FosRich has broken the J$1 billion revenue mark in the quarter ended March 2023. This is a significant achievement for the company as this is the first time the company has been able to do that. Revenue for the quarter came in at J$1.08 billion, which is a 20% improvement from the J$900.3 million they earned during the same period a year prior.
For the energy distribution giant, the increase in revenue is a result of increased sales in six of the company’s 11 product groups: Solar, LED, Hardware, Wires, etc.
However, operating profit declined slightly to J$138.9 million compared to J$158.9 million in the prior period.
There was notable in Admin costs for the quarter, the number stands at J$260.2 which is approximately a 25% increase in the figure compared to the same time in 2022. Analysts are looking at the fact that staff-related costs played a primary role.
Finance cost for the quarter went up to J$47.4 million compared to $37.2 million for the prior period, an increase of $10.2 million.
Cecil Foster, managing director of FosRich commented on the fact that the company maintains a strong level of liquidity which is essential to meet certain financial obligations. “It is expected that FosRich will continue to be able to generate sufficient cash to meet obligations when they fall due. Liquidity is provided primarily from sales revenues and loan financing. “
He also stated that the excess of current assets over current liabilities amounted to J$1.9 billion compared to J$1.23 billion, as of December 31, 2022, with an improvement in the ratio to 2.17:1, up from 1.69:1 in December 2022.
