September 9, 2022
Jamaica Broilers Group (JBG) for the three months ended July 31, 2022 reported total revenues of $22.98 billion, a 31% increase on the $17.61 billion reported in 2021. Of total revenues:
- The Jamaica Operations contributed $13.73 billion, a 39% increase compared to $9.90 billion for the same period of 2021.
- US Operations recorded an increase of 46% to total $10.62 billion relative to $7.28 billion last year.
- Haiti Operating contributed $85.63 million, a decline of 80% when compared to $425.71 million.
- Other Caribbean Operations recorded $348.70 million (2021: nil)
Cost of Sales rose by 26% to $17.68 billion from $14.02 billion in 2021. As such, gross profit for the first quarter reflected an increase of 48% to close at $5.31 billion versus $3.59 billion booked for the corresponding period in 2021.
Other income decreased 47% from $150.65 million for the first quarter of 2021 to $79.32 million in 2022. Distribution costs increased 9% to close at $689.81 million relative to $631.17 million recorded for the prior year’s comparable period, while administration and other expenses rose by 25% to $2.98 billion (2021: $2.38 billion).
Operating profit for the period increased by 137%, totalling $1.72 billion relative to $725.09 million last year.
Finance Income amounted to $778,000 (2021: nil).
Finance costs declined by 3% to $319.63 million (2021: $329.97 million).
Profit before taxation increased to $1.40 billion (2021: $395.12 million). Tax charges for the quarter totalled $331.91 million (2021: $119.64 million). As such, net profit amounted to $1.07 billion (2021: $275.48 million).
Total comprehensive income amounted to $919.75 million (2021: $232.29 million). Net profit attributable to shareholders amounted to $1.08 billion (2021: $290.33 million).
Consequently, earnings per share (EPS) totalled $0.90 (2021: EPS $0.24). The trailing twelve months EPS amounted to $3.27. The total shares used in our calculation amounted to 1,199,276,400 units. Notably, JBG closed the trading period on September 8, 2022 at a price of $27.96 with a corresponding P/E of 8.55 times.
Balance Sheet at a glance:
Total assets amounted to $61.87 billion as at July 31, 2022 relative to $52.92 billion a year prior. The increase in total assets was due mainly an increase in ‘Inventories’ and ‘Biological assets’ which rose 32% and 37%, respectively to $16.81 billion (2021: $12.76 billion) and $15.69 billion (2021: $11.48 billion), respectively.
Shareholder’s equity amounted to $22.01 billion (2021: $18.99 billion) with a book value per share of $18.35 (2021: $15.83).
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