November 15, 2024
The Consolidated Bakeries (Jamaica) Limited (PURITY) for the nine months ended September 30, 2024, reported a 6% increase in Revenue totaling $1.24 billion compared to $1.17 billion in the corresponding period last year. Revenue for the third quarter had a 4% increase to close at $359.64 million compared to $344.46 million for the comparable quarter of 2023.
Cost of Sales amounted to $759.08 million (2023: $725.39 million), this represents an increase of 5% year over year. Consequently, gross profit increased by 8% to $480.25 million compared to $445.40 million for the nine months ended September 30, 2023. The company booked gross profit of $147.16 million for the third quarter versus $134.14 million reported for the similar quarter of 2023.
Selling Expenses increased by 8% to close at $200.87 million (2023: $185.28 million), while Admin Expenses increased by 17% from $203.49 million in 2023 to $237.62 million in the period under review. As a result, total expenses for the nine months ended September 30, 2024, amounted to $472.57 million, a 13% increase relative to $418.41 million reported in 2023.
Operating Profit for the nine months ended September 30, 2024, amounted to $7.68 million, a 72% decrease relative to $26.99 million reported in 2023. Operating Profit for the third quarter amounted to $715,379 (2023: Operating loss of $8.43 million).
Finance Cost totalled $13.33 million a 3% decrease from the corresponding period last year. (2023: $13.68 million).
Pre-tax loss for the nine months ended September 30, 2024, amounted to $5.38 million, a 135% decrease relative to Pre-tax profit of $15.35 million reported in 2023. Pre-tax loss for the third quarter amounted to $3.31 million (2023: Pre-tax loss $11.99 million).
No taxes were reported for the nine months ended September 30, 2024, (2023: tax charge of $3.02 million). As such, Net loss for the nine months amounted to $5.38 million, a 144% decrease from the $12.33 million net profit reported in 2023. For the third quarter, Net loss was $3.31 million (2023: Net loss $12.43 million).
Consequently, Loss Per Share for the nine months amounted to $0.02 (2023: EPS: $0.06), while Loss Per Share for the quarter totaled $0.01 (2023: LPS: $0.06). The twelve-month trailing LPS was $0.02 and the number of shares used in these calculations was 222,709,171.
Notably, PURITY’s stock price closed the trading period on November 14, 2024, at a price of $2.05.
Balance Sheet Highlights
The company’s assets totalled $1.17 billion (2023: $1.12 billion). The growth in total assets was mainly due to increases the following: PPE ($18.93 million), Inventories ($15.34 million) and Receivables ($11.27 million).
Shareholder’s equity was $707.84 million (2023: $709.65 million), representing a book value per share of $3.18 (2023: $3.19).
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