May 15, 2024
JFP Limited (JFP) for the first quarter ended March 31, 2024, reported an 111% increase in revenue totalling $159.82 million compared to $75.77 million in the corresponding three months last year.
Cost of Sales amounted to $97.96 million (2023: $33.39 million), this represents an increase of 193% year over year. Consequently, gross profit increased by 46% to $61.86 million compared to $42.38 million for the first quarter ended March 31, 2023.
Other loss was $945,743 (2023: $651,593). Administrative Expenses increased by 7% from $48.59 million in 2023 to $52.00 million for the three months. Total operating expenses for the first quarter amounted to $54.94 million, a 7% increase relative to $51.57 million reported in 2023.
Operating Profit for the three months amounted to $5.97 million, relative to a loss of $9.84 million reported in 2023.
Net Financial cost totalled $2.17 million (2023: $5.03 million). JFP noted this was due to foreign exchange gains made during the period compared to the corresponding quarter of the previous year.
Profit before Tax for the first quarter amounted to $3.81 million, relative to a loss of $14.87 million reported in 2023.
Net Profit for the three months was $3.81 million (2023: Net loss of $14.87 million).
Consequently, Earnings Per Share for the three months amounted to $0.003 (2023: LPS: $0.01). The twelve-month trailing LPS was $0.04, and the number of shares used in these calculations was 1,120,000,000.
Notably, JFP’s stock price closed the trading period on May 15, 2024, at a price of $1.07.
Balance Sheet Highlights
The company’s assets totalled $535.33 million (2023: $511.86 million). This resulted from a 71% increase in ‘property, plant and equipment’ closing at $76.38 million.
Shareholder’s equity was $137.22 million (2023: $177.51 million), representing a book value per share of $0.12 (2023: $0.16).
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