December 1, 2025
Berger Paints Jamaica Limited (BRG)
Unaudited financials for the nine months ended September 30, 2025:
Berger Paints Jamaica Limited (BRG) for the nine months ended September 30, 2025, reported a 5% increase in Revenue totaling $2.41 billion compared to $2.29 billion in the corresponding period last year. Revenue for the third quarter had a 19% increase to close at $866.28 million compared to $725.53 million for the comparable quarter of 2024. “This improved top-line performance reflects the continued recovery in market demand, improved operational execution, and stronger customer engagement,” BRG highlighted.
Changes in inventories of finished goods and work in progress amounted to income of $59.83 million compared to income of $59.94 million for the nine months ended September 30, 2024.
- Raw materials and consumable used amounted to $1.20 billion (2024: $1.09 billion), this represents an increase of 10% year over year.
- Employee benefits expense increased by 3% to close at $536.68 million (2024: $519.79 million).
- Other operating expense increased by 11% from $548.72 million in 2024 to $608.12 million in the period under review.
- Manufacturing expenses for the nine months ended September 30, 2025, amounted to $44.10 million, a 66% decrease relative to $129.99 million reported in 2024.
Consequently, Total Expenses for the nine months ended September 30, 2025, amounted to $2.47 billion, a 5% increase relative to $2.36 billion reported in 2024. Total Expenses for the third quarter amounted to $997.79 million (2024: $821.85 million).
Other income totalled $28.00 million a 21% increase from the corresponding period last year. (2024: $23.16 million).
Profit before Tax for the nine months ended September 30, 2025, amounted to $30.06 million, a 162% increase relative to $11.49 million reported in 2024. Profit before Tax for the third quarter amounted to $22.50 million (2024: Loss before Tax of $40.60 million).
Taxation for the nine months ended September 30, 2025, had a 398% increase to reach $12.02 million (2024: $2.41 million). As such, Net Profit for the nine months amounted to $18.03 million, a 99% increase from the $9.08 million reported in 2024. For the third quarter, Net Profit was $13.20 million (2024: Net loss of $33.81 million).
BRG noted, “Hurricane Melissa has caused unprecedented devastation across Jamaica, severely impacting lives, infrastructure, and business operations. BPJL expects a significant negative effect on performance for the rest of the financial year, with recovery extending beyond Q4. The company’s immediate focus is on employee welfare and supporting customers and partners through rebuilding efforts, while also contributing to national relief initiatives. Although near-term market activity and consumer demand will be constrained, BPJL remains committed to its long-term strategy and believes disciplined execution and strong fundamentals will enable it to navigate recovery and sustain future success.”
Consequently, Earnings Per Share for the nine months amounted to $0.08 (2024: EPS: $0.04), while Earnings Per Share for the quarter totaled $0.06 (2024: LPS: $0.16). The twelve-month trailing EPS was $0.53, and the number of shares used in these calculations was 214,322,393.
Notably, BRG’s stock price closed the trading period on November 28, 2025, at a price of $6.56 with a corresponding P/E ratio of 12.26x.
Balance Sheet Highlights
The company’s assets totalled $3.09 billion (2024: $2.43 billion). The growth in total assets was primarily due to a $478.78 million uptick in Inventories and a $249.69 million increase in Receivables.
Shareholder’s equity was $1.16 billion (2024: $1.06 billion), representing a book value per share of $5.41 (2024: $4.94).
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