July 6, 2023
Jamaica Broilers Group Limited (JBG) for the year ended April 30, 2023 reported a 23% increase in Revenue totaling $91.37 billion compared to $74.39 billion in the corresponding period last year. Revenue for the fourth quarter had a 12% increase to close at $22.85 billion compared to $20.37 billion for the comparable quarter of 2022.
Cost of Sales amounted to $67.96 billion (2022: 56.23 billion), this represents an increase of 21% year over year. Consequently, gross profit increased by 29% to $23.41 billion compared to $18.16 billion for the year ended April 30, 2022. The company booked gross profit of $6.82 billion for the fourth quarter versus $6.47 billion reported for the similar quarter of 2022.
Other gains increase by 12% to close at $438.51 million (2022: $391.73 million), while Distribution Costs increased by 17% from $2.27 billion in 2022 to $2.67 billion in the period under review. Administration and other expenses for the year ended April 30, 2023 amounted to $12.39 billion, a 10% increase relative to $11.30 billion reported in 2022.
Operating Profit for the year amounted to $8.78 billion, a 77% increase relative to $4.96 billion reported in 2022. Operating Profit for the fourth quarter amounted to 1.96 billion (2022: $1.50 billion). Finance Costs totalled $1.85 billion, a 70% increase from the corresponding period last year. (2022: $1.09 billion).
Profit before taxation for the year, amounted to $6.75 billion, a 51% increase relative to $4.46 billion reported in 2022. Profit before taxation for the fourth quarter amounted to 1.20 billion (2022: $1.80 billion).
Taxation for the year had a 35% increase to reach $1.37 billion (2022: $1.02 billion). Net Profit from continuing operations for the year end amounted to $5.38 billion, a 56% increase from the $3.44 billion reported in 2022. For the fourth quarter, Net Profit from continuing operations was $873.79 million (2022: $1.33 billion).
Net Profit Attributable to Shareholders amounted to $4.45 billion, 42% greater than the $3.13 billion reported a year earlier.
Consequently, Earnings Per Share for the year end amounted to $4.49 (2022: EPS: $2.87), while Earnings Per Share for the quarter totaled $0.73 (2022: EPS: $1.11). The twelve-month trailing EPS was $3.71, and the number of shares used in these calculations was 1,199,276,400.
Notably, JBG’s stock price last traded on July 5, 2023 at a price of $36.95 with a corresponding P/E ratio of 9.96x.
Balance Sheet Highlights
As at April 30, 2023, the company’s assets totalled $77.41 billion (2022: $60.04 billion) growing by 29%. The main driver for this increase was a $6.85 billion increase in Property Plant and Equipment to $21.49 billion.
Shareholder’s equity was $25.35 billion (2022: $21.18 billion), representing a book value per share of $21.14 (2022: $17.66).
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.
