February 17, 2025

Seprod Limited (SEP)

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

Seprod Limited (SEP) reported a 19% increase in revenue, totalling $133.08 billion for the twelve months ended December 31, 2024, compared to $112.15 billion in the corresponding period last year. Revenue for the fourth quarter increased by 29%, closing at $39.65 billion compared to $30.84 billion for the comparable quarter of 2023.

Cost of sales amounted to $97.65 billion (2023: $80.78 billion), representing a 21% year-over-year increase. Consequently, gross profit increased by 13% to $35.44 billion compared to $31.37 billion for the twelve months ended December 31, 2023. The company booked a gross profit of $10.71 billion for the fourth quarter versus $7.79 billion reported for the similar quarter of 2023.

Other operating income decreased by 42%, closing at $1.08 billion (2023: $1.88 billion), while other operating expenses increased by 9% from $24.55 billion in 2023 to $26.83 billion in the period under review. As a result, operating profit for the twelve months ended December 31, 2024, amounted to $9.69 billion, an 11% increase relative to $8.70 billion reported in 2023.

Share of results of associate and joint venture for the twelve months ended December 31, 2024, amounted to $402.86 million, a 91% increase relative to $211.09 million reported in 2023. Share of results of associate and joint venture for the fourth quarter amounted to $110.34 million (2023: $91.36 million). Profit before taxation totalled $6.22 billion, an 11% increase from the corresponding period last year (2023: $5.61 billion).

Finance costs for the twelve months ended December 31, 2024, increased by 17% to reach $3.87 billion (2023: $3.30 billion).

Taxation for the twelve months ended December 31, 2024, amounted to $2.00 billion, a 101% increase relative to $992.80 million reported in 2023. Taxation for the fourth quarter amounted to $593.43 million (2023: $57.41 million).

Net profit from continuing operations for the twelve months ended December 31, 2024, decreased by 8% to reach $4.22 billion (2023: $4.61 billion). Net loss for the period from discontinued operations for the twelve months amounted to $84.76 million, a 73% increase from the $48.98 million reported in 2023. For the fourth quarter, net loss for the period from discontinued operations was $24.93 million (2023: $28.33 million).

Net profit for the twelve months ended December 31, 2024, amounted to $4.14 billion, a 9% decrease relative to $4.56 billion reported in 2023. For the fourth quarter, net profit was $1.17 billion (2023: $1.49 billion).

Net profit attributable to shareholders for the twelve months ended December 31, 2024, amounted to $2.97 billion, a 3% decrease relative to $2.88 billion reported in 2023. For the fourth quarter, net profit attributable to shareholders was $552.95 million (2023: $997.85 million).

Consequently, earnings per share (EPS) for the twelve months amounted to $4.05 (2023: EPS: $3.93), while EPS for the quarter totalled $0.75 (2023: EPS: $1.36). The number of shares used in these calculations was 733,546,855.

Notably, SEP’s stock price closed the trading period on February 14, 2025, at $87.41 with a corresponding P/E ratio of 21.60x.

Balance Sheet Highlights:

The company’s assets totalled $131.69 billion (2023: $104.57 billion). This increase in total assets was attributable to trade and other receivables, which amounted to $33.13 billion (2023: $22.84 billion). Additionally, property, plant, and equipment also contributed to the increase, equating to $29.77 billion (2023: $23.12 billion).

Shareholders’ equity was $29.83 billion (2023: $28.21 billion), representing a book value per share of $40.66 (2023: $38.46).

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