November 14, 2024

Expressed in TT$ unless stated otherwise

A.S. BRYDEN & SONS HOLDINGS LIMITED (ASBH) for the nine months ended September 30, 2024, reported a 24% increase in Revenue totaling $2.23 billion compared to $1.80 billion in the corresponding period last year. Revenue for the third quarter had a 54% increase to close at $921.36 million compared to $600.18 million for the comparable quarter of 2023.

Direct expenses amounted to $1.62 billion (2023: $1.34 billion), this represents an increase of 21% year over year. Consequently, gross profit increased by 33% to $617.72 million compared to $463.48 million for the nine months ended September 30, 2023. The company booked gross profit of $263.47 million for the third quarter versus $152.39 million reported for the similar quarter of 2023.

Other income decreased by 45% to close at $3.59 million (2023: $6.53 million), while Administration and other operating expenses increased by 51% from $315.97 million in 2023 to $477.20 million in the period under review. As a result, operating profit for the nine months ended September 30, 2024, amounted to $144.11 million, a 6% decrease relative to $154.04 million reported in 2023.

Share of results Of Associate for the nine months ended September 30, 2024, amounted to a loss of $189,000, relative to income of $908,000 reported in 2023.

Finance costs totalled $51.62 million a 33% increase from the corresponding period last year. (2023: $38.68 million).

Profit before Taxation for the nine months ended September 30, 2024, amounted to $92.30 million, a 21% decrease relative to $116.27 million reported in 2023. Profit before Taxation for the third quarter amounted to $34.04 million (2023: $43.90 million).

Taxation for the nine months ended September 30, 2024, had a 34% increase to reach $43.61 million (2023: $32.62 million). As such, Net profit for the nine months amounted to $48.70 million, a 42% decrease from the $83.65 million reported in 2023. For the third quarter, Net profit was $16.35 million (2023: $29.42 million).

Net profit attributable to shareholders for the nine months ended September 30, 2024, amounted to $45.30 million (2023: $78.42 million).

Consequently, Earnings Per Share for the nine months amounted to $0.03 (2023: EPS: $0.06), while Earnings Per Share for the quarter totaled $0.01 (2023: EPS: $0.02). The twelve-month trailing EPS was $0.07 (J$1.61), and the number of shares used in these calculations was 1,389,683,010.

Notably, ASBH’s stock price closed the trading period on November 14, 2024, at a price of J$31.11 with a corresponding P/E ratio of 19.28x.

Balance Sheet Highlights

The company’s assets totalled $2.95 billion (2023: $1.88 billion). Notably, ‘Inventories’ grew by $338.45 million or 60% to close at $898.30 million, while ‘Trade and other receivables’ increased by $336.73 million or 63% to $872.12 million.

Shareholder’s equity was $685.28 million (2023: $636.60 million), representing a book value per share of $0.49 (2023: $0.46).

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