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).
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