May 8, 2024
Berger Paints Jamaica Limited (BRG)
Unaudited financials for the first quarter ended March 31, 2024:
Berger Paints Jamaica Limited (BRG), for the first quarter of March 31, 2024, reported an 8% increase in turnover totaling $772.35 million compared to $717.53 million in the corresponding period last year.
The company’s effective cost management is evident in the decrease in cost of Goods Sold, which amounted to $329.88 million (2023: $407.07 million), representing a significant 19% decrease year over year. This has led to a substantial increase in gross income, which rose by 43% to $442.47 million compared to $310.47 million for the first quarter ended March 31, 2023, demonstrating the company’s profitability.
Raw materials and consumables used decreased by 40% to close at $286.39 million (2023: $476.23 million), while Employee benefits expense increased by 12% from $138.08 million in 2023 to $154.28 million for the quarter that ended March 31, 2024. As a result, Total Expenses for the first quarter amounted to $732.98 million, a 107% increase relative to the $354.33 million reported in 2023.
The company’s financial performance has significantly improved, as evidenced by the profit/Loss before Tax for the first quarter ended March 31, 2024, which amounted to $51.48 million. This represents a substantial 112% increase relative to a loss of $445.87 million reported in 2023, indicating the company’s successful turnaround from battling the pandemic and improved financial health.
Taxation for the first quarter ending March 31, 2024, had a 6% decrease to $3.19 million (2023: $3.40 million). Net Profit for the year-end amounted to $48.29 million, an 111% increase from the prior loss of $442.47 million reported in 2023.
Consequently, Earnings Per Share for the year-end amounted to $0.23 (2023: LPS: $2.06). The twelve-month trailing EPS was $1.27, and the average number of shares used in these calculations was 214,322,393.
Notably, BRG’s stock price closed the trading period on May 08, 2024, at $5.41.
Balance Sheet Highlights
The company’s assets totaled $2.40 billion (2023: $2.58 billion). The decrease in assets was mainly attributed to the decline in Inventory, which closed at $800.30 million (2023: $1.02 billion), and Trade and other receivables, which closed at $595.13 million (2023: $765.52 million).
Shareholder’s equity was $1.10 billion (2023: $1.19 billion), representing a book value per share of $5.12 (2023: $5.55).
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