November 14, 2023
JFP Limited (JFP) for the nine months ended September 30, 2023, reported a 20% decrease in Revenue totaling $262.69 million compared to $328.69 million in the corresponding period last year. Revenue for the third quarter had a 2% decrease to close at $112.64 million compared to $115.05 million for the comparable quarter of 2022.
Cost of Sales amounted to $124.41 million (2022: $116.28 million), this represents an increase of 7% year over year. Consequently, gross profit decreased by 35% to $138.28 million compared to $212.41 million for the nine months ended September 30, 2022. The company booked gross profit of $58.27 million for the third quarter versus $67.02 million reported for the similar quarter of 2022.
Other Income decreased by 18% to close at $107,771 (2022: $131,116), while Administrative Expenses increased by 2% from $142.95 million in 2022 to $145.48 million in the period under review. Selling expenses for the nine-month period valued $7.90 million, a 46% decline over the prior year. As a result, total operating expenses for the nine months amounted to $153.38 million, a 3% decrease relative to $157.63 million reported in 2022.
Operating loss for the nine months amounted to $14.99 million relative to an operating profit of $54.90 million reported in 2022. Operating Profit for the third quarter amounted to $13.33 million (2022: $11.09 million). Net Financial costs totalled $14.90 million, a 27% increase from the corresponding period last year. (2022: $11.77 million).
Loss before Tax for the nine months amounted to $29.89 million relative to a profit of $43.13 million reported in 2022. Profit before Tax for the third quarter amounted to $8.49 million (2022: $7.54 million).
Net loss for the nine months was valued at $29.89 million (2022: Net profit of $43.13 million). For the third quarter, Net profit was $8.49 million (2022: $7.54 million).
Consequently, Loss Per Share for the nine months amounted to $0.03 (2022: EPS: $0.04), while Earnings Per Share for the quarter totaled $0.01 (2022: EPS: $0.01). The twelve-month trailing LPS was $0.05, and the number of shares used in these calculations was 1,120,000,000.
Notably, JFP’s stock price closed the trading period on November 14, 2023, at a price of $1.43.
Balance Sheet Highlights
The company’s assets totalled $525.27 million (2022: $559.76 million). The decline in assets resulted from a 81% decline in ‘investments’ closing at $9.37 million.
Shareholder’s equity was $162.49 million (2022: $220.51 million), representing a book value per share of $0.15 (2022: $0.20).
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