Financials for six months ended June 30, 2022:-
Consolidated Bakeries (Jamaica) Limited (PURITY), for the six months ended June 30, 2022 recorded an $187.7 million increase in revenue from $532.33 million in 2021 to $720 million in 2022. Cost of Sales grew accordingly, rising by 33% to $430.69 million (2021: $324.83 million). During the second quarter PURITY reported revenue of $341.92 million (2021: $241.37 million). Cost of Sale rose by 32% to $196.98 million relative to the $149.25 million reported a year prior.
The 35% growth in revenue led to a rise in PURITY’s six months Gross Profit growing to $289.32 million from $207.50 million in 2021. While Gross Profit for the second quarter rose by 57% to end at $144.94 million (2021: $92.12 million).
However, Total expenses also grew according, growing by 22% to $251.66 million (2021: $206.60 million). Of Total Expenses, administrative & selling expense grew by 19% and 30% to $137.88 million (2021: $117.34 million) and $96.55 million (2021: $74.26 million) respectively.
Operating Profit for the period was of $37.66 million, relative to operating loss of $125,668 reported in 2021.
Finance Costs reported were $9.44 million (2021: $6.33 million).
PURITY’s six months Net Profit was $29.92 million compared to a loss of $5.42 million in the previous corresponding period. Net Profit during the quarter amounted to $13.46 million relative to Net Loss of $14.42 million reported in 2021.
Based on current earnings, PURITY outputs an earnings per share (EPS) of $0.13 compared to loss-per-share (LPS) of $0.02 reported in 2021. EPS for the quarter amounted to $0.060 versus a LPS of $0.065 booked twelve months prior. On a twelve-months trailing basis PURITY outputs an EPS (earnings per share) of $0.08. The number of shares used in our calculations is 222,709,171 units. PURITY stock last traded on August 5, 2022 at $1.40 with a corresponding P/E ratio of 17.61 times.
Balance Sheet at a glance:
For the six months ended June 30, 2022, PURITY had Total Assets of $1.07 billion (2021: $1.02 billion). Trade receivables closed at $104.79 million (2021: $115.07 million) while Inventories amounted to $81.37 million (2021: $41.28 million).
Shareholders’ Equity amounted to $708.57 million (2021: $689.36 million). As a result, the company now has a book value per share of $3.18 (2021: $3.10).
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