June 2, 2025
Fosrich Company Limited (FOSRICH)
Audited financials for the year ended December 31, 2024:
Fosrich Company Limited (FOSRICH) for the year ended December 31, 2024, reported a marginal decrease in Revenue totaling $3.68 billion compared to $3.70 billion in the corresponding period last year. Revenue for the fourth quarter had a 3% increase to close at $860.62 million compared to $833.19 million for the comparable quarter of 2023.
Cost of Sales amounted to $1.93 billion (2023: $2.12 billion), this represents a decrease of 9% year over year. Consequently, gross profit increased by 11% to $1.75 billion compared to $1.57 billion for the year ended December 31, 2023. The company booked gross profit of $426.24 million for the fourth quarter versus $489.90 million reported for the similar quarter of 2023.
Other Income increased by 14% to close at $15.02 million (2023: $13.21 million), while Administrative and other expenses increased by 21% from $1.18 billion in 2023 to $1.43 billion in the period under review. Also, impairment losses on financial assets for the year ended December 31, 2024, amounted to $24.51 million, relative to impairment gains on financial assets of $14.64 million reported in 2023.
Operating Profit for the year ended December 31, 2024, amounted to $292.01 million, a 30% decrease relative to $417.42 million reported in 2023.
Finance cost totalled $239.78 million a 71% increase from the corresponding period last year. (2023: $140.04 million).
Profit before taxation for the year ended December 31, 2024, amounted to $52.24 million, an 81% decrease relative to $277.38 million reported in 2023. Loss before taxation for the fourth quarter amounted to $41.30 million (2023: Pre-tax profit of $122.89 million).
Taxation for the year ended December 31, 2024, had a 58% decrease to reach $17.68 million (2023: $42.15 million). As such, Net profit for the year amounted to $34.55 million, an 85% decrease from the $235.24 million reported in 2023. For the fourth quarter, Net Loss was $47.77 million (2023: Net profit of $99.77 million).
Consequently, Earnings Per Share for the year amounted to $0.01 (2023: EPS: $0.05), while Loss Per Share for the quarter totaled $0.01 (2023: EPS: $0.02). The twelve-month trailing EPS was $0.01, and the number of shares used in these calculations was 5,078,485,197.
Notably, FOSRICH’s stock price closed the trading period on June 2, 2025, at a price of $2.65.
Balance Sheet Highlights
The company’s assets totalled $7.28 billion (2023: $5.68 billion). The growth in total assets was driven by a $660.93 million uptick in ‘PPE’, a $513.31 million increase in ‘Inventories’ and a $306.43 million upturn in ‘Due from related parties’ during the period.
Shareholder’s equity was $2.00 billion (2023: $2.04 billion), representing a book value per share of $0.39 (2023: $0.40).
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