December 12, 2022
JBG reported total revenue of $45.84 billion for the six months ended October 31, 2022 (2021: $35.08 billion), a 31% increase year over year. For the quarter, total revenue increased 28% to $22.94 billion (2021: $17.90 billion). Of the six-month total revenue:
- The Jamaica Operations contributed $28.28 billion (2021: $20.51 billion)
- US Operations contributed $20.41 billion (2021: $18.70 billion)
- There was no contribution from Haiti Operations
Cost of sales increased 25% to $34.75 billion (2021: $27.81 billion). For the quarter, costs of sales increased 21% to $17.19 billion (2021: $14.16 billion).
Gross profit increased 53% to $11.10 billion (2021: $7.27 billion). For the quarter, gross profit increased 54% to $5.75 billion (2021: $3.74 billion).
Distribution costs increased 18% to $1.44 billion for the period (2021: $1.21 billion), while administration and other expenses increased 22% to $5.48 billion (2021: $4.50 billion). Other income amounted to $265.08 million (2021: $162.71 million), 63% more year over year.
Operating profit increased 159% to $4.45 billion (2021: $1.71 billion). For the quarter, operating profit increased 198% to $2.64 billion (2021: $886.35 million).
Finance income declined 74% to $4.48 million (2021: $17.32 million); finance costs increased 41% to $756.49 million (2021: $535.81 million).
Profit before taxation increased 209% to $3.69 billion (2021: $1.20 billion). Taxes payable for the period increased 168% to $671.25 million (2021: $250.45 million). Net profit increased 119% to $1.91 billion (2021: $871.50 million). For the quarter, net profit increased 41% to $842.47 million (2021: $596.02 million).
Net profit attributable to shareholders amounted to $2.07 billion (2021: $882.14 million), 135% more year over year. For the quarter, net profit attributable to shareholders amounted to $992.99 million (2021: $591.81 million).
Total comprehensive income for the six months amounted to $2.36 billion (2021: $736.93 million). For the quarter, total comprehensive income amounted to $1.44 billion (2021: $504.64 million)
Earnings per share (EPS) for period totalled $1.73 (2021: $0.74). For the quarter, EPS amounted to $0.83 (2021: $0.49). The trailing twelve months EPS amounted to $3.60. The total number of shares employed in our calculations amounted to 1,199,276,400 units. Notably, JBG’s stock price closed the trading period on December 9, 2022, at a price of $26.20 with a corresponding P/E of 7.27 times.
Balance sheet at a glance:
Total assets increased 23% to $66.31 billion (2021: $53.85 billion). This upward movement was mainly due to increases in ‘Inventories ’and ‘Biological assets’ to $18.04 billion (2021: $12.47 billion) and $16.70 billion (2021: $11.91 billion), respectively.
Shareholders’ equity, as at October 2022, closed at $23.10 billion (2021: $19.32 billion). As such, book value per share amounted to $19.26 (2021: $16.11).
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