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).
Disclaimer:
Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.