November 13, 2024
Caribbean Producers Jamaica Limited (CPJ)
Unaudited financials for the first quarter ended September 30, 2024:
Figures are quoted in United States dollars (except where it is indicated otherwise):
Caribbean Producers Jamaica Limited (CPJ) for the first quarter ended September 30, 2024, reported a 1% decrease in gross operating revenue totalling US$34.01 million compared to US$34.22 million in the corresponding three months last year.
Cost of Operating Revenue amounted to US$23.86 million (2023: US$24.03 million), this represents a decrease of 1% year over year. Consequently, gross profit decreased to US$10.15 million compared to US$10.19 million for the first quarter ended September 30, 2023.
Selling and Administrative Expenses increased by 20% to close at US$7.85 million (2023: US$6.55 million), while Depreciation increased by 25% from US$1.13 million in 2023 to US$1.42 million for the three months. As a result, Other operating income for the first quarter amounted to US$11,662, a 61% decrease relative to US$29,591 reported in 2023.
Operating Profit for the three months amounted to US$839,496, a 66% decrease relative to US$2.47 million reported in 2023.
Finance Income totalled US$322, a 116% increase from the corresponding period last year (2023: US$149) while Finance Cost for the first quarter ended September 30, 2024, amounted to US$867,550, a 3% increase relative to US$841,817 reported in 2023.
Loss Before Taxation for the three months had a 102% increase to reach US$27,733 when compared to the Profit Before Taxation of US$1.62 million for 2023. Taxation for the three months amounted to US$53,004 (2023: US$393,943). Net Loss for the three months amounted to US$80,737 from the Net Profit of US$1.23 million reported in 2023.
Consequently, Earnings Per Share for the three months amounted to US 0.003 cents (2023: EPS: US 0.12 cents). The twelve-month trailing EPS was US 0.49 cents, and the number of shares used in these calculations was 1,100,000,000. Notably, CPJ’s stock price closed the trading period on November 13, 2024, at a price of $8.85 with a corresponding P/E ratio of 11.35x.
Balance Sheet Highlights
The company’s assets totalled US$92.89 million (2023: US$89.72 million). This increase in total assets was attributable to ‘Cash and Cash Equivalents’ amounting to US$8.84 million for the first quarter of 2024 (2023: $5.27 million). ‘Property, Plant and Equipment’ also contributed to the increase equating to $16.15 million for the first quarter of 2024 (2023: $12.83 million).
Shareholders’ equity was US$35.59 million (2023: US$30.18 million), representing a book value per share of US$0.032 (2023: US$0.027).
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
