March 4, 2025
Caribbean Flavours and Fragrances Limited(CFF)
Audited financials for the twelve months ended December 31, 2024:
Caribbean Flavours and Fragrances Limited (CFF) for the twelve months ended December 31, 2024 reported a 2% decrease in Revenue totaling $884.68 million compared to $900.81 million in the corresponding period last year. Revenue for the fourth quarter had a 4% decrease to close at $242.51 million compared to $232.54 million for the comparable quarter of 2023.
Cost of Sales amounted to $567.45 million (2023: $576.02 million), this represents a decrease of 1% year over year. Consequently, gross profit decreased by 2% to $317.24 million compared to $324.79 million for the twelve months ended December 31, 2023. The company booked gross profit of $85.22 million for the fourth quarter versus $94.79 million reported for the similar quarter of 2023.
Operating and Administrative Expenses increased by 16% to close at $208.52 million (2023: $179.29 million), while Selling & Distribution costs increased by 37% from $10.88 million in 2023 to $14.86 million in the period under review. As a result, total expenses for the twelve months ended December 31, 2024 amounted to $223.37 million, a 17% increase relative to $190.17 million reported in 2023.
Operating profit for the twelve months ended December 31, 2024, amounted to $95.74 million, a 29% decrease relative to $134.62 million reported in 2023. Operating profit for the fourth quarter amounted to $16.10 million (2023: $40.87 million). Net Finance Income totalled $13.64 million, a 36% decrease compared to $21.18 million from the corresponding period last year.
Pre-tax Profit for the twelve months ended December 31, 2024, amounted to $109.38 million, a 30% decrease relative to $155.80 million reported in 2023. Pre-tax Profit for the fourth quarter amounted to $19.02 million (2023: $49.77 million).
The tax charge for the twelve months ended December 31, 2024 had an 11% increase to reach $25.50 million (2023: $22.99 million). Consequently, Net Profit for the twelve months amounted to $83.88 million, a 37% decrease from the $132.82 million reported in 2023. For the fourth quarter, Net Profit was $15.51 million (2023: $40.29 million).
Consequently, Earnings Per Share for the twelve months amounted to $0.09 (2023: EPS: $0.15), while Earnings Per Share for the quarter totaled $0.02 (2023: EPS: $0.04). The number of shares used in these calculations was 899,200,330.
Notably, CFF’s stock price closed the trading period on March 04, 2025, at a price of $1.22 with a corresponding P/E ratio of 13.08x.
Balance Sheet Highlights
The company’s assets totalled $903.82 million (2023: $895.82 million). This increase was attributable to ‘Due from related parties’ which amounted to $299.09 million (2023: $237.12 million).
Shareholder’s equity was $690.63 million (2023: $651.71 million), representing a book value per share of $0.77 (2023: $0.72).
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