January 14, 2025
AMG Packaging & Paper Company Limited (AMG)
Unaudited Financials for the First Quarter Ended November 30, 2024:
AMG Packaging & Paper Company Limited (AMG) reported a 7% decrease in revenue, totalling $252.64 million, for the first quarter ended November 30, 2024, compared to $272.49 million in the corresponding three months last year.
Total manufacturing costs amounted to $162.19 million (2023: $166.89 million), representing a decrease of 3% year over year. Consequently, gross profit decreased by 14% to $90.45 million compared to $105.60 million for the first quarter ended November 30, 2023.
Administrative expenses increased by 13% to $36.63 million (2023: $32.29 million), while depreciation decreased by 1% from $12.82 million in 2023 to $12.69 million for the three months. As a result, total expenses for the first quarter amounted to $52.40 million, a 5% increase relative to $50.04 million reported in 2023.
Operating profit for the three months amounted to $38.04 million, a 32% decrease relative to $55.56 million reported in 2023. Other income totalled $2.26 million, a 21% decrease from the corresponding period last year (2023: $2.85 million).
Pretax profit for the first quarter ended November 30, 2024, amounted to $40.30 million, a 31% decrease relative to $58.40 million reported in 2023.
Taxation for the three months decreased by 22% to $11.36 million (2023: $14.50 million). Net profit for the three months amounted to $28.94 million, a 34% decrease from the $43.90 million reported in 2023.
Consequently, earnings per share for the three months amounted to $0.06 (2023: EPS: $0.09). The twelve-month trailing EPS was $0.24, and the number of shares used in these calculations was 511,894,285.
Notably, AMG’s stock price closed the trading period on January 14, 2025, at $3.12 with a corresponding P/E ratio of 13.16x.
Balance Sheet Highlights:
The company’s assets totalled $1.76 billion (2023: $1.82 billion). This decrease in total assets was attributable to property, plant, and equipment, which amounted to $999.71 million (2023: $1.04 billion).
Shareholders’ equity was $1.52 billion (2023: $1.32 billion), representing a book value per share of $2.98 (2023: $2.57).
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