May 18, 2026
Spur Tree Spices Jamaica Limited (SPURTREE)
Unaudited financials for the three months ended March 31, 2026:
Spur Tree Spices Jamaica Limited (SPURTREE) for the first quarter ended March 31, 2026, reported consolidated revenues of $372.05 million, an increase of 10.6% compared to $336.39 million in the prior-year quarter. Costs of sales rose 6.7% to $238.09 million, growing meaningfully below revenue and contributing to gross margin expansion of 230 basis points to 36.0% (Q1 2025: 33.7%). Consequently, gross profit advanced 18.2% to $133.96 million, supported by improved operational efficiency, continued benefits from the Group’s farming operations, and ongoing supply chain management initiatives.
Other operating income/(losses) registered a net loss of $1.70 million (Q1 2025: gain of $3.15 million), a 154.1% deterioration year over year. The Group also recognized a $3.47 million fair value gain on biological assets (Q1 2025: nil). Administrative and other expenses rose 9.5% to $101.23 million, broadly tracking revenue growth and reflecting deliberate cost containment despite the inflationary supply-side environment.
Operating profit accordingly increased 43.4% to $34.50 million (Q1 2025: $24.05 million), with operating margin expanding to 9.3% from 7.2%. Finance costs increased modestly by 13.2% to $13.64 million (Q1 2025: $12.05 million), reflecting higher lease interest of $3.16 million (Q1 2025: $1.63 million). Profits before taxation reached $20.86 million, up 73.8% from $12.00 million.
No tax charge was incurred for the period under review (Q1 2025: nil). Total comprehensive income totaled $20.86 million, an increase of 73.8% over $12.00 million. Importantly, the profit attributable to shareholders was $19.32 million (Q1 2025: $18.65 million), with non-controlling interests contributing $1.54 million (Q1 2025: loss of $6.65 million).
Earnings per stock unit attributable to shareholders of the Company rose to $0.0124 for Q1 2026, up from $0.0072 in Q1 2025, calculated using 1,676,959,244 units outstanding. The twelve-month trailing EPS was $0.06, yielding a corresponding P/E ratio of 16.31x at the May 15, 2026, closing price of $1.00.
Balance Sheet Highlights
As at March 31, 2026, the Company’s assets totaled $1.83 billion (2025: $1.68 billion). The movement in total assets was primarily attributable to a 31% increase in Inventories amounting to $337.51 million (2025: $258.11 million), alongside a $54.42 million expansion in right-of-use assets and a $37.99 million build-up in biological assets.
Shareholders’ equity attributable to owners of the Company was $991.60 million (2025: $887.82 million), representing a book value per share of $0.59 (2025: $0.53).
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