Registers 20% increase in net profits totaling J$587.14 million

Lasco Distributors Limited is experiencing robust growth in both its domestic and export market, as the Jamaican distribution company posts commendable half-year financial results.

For the six-month period ended September 30, 2022, revenues climbed 11 per cent to J$12.86 billion, up from J$11.57 billion booked for the comparable period last year. For the September quarter, revenues grew even stronger, increasing by 14 per cent to J$6.60 billion.

This is up from the J$5.82 billion posted in 2021. At the same time, net profit for the half year climbed 20 per cent, closing at J$587.14 million compared to J$489.30 million recorded 12 months earlier.  

Lasco Distributors incurred J$131.10 million in taxes compared to J$125.76 million last year. Net profit for the second quarter in September closed at J$262.25 million, up 33 per cent from $197.24 million booked in the prior comparable period.

Income and expenses rising

Total comprehensive income for the six-month period amounted to J$620.60 million relative to J$503.14 million in 2021. Cost of sales amounted to J$10.64 billion, up 10 per cent on the J$9.66 billion reported in the prior comparable period.

Operating expenses totalled $1.57 billion, up from the 2021 booking of J$1.38 billion, while for the quarter, operating expenses amounted to J$853.80 million, representing a 25 per cent increase from J$683.31 million recorded in 2021. Finance cost came out at J$1.32 million in comparison to J$1.16 million in 2021.

Earnings per share (EPS) for the six months ended September 2022, totaled J$0.17 versus J$0.14 for the corresponding period in 2021. For the quarter, EPS amounted to J$0.07 (2021: J$0.06).

As at September 30, 2022, Total assets amounted to J$13.41 billion, eight per cent more than last year’s J$12.37 billion. The increase was as a result of inventories, which closed at J$4.30 billion (2021: J$3.12 billion) and receivables, which amounted to J$4.18 billion (2021: J$3.88 billion).

Shareholders’ equity amounted to J$7.59 billion as at September 2022 (2021: J$6.75 billion), reflecting a 13 per cent increase. This translated into a book value per share of J$2.16 (2021: J$1.92).