March 03, 2025
Jamaica Producers Limited (JP)
Audited Financials for the Twelve Months Ended December 31, 2024:
Jamaica Producers Limited (JP) reported a 98% decrease in revenue, totaling $116.01 million, for the twelve months ended December 31, 2024, compared to $7.15 billion in the corresponding period last year. Revenue for the fourth quarter increased by 5%, closing at $30.71 million compared to $29.28 million for the comparable quarter of 2023.
Consequently, gross profit decreased by 95% to $116.01 million, compared to $2.18 billion for the twelve months ended December 31, 2023. The company booked a gross profit of $30.71 million for the fourth quarter versus $118.01 million reported for the similar quarter of 2023.
Selling, administrative, and other operating expenses decreased by 83%, closing at $255.36 million (2023: $1.51 billion), while operating profit decreased by 107%, from $909.94 million in 2023 to an operating loss of $63.11 million in the period under review. As a result, the share of profit in associates for the twelve months ended December 31, 2024, amounted to $1.58 billion, a 20% decrease relative to $1.98 billion reported in 2023.
Profit before finance costs and taxation for the twelve months ended December 31, 2024, amounted to $1.66 billion, a 90% decrease relative to $16.19 billion reported in 2023. Profit before finance costs and taxation for the fourth quarter amounted to $793.39 million (2023: $3.12 billion). Finance costs totaled $23.52 million, a 69% decrease from the corresponding period last year (2023: $76.25 million).
Profit before income tax for the twelve months ended December 31, 2024, amounted to $1.63 billion, a 90% decrease relative to $16.11 billion reported in 2023. Profit before income tax for the fourth quarter amounted to $789.76 million (2023: $3.12 billion).
Income tax expense for the twelve months ended December 31, 2024, increased by 89% to reach $21.09 million (2023: $189.93 million). Net profit for the twelve months amounted to $1.61 billion, a 90% decrease from the $15.92 billion reported in 2023. For the fourth quarter, net profit was $775.58 million (2023: $3.12 billion).
Consequently, earnings per share for the twelve months amounted to $1.44 (2023: EPS: $13.83), while earnings per share for the quarter totaled $0.69 (2023: EPS: $2.78). The number of shares used in these calculations was 1,122,144,036.
Notably, JP’s stock price closed the trading period on March 3, 2025, at a price of $22.18, with a corresponding P/E ratio of 15.43x.
Balance Sheet Highlights:
The company’s assets totaled $38.09 billion (2023: $37.25 billion). This increase in total assets was attributable to interest in associated companies and joint ventures, which amounted to $34.90 billion (2023: $33.87 billion).
Shareholders’ equity was $37.35 billion (2023: $36.50 billion), representing a book value per share of $33.29 (2023: $32.52).
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