March 1, 2024
Berger Paints Jamaica Limited (BRG) for the year ended December 31, 2023, reported a 2% increase in Turnover totaling $3.36 billion compared to $3.30 billion in the corresponding period last year. Turnover for the fourth quarter had a 1% increase to close at $1.13 billion compared to $1.11 billion for the comparable quarter of 2022.
Raw materials and consumable used decreased by 4% to close at $1.85 billion (2022: $1.93 billion), while Employee benefits expense increased by 12% from $527.06 million in 2022 to $592.33 million in the period under review.
Manufacturing expenses totaled $71.90 million, up 31% from 2022. Other operating expenses amounted to $975.10 million, up 34% from the previous year.
As a result, total expenses for the year amounted to $3.62 billion, a 10% increase relative to $3.30 billion reported in 2022. BRG noted expenses were “driven heavily by foreign exchange losses, increases in our security and information systems costs, filling of critical vacancies and advertising and promotional costs.”
Loss before Finance Cost and Taxation for the year amounted to $255.86 million, relative to a profit of $36,000 reported in 2022. Loss before Finance Cost and Taxation for the fourth quarter amounted to $12.88 million (2022: Loss of $25.57 million).
Loss before Tax for the year amounted to $255.86 million, relative to a profit of $36,000 reported in 2022. Loss before Tax for the fourth quarter amounted to $12.88 million (2022: Loss of $25.57 million).
Taxation credit for the year was $37.44 million (2022: $666,000). Net loss for the year end amounted to $218.42 million compared to a net profit of $702,000 reported in 2022. For the fourth quarter, Net Profit was $10.29 million (2022: Loss of $20.10 million).
Consequently, Loss Per Share for the year end amounted to $1.02 (2022: EPS: $0.003), while Earnings Per Share for the quarter totaled $0.05 (2022: LPS: $0.09). The number of shares used in these calculations was 214,322,393.
Notably, BRG’s stock price closed the trading period on February 29, 2024, at a price of $6.50.
Balance Sheet Highlights
The company’s assets totalled $2.39 billion (2022: $2.48 billion). The decline in assets resulted mainly from a 19% reduction in ‘Inventories’ closing at $695.60 million.
Shareholder’s equity was $1.05 billion (2022: $1.23 billion), representing a book value per share of $4.89 (2022: $5.72).
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