November 15, 2024
Berger Paints Jamaica Limited (BRG) for the nine months ended September 30, 2024, reported a 3% increase in Revenue totaling $2.29 billion compared to $2.23 billion in the corresponding period last year. Revenue for the third quarter had a 6% decrease to close at $725.53 million compared to $768.13 million for the comparable quarter of 2023.
BRG highlighted, “The significant impacts on operations and commercial activity brought about by the passage of Hurricane Beryl in July and its knock-on effect through to August, retarded sales for the quarter.”
Raw materials and consumable used amounted to $1.09 billion (2023: $1.24 billion), this represents a decrease of 12% year over year.
Changes in inventories of finished goods and work in progress amounted to a gain of $59.94 million compared to loss of $60.94 million for the nine months ended September 30, 2023.
Employee benefits expenses increased by 25% to close at $519.79 million (2023: $416.28 million), while Other operating expenses decreased by 16% from $656.04 million in 2023 to $548.72 million in the period under review. Also, manufacturing expenses for the nine months ended September 30, 2024 amounted to $129.99 million, a 175% increase relative to $47.34 million reported in 2023.
Consequently, Total Expenses for the nine months ended September 30, 2024, amounted to $2.36 billion, a 3% decrease relative to $2.43 billion reported in 2023. Total Expenses for the third quarter amounted to $816.75 million (2023: $834.21 million).
Other income totalled $23.16 million a 11% increase from the corresponding period last year. (2023: $20.78 million).
Profit before Tax for the nine months ended September 30, 2024, amounted to $11.49 million, relative to Pretax loss of $242.98 million reported in 2023. Loss before Tax for the third quarter amounted to $40.60 million (2023: Pretax loss of $111.11 million).
Tax charge for the nine months ended September 30, 2024, was $2.41 million (2023: tax credit of $14.27 million). As such, Net Profit for the nine months amounted to $9.08 million, an improvement on the $228.71 million net loss reported in 2023. For the third quarter, Net loss was $33.81 million (2023: net loss $105.83 million).
Consequently, Earnings Per Share for the nine months amounted to $0.04 (2023: LPS: $1.07), while Loss Per Share for the quarter totaled $0.16 (2023: LPS: $0.49). The twelve-month trailing EPS was $0.09, and the number of shares used in these calculations was 214,322,393.
Notably, BRG’s stock price closed the trading period on November 14, 2024, at a price of $8.50 with a corresponding P/E ratio of 94.07x.
Balance Sheet Highlights
The company’s assets totalled $2.43 billion (2023: $2.18 billion). The growth in total assets was mainly due to “PPE” increasing by $152.34 million or 48% to 4470.40 million (2023: $318.06 million).
Shareholder’s equity was $1.06 billion (2023: $996.52 million), representing a book value per share of $4.94 (2023: $4.65).
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