October 15, 2024
AMG Packaging & Paper Company Limited
Unaudited financials for the twelve months ended August 31, 2024:
AMG Packaging & Paper Company Limited (AMG) for the twelve months ended August 31, 2024 reported a 1% decrease in Revenue totaling $999.65 million compared to $1.01 billion in the corresponding period last year. Revenue for the fourth quarter had a 2% increase to close at $234.72 million compared to $230.27 million for the comparable quarter of 2023.
Total Manufacturing Costs amounted to $627.75 million (2023: $699.66 million), this represents a decrease of 10% year over year. Consequently, gross profit increased by 16% to $371.90 million compared to $312.44 million for the twelve months ended August 31, 2023. The company booked gross profit of $85.63 million for the fourth quarter versus $78.72 million reported for the similar quarter of 2023.
Administrative expenses increased by 19% to close at $128.01 million (2023: $107.59 million), while Depreciation increased by 25% from $42.60 million in 2023 to $53.09 million in the period under review. As a result, total expenses for the twelve months ended August 31, 2024 amounted to $195.31 million, a9% increase relative to $179.98 million reported in 2023.
Operating Profit for the twelve months ended August 31, 2024, amounted to $176.60 million, a 33% increase relative to $132.47million reported in 2023. Operating Profit for the fourth quarter amounted to $39.05 million (2023: $30.22 million). Other Income totaled $14.05 million, a 2524% increase from the corresponding period last year. (2023: $535,610).
Pretax profit for the twelve months ended August 31, 2024, amounted to $190.65 million, a 43% increase relative to $133.00 million reported in 2023. Pretax profit for the fourth quarter amounted to $43.52million (2023: $30.51 million).
Taxation for the twelve months ended August 31, 2024 had a 26% increase to reach $54.89 million (2023: $43.61 million) . Net Profit for the twelve months amounted to $135.76 million, a 52% increase from the $89.39 million reported in 2023. For the fourth quarter, Net Profit was $28.52 million (2023: $14.81 million).
Consequently, Earnings per share for the twelve months amounted to $0.27 (2023: EPS: $0.17), while Earnings per share for the quarter totaled $0.06 (2023: EPS: $0.03). The number of shares used in these calculations was 511,894,285.
Notably, AMG’s stock price closed the trading period on October 14, 2024 at a price of $2.76 with a corresponding P/E ratio of 10.41x.
Balance Sheet Highlights
The company’s assets totaled $1.77 billion (2023: $1.64 billion). The increase in the company’s asset base is attributed to a 62% increase in ‘Inventories’ ending the twelve months at $252.16 million (2023: $156.05 million), “Cash & Cash Equivalents” increasing by 22% year over year ending the twelve months at $360.52 million (2023: $296.71 million) and “Trade and other receivables” rising 3% year over year ending the period at $141.65 million (2023: $136.99 million).
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