March 2, 2023
Jamaica Producers Group Limited (JP), for the year ended December 31, 2022, booked a 16% increase in revenue to total $29.00 billion compared to the $25.02 billion reported in 2021.
The Food and Drink Division reported a 16% increase revenue to total $17.06 billion relative to $14.75 billion reported in 2021. While Logistics and Infrastructure rose 16% year over year to total $11.93 billion (2021: $10.25 billion) and Corporate Services division earned $145.40 million relative to $137.04 million in 2021, a 6% increase.
The cost of sales for the year-end increased by 19% to total $21.34 billion compared to $17.96 billion reported for the comparable period in 2021. As a result, gross profit increased to total $7.66 billion, a 9% increase on the $7.06 billion documented in 2021. Other income decreased to $205.21 million (2021: $872.30 million), a 76% fall relative to the prior corresponding period.
JP’s selling, administration and other operating expenses rose 25% to close at $4.32 billion, this compares to $3.45 billion booked a year earlier. JP also recorded a share of profit in joint venture and associated company of $1.36 billion, relative to a profit of $256.31 million in the previous year.
Finance cost was reported at $223.94 million for the period relative to the $257.37 million reported in 2021. This resulted in a profit before taxation of $4.68 billion for the period (2021: $4.48 billion).
The Group incurred tax charges of $693.82 million (2021: $655.96 million). Consequently, net profit for the year-end rose by 4% to $3.99 billion (2021: $3.82 billion).
Notably, net profit attributable to stockholders totalled $2.30 billion; this compares to $1.84 billion, a 25% increase.
Earnings per share for the period amounted to $2.05 (2021: $1.64). The number of shares utilized in the computations amounted to 1,122,144,036 units. JP stock last traded on March 2, 2023 at $21.00 with a corresponding P/E of 9.84 times.
Balance Sheet Highlights:
As at December 31, 2022, the Group’s asset base totalled $47.23 billion, 5% more than its value of $45.06 billion a year ago. This increase in total assets was due largely to increases in ‘Interest in associated companies and joint venture’ which closed at $2.02 billion (2021: $969.89 million). Also. ‘Property, Plant & Equipment’ contributed to the overall growth closing at $24.61 billion (2021: $22.81 billion).
The Group ended the period with equity attributable to shareholders in the amount of $16.76 billion relative to $17.95 billion in 2021. The company now has a book value per share of $17.04 versus $16.00 in 2021.
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