November 14, 2025
MAILPAC Group Limited (MAILPAC)
Unaudited financials for the nine months ended September 30, 2025:
MAILPAC Group Limited (MAILPAC) for the nine months ended September 30, 2025 reported a 25% increase in Revenue totaling J$2.16 billion compared to J$1.72 billion in the corresponding period last year. Revenue for the third quarter was J$733.01 million, remaining flat compared to J$732.03 million for the comparable quarter of 2024.
Year to date, Cost of Sales amounted to J$959.38 million (2024: J$895.49 million), representing a 7% increase year over year. Consequently, Gross Profit increased by 44% to J$1.20 billion compared to J$828.95 million for the nine months ended September 30, 2024. The company booked Gross Profit of J$420.82 million for the third quarter versus J$368.37 million reported for the similar quarter of 2024, reflecting margin improvement to 57% from 50% last year.
Administrative and general expenses increased by 38% to J$706.25 million (2024: J$512.64 million), while Selling and promotion costs rose 41% from J$62.63 million in 2024 to J$88.14 million in the period under review. As a result, Total expenses for the nine months ended September 30, 2025 amounted to J$794.39 million, a 38% increase relative to J$572.27 million reported in 2024.
Operating profit for the nine months ended September 30, 2025 amounted to J$402.61 million, a 59% increase relative to J$253.69 million reported in 2024. Operating profit for the third quarter was J$147.60 million (2024: J$144.22 million). Finance and policy costs totaled J$130.30 million, an 81% increase from the corresponding period last year (2024: J$71.82 million), driven by higher expected credit loss provisions and lease-related interest.
Profit Before Taxation for the nine months ended September 30, 2025 amounted to J$274.06 million, a 50% increase relative to J$182.67 million reported in 2024. Profit Before Taxation for the third quarter was J$105.02 million (2024: J$114.00 million).
The tax charge incurred for the nine months ended September 30, 2025 amounted to J$25.91 million (2024: nil). Net Profit for the nine months amounted to J$248.15 million, a 36% increase from the J$182.67 million reported in 2024. For the third quarter, Net Profit was J$95.09 million (2024: J$114.00 million), due to higher finance costs and taxation.
Consequently, Earnings Per Share for the nine months amounted to $0.10 (2024: EPS: $0.07), while Earnings Per Share for the quarter totaled $0.04 (2024: EPS: $0.05). The twelve-month trailing EPS was $0.13 and the number of shares used in these calculations was 2,500,000,000.
Notably, MAILPAC’s stock price closed the trading period on November 14, 2025 at a price of $2.39 with a corresponding P/E ratio of 19.01x.
Balance Sheet Highlights
The company’s assets totalled $2.39 billion (2024: $992.93 million). The movement in total assets was primarily attributable to 334% increase in Intangible assets amounting to $1.39 billion (2023: $321.05 million).
Shareholder’s equity was $909.66 million (2024: $807.59 million), representing a book value per share of $0.36 (2024: $0.32).
Consequently, Earnings Per Share for the nine months amounted to $0.10 (2024: EPS: $0.07), while Earnings Per Share for the quarter totaled $0.04 (2024: EPS: $0.05). The twelve-month trailing EPS was $0.13 and the number of shares used in these calculations was 2,500,000,000.
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.