Half Year Earnings Nearly Doubles at Barita

  • Net profit for the 6 months ending March 31, 2020 totalled $1.01BnMn (EPS: $1.24), up 95.9% relative to $516.71Mn (EPS: $0.68) reported for the corresponding period in 2019.
  • Net operating revenue, which increased 94.6% (or $1.10Bn), was the primary contributing factor to the increase in the bottom line. This was supported by, fees and commissions income, net interest income and gains on investment activities which grew 83.7% (or $346.41Mn), 110.6% (or $283.66Mn) and 39.6% (or $241.26Mn), respectively. Furthermore, the company also benefitted from a FX trading translation gain of $108.64Mn relative to a loss of $138.12Mn in the same period of 2019.
  • The stock has declined 28.2%% since the start of the year, and closed trading at $51.95 on Tuesday. The stock currently trades at a P/E of 17.4x earnings, which is above the Main Market Financial sector average of 13.3x.

 (Source: Barita Financials)