March 3, 2022
Jamaica Producers Group Limited (JP), for the year ended December 31, 2021, booked a 19% increase in revenue to total $25.02 billion compared to the $20.99 billion reported in 2020. The Group posted a fourth quarter revenue of $7.04 billion, a 14% increase (2020: $6.16 billion).
The Food and Drink Division reported a 16% increase revenue to total $14.75 billion relative to $12.72 billion reported in 2020. While Logistics and Infrastructure rose 24% year over year to total $10.25 billion (2020: $8.28 billion) and Corporate Services division earned $137.04 million relative to $86.65 million in 2020, a 58% increase.
The cost of sales for the year-end increased by 16% to total $17.96 billion compared to $15.49 billion reported for the comparable period in 2020. As a result, gross profit increased to total $7.06 billion, a 28% increase on the $5.51 billion documented in 2020. Gross profit for the quarter amounted to $1.78 billion compared to $1.39 billion booked for the same quarter of 2020. Other income increased to $872.30 million (2020: $382.82 million), a 128% growth relative to the prior corresponding period.
JP’s selling, administration and other operating expenses rose 6% to close at $3.45 billion, this compares to $3.26 billion booked a year earlier. JP also recorded a share of profit in joint venture and associated company of $256.31 million, relative to a profit of $4.08 million in the previous year.
Finance cost was reported at $257.37 million for the period relative to the $293.40 million reported in 2020. This resulted in a profit before taxation of $4.48 billion for the period (2020: $4.22 billion). Profit before tax for the quarter totalled $1.69 billion versus $687.83 million reported for the same quarter of 2020.
The Group incurred tax charges of $655.96 million (2020: $478.05 million). Consequently, net profit for the year-end rose by 2% to $3.82 billion (2020: $3.74 billion). Net profit for quarter totalled $1.54 billion (2020: $571.75 million).
Notably, net profit attributable to stockholders totalled $1.84 billion; this compares to $2.17 billion, a 15% contraction. Net profit attributable to stockholders for the quarter rose by 302% to total $780.92 million (2020: $194.42 million).
Earnings per share for the period amounted to $1.64 (2020: $1.93). EPS for the quarter amounted to $0.70 (2020: $0.17). The number of shares utilized in the computations amounted to 1,122,144,036 units. JP stock last traded on March 01, 2022 at $22.86 with a corresponding P/E of 13.91 times.
Balance Sheet Highlights:
As at December 31, 2021, the Group’s asset base totalled $45.06 billion, 10% more than its value of $40.96 billion a year ago. This increase in total assets was due largely to increases in ‘Securities purchased under resale agreements’ which closed at $10.32 billion (2020: $7.65 billion). Also. ‘Property, Plant & Equipment’ contributed to the overall growth closing at $22.81 billion (2020: $22.31 billion).
The Group ended the period with equity attributable to shareholders in the amount of $17.95 billion relative to $16.13 billion in 2020. The company now has a book value per share of $16.00 versus $14.38 in 2020.
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