August 12, 2024
Berger Paints Jamaica Limited (BRG) for the six months ended June 30, 2024, reported a 7% increase in Turnover totalling $1.56 billion compared to $1.46 billion in the corresponding period last year. Turnover for the second quarter had a 6% increase to close at $791.01 million compared to $743.77 million for the comparable quarter of 2023.
Raw materials and consumable used decreased by 16% to close at $696.73 million (2023: $827.58 million), while Employee benefits expense increased by 4% from $265.61 million in 2023 to $277.22 million in the period under review. As a result, total expenses for the six months ended June 30, 2024, amounted to $1.51 billion, a 5% decrease relative to $1.59 billion reported in 2023.
Profit before taxation for the six months amounted to $52.10 million, relative to a loss of $131.87 million reported in 2023. Profit before taxation for the second quarter amounted to $613,000 (2023: Loss of $93.07 million).
Taxation charge for the six months was $9.20 million (2023: Taxation credit of $8.99 million).
Net Profit for the six months amounted to $42.89 million, compared to a net loss of $122.88 million reported in 2023. For the second quarter, Net loss was $5.40 million (2023: Net loss of $87.48 million).
Consequently, Earnings Per Share for the six months amounted to $0.20 (2023: LPS: $0.57), while Loss Per Share for the quarter totalled $0.03 (2023: LPS: $0.41). The twelve-month trailing LPS was $0.25, and the number of shares used in these calculations was 214,322,393.
Notably, BRG’s stock price closed the trading period on August 12, 2024, at a price of $7.39.
Balance Sheet Highlights
The company’s assets totalled $2.40 billion (2023: $2.33 billion). The uptick in assets resulted from a 71% increase in ‘property, plant & equipment’ closing at $472.91 million.
Shareholder’s equity was $1.09 billion (2023: $1.10 billion), representing a book value per share of $5.09 (2023: $5.14).
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