February 15, 2024
Figures are quoted in United States dollars (except where it is indicated otherwise):
Caribbean Producers Jamaica Limited (CPJ) for the six months ended December 31, 2023, reported a 4% increase in Gross Operating Revenue totalling US$74.29 million compared to US$71.38 million in the corresponding period last year. Gross Operating Revenue for the second quarter had a 5% increase to close at US$40.07 million compared to US$38.32 million for the comparable quarter of 2022.
Cost of Operating Revenue amounted to US$51.97 million (2022: US$49.97 million), this represents an increase of 4% year over year. Consequently, gross profit increased by 4% to US$22.32 million compared to US$21.41 million for the six months ended December 31, 2022. The company booked gross profit of US$12.13 million for the second quarter versus US$11.18 million reported for the similar quarter of 2022.
Selling and Administrative Expenses increased by 8% to close at US$14.15 million (2022: US$13.15 million), while Depreciation increased by 9% from US$2.04 million in 2022 to US$2.24 million in the period under review. Other operating income for the six months ended December 31, 2023, amounted to US$77,433, a 178% increase relative to US$27,896 reported in 2022.
Operating Profit for the six months ended December 31, 2023, amounted to US$5.93 million, a 4% decrease relative to US$6.18 million reported in 2022. Operating Profit for the second quarter amounted to US$3.46 million (2022: US$3.19 million).
Finance Income totalled US$301, a 36% decrease from the corresponding period last year. (2022: US$468), while Finance Cost totalled US$1.69 million a 4% increase from the corresponding period last year. (2022: US$1.62 million).
Profit Before Taxation for the six months ended December 31, 2023, amounted to US$4.24 million, a 7% decrease relative to US$4.56 million reported in 2022. Profit Before Taxation for the second quarter amounted to US$2.61 million (2022: US$2.32 million).
Taxation for the six months ended December 31, 2023, had a 17% decrease to reach US$910,492 (2022: US$1.10 million). As such, Net Profit for the six months amounted to US$3.33 million, a 4% decrease from the US$3.47 million reported in 2022. For the second quarter, Net Profit was US$2.10 million (2022: US$1.75 million).
Net profit attributable to shareholders amounted to US$3.28 million for the six month period. (2022: US$3.35 million).
Consequently, Earnings Per Share for the six months amounted to US$0.003 (2022: EPS: US$0.003), while Earnings Per Share for the quarter totalled US$0.0018 (2022: EPS: US$0.0016). The twelve month trailing EPS was US$0.005, and the number of shares used in these calculations was 1,100,000,000.
Notably, CPJ’s stock price closed the trading period on February 13, 2024, at a price of $9.11 with a corresponding P/E ratio of 11.36x.
Balance Sheet Highlights
The company’s assets totalled US$95.50 million (2022: US$89.08 million). The growth in total assets was mainly driven by a 21% increase in ‘Property, plant & Equipment’ to US$12.67 million (2022: US$10.45 million), as well as a 18% uptick in ‘Right-of-use assets’ to close at US$14.01 million (2022: US$11.90 million).
Shareholder’s equity was US$32.20 million (2022: US$26.50 million), representing a book value per share of US$0.028 (2022: US$0.024).
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