April 2, 2024
JFP Limited (JFP) for the year ended December 31, 2023, reported a 14% decrease in Revenue totaling $411.15 million compared to $476.39 million in the corresponding period last year. Revenue for the fourth quarter had a 1% increase to close at $148.47 million compared to $147.71 million for the comparable quarter of 2022.
Cost of sales amounted to $197.46 million (2022: $239.60 million), this represents a decrease of 18% year over year. Consequently, gross profit decreased by 10% to $213.70 million compared to $236.79 million for the year ended December 31, 2022. The company booked gross profit of $75.42 million for the fourth quarter versus $23.02 million reported for the similar quarter of 2022.
Other income decreased by 95% to close at $640,747 (2022: $11.75 million). Administrative expenses increased by 24% from $194.56 million in 2022 to $241.42 million in the period under review. JFP noted the jump in administrative expenses was, “primarily due to outstanding tax obligation to tax authority which the company has made arrangements to settle”. As a result, total operating expenses for the year ended December 31, 2023, amounted to $250.77 million, an 18% increase relative to $211.87 million reported in 2022.
Operating loss for the year ended December 31, 2023, amounted to $36.43 million, relative to a profit of $36.68 million reported in 2022. Operating loss for the fourth quarter amounted to $21.44 million (2022: Loss of $23.97 million). Net financial costs totalled $22.53 million, a 10% increase from the corresponding period last year. (2022: $20.54 million).
Loss before tax for the year ended December 31, 2023, amounted to $58.96 million, relative to a profit of $16.14 million reported in 2022. Loss before tax for the fourth quarter amounted to $29.07 million (2022: Loss of $27.98 million).
Net loss for the year ended December 31, 2023, was $58.96 million (2022: Net profit of $15.01 million). For the fourth quarter, Net loss was $29.07 million (2022: Net loss of $25.11 million).
Consequently, Loss Per Share for the year amounted to $0.05 (2022: EPS: $0.01), while Loss Per Share for the quarter totaled $0.03 (2022: LPS: $0.03). The number of shares used in these calculations was 1,120,000,000.
Notably, JFP’s stock price closed the trading period on March 28, 2024, at a price of $1.35.
Balance Sheet Highlights
The company’s assets totalled $562.22 million (2022: $521.35 million). This resulted from a 68% jump in ‘Property, plant and equipment’ closing at $78.09 million.
Shareholder’s equity was $133.42 million (2022: $192.38 million), representing a book value per share of $0.12 (2022: $0.17).
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