JFP Limited (JFP)

Unaudited financials for the year ended December 31, 2024:

JFP Limited (JFP) for the year ended December 31, 2024 reported a 1% decrease in Revenue totaling $407.49 million compared to $411.15 million in the corresponding period last year. Revenue for the fourth quarter had a 50% decrease to close at $74.53 million compared to $148.47 million for the comparable quarter of 2023.

Cost of Sales amounted to $261.48 million (2023: $197.46 million), this represents an increase of 32% year over year. Consequently, gross profit decreased by 32% to $146.01 million compared to $213.70 million for the year ended December 31, 2023. The company booked gross profit of $33.52 million for the fourth quarter versus $75.42 million reported for the similar quarter of 2023.

Other Loss amounted to $372,958 (2023: Other Income of $640,747), while Administrative Expenses decreased by 10% from $241.42 million in 2023 to $217.63 million in the period under review. Additionally, Selling and distributions expenses increased by 67% amounting to $15.58 million compared to the $9.35 million reported in the previous year. As a result, total operating expenses for the year ended December 31, 2024 amounted to $233.21 million, a 7% decrease relative to $250.77 million reported in 2023.

Operating Loss for the year ended December 31, 2024, amounted to $87.57 million, a 140% increase relative to the Operating Loss of $36.43 million reported in 2023. Operating Loss for the fourth quarter amounted to $37.46 million (2023: Operating loss of $21.44 million). Net Financial costs amounted to $19.29 million, a 14% decrease from the corresponding period last year. (2023: $22.53 million).

Loss before Tax for the year ended December 31, 2024, amounted to $106.86 million, an 81% decrease relative to the Loss before Tax of $58.96 million reported in 2023. Loss before Tax for the fourth quarter amounted to $41.02 million (2023: $29.07 million). No taxation was reported in the period under review. (2023: nil)

Net Loss for the year ended December 31, 2024, had a 81% increase to reach $106.86 million (2023: $58.96 million). For the fourth quarter, Net profit was $41.02 million (2023: $29.07 million).

Consequently, Loss Per Share for the year amounted to $0.10 (2023: LPS: $0.05), while Loss Per Share for the quarter totaled $0.04 (2023: 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 February 14, 2025 at a price of $0.77.

Balance Sheet Highlights

The company’s assets totaled $522.29 million (2023: $562.22 million). The movement in total assets was influenced by an 18% decrease in ‘Inventories’ amounting to $95.95 million (2023: $116.65 million), $21.13 million decrease in ‘Directors’ current account’ amounting to $27,256 (2023: $21.16 million), 13% decrease in ‘Right-of-use’ assets amounting to $104.94 million (2023: $120.11 million). Conversely, Receivables increased by 20% amounting to $177.25 million (2023: $147.35 million) and a 6% increase in ‘Plant, property and equipment’ amounting to $82.70 million (2023: $78.09 million).

Shareholders’ equity was $26.56 million (2023: $133.42 million), representing a book value per share of $0.02 (2023: $0.12).

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