April 24, 2024
Jamaica Teas Limited (JAMT) for the six months ended March 31, 2024, reported a 23% increase in operating revenues totalling $1.64 billion compared to $1.33 billion in the corresponding period last year. Operating revenues for the second quarter had a 20% increase to close at $800.19 million compared to $665.51 million for the comparable quarter of 2023.
Cost of sales amounted to $1.32 billion (2023: $1.03 billion), this represents an increase of 28% year over year. Consequently, gross profit increased by 7% to $318.13 million compared to $296.33 million for the six months ended March 31, 2023. The company booked gross profit of $161.84 million for the second quarter versus $146.76 million reported for the similar quarter of 2023.
Other income increased by 56% to close at $1.99 million (2023: $1.28 million). Sales & marketing costs increased by 12% from $25.16 million in 2023 to $28.21 million in 2024, while administrative expenses for the six months ended March 31, 2024, amounted to $203.83 million, a 20% increase relative to $170.10 million reported in 2023.
Finance costs for the six months ended March 31, 2024, amounted to $37.15 million, a 22% increase relative to $30.41 million reported in 2023. Finance costs for the second quarter amounted to $18.72 million (2023: $16.10 million). Profit before taxation surged to reach $138.85 million in 2024 relative to the $13.46 million reported for the corresponding period last year.
Tax charges for the six months ended March 31, 2024, amounted to $57.74 million relative to tax credit of $34.61 million reported in 2023. Tax charges for the second quarter amounted to $41.90 million (2023: tax credit of $20.26 million).
Net profit for the six months ended March 31, 2024, had a 69% increase to reach $81.11 million (2023: $48.07 million). Profit attributable to shareholders for the six months amounted to $21.67 million, a 75% decrease from the $86.20 million reported in 2023. For the second quarter, loss attributable to shareholders was $18.99 million (2023: profit of $58.63 million).
Earnings per share (EPS) for the six months amounted to $0.01 (2023: $0.04), while loss per share (LPS) for the quarter totalled $0.01 (2023: EPS of $0.03). The twelve-month trailing EPS was $0.08, and the number of shares used in these calculations was 2,164,680,377.
Notably, JAMT’s stock price closed the trading period on April 24, 2024, at a price of $2.48 with a corresponding P/E ratio of 32.93x.
Balance Sheet Highlights:
The company’s assets totalled $5.51 billion (2023: $4.86 billion); a 13% rise year over year due largely to a 374% uptick in cash and short-term investments.
Shareholder’s equity was $3.10 billion (2023: $2.75 billion), representing a book value per share of $1.43 (2023: $1.27).
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