November 17, 2025
A.S. BRYDEN & SONS HOLDINGS LIMITED (ASBH)
Unaudited financials for the nine months ended September 30, 2025:
Expressed in United States dollars unless otherwise indicated
A.S. BRYDEN & SONS HOLDINGS LIMITED (ASBH) for the nine months ended September 30, 2025, reported a 36% increase in Revenue totaling $447.87 million compared to $328.44 million in the corresponding period last year. Revenue for the third quarter had a 9% increase to close at $147.26 million compared to $135.49 million for the comparable quarter of 2024. This was driven primarily by the incremental revenues from acquisitions and organic growth from Consumer Goods and Healthcare divisions
Direct expenses amounted to $324.04 million (2024: $237.60 million), this represents an increase of 36% year over year. Consequently, gross profit increased by 36% to $123.83 million compared to $90.84 million for the nine months ended September 30, 2024. The company booked gross profit of $39.66 million for the third quarter versus $38.75 million reported for the similar quarter of 2024.
Other income decreased by 59% to close at $216,000 (2024: $528,000), while Administration and other operating expenses increased by 44% from $70.18 million in 2024 to $100.76 million in the period under review. As a result, operating profit for the nine months ended September 30, 2025, amounted to $23.29 million, a 10% increase relative to $21.19 million reported in 2024. ASBH highlighted, “The significant increase in operating expenses was due to higher finance costs associated with debt utilization for recent acquisitions, wage inflation and higher cost due to delayed ERP system implementation at CPJ.”
Share of results Of Associate for the nine months ended September 30, 2025, amounted to $242,000, a 964% turnaround from a $28,000 loss reported in 2024.
Finance costs totalled $11.19 million a 47% increase from the corresponding period last year. (2024: $7.59 million).
Profit before Taxation for the nine months ended September 30, 2025, amounted to $12.34 million, a 9% decrease relative to $13.58 million reported in 2024. Profit before Taxation for the third quarter amounted to $1.78 million (2024: $5.01 million).
Taxation for the nine months ended September 30, 2025, had a 19% decrease to reach $5.20 million (2024: $6.41 million). As such, Net profit for the nine months amounted to $7.14 million, down marginally from the $7.16 million reported in 2024. For the third quarter, Net profit was $1.16 million (2024: $2.41 million).
Net profit attributable to shareholders amounted to $6.67 million (2024: $6.66 million).
Consequently, Earnings Per Share for the nine months amounted to $0.0048 (2024: EPS: $0.0045), while Earnings Per Share for the quarter totaled $0.0011 (2024: EPS: $0.0017). The twelve-month trailing EPS was $0.0053 or J$0.85 and the number of shares used in these calculations was 1,499,251,191.
Notably, ASBH’s stock price closed the trading period on November 14, 2025, at a price of J$33.54 with a corresponding P/E ratio of 39.34x.
Balance Sheet Highlights
The company’s assets totalled $495.63 million (2024: $433.31 million). The growth in total assets was led by a $34.85 million increase in Receivables to $163.12 million. Notably, rights of use assets grew by $14.41 million, intangible assets increased by $16.17, and deferred tax assets were higher by $10.80, while PPE declined by $20.35 million during the period.
Shareholder’s equity was $124.68 million (2024: $100.78 million), representing a book value per share of $0.08 (2024: $0.07).
Disclaimer:
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.