October 1, 2024
Figures are quoted in United States dollars (except where it is indicated otherwise):
Caribbean Producers Jamaica Limited(CPJ)
Audited financials for the year ended June 28, 2024:
Caribbean Producers Jamaica Limited (CPJ) reported a 5% increase in gross operating revenue totalling US$150.20 million for the year ended June 28, 2024, compared to US$142.58 million in the corresponding period last year. Gross Operating Revenue for the fourth quarter increased 7% to close at US$38.08 million compared to US$35.54 million for the comparable quarter of 2023.
The cost of Operating Revenue amounted to US$108.48 million (2023: US$103.60 million), an increase of 5% year over year. Consequently, gross Profit increased by 7% to US$41.72 million compared to US$38.98 million for the year ended June 28, 2023. The company booked a gross profit of US$7.81 million for the fourth quarter versus US$7.20 million reported for a similar quarter of 2023.
Selling and Administrative Expenses increased by 7% to close at US$26.49 million (2023: US$24.68 million), while Depreciation increased by 13% from US$4.35 million in 2023 to US$4.91 million in the period under review. As a result, other operating income for the year ended June 28, 2024, amounted to US$666,035 a 400% increase relative to loss of US$222,081 reported in 2023.
Operating Profit for the year ended June 28, 2024, amounted to US$10.85 million, a 6% increase relative to US$10.26 million reported in 2023. While Operating Profit for the fourth quarter amounted to $2.02 million (2023: US$2.73 million).
Finance Income totalled US$24,619, a 2309% increase from last year’s period. (2023: US$1,022) while Finance Costs totalled US$3.11 million (2023: US$3.39 million)
Profit Before Taxation for the year ended June 28, 2024, amounted to US$7.77 million, a 13% increase relative to US$6.87 million reported in 2023. Profit Before Taxation for the fourth quarter amounted to US$ 1.52 million (2023: US$1.67 million). Taxation for the year ending June 28, 2024, had a 126% increase to US$1.41 million (2023: US$623,658). Net Profit for the twelve months amounted to US$6.36 million, a 2% increase from the US$6.25 million reported in 2023. For the fourth quarter, Net Profit was US$1.62 million (2023: US$2.43 million).
Consequently, Earnings Per Share for the twelve months amounted to US$0.006 (2023: EPS: US$0.005), while Earnings Per Share for the quarter totalled US$0.001 (2023: EPS: US$0.002 ). The number of shares used in these calculations was 1,100,000,000. CPJ’s stock price closed the trading period on September 27, 2024, for $8.52, with a corresponding P/E ratio of 8.84x.
Balance Sheet Highlights
The company’s assets totaled US$98.39 million (2023: US$90.11 million). The total increase in the company’s asset base is attributed to an 82% YoY increase in “Cash and cash equivalents,” ending the year at US$9.918 million (2023: US$5.464 million), a 47% YoY increase in “Property, plant and equipment” ending the year at Us$14.787 million (2023: US$10.043 million) and 8% YoY increase in “Inventories” ending the year at US$42.147 million (2023: US$38.910 million).
Shareholder’s equity was US$35.55 million (2023: US$28.91 million), representing a book value per share of US$0.03 (2023: US$0.02).
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