March 06,2018
Berger Paints Jamaica Limited (BRG) for the nine months ended December 30, 2017 reported total Revenues of $1.910 billion, a marginal decrease of 0.15% when compared with the $1.913 billion reported for the corresponding period in 2016. For the quarter, the company reported total revenue of $834.95 million, a 6.70% decrease relative to the $894.96 million reported in 2016. Revenue for the twelve months ended December 31, 2017 amounted to $2.36 billion (2016: $2.29 billion).
For the period under review, the company reported total operating expenses of $1.71 billion. Of total operating expenses;
- ‘Raw materials and consumables used’ totalled $900.48 million
- ‘Changes in inventories of finished goods and work in progress’ totalled $31.42 million
- ‘Manufacturing expense’ totalled $96.33 million
- ‘Depreciation’ totalled $19.40 million
- ‘Employee benefits expense’ totalled $381.24 million
- ‘Other operating expense’ totalled $285.00 million
Profit before Tax for the period amounted to $208.24 million, a 34.95% or $111.89 million decline relative to the $320.13 million reported for the comparable period in 2016. Profit before tax for the twelve months ended December 31, 2017 amounted to $253.79 million (2016: $308.48).
Taxation for the period declined by 51.39% to total $34.11 million. Consequently, Net Profit for the nine months period decreased 30.50% or $76.40 million to total $174.13 million when compared with the $250.53 million reported for the corresponding period in 2016. For the quarter, the company reported net profit of $96.79 million a 47.71% decrease relative to the $185.11 million reported for the comparable quarter in 2016. Net profit for the twelve months ended December 31, 2017 totaled $239.16 million (2016: $262.40 million).
Consequently, Earnings per share for the nine months ended December 31,2107amounted to $0.81 (2016: $1.17). The trailing twelve months earnings per share amounted to $1.12. The total number of shares used in the calculations amounted to 214,322,393 units. Earnings per share for the quarter amounted $0.45 relative to the $0.86 recorded for same quarter in 2016. Notably, BRG’s stock price closed the trading period on March 5, 2018 at a price of $18.72
The company noted, “51.01% of Berger Paints Jamaica Limited (Berger) was acquired by Ansa Coatings International Limited on July 24, 2017. As at 31st December 2017, the % ownership was 54.12%. As a result of the acquisition, Berger’s year-end was changed from March 31 to December 31, to coincide with that of its parent.”
Balance Sheet Highlights:
The company, as at December 31, 2017, recorded total assets of $1.68 billion, an increase of 12.76% when compared to $1.49 billion recorded last year. This was due to a 6.40% increase in Non-Current Assets which resulted from a surge in ‘Post-employment benefit assets’ to total $162.61 million (2016: $16.59 million).
Total Stockholders’ equity as at December 31, 2017, closed at $1.06 billion, a 20.63% increase from $876.67 million for the corresponding period last year. This resulted in a book value per share of $4.93 compared to the value of $4.09 as December 31, 2016.
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