December 14, 2021
JBG reported Total Revenues of $35.83 billion for the six months ended October 31, 2021, a 35% increase on the $26.54 billion reported in 2020. Revenue for the quarter rose 30% to $18.22 billion versus $13.96 billion reported for the same quarter of 2020. Of total revenues:
o The Jamaica Operations contributed $20.44 billion, relative to $15.56 billion in 2020.
o US Operations contributed $14.64 billion relative to the $9.94 billion in 2020
o Haiti Operations contributed $745.67 million compared to $1.05 billion reported in 2020.
Cost of Sales for the six months period increased by 42% to $28.48 billion from $20.09 billion in 2020. Despite their increased cost of sales, Gross Profit increased to $7.35 billion, up 14% relative to $6.45 billion reported in 2020. Quarterly costs of sales followed the same trend, rising 38% compared to 2020’s figure – gross profit for the quarter rose 7% to close at $3.76 billion (2020: $3.51 billion).
Distribution costs increased to $1.22 billion for the period compared to $1.10 billion for the corresponding period last year, while administration and other expenses grew by 21% to $4.68 billion (2020: $3.88 billion).
The Company reported other income of $254.38 million for the period relative to $228.47 million reported in 2020, up 11% year on year.
Operating Profit increased totalling $1.705 billion for the six-month period relative to $1.701 billion last year. Operating Profit for the quarter amounted to $980.05 million, up 15% from the $850.06 million reported for the corresponding quarter of 2020.
JBG reported Finance Income of $17.32 million for the period under review (2020: nil), finance costs rose to $600.50 million relative to $179.88 million in 2020. Management stated this resulted, “from increased foreign exchange gains mainly from the significant currency revaluation in our Haiti Operations.”
Profit before Taxation fell 26% to $1.12 billion (2020: $1.52 billion). Taxes payable for the period of $250.45 million (2020: $415.39 million). Net profit went down 21% to a total of $871.50 billion (2020: $1.11 billion). Net Profit for the quarter contracted by 18% to $596.02 million (2020: $723.24 million).
Net Profits attributable to shareholders amounted to $882.14 billion, 15% lower than the $1.03 billion reported in 2020. Net Profits attributable to shareholders for the quarter amounted to $591.81 million, 4% less than the $619.67 million reported in 2020.
Total comprehensive income for the six months amounted to $736.93 million relative to $1.78 billion in 2020. Total comprehensive income for the quarter amounted to $504.64 million relative to $1.15 billion booked for the comparable period in 2020.
Earnings per share (EPS) for period totalled $0.74 (2020: $0.86). The earnings per share for the quarter amounted to $0.49 relative to $0.52 in 2020. The trailing twelve months EPS amounted to $1.82. The total number of shares employed in our calculations amounted to 1,199,276,400 units. Notably, JBG’s stock price closed the trading period on December 14, 2021, at a price of $29.73 with a corresponding P/E of 16.12 times
Balance sheet at a glance:-
Total assets amounted to $53.85 billion as at October 31, 2021 relative to $44.85 billion a year prior. This 20% increase in assets was a result of an increase in ‘Inventories ’and ‘Biological assets’ to $12.47 billion (2020: $8.53 billion) and $11.91 billion (2020: $9.25 billion), respectively.
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