September 9, 2024
Jamaica Broilers Group Limited (JBG)
Unaudited financials for the first quarter ended July 27, 2024:
Jamaica Broilers Group Limited (JBG) for the first quarter ended July 27, 2024, reported a slight increase in revenue totalling $23.45 billion compared to $23.39 billion in the corresponding three months last year.
Cost of Sales amounted to $17.93 billion (2023: $17.68 billion), this represents an increase of 1% year over year. Consequently, gross profit decreased by 3% to $5.53 billion compared to $5.71 billion for the first quarter ended July 27, 2023.
Other income decreased by 63% to close at $59.49 million (2023: $161.38 million), while Distribution Costs increased by 2% from $720.24 million in 2023 to $737.40 million for the three months. As a result, Administration, and other expenses for the first quarter amounted to $2.91 billion, a minimal decrease relative to $2.92 billion reported in 2023.
Operating Profit for the three months amounted to $1.94 billion, a 13% decrease relative to $2.23 billion reported in 2023. Finance Costs totalled $653.03 million, a 3% increase from the corresponding period last year. (2023: $632.63 million).
Profit before taxation for the first quarter ended July 27, 2024, amounted to $1.31 billion, a 20% decrease relative to $1.63 billion reported in 2023.
Taxation for the three months had a 46% decrease to reach $213.09 million (2023: $392.75 million). Net Profit from continuing operations for the three months amounted to $1.10 billion, a 12% decrease from the $1.24 billion reported in 2023.
Net profit attributable to shareholders amounted to $1.095 billion (2023: $1.241 billion).
Consequently, Earnings Per Share for the three months amounted to $0.91 (2023: EPS: $1.03). The twelve-month trailing EPS was $4.96, and the number of shares used in these calculations was 1,199,276,400. Notably, JBG’s stock price closed the trading period on September 06, 2024, at a price of $33.04 with a corresponding P/E ratio of 6.66x.
Balance Sheet Highlights
The company’s assets totalled $89.30 billion (2023: $78.79 billion). The increase in assets was mainly attributed to a $4.94 billion rise in Inventories to close at $24.73 billion. The increase in assets was attributable to ‘Biological Assets’ which increased by 22% equating to $26.38 billion for the period under review (2023: $21.56 billion).
Shareholder’s equity was $31.92 billion (2023: $26.80 billion), representing a book value per share of $26.62 (2023: $22.35).
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