August 13, 2024
Expressed in TT$ unless stated otherwise
A.S. BRYDEN & SONS HOLDINGS LIMITED (ASBH) for the six months ended June 30, 2024, reported a 9% increase in turnover totalling $1.31 billion compared to $1.20 billion in the corresponding period last year. Turnover for the second quarter had a 11% increase to close at $682.24 million compared to $615.52 million for the comparable quarter of 2023.
Direct expenses amounted to $957.78 million (2023: $889.13 million), this represents an increase of 8% year over year. Consequently, gross profit increased by 14% to $354.25 million compared to $311.09 million for the six months ended June 30, 2023. The company booked gross profit of $181.85 million for the second quarter versus $158.53 million reported for the similar quarter of 2023.
Other income decreased by 45% to close at $1.43 million (2023: $2.60 million), while Administration and other operating expenses increased by 21% from $221.94 million in 2023 to $268.04 million in the period under review. As a result, operating profit for the six months amounted to $87.64 million, a 4% decrease relative to $91.76 million reported in 2023.
Finance costs totalled $28.99 million a 41% increase from the corresponding period last year. (2023: $20.56 million).
Profit before taxation for the six months amounted to $58.26 million, a 19% decrease relative to $72.37 million reported in 2023. Profit before taxation for the second quarter amounted to $26.10 million (2023: $32.44 million).
Taxation for the six months was $25.91 million (2023: $18.14 million).
Net profit for the six months amounted to $32.35 million, a 40% decrease from the $54.23 million reported in 2023. For the second quarter, net profit was $13.61 million (2023: $24.17 million).
Management noted the decline in six months net profit was “as a result of higher finance costs, higher effective taxation, as well as a reduction in income from an Associate investment held in Barbados that went from a $1.2 million profit to a ($0.4 million) loss”
Net profit attributable to shareholders was $29.02 million compared to $49.42 million reported in 2023. For the second quarter, net profit attributable to shareholders was $13.60 million (2023: $21.81 million).
Consequently, Earnings Per Share for the six months amounted to $0.02/J$0.54 (2023: EPS: $0.04/J$0.90), while Earnings Per Share for the quarter totalled $0.01/J$0.23 (2023: EPS: $0.02/J$0.40). The twelve-month trailing EPS was J$1.78 and the number of shares used in these calculations was 1,389,683,010.
Notably, ASBH’s stock price closed the trading period on August 12, 2024, at a price of $38.98 with a corresponding P/E ratio of 21.88x.
ASBH highlighted, “In mid-June, we acquired a 44.8% shareholding in Caribbean Producers Jamaica Limited (CPJ), a publicly listed company on the Jamaica Stock Exchange which is a manifestation of our commitment to expand the Brydens Group regionally. We will start to consolidate CPJ earnings in the second half”.
Balance Sheet Highlights
The company’s assets totalled $2.13 billion (2023: $1.82 billion). The uptick in assets was attributed to a 55% increase in ‘Trade and other receivables’ closing at $691.03 million.
Shareholder’s equity was $672.27 million (2023: $592.05 million), representing a book value per share of $0.48/J$11.20 (2023: $0.43/J$9.81).
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