.90 million reported in 2023.
Operating Profit for the three months amounted to US$1.64 million, a 17% increase relative to US$1.40 million reported in 2023.
Finance Cost amounted to US$640,974 a 20% increase from the corresponding period last year. (2023: US$536,071).
Foreign Exchange Gain for the first quarter ended August 31, 2024, amounted to US$7,693, relative to Foreign Exchange loss US$22,150 reported in 2023.
Profit before tax for the three months increased by 20% to US$1.01 million (2023: US$843,115).
No taxes were reported during the period. As such, Total comprehensive income for the quarter amounted to US$1.01 million, a 20% increase from the US$843,115 reported in 2023.
Consequently, Earnings Per Share for the three months amounted to US0.06cents (2023: EPS: US0.05cents). The twelve month trailing EPS was US0.10cents and the number of shares used in these calculations was 1,637,500,000.
Notably, ECL’s stock price closed the trading period on October 09, 2024, at a price of J$3.47 with a corresponding P/E ratio of 22.83x.
The company’s assets amounted to US$56.02 million (2023: US$43.59 million). The increase in assets is attributed to a 26% quarter over quarter increase in “Rights-of-use” assets for the quarter ended at US$26.85 million (2023: US$21.38 million), a 24% quarter over quarter increase in “Due from related companies” ending the quarter at US$17.38 million (2023: US$14.01 million), and a 474% quarter over quarter increase in “Other Intangible Assets” ending the quarter at US$3.56 million (2023: US$620,501).
Shareholders’ equity was US$7.96 million (2023: US$6.88 million), representing a book value per share of US0.49cents (2023: US0.42cents).
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