February 13, 2024
Jamaica Teas Limited (JAMT) for the first quarter ended December 31, 2023, reported a 26% increase in operating revenues totalling $840.03 million compared to $665.64 million in the corresponding three months last year.
Cost of sales amounted to $683.74 million (2022: $516.07 million), this represents an increase of 32% year over year. Consequently, gross profit increased by 4% to $156.29 million compared to $149.57 million for the first quarter ended December 31, 2022.
Investment income amounted to $54.94 million (2022: loss of $69.35 million), while other income decreased by 46% to close at $355,585 (2022: $657,162).
Sales & marketing costs increased by 31% from $15.80 million in 2022 to $20.66 million for the three months. Administrative expenses for the first quarter amounted to $104.60 million, a 32% increase relative to $79.39 million reported in 2022.
Operating profit amounted to $86.32 million (2022: loss of $14. 31 million). Finance costs for the three months grew to $18.43 million by 29% relative to $14.31 million reported in 2022.
Profit before taxation totalled $67.88 million relative to a loss of $28.62 million booked in the corresponding period last year.
Taxation charges for the first quarter ended December 31, 2023, amounted to $15.84 million relative to a taxation credit of $14.35 million in 2022.
Net profit for the three months totalled $52.05 million (2022: loss of $14.27 million). Profit to shareholders for the three months amounted to $47.40 million, a 72% improvement from the $27.57 million reported in 2022.
Earnings per share (EPS) for the three months amounted to $0.02 (2022: $0.01). The twelve-month trailing EPS was $0.11, and the number of shares used in these calculations was 2,164,680,377.
Notably, JAMT’s stock price closed the trading period on February 13, 2024, at a price of $2.48 with a corresponding P/E ratio of 21.70x.
Balance Sheet Highlights:
The company’s assets totalled $5.50 billion (2022: $4.82 billion); a 14% increase year on year largely attributed to a 38% improvement in property, plant & equipment, which totalled $1.14 billion (2022: $827.84 million).
Shareholder’s equity was $3.00 billion (2022: $2.71 billion), representing a book value per share of $1.39 (2022: $1.25).
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