May 16, 2023
Jamaica Producers Group Limited (JP), for the three months ended March 31, 2023, booked a 2% increase in revenue to total $7.06 billion compared to the $6.91 billion reported in 2022.
The Food and Drink Division reported a 2% increase revenue to total $4.20 billion relative to $4.12 billion reported in 2022. While Logistics and Infrastructure rose 2% year over year to total $2.86 billion (2022: $2.79 billion) and Corporate Services division earned $34.91 million relative to $32.02 million in 2022, a 9% increase.
The cost of sales for the quarter increased by 1% to total $5.06 billion compared to $4.99 billion reported for the comparable period in 2022. As a result, gross profit increased to total $2 billion, a 4% increase on the $1.92 billion documented in 2022.
JP’s selling, administration and other operating expenses rose 12% to close at $1.32 billion, this compares to $1.17 billion booked a year earlier. JP also recorded a share of profit in joint venture and associated company of $249.54 million, relative to a profit of $146.28 million in the previous year.
The Group incurred tax charges of $190.11 million (2022: $132.15 million). Consequently, net profit for the quarter rose by 4% to $840.55 million (2022: $810.77 million).
Notably, net profit attributable to stockholders totalled $439.05 million; this compares to $406.09 million, a 8% increase.
Earnings per share for the period amounted to $0.39 (2022: $0.36). The number of shares utilized in the computations amounted to 1,122,144,036 units. JP stock last traded on May 15, 2023 at $20.99 with a corresponding P/E of 10.10 times.
Balance Sheet Highlights:
As at March 31, 2023, the Group’s asset base totalled $51.88 billion, 15% more than its value of $45.26 billion a year ago. This increase in total assets was due largely to increases in ‘Cash and Cash Equivalents’ which closed at $1.95 billion (2022: $973.34 million). Also. ‘Intangible Assets’ contributed to the overall growth closing at $2.82 billion (2022: $1.55 billion).
The Group ended the period with equity attributable to shareholders in the amount of $19.93 billion relative to $18.27 billion in 2022. The company now has a book value per share of $17.76 versus $16.28 in 2022.
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