February 17, 2025

Medical Disposables and Supplies Limited (MDS)

Unaudited Financials for the Nine Months Ended December 31, 2024:

Medical Disposables and Supplies Limited (MDS) reported a 6% increase in revenue, totaling $2.87 billion for the nine months ended December 31, 2024, compared to $2.69 billion in the corresponding period last year. Revenue for the third quarter increased by 10%, closing at $987.28 million compared to $900.47 million for the comparable quarter of 2023.

Cost of sales amounted to $2.21 billion (2023: $2.03 billion), representing a 9% increase year-over-year. Consequently, gross profit decreased by 1% to $662.35 million compared to $666.83 million for the nine months ended December 31, 2023. The company booked a gross profit of $223.33 million for the third quarter versus $212.34 million reported for the similar quarter of 2023.

Administrative expenses increased by 10%, closing at $400.11 million (2023: $363.16 million), while selling and promotional costs decreased by 2% from $252.03 million in 2023 to $248.02 million in the period under review. As a result, total operating costs for the nine months ended December 31, 2024, amounted to $675.02 million, a 6% increase relative to $638.27 million reported in 2023.

Operating loss for the nine months ended December 31, 2024, amounted to $12.66 million, in contrast to a profit of $28.57 million reported in 2023. Operating loss for the third quarter amounted to $19.86 million (2023: operating loss of $767,768).

Finance income totaled $141,068, a 58% increase from the corresponding period last year (2023: $89,526), while finance costs totaled $107.57 million, down 7% from the corresponding period last year (2023: $115.63 million).

Net loss for the nine months ended December 31, 2024, amounted to $103.36 million, a 17% increase relative to the net loss of $88.55 million reported in 2023. Net loss for the third quarter amounted to $55.63 million (2023: net loss of $50.16 million).

Consequently, Loss Per Share (LPS) for the nine months amounted to $0.33 (2023: LPS: $0.33), while LPS for the quarter totaled $0.19 (2023: LPS: $0.18). The twelve-month trailing LPS was $1.11, and the number of shares used in these calculations was 263,157,895.

Notably, MDS’s stock price closed the trading period on February 14, 2025, at $1.79.

Balance Sheet Highlights:

The company’s assets totaled $2.96 billion, a decrease from the $2.97 billion booked in 2023. This decrease was attributable to cash and cash equivalents, which amounted to $73.16 million (2023: $110.95 million).

Shareholders’ equity was $683.09 million (2023: $975.59 million), representing a book value per share of $2.60 (2023: $3.71).

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