May 13, 2025
Salada Foods Jamaica Ltd. (SALF)
Unaudited Financials for the Six Months Ended March 31, 2025:
Salada Foods Jamaica Ltd. (SALF) reported a 6% increase in turnover for the six months ended March 31, 2025, totaling $767.90 million, compared to $726.78 million in the corresponding period last year. Turnover for the second quarter decreased by 13%, closing at $369.71 million compared to $426.89 million for the comparable quarter of 2024.
Cost of sales amounted to $531.08 million (2024: $497.47 million), representing a 7% year-over-year increase. Consequently, gross profit rose by 3% to $236.82 million, compared to $229.31 million for the six months ended March 31, 2024. The company recorded a gross profit of $110.60 million for the second quarter, versus $137.60 million reported for the same quarter in 2024.
Other operating income declined by 18%, closing at $646,000 (2024: $786,000), while selling and promotional expenses increased by 29%, from $31.88 million in 2024 to $41.12 million during the review period. As a result, administrative expenses for the six months ended March 31, 2025, amounted to $89.16 million, a 20% increase compared to $74.15 million reported in 2024.
Operating profit for the six months ended March 31, 2025, amounted to $107.19 million, reflecting a 14% decrease relative to $124.07 million reported in 2024. Operating profit for the second quarter was $43.45 million (2024: $86.20 million). Net finance income totaled $11.24 million, a 47% increase from the corresponding period last year (2024: $7.65 million).
Profit before taxation for the six months ended March 31, 2025, amounted to $118.43 million, a 10% decrease compared to $131.72 million reported in 2024. Profit before taxation for the second quarter was $51.22 million (2024: $90.54 million).
Taxation for the six months ended March 31, 2025, decreased by 10% to $29.61 million (2024: $32.95 million). Net profit for the six months amounted to $88.82 million, a 10% decline from the $98.76 million reported in 2024. For the second quarter, net profit was $38.42 million (2024: $67.88 million).
Consequently, earnings per share (EPS) for the six months amounted to $0.09 (2024: $0.10), while EPS for the quarter totaled $0.04 (2024: $0.07). The twelve-month trailing EPS was $0.17, and the number of shares used in these calculations was 1,038,832,900.
Notably, SALF’s stock price closed the trading period on May 12, 2025, at $3.26, with a corresponding P/E ratio of 18.82x.
Balance Sheet Highlights
The company’s assets totaled $1.49 billion (2024: $1.42 billion). This increase in total assets was primarily attributable to inventories, which amounted to $540.45 million for the period under review (2024: $417.17 million).
Shareholders’ equity stood at $1.19 billion (2024: $1.13 billion), representing a book value per share of $1.15 (2024: $1.09).
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