August 15, 2024
JFP Limited (JFP) for the six months ended June 30, 2024, reported a 100% increase in Revenue totaling $300.21 million compared to $150.04 million in the corresponding period last year. Revenue for the second quarter had an 89% increase to close at $140.39 million compared to $74.27 million for the comparable quarter of 2023.
Cost of Sales amounted to $179.78 million (2023: $70.03 million), this represents an increase of 157% year over year. Consequently, gross profit increased by 51% to $120.43 million compared to $80.01 million for the six months ended June 30, 2023. The company booked gross profit of $58.57 million for the second quarter versus $37.63 million reported for the similar quarter of 2023.
Other loss was $1.60 million (2023: Other income of $324,878), while Administrative Expenses decreased by 5% from $101.93 million in 2023 to $96.62 million in the period under review. As a result, total operating expenses for the six months amounted to $102.46 million, a 6% decrease relative to $108.66 million reported in 2023.
Operating Profit for the six months amounted to $16.37 million relative to a loss of $28.32 million reported in 2023. Operating Profit for the second quarter amounted to $10.40 million (2023: Operating loss of $18.48 million).
Net Financial costs totalled $6.78 million, a 33% decrease from the corresponding period last year. (2023: $10.06 million).
Profit before Tax for the six months amounted to $9.59 million relative to a loss of $38.38 million reported in 2023. Profit before Tax for the second quarter amounted to $5.79 million (2023: Loss of $23.51 million).
Net Profit for the six months was $9.59 million (2023: Net loss of $38.38 million). For the second quarter, Net profit was $5.79 million (2023: Net loss of $23.51 million).
Consequently, Earnings Per Share for the six months amounted to $0.01 (2023: LPS: $0.03), while Earnings Per Share for the quarter totaled $0.01 (2023: LPS: $0.02). The twelve-month trailing LPS was $0.01, and the number of shares used in these calculations was 1,120,000,000.
Notably, JFP’s stock price closed the trading period on August 14, 2024, at a price of $0.95.
Balance Sheet Highlights
The company’s assets totalled $525.86 million (2023: $498.53 million). This resulted from a 24% increase in ‘receivables’ closing at $159.18 million. JFP noted, “although receivables increased, the receivables turnover showed improvement due to improved collection practices.”
Shareholder’s equity was $143.01 million (2023: $154.00 million), representing a book value per share of $0.13 (2023: $0.14).
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