August 15, 2022

Everything Fresh (EFRESH) for the six months ended June 30, 2022 reported total revenues of $1.27 billion, a 116% increase from the $584.82 million reported for the prior period in 2021. For the quarter, revenue totalled $731.20 million, 88% more than the $389.24 million reported for 2021’s quarter. EFRESH stated, “This was mainly due to the resurgence in the tourism sector in both Jamaica and Bahamas when compared to the previous year.”

Cost of Sales for the period rose by 121% to $1 billion relative to the $455.01 million booked the corresponding period in 2021. As such, gross profit for the period amounted to $257.63 million, a 98% increase from the $129.80 million reported in 2021. Gross profit for the quarter amounted to $149.62 million, relative to the $85.34 million booked in prior quarter.

The Company reported other operating income of $2.73 million for the period, 14% less than the $3.16 million reported for the corresponding period. For the quarter other operating income closed at $15,000 (2021: $2.41 million).

Total operating expenses rose by 40% for the six months ended June 30, 2022, to total $204.03 million compared to $146.25 million booked for the corresponding period in 2021. Of this, administrative expenses rose to $194.26 million (2021: $138.57 million), while selling and promotion expenses advanced to $9.78 million (2021: $7.68 million).

The company reported finance cost of $18.81 million, 77% more than the $10.65 million reported in 2021.

As such, the Company booked profit before taxation of $37.51 million, relative to loss before tax of $23.93 million recorded for 2021’s corresponding period. However, for the quarter, profit before taxation amounted to $30.32 million versus profit before tax of $3.67 million booked in the same period last year.

No taxes were incurred for the period in review or the prior period, thus resulting in net profit for the six months closed at $37.51 million versus net loss of $23.93 million recorded for 2021. Net profit for the quarter totalled $30.32 million relative to $3.67 million recorded for the prior year’s quarter.

Consequently, earning per share (EPS) for the period amounted to $0.05 (LPS 2021: $0.03), while earnings per share for the quarter totaled $0.039 (EPS 2021: $0.005). The trailing twelve months EPS is $0.043. The total amount of shares outstanding used for this calculation was 780,000,000 units. Notably, EFRESH closed the trading period on August 12, 2022 at a price of $1.26 with a corresponding P/E of 29.02 times.

Balance Sheet at a glance:

As at June 30, 2022, total assets amounted to $1.06 million, 20% more than last year’s $888.02 million in 2021. This was attributed to an increase in ‘Inventories’ totalling $391.65 million (2021: $221.33 million). However, this was tempered with by a downward movement in ‘Cash and Cash Equivalents’ which amounted to $32.29 million (2021: $68.34 million).

Shareholder’s Equity grew by 6% for six months period, totalling $353.38 million compared to the previous year’s total of $333.60 million, this resulted in a book value per share of approximately $0.45 relative to $0.43 in 2021.

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