December 3, 2024
JFP Limited (JFP)
Unaudited financials for the nine months ended September 30, 2024:
JFP Limited (JFP) for the nine months ended September 30, 2024 reported a 27% increase in Revenue totaling $332.95 million compared to $262.69 million in the corresponding period last year. Revenue for the third quarter had a 71% decrease to close at $32.74 million compared to $112.64 million for the comparable quarter of 2023.
Cost of Sales amounted to $220.46 million (2023: $124.41 million), this represents an increase of 77% year over year. Consequently, gross profit decreased by 19% to $112.49 million compared to $138.28 million for the nine months ended September 30, 2023. The company booked gross loss of $7.94 million for the third quarter versus gross profit of $58.27 million reported for the similar quarter of 2023.
Other Loss was booked at $891,124 (2023: Other Income of $107,771), while Administrative Expenses increased by 5% from $145.48 million in 2023 to $152.60 million in the period under review. As a result, total operating expenses for the nine months ended September 30, 2024 amounted to $161.71 million, a 5% increase relative to $153.38 million reported in 2023.
Operating Loss for the nine months ended September 30, 2024, amounted to $50.11 million, relative to the operating loss of $14.99 million reported in 2023. Operating Loss for the third quarter amounted to $66.48 million (2023: Operating profit of $13.33 million). Net Financial cost totaled $15.73 million, a 6% increase from the corresponding period last year. (2023: $14.90 million).
Loss before Tax for the nine months ended September 30, 2024, amounted to $65.84 million, relative to Loss before tax of $29.89 million reported in 2023. Loss before Tax for the third quarter amounted to $75.43 million (2023: Profit before Tax of $8.49 million).
Net Loss for the nine months ended September 30, 2024 amounted to $65.83 million (2023: net loss of $29.89 million) . For the third quarter, Net loss was $75.43 million (2023: Net Profit of $8.49 million).
Consequently, Loss Per Share for the nine months amounted to $0.06 (2023: LPS: $0.03), while Loss Per Share for the quarter totaled $0.07 (2023: EPS: $0.01). The twelve-month trailing LPS was $0.08 and the number of shares used in these calculations was 1,120,000,000.
Notably, JFP’s stock price closed the trading period on December 02, 2024 at a price of $0.95.
Balance Sheet Highlights
The company’s assets totaled $552.48 million (2023: $525.27 million). The movement in total assets was primarily attributed to 56% increase in ‘Receivables’ amounting to $171.69 million (2023: $110.08 million).
Shareholder’s equity was $67.58 million (2023: $162.49 million), representing a book value per share of $0.06 (2023: book value per share of $0.15).
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