August 18, 2025

Berger Paints Jamaica Limited (BRG)

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

Berger Paints Jamaica Limited (BRG) for the six months ended June 30, 2025, reported a 1% decrease in Revenue totaling $1.55 billion compared to $1.56 billion in the corresponding period last year. Revenue for the second quarter had a 2% decrease to close at $775.99 million compared to $791.01 million for the comparable quarter of 2024.

BRG highlighted, “This dip was primarily due to significant and unforeseen global supply chain disruptions, which temporarily constrained product availability and order fulfilment. In response, we took bold steps to secure alternative raw materials and fast-track deliveries through higher cost logistics options. These proactive measures ensured business continuity and maintained customer service.”

Raw materials and consumable used amounted to $649.01 million (2024: $696.73 million), this represents a decrease of 7% year over year.

Changes in inventories of finished goods and work in progress decreased by 986% to a loss of $82.63 million compared to a gain of $9.32 million for the six months ended June 30, 2024.

Employee benefits expenses increased by 29% to close at $358.19 million (2024: $277.22 million).

Other operating expenses decreased by 10% from $430.53 million in 2024 to $387.38 million in the period under review.

Manufacturing expenses for the six months ended June 30, 2025, amounted to $26.03 million, a 70% decrease relative to $88.22 million reported in 2024.

Consequently, Total Expenses for the six months ended June 30, 2025, amounted to $1.54 billion, a 2% increase relative to $1.51 billion reported in 2024. Total Expenses for the second quarter amounted to $785.38 million (2024: $790.40 million).

Other income totalled $16.45 million a 9% decrease from the corresponding period last year. (2024: $18.05 million).

Profit before Tax for the six months ended June 30, 2025, amounted to $7.55 million, an 86% decrease relative to $52.10 million reported in 2024. Loss before Tax for the second quarter amounted to $9.39 million (2024: Pre-tax Profit of $613,000).

Taxation for the six months ended June 30, 2025, had a 70% decrease to reach $2.72 million (2024: $9.20 million). As such, Net Profit for the six months amounted to $4.83 million, a 89% decrease from the $42.89 million reported in 2024. For the second quarter, Net Loss was $6.09 million (2024: Net Loss $5.40 million).

Consequently, Earnings Per Share for the six months amounted to $0.02 (2024: EPS: $0.20), while Loss Per Share for the quarter totaled $0.03 (2024: LPS: $0.03). The twelve-month trailing EPS was $0.32, and the number of shares used in these calculations was 214,322,393.

Notably, BRG’s stock price closed the trading period on August 15, 2025, at a price of $6.79 with a corresponding P/E ratio of 21.52x.

Balance Sheet Highlights

The company’s assets totalled $2.79 billion (2024: $2.40 billion). The growth in total asset was mainly due to ‘Inventories’ increasing by $248.85 million and ‘Trade & other Receivables’ increasing by $131.69 million during the period.

Shareholder’s equity was $1.17 billion (2024: $1.09 billion), representing a book value per share of $5.47 (2024: $5.09).

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