March 10, 2025
The Consolidated Bakeries (Jamaica) Limited (PURITY)
Unaudited financials for the year ended December 31, 2024:
The Consolidated Bakeries (Jamaica) Limited (PURITY) for the year ended December 31, 2024, reported a 6% increase in Revenue totaling $1.60 billion compared to $1.52 billion in the corresponding period last year. Revenue for the fourth quarter had a 4% increase to close at $359.45 million compared to $344.49 million for the comparable quarter of 2023.
Cost of Sales amounted to $968.95 million (2023: $921.00 million), this represents an increase of 5% year over year. Consequently, gross profit increased by 6% to $629.83 million compared to $594.28 million for the year ended December 31, 2023. The company booked gross profit of $149.58 million for the fourth quarter versus $148.88 million reported for the similar quarter of 2023.
Selling Expenses increased by 4% to close at $257.59 million (2023: $246.65 million), while Admin Expenses increased by 16% from $274.07 million in 2023 to $319.25 million in the period under review. As a result, total expenses for the year ended December 31, 2024, amounted to $626.09 million, a 11% increase relative to $561.93 million reported in 2023.
Operating Profit for the year ended December 31, 2024, amounted to $3.74 million, a 88% decrease relative to $32.35 million reported in 2023. Operating loss for the fourth quarter amounted to $3.94 million (2023: Operating profit of $5.36 million).
Finance Cost totalled $19.61 million, a marginal decrease from the corresponding period last year. (2023: $19.67 million).
Pre-tax loss for the year ended December 31, 2024, amounted to $13.90 million, a 179% decrease relative to $17.54 million reported in 2023. Pre-tax loss for the fourth quarter amounted to $8.52 million (2023: Pre-tax profit of $2.18 million).
No taxes were reported for the year ended December 31, 2024, (2023: Tax charge $4.29 million). As such, Net loss for the year amounted to $13.90 million, a 205% decrease from the $13.25 million net profit reported in 2023. For the fourth quarter, Net loss was $8.52 million (2023: Net Profit of $913,069).
Consequently, Loss Per Share for the year amounted to $0.06 (2023: EPS: $0.06), while Loss Per Share for the quarter totaled $0.04 (2023: EPS: $0.00). The twelve-month trailing LPS was $0.06 and the number of shares used in these calculations was 222,709,171.
Notably, PURITY’s stock price closed the trading period on March 07, 2025, at a price of $1.96.
Balance Sheet Highlights
The company’s assets totalled $2.11 billion (2023: $1.13 billion). The growth in total assets was primarily driven by a $892.35 million or 105% increase in ‘Property, plant and equipment’ from $851.41 million in 2023 to $1.74 billion in the period under review.
Shareholder’s equity was $1.61 billion (2023: $709.86 million), representing a book value per share of $7.24 (2023: $3.19).
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