SFS Group Pcl (SFS) lifted first nine month profits ending September 30, 2006 by 247% YoY as all sectors of activity showed a satisfactory increase in business and profit. Return on Equity, which on an annualized basis reached 13.9% by end September is now on track to climb to 15% by the end of the year, according to a company statement.
Net profit attributable to shareholders jumped 247% YoY to CYP 3.12 mln or EUR 5.43 mln end of September 2006 compared to CYP 901k or EUR 1.56 mln a year ago in the same period as SFS managed to boost revenue, while keeping costs in check.
SFS reported that net profit attributable to shareholders during the third quarter alone reached CYP 1.25 mln compared to CYP 331k in the third quarter a year ago.
The 9M profits are now only CYP 200.000 or EUR 346k below the full year results of 2005. ESP climbed 226% to 1.14c or 1.98 euro cents from 0.35c a year ago. ROE annualized basis climbed to 13.9% from 5.3% a year ago in the same period while book value was stable at 20 euro cents.
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Surging income
Total income jumped 43% YoY to CYP 31.6 mln or EUR 54.8 mln, boosted by the inclusion of the results of Lemissoler Shipping Group, which was acquired on 1 May 2005, an increase in income from the financial services division and sale of property at Larnaka Bay Resort since six villas were delivered during the period. The financial services division saw revenue climb 263% YoY, the shipping division 68% and commercial activities 5.4%.
Operating profits were up 717% at CYP 2.83 mln from CYP 347k a year ago as total costs increased by 13% to CYP 6.26 mln from CYP 5.53 mln with most of the cost increases attributed to the inclusion of Lemissoler while finance costs showed a modest decline.
The SFS Group booked CYP 740.000 in net gains from sale and revaluation of investments compared to CYP 1.12 mln a year ago while other income was up at CYP 670k compared to CYP 590k previously. The share of subsidiary investment companies like Triena, Leda and others jumped to CYP 2.3 mln from CYP 1.17 mln as the CSE GENX continued to register higher.
Pretax profit were up 239% to CYP 5.14 mln from CYP 1.51 mln while total net profit was up at CYP 4.9 mln of which CYP 3.12 mln were attributable to shareholders and CYP 1.8 mln to minority interests.
Net cash flow jumped to CYP 2.09 mln compared to CYP 820.000 a year ago while the total assets of the SFS Group reached CYP 153 mln end of 3Q 2006 from CYP 147 mln at the end of 2005. Shareholders funds were up at CYP 32.2 mln.
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