November 10, 2021
Figures are quoted in United States dollars (except where it is indicated otherwise):
Caribbean Producers Jamaica Limited (CPJ), for the first three months ended September 30, 2021 reported that revenues increased by 168%, to close the period at $25.02 million compared to the $9.35 million for the same period last year.
Cost of operating revenue rose by 144%, closing the period at $16.88 million relative to $6.92 million for the same period last year. Notwithstanding, gross profits grew by 235% to total $8.14 million relative to $2.43 million in 2020.
Selling and distribution expenses were $4.37 million relative to the $2.87 million posted last year. Depreciation for the period fell by 3% closing the period at $1.04 million (2020: $1.07 million).
Other operating loss totalled $124,479 compared with the operating income of $31,401 booked the previous year.
Profit before finance costs, income and taxation totalled $2.57 million relative to a loss of $1.51 million in 2020.
Finance costs was $683,223 versus the $438,709 reported in 2020, a 56% increase while finance income fell to $4,273 (2020: $8,388). Profit before taxation amounted to $1.89 million compared to a loss of $1.94 million in 2020.
Taxation for the period under review ended at $219,568 (2020: nil), consequently, net profit for the period amounted to $1.67 million relative to a loss of $1.94 million in 2020.
Net profit attributable to shareholders ended the period at $1.60 million relative to a loss of $1.85 million in 2020.
As a result, earning per share for the period amounted to US0.15 cents (2020: LPS US0.17 cents), while the twelve-month trailing EPS totalled US0.108 cents. The number of shares used in our calculations amounted to 1,100,000,000 units. The stock price closed November 10, 2021 at J$8.20.
CPJ further noted, “The Group continues to expand its operations both onshore and offshore, with the commissioning of new stores in St Lucia, and continuation of the work being done to expand the retail store in Montego Bay. The efficiencies that were worked on and implemented in some departments are now being rolled-out throughout the Company, in all departments and sections.”
Balance Sheet at a glance:
As at September 30, 2021, total assets amounted to $72.07 million, 28% more than its value of $56.38 million booked a year ago. This was mainly attributable to a 42% increase in ‘Inventories’ which amounted to $29.83 million (2020: $21.08 million). According to the Company, “The Group continues to demonstrate strong treasury management as the company deals with the difficulties of the current logistics and supply chain challenges.”
Shareholder’s Equity as at September 30, 2021, totalled $17.24 million (2020: $16.06 million) resulting in a book value per share of approximately US1.568 cents (2020: US1.460 cents).
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