August 16, 2023
The Consolidated Bakeries (Jamaica) Limited (PURITY) for the six months ended June 30, 2023 reported a 15% increase in Revenue totaling $825.85 million compared to $720.01 million in the corresponding period last year. Revenue for the second quarter had a 8% increase to close at $367.86 million compared to $341.92 million for the comparable quarter of 2022.
Cost of Sales amounted to $515.07 million (2022: $430.69 million), this represents an increase of 20% year over year. Consequently, gross profit increased by 7% to $310.77 million compared to $289.32 million for the six months ended June 30, 2022. The company booked gross profit of $138.31 million for the second quarter versus $144.94 million reported for the similar quarter of 2022.
Selling Expense increased by 24% to close at $119.70 million (2022: $96.55 million), while Admin Exp decreased by 1% from $137.88 million in 2022 to $136.72 million in the period under review. As a result, total expenses for the six months ended June 30, 2023 amounted to $275.84 million, a 10% increase relative to $251.66 million reported in 2022.
Operating Profit for the six months ended June 30, 2023, amounted to $34.93 million, a 7% decrease relative to $37.66 million reported in 2022. Operating Profit for the second quarter amounted to $9.82 million (2022: $19.78 million). Finance Cost totalled $9.28 million, a 2% decrease from the corresponding period last year. (2022: $9.44 million).
Pre-tax profit for the six months ended June 30, 2023, amounted to $26.87 million, a 10% decrease relative to $29.92 million reported in 2022. Pre-tax profit for the second quarter amounted to $5.53 million (2022: $13.46 million).
Net Profit for the six months amounted to $24.28 million, a 19% decrease from the $29.92 million reported in 2022. For the second quarter, Net Profit was $4.23 million (2022: $13.46 million).
Consequently, Earnings Per Share for the six months amounted to $0.11 (2022: EPS: $0.13), while Earnings Per Share for the quarter totaled $0.02 (2022: EPS: $0.06). The twelve month trailing EPS was $0.04 and the number of shares used in these calculations was 222,709,171.
Notably, PURITY’s stock price closed the trading period on August 16, 2023 at a price of $2.72 with a corresponding P/E ratio of 73.53x.
Balance Sheet Highlights
The company’s assets totalled $1.15 billion (2022: $1.07 billion). ‘Property, Plant & Equipment’ closed at $838.99 million (2022: $770.90 million).
Shareholder’s equity was $722.39 million (2022: $708.57 million), representing a book value per share of $3.24 (2022: $3.18).
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