JBG reports 21% increase in year end net profits attributable to stockholders

Date: July 2, 2019 

Jamaica Broilers Group (JBG) reported total Revenues of $55.06 billion for the year ended April 30, 2019, a 14% increase on the $48.28 billion reported in 2018. The Jamaica Operations contributed $35.86 billion which represents approximately 65% of total revenues increasing by 5% relative to $34 billion in 2018. US Operations (approximately 31% of total revenue) contributed $16.80 billion increasing 40% relative to $12.04 billion for the comparable period, and Other Caribbean Operations (approximately 4% of total revenue) contributed $2.40 billion compared to $2.24 billion reported in 2018.

Cost of Sales for the period increased by 15% to $40.82 billion from $35.42 billion in 2018. Consequently, Gross Profit increased to $14.23 billion, 11% higher relative to $12.86 billion reported in 2018.

Distribution costs increased 9% to $2.10 billion for the period compared to $1.92 billion in the corresponding period last year, while administration and other expenses grew by 15% to $8.96 billion (2018: $7.76 billion).
The Company reported other income of $585.25 million for the period relative to $197.85 million reported in 2018, a 196% increase year on year.

Operating Profit increased by 7%, totalling $3.63 billion for the year end relative to $3.38 billion last year.

JBG reported Finance income of $366.82 million (2018: $474,000) while finance costs climbed by 38% to $988.59 million relative to $714.90 million in 2018.

Profit before Taxation increased by 13% for the year end amounting to $3.01 billion (2018: $2.67 billion). Following taxation for the period of $639.21 million (2018: $641.26 million), net profits increased 17% to a total of $2.37 billion (2018: $2.03 million).

Net Profits attributable to shareholders amounted to $2.37 billion, 21% higher than the $1.96 billion reported in 2018. Net Profits attributable to shareholders for the quarter amounted to $981.69 million, 64% more than the $597.92 million reported in 2018.

Earnings per share (EPS) for year ended totalled $1.97 (2018: $1.64). 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 July 2, 2019, at a price of $32.17.

Balance sheet at a glance:-

Total assets amounted to $35.81 billion as at April 30, 2019 relative to $31.01 billion a year prior. This 15% increase in assets was as a result of ‘Property, Plant and Equipment’ and ‘Biological assets’ to a total of $10.11 billion (2018: $8.19 billion) and $6.82 billion (2018: $5.44 billion) respectively.

Shareholder’s Equity increased by $2.09 billion totalling $14.71 billion (2018: $12.62 billion) with a book value per share of $12.27 (2018: $10.52).



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