JBG reports 34% increase in year end net profit attributable to shareholders

July 7, 2022

For the year ended April 30, 2022, Jamaica Broilers Group (JBG) reported total revenues of $75.72 billion, a 33% increase on the $56.95 billion reported in 2021. Revenue for the fourth quarter closed at $20.58 billion (2021: $15.63 billion). Total revenue for the year is broken down as follows. Of total revenues:

The Jamaica Operations contributed $45.09 billion (2021: $33.83 billion).

US Operations recorded revenue of $29.30 billion (2021: $20.75 billion), this increase according to management.

Haiti Operating decreased year over year to $1.33 billion (2021: $2.37 billion).

Cost of Sales grew by 36% to $57.70 billion from $42.33 billion in 2021. As such, gross profit for the year ended reflected an increase of 23% to close at $18.02 billion versus $14.62 billion booked for the corresponding period in 2021. Gross profit for the quarter amounted to $6.20 billion relative to $4.33 billion for the corresponding quarter in 2021.

Other income decreased 43% from $847.83 million in 2021 to $480.12 million in 2022. Distribution costs increased by 12% to close at $2.29 billion relative to $2.04 billion recorded for the prior year’s comparable period, while administration and other expenses rose by 23% to $11.56  billion (2021: $9.43 billion).

Operating profit for the period increased by 14%, totaling $4.62 billion relative to $4.06 billion for the year ended April 2022. Operating profit for the fourth quarter improved 8% to $1.18 billion (2021: $1.09 billion).

JBG reported $592.76 million for finance income for the year, while finance cost amounted to $1.13 billion (2021: $858.94 million). Profit before taxation for the period rose to $4.08 billion (2021: $3.21 billion). Profit before tax for the quarter closed at $1.49 billion in contrast to $743.50 million reported twelve months prior. Tax charges for the year ended totalled $1 billion (2021: $806.76 million).

As such, net profit amounted to $3.08 billion, a 28% increase compared to the $2.40 billion booked for the same period in 2021. Net profit for the quarter amounted to $1.04 billion versus $534.79 million in 2021.

Net profit attributable to shareholders amounted to $3.13 billion (2021: $2.34 billion). While, for the quarter, net profit attributable to shareholders closed at $1.08 billion (2021: $539.44 million).

Total comprehensive income for the period amounted to $2.85 billion relative to $3.61 billion recorded in 2021.

Consequently, earnings per share totalled $0.90 relative to $0.45 booked for the fourth quarter of 2021, while for the year ended April 2022; the EPS amounted to $2.61 (2021: $1.95). The total shares used in our calculation amounted to 1,199,276,400 units. Notably, JBG closed the trading period on July 07, 2022 at a price of $26.77 with a corresponding P/E ratio of 10.25 times.


Balance sheet at a glance:-

Total assets amounted to $60.04 billion as at April 30, 2022 relative to $51.11 billion a year prior. The increase in total assets was due mainly an increase in ‘Inventories’ and ‘Biological Assets’ which rose 21% and 33%, to $15.62 billion (2021: $11.43 billion) and $15.23 billion (2021: $11.43 billion), respectively.

Shareholders equity as April 30, 2022 amounted to $21.08 billion (2021: $18.72 billion), with a book value per share of $17.57 (2021: $15.61).


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