April 2, 2025
Spur Tree Spices Jamaica Limited(SPURTREE)
Audited financials for the twelve months ended December 31, 2024:
Spur Tree Spices Jamaica Limited (SPURTREE) for the twelve months ended December 31, 2024, reported a 7% increase in Revenue totalling $1.56 billion compared to $1.46 billion in the corresponding period last year. Revenue for the fourth quarter had a 6% increase to close at $418.68 million compared to $393.36 million for the comparable quarter of 2023.
Cost of Sales amounted to $1.09 billion (2023: $1.01 billion), an increase of 8% year over year. Consequently, gross Profit increased by 5% to $474.58 million compared to $454.07 million for the twelve months ended December 31, 2023. The company booked a gross Profit of $167.89 million for the fourth quarter versus $120.53 million reported for the similar quarter of 2023.
Other operating income increased by 75% to close at $12.19 million (2023: $6.96 million), while Administrative and other expenses decrease by 3% from $344.10 million in 2023 to $335.19 million in the period under review. As a result, operating Profit for the twelve months ended December 31, 2024, amounted to $144.99 million, a 22% increase relative to $118.79 million reported in 2023.
Finance Cost for the twelve months ended December 31, 2024, amounted to $53.85 million, a 21% increase relative to $44.62 million reported in 2023. Finance Cost for the fourth quarter amounted to $26.01 million (2023: $13.51 million). Profit before Tax totalled $91.14 million, a 23% increase from last year’s corresponding period. (2023: $74.17 million).
Taxation for the twelve months ending December 31, 2024, amounted to $6.23 million, a 5% increase relative to $5.93 million reported in 2023. Taxation for the fourth quarter amounted to $6.23 million (2023: nil).
Net Profit for the twelve months ending December 31, 2024, increased 22% to $97.37 million (2023: $80.10 million). Total comprehensive income attributable to the company’s owners for the twelve months amounted to $105.45 million, a 31% increase from the $80.33 million reported in 2023. For the fourth quarter, Total comprehensive income attributable to the company’s owners was $25.11 million (2023: $11.44 million).
Consequently, Earnings Per Share for the twelve months amounted to $0.06 (2023: EPS: $0.05), while Earnings Per Share for the quarter totalled $0.02 (2023: EPS: $0.01). The number of shares used in these calculations was 1,676,959,244.
Notably, SPURTREE’s stock closed the trading period on April 2, 2025, at $1.35, with a corresponding P/E ratio of 23.25x.
Balance Sheet Highlights
The company’s assets totalled $1.69 billion (2023: $1.53 billion). The growth in the company’s total asset base was driven by a 116% year-over-year increase in cash and bank balances, which rose to $117.52 million (2023: $54.47 million), a 5% increase in receivables to $304.09 million (2023: $288.47 million), and a 1% rise in property, plant, and equipment to $725.85 million (2023: $720.68 million).
Shareholders’ equity was $869.17 million (2023: $763.73 million), representing a book value per share of $0.52 (2023: $0.46).
Disclaimer:
Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.