November 28, 2024
AMG Packaging & Paper Company Limited (AMG)
Audited financials for the year ended August 31, 2024:
AMG Packaging & Paper Company Limited (AMG) for the twelve months ended August 31, 2024, reported a 1% decrease in Revenue totalling $999.65 million compared to $1.01 billion in the corresponding period last year. Revenue for the fourth quarter had a 2% increase to close at $234.72 million compared to $230.27 million for the comparable quarter of 2023.
Total Manufacturing Costs amounted to $616.04 million (2023: $690.35 million), this represents a decrease of 11% year over year. Consequently, gross profit increased by 19% to $383.61 million compared to $321.76 million for the twelve months ended August 31, 2023. The company booked gross profit of $97.34 million for the fourth quarter versus $87.97 million reported for the similar quarter of 2023.
Administrative expenses increased by 4% to close at $134.39 million (2023: $128.65 million), while Depreciation increased by 25% from $42.60 million in 2023 to $53.09 million in the period under review. As a result, total expenses for the twelve months ended August 31, 2024, amounted to $202.60 million, a 12% increase relative to $180.97 million reported in 2023.
Operating Profit for the twelve months ended August 31, 2024, amounted to $181.01 million, a 29% increase relative to $140.79 million reported in 2023. Operating Profit for the fourth quarter amounted to $43.46 million (2023: $38.48 million). Other gains totalled $16.61 million, a 7,869% increase from the corresponding period last year. (2023: $208,484).
Pretax profit for the twelve months ended August 31, 2024, amounted to $190.65 million, a 43% increase relative to $133.00 million reported in 2023. Pretax profit for the fourth quarter amounted to $43.57 million (2023: $30.45 million).
Taxation for the twelve months ended August 31, 2024, had a 25% increase to reach $54.34 million (2023: $43.61 million). Net Profit for the twelve months amounted to $136.31 million, a 52% increase from the $89.39 million reported in 2023. For the fourth quarter, Net Profit was $29.12 million (2023: $14.75 million).
Consequently, Earnings per share for the twelve months amounted to $0.26 (2023: EPS: $0.17), while Earnings per share for the quarter totaled $0.06 (2023: EPS: $0.03). The number of shares used in these calculations was 511,894,285.
Notably, AMG’s stock price closed the trading period on November 28, 2024, at a price of $2.97 with a corresponding P/E ratio of 11.15x.
Balance Sheet Highlights
The company’s assets totalled $1.77 billion (2023: $1.64 billion). This increase was attributable to ‘Inventories’ which amounted to $252.16 million for the year end (2023: $156.05 million). Cash and Cash Equivalents also contributed to the increase equating to $360.52 million for 2024 (2023: $296.71 million)
Shareholder’s equity was $1.49 billion (2023: $1.41 billion), representing a book value per share of $2.92 (2023: $2.75).
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