November 18, 2025

Atlantic Hardware & Plumbing CO. LTD.(AHPC)

Unaudited financials for the nine months ended September 30, 2025:

Atlantic Hardware & Plumbing CO. LTD. (AHPC) for the nine months ended September 30, 2025, reported a 5% increase in Revenue totaling $1.29 billion compared to $1.23 billion in the corresponding period last year. Revenue for the third quarter had a 3% decrease to close at $426.42 million compared to $437.43 million for the comparable quarter of 2024. Management noted, “Growth continued to be driven by steady demand across our key customer segments, supported by the expansion of our sales team and improvements in product availability.”

Cost of Sales amounted to $912.87 million (2024: $886.32 million), this represents an increase of 3% year over year. Consequently, gross profit increased by 9% to $377.88 million compared to $345.16 million for the nine months ended September 30, 2024. The company booked gross profit of $123.93 million for the third quarter versus $127.35 million reported for the similar quarter of 2024.

Admin expenses increased by 23% to close at $231.02 million (2024: $187.08 million), while other income amounted to $28.14 million, 3% higher than $27.41 million reported in 2024. As a result, operating profit for the nine months ended September 30, 2025, amounted to $175.00 million, a 6% decrease relative to $185.49 million reported in 2024.

Finance cost totalled $89.16 million, a 14% decrease from the corresponding period last year. (2024: $103.70 million). This was due to significant debt repayments post-IPO and property sale.

Profit before tax for the nine months ended September 30, 2025, amounted to $85.84 million, a 5% increase relative to $81.80 million reported in 2024. Profit before tax for the third quarter amounted to $46.46 million (2024: $21.56 million).

Taxation for the nine months ended September 30, 2025, had a 73% decrease to reach $5.46 million (2024: $20.45 million). As such, Net Profit for the nine months amounted to $80.38 million, a 31% increase from the $61.35 million reported in 2024. For the third quarter, Net Profit was $46.46 million (2024: $16.17 million).

Consequently, Earnings Per Share for the nine months amounted to $0.03 (2024: EPS: $0.02), while Earnings Per Share for the quarter totaled $0.02 (2024: EPS: $0.01). The twelve-month trailing EPS was $0.04, and the number of shares used in these calculations was 2,499,999,800.

Notably, AHPC’s stock price closed the trading period on November 17, 2025, at a price of $1.11 with a corresponding P/E ratio of 25.33x.

Balance Sheet Highlights

The company’s assets totalled $1.43 billion (2024: $1.53 billion). AHPC highlighted, “The company’s balance sheet remains robust, with leverage significantly reduced and improved financial flexibility to support future growth. As at September 30, 2025, non-current assets totalled J$269.6 million and current assets J$1.16 billion. The company maintained a strong working-capital position, supported by inventory of J$789.7 million, accounts receivable and prepayments of J$493.9 million, and cash of J$247.4 million.”

Shareholder’s equity was $491.58 million (2024: Deficit of $67.83 million), representing a book value per share of $0.20 (2024: Deficit of $0.03).

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