February 18, 2025
A.S. BRYDEN & SONS HOLDINGS LIMITED (ASBH)
Unaudited financials for the year ended December 31, 2024:
Expressed in Trinidad and Tobago dollars unless otherwise indicated
A.S. BRYDEN & SONS HOLDINGS LIMITED (ASBH) for the year ended December 31, 2024 reported a 32% increase in Revenue totaling $3.39 billion compared to $2.56 billion in the corresponding period last year. Revenue for the fourth quarter had a 52% increase to close at $1.16 billion compared to $763.44 million for the comparable quarter of 2023.
Direct expenses amounted to $2.45 billion (2023: $1.90 billion), this represents an increase of 29% year over year. Consequently, gross profit increased by 42% to $941.83 million compared to $664.99 million for the year ended December 31, 2023. The company booked gross profit of $324.11 million for the fourth quarter versus $201.51 million reported for the similar quarter of 2023.
Other operating income closed at $3.43 million (2023: other operating expenses of$4.02 million), while Administration and operating expenses increased by 62% from $441.32 million in 2023 to $714.22 million in the period under review. As a result, operating profit for the year ended December 31, 2024 amounted to $231.05 million, a 5% increase relative to $219.65 million reported in 2023.
Share of results of Associate for the year ended December 31, 2024, amounted to $19,000, a 60% decrease relative to $47,000 reported in 2023. Share of results of Associate for the fourth quarter amounted to $208,000 (2023: loss of $861, 000). Finance costs totaled $74.56 million, a 38% increase from the corresponding period last year. (2023: $53.93 million).
Profit before Taxation for the year ended December 31, 2024, amounted to $156.50 million, a 6% decrease relative to $165.77 million reported in 2023. Profit before Taxation for the fourth quarter amounted to $64.20 million (2023: $49.50 million).
Taxation for the year ended December 31, 2024 had a 154% increase to reach $65.86 million (2023: $25.94 million) . Net profit for the year amounted to $90.64 million, a 35% decrease from the $139.83 million reported in 2023. For the fourth quarter, Net profit was $41.95 million (2023: $56.18 million).
Net profit attributable to shareholders for the twelve months ended December 31, 2024, amounted to $79.77 million (2023: $128.77 million).
Consequently, Earnings Per Share for the year amounted to $0.06 (2023: EPS: $0.09), while Earnings Per Share for the quarter totaled $0.03 (2023: EPS: $0.04). The twelve month trailing EPS was J$1.26 and the number of shares used in these calculations was 1,484,554,389.
Notably, ASBH’s stock price closed the trading period on February 17, 2025 at a price of $28.54 with a corresponding P/E ratio of 22.65x.
Balance Sheet Highlights
The company’s assets totaled $3.13 billion (2023: $2.19 billion). The movement in total assets was primarily attributable to a 90% increase in ‘Plant, property and equipment’ amounting to $518.95 million (2023: $273 million), $315.26 million increase in ‘Trade and other receivables’ amounting to $982.97 million, a 36% increase in ‘Inventories’ amounting to $917.61 million (2023: $673.68 million) and 62% increase in ‘Intangible assets’ amounting to $373 million (2023: $230.12 million).
Shareholder’s equity was $895.93 million (2023: $671.45 million), representing a book value per share of $0.60 (2023: $0.45).
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