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Fontana Limited (FTNA)
Unaudited financials for the six months ended December 31, 2024:
Fontana Limited (FTNA) for the six months ended December 31, 2024, reported a 16% increase in revenues totaling $4.78 billion compared to $4.13 billion in the corresponding period last year. Revenues for the second quarter had a 15% increase to close at $2.71 billion compared to $2.35 billion for the comparable quarter of 2023.
Year to date, cost of sales amounted to $2.94 billion (2023: 2.57 billion), representing an increase of 14% year over year. Consequently, gross profit increased by 18% to $1.84 billion compared to $1.56 billion for the six months ended December 31, 2023. The company booked a gross profit of $1.06 billion for the second quarter versus $953.48 million reported for the similar quarter of 2023.
Administrative and other expenses increased by 22% to close at $1.32 billion (2023: $1.08 billion), while selling and promotion increased by 9% from $39.23 million in 2023 to $42.76 million in the period under review. As a result, total operating expenses for the six months ended December 31, 2024, amounted to $1.36 billion, a 22% increase relative to $1.11 billion reported in 2023.
Operating profit year to date amounted to $477.92 million, an 8% increase relative to $442.12 million reported in 2023. Operating profit for the second quarter amounted to $375.32 million (2023: $361.27 million). Finance and policy costs totaled $108.77 million, a 1% increase from last year’s corresponding period (2023: $107.46 million).
Profit before taxation for the six months ended December 31, 2024, amounted to $448.39 million, up 11% relative to $402.46 million reported in 2023. Profit before taxation for the second quarter amounted to 376.02 million (2023: $341.08 million).
Net Profit for the six months amounted to $387.05 million, down 4% from the $402.46 million reported in 2023. For the second quarter, the company recorded a net profit of $326.58 million (2023: $341.08 million).
Consequently, Earnings Per Share for the six months amounted to $0.31 (2023: EPS: $0.32), while Earnings Per Share for the quarter totaled $0.26 (2023: EPS: $0.27). The twelve-month trailing EPS was $0.46 and the number of shares used in these calculations was 1,249,374,825.
Notably, FTNA’s stock price closed the trading period on February 14, 2025, at a price of $9.20 with a corresponding P/E ratio of 20.01x.
Balance Sheet Highlights
The company’s assets totaled $5.71 billion (2023: $5.75 billion). The movement in total assets was due to a $140.48 million decrease in ‘Right of use assets amounting to $834.76 million ($975.24 million), and a 5% decrease in ‘Plant, Property, and Equipment’ amounting to $1.22 billion (2023: $1.28 billion), slightly offset by a 19% increase in ‘Inventories’ amounting to $1.65 billion (2023: $1.31 billion). Additionally, ‘Cash and cash equivalents’ decreased by 4%, amounting to $1.59 billion (2023: $1.66 billion).
Shareholders’ equity was $2.98 billion (2023: $2.72 billion), representing a book value per share of $2.39 (2023: $2.18).
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