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).

Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.

Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.