Business
JAM | Feb 11, 2023

Growth in domestic and export markets for Lasco Distributors

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Durrant Pate/Contributors

Lasco Distributors is reporting growth in its domestic and export markets with revenues during the December 2022 quarter increasing by 17 per cent to J$6.78 billion.

This is up from the J$5.79 billion booked for the comparable period in 2021. Revenues for the nine months ended December 31, 2022, increased 13 per cent to J$19.64 billion, up from the 2021 booking of J$17.37 billion.

Cost of sales for the nine months jumped 12 per cent to J$16.23 billion (2021: J$14.45 billion) while it went up 17 per cent to J$5.59 billion (2021: J$4.79 billion). Other operating income for the three quarters decreased 18 per cent to J$161.23 million (2021: J$196.59 million).

Rise in operating expenses

Operating expenses year to date rose by 11 per cent to J$2.37 billion (2021: J$2.13 billion), while for the third quarter, it went up seven per cent to J$800.21 million (2021: J$751.37 million). Profit from operations for the three quarters increased 23 per cent to J$1.20 billion (2021: J$979.18 million).

Profit from operations for the December 2022 quarter increased 32 per cent to J$480.71 million (2021: J$362.96 million). Finance costs for the combined three quarters surged to J$24.72 million relative to J$1.52 million for the corresponding period in 2021.

Profit before taxation for the nine months ended December 31, 2022, increased 20 per cent to J$1.18 billion (2021: J$977.66 million), while the December pre-tax profit closed at J$457.31 million, up 26 per cent. Lasco Distributors recorded taxation for the nine months ended December 31, 2022, of J$245.42 million (2021: J$202.46 billion).

Net profit and total comprehensive income up

Net profit for the nine months increased 20 per cent to J$930.11 million (2021: J$775.20 million). Net profit for the December quarter increased 20 per cent to J$342.98 million (2021: J$285.90 million).

Total comprehensive income for the three quarters increased 22 per cent to J$963.57 million (2021: J$790.43 million). Total comprehensive income for the December quarter increased 13 per cent to J$340.35 million (2021: J$301.13 million).

Lasco Group of Companies logo. (Photo: Jamaica International Invitational)

Earnings per share (EPS) for the nine months ended December 31, 2022 was J$0.26 (2021: J$0.22) while the EPS for the December quarter was J$0.10 (2021: J$0.08). Lasco Distributors stock closed the trading period yesterday at a price of J$2.78 with a corresponding price-to-earnings ratio of 8.33 times.

As at December 31, 2022, Lasco Distributors’ total assets closed at J$12.50 billion, which is seven per cent more than the J$11.65 billion quoted a year ago. The main contributor to this was the 33 per cent increase in ‘Inventories’, which closed at J$4.40 billion (2021: J$3.29 billion) tempered by a 47 per cent decline in ‘Cash and Cash Equivalent’, which closed at J$1.21 billion (2021: J$2.27 billion).

Shareholders’ equity stood at J$7.90 billion (2021: J$7.03 billion), resulting in a book value per share of J$2.25 (2021: J$2.00).

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