August 12, 2025

A.S. BRYDEN & SONS HOLDINGS LIMITED (ASBH)

Unaudited financials for the six months ended June 30, 2025:

Expressed in United States dollars unless otherwise indicated

A.S. BRYDEN & SONS HOLDINGS LIMITED (ASBH) for the six months ended June 30, 2025, reported a 56% increase in Revenue totaling $300.62 million compared to $192.95 million in the corresponding period last year. Revenue for the second quarter had a 50% increase to close at $150.05 million compared to $100.33 million for the comparable quarter of 2024.

Direct expenses amounted to $216.44 million (2024: $140.85 million), this represents an increase of 54% year over year. Consequently, gross profit increased by 62% to $84.18 million compared to $52.10 million for the six months ended June 30, 2024. The company booked gross profit of $42.38 million for the second quarter versus $26.74 million reported for the similar quarter of 2024.

Other income decreased by 75% to close at $53,000 (2024: $210,000), while Administration and other operating expenses increased by 70% from $39.42 million in 2024 to $66.86 million in the period under review. As a result, operating profit for the six months ended June 30, 2025, amounted to $17.37 million, a 35% increase relative to $12.89 million reported in 2024.

Share of results Of Associate for the six months ended June 30, 2025, amounted to a gain of $158,000, relative to a loss of $58,000 reported in 2024.

Finance costs totalled $6.97 million a 63% increase from the corresponding period last year. (2024: $4.26 million).

Profit before Taxation for the six months ended June 30, 2025, amounted to $10.56 million, a 23% increase relative to $8.57 million reported in 2024. Profit before Taxation for the second quarter amounted to $5.01 million (2024: $3.84 million).

Taxation for the six months ended June 30, 2025, had a 20% increase to reach $4.58 million (2024: $3.81 million). As such, Net profit for the six months amounted to $5.98 million, a 26% increase from the $4.76 million reported in 2024. For the second quarter, Net profit was $2.75 million (2024: $2.00 million).

Net profit attributable to shareholders for the period amounted to $5.04 million, an 18% increase compared to $4.27 million reported in 2024.

ASBH highlighted, “The Group’s 2025 performance reflects the full-year inclusion of Caribbean Producers (Jamaica) Limited (CPJ) and Stansfeld Scott Barbados Limited (SSBL). In comparison, the results for 2024 included SSBL from March and CPJ from July. The integration of CPJ and SSBL has progressed smoothly, with minimal staff turnover and no disruption to key partnerships. In fact, the expanded ASBH footprint has unlocked new business opportunities, serving as a significant contributor to the Group’s strong topline growth. The focus remains on unlocking synergies, scaling operations efficiently, and building internal capacity across the organization”

Consequently, Earnings Per Share for the six months amounted to $0.0034 (2024: EPS: $0.0031), while Earnings Per Share for the quarter totaled $0.0018 (2024: EPS: $0.0015). The twelve-month trailing EPS was $0.01, (J$0.93), and the number of shares used in these calculations was 1,499,251,191.

Notably, ASBH’s stock price closed the trading period on August 12, 2025, at a price of J$24.32 with a corresponding P/E ratio of 26.07x.

Balance Sheet Highlights

The company’s assets totalled $492.36 million (2024: $312.61 million). The growth in total assets was due to increase to the following during the period: Trade and other receivables ($51.58 million), Inventories ($49.26 million), intangible Assets ($29.39 million), PPE ($15.37 million) and right of use assets ($14.41 million).

Shareholder’s equity was $123.72 million (2024: $98.86 million), representing a book value per share of $0.08 (2024: $0.07).

Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.

Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.