May 16, 2024
Figures are quoted in United States dollars (except where it is indicated otherwise):
Caribbean Producers Jamaica Limited (CPJ) for the nine months ended March 31, 2024, reported a 5% increase in Gross Operating Revenue totalling US$112.12 million compared to US$107.04 million in the corresponding period last year. Gross Operating Revenue for the third quarter had a 6% increase to close at US$37.83 million compared to US$35.65 million for the comparable quarter of 2023.
Cost of Operating Revenue amounted to US$78.21 million (2023: US$75.25 million), this represents an increase of 4% year over year. Consequently, gross profit increased by 7% to US$33.91 million compared to US$31.78 million for the nine months ended March 31, 2023. The company booked gross profit of US$11.59 million for the third quarter versus US$10.37 million reported for the similar quarter of 2023.
Selling and Administrative Expenses increased by 10% to close at US$21.60 million (2023: US$19.62 million), while Depreciation costs increased by 12% from US$3.07 million in 2023 to US$3.46 million in the period under review. Also, other operating income for the nine months ended March 31, 2024, amounted to US$129,675, a 231% increase relative to US$39,130 reported in 2023.
Consequently, Operating profit for the nine months ended March 31, 2024, amounted to US$8.83 million, a 17% increase relative to US$7.53 million reported in 2023. Operating profit for the third quarter amounted to US$2.90 million (2023: US$1.34 million).
Finance Income totalled US$571 a 27% decrease from the corresponding period last year. (2023: US$779), while Finance Cost totalled US$2.59 million a 11% increase from the corresponding period last year. (2023: US$2.33 million)
Profit Before Taxation for the nine months ended March 31, 2024, amounted to US$6.24 million, a 20% increase relative to US$5.20 million reported in 2023. Profit Before Taxation for the third quarter amounted to US$2.00 million (2023: US$636,973).
Taxation for the nine months ended March 31, 2024, had a 9% increase to reach US$1.50 million (2023: US$1.38 million). As such, Net Profit for the nine months amounted to US$4.74 million, a 24% increase from the US$3.82 million reported in 2023. For the third quarter, Net Profit was US$1.41 million (2023: US$354,224).
Consequently, Earnings Per Share for the nine months amounted to US$0.004 (2023: EPS: US$0.003), while Earnings Per Share for the quarter totalled US$0.001 (2023: EPS: US$0.0002). The twelve month trailing EPS was US$0.006 or J$0.98, and the number of shares used in these calculations was 1,100,000,000.
Notably, CPJ’s stock price closed the trading period on May 15, 2024, at a price of J$8.36 with a corresponding P/E ratio of 8.57x.
Balance Sheet Highlights
The company’s assets totalled US$101.86 million (2023: US$86.17 million). The growth in total assets was mainly due to ‘Cash and cash equivalents’ increasing by US$8.44 million or 172% to close at US$13.34 million. Also, ‘Property, plant & equipment’ increased by US$3.32 million or 33% to close the period at US$13.48 million.
Shareholder’s equity was US$33.67 million (2023: US$26.73 million), representing a book value per share of US$0.031 (2023: US$0.024).
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