April 4, 2024
The Consolidated Bakeries (Jamaica) Limited (PURITY) for the twelve months ended December 31, 2023, reported a 11% increase in Revenue totaling $1.52 billion compared to $1.37 billion in the corresponding period last year. Revenue for the fourth quarter had a 6% increase to close at $344.49 million compared to $324.10 million for the comparable quarter of 2022.
Cost of Sales amounted to $921.00 million (2022: $829.47 million), this represents an increase of 11% year over year. Consequently, gross profit increased by 11% to $594.28 million compared to $536.88 million for the twelve months ended December 31, 2022. The company booked gross profit of $148.88 million for the fourth quarter versus $131.84 million reported for the similar quarter of 2022.
Selling Expense increased by 21% to close at $246.24 million (2022: $203.45 million), while Admin Exp increased by 3% from $266.26 million in 2022 to $274.47 million in the period under review. As a result, total expenses for the twelve months ended December 31, 2023, amounted to $561.93 million, an 11% increase relative to $505.28 million reported in 2022.
Operating Profit for the twelve months amounted to $32.35 million, a 2% increase relative to $31.60 million reported in 2022. Operating Profit for the fourth quarter amounted to $5.89 million (2022: $5.39 million). Finance Cost totalled $19.67 million, a 21% increase from the corresponding period last year. (2022: $16.27 million).
Pre-tax profit for the twelve months ended December 31, 2023, amounted to $17.27 million, a 3% decrease relative to $17.73 million reported in 2022. Pre-tax profit for the fourth quarter amounted to $2.68 million (2022: $2.84 million).
Taxation for the twelve months ended December 31, 2023, had a 12% increase to reach $4.29 million (2022: $3.85 million). Net Profit for the twelve months amounted to $12.97 million, a 7% decrease from the $13.88 million reported in 2022. For the fourth quarter, Net Profit was $518,388 (2022: Net loss of $1.01 million).
Consequently, Earnings Per Share for the twelve months amounted to $0.06 (2022: EPS: $0.06), while Earnings Per Share for the quarter totaled $0.002 (2022: LPS: $0.005). The twelve-month trailing EPS 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 April 4, 2024, at a price of $2.19 with a corresponding P/E ratio of 37.59x.
Balance Sheet Highlights
The company’s assets totalled $1.13 billion (2022: $1.08 billion). The increase resulted from an 8% increase in ‘Property, plant & equipment’ closing at $851.41 million.
Shareholder’s equity was $709.85 million (2022: $696.88 million), representing a book value per share of $3.19 (2022: $3.13).
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