May 1, 2026
Spur Tree Spices Jamaica Limited(SPURTREE)
Audited financials for the twelve months ended December 31, 2025:
Spur Tree Spices Jamaica Limited (SPURTREE) for the financial year ended December 31, 2025, reported consolidated revenues of $1.79 billion, a strong increase of 14.6% compared to $1.56 billion in the prior year. Costs of sales rose 15.8% to $1.26 billion, slightly outpacing revenue growth and compressing gross margin by 70 basis points to 29.6% (FY2024: 30.3%). Consequently, gross profit advanced 11.7% to $530.2 million.
Other operating income more than doubled to $28.5 million (FY2024: $12.2 million), supported by higher net foreign exchange gains of $16.2 million and a $5.6 million grant income recognition under the Jamaica Business Fund (JBF) Cycle 7 ackee cluster project administered by the DBJ. Administrative and other expenses rose 13.3% to $379.7 million, broadly in line with revenue growth and indicative of continued cost discipline. The Group also recorded a $1.4 million impairment reversal on financial assets, reversing a $4.5 million charge in the prior year.
Operating profit accordingly increased 25.1% to $181.4 million (FY2024: $145.0 million), with operating margin expanding to 10.1% from 9.3%. Finance costs increased modestly by 6.8% to $57.5 million, reflecting higher lease interest of $12.8 million (FY2024: $6.5 million) following the addition of $79.6 million in right-of-use assets during the year, partially offset by reduced loan principal balances. Profits before taxation reached $123.8 million, up 35.9% from $91.1 million.
The Group recorded a tax charge of $7.3 million, reversing the $6.2 million tax credit recorded in FY2024. Net profit attributable to the Group totaled $116.5 million, an increase of 19.6% over $97.4 million. Importantly, the profit attributable to shareholders was $102.2 million (FY2024: $105.4 million).
Earnings per stock unit attributable to shareholders of the Company eased to 6.09¢ for FY2025, marginally below 6.29¢ in FY2024, calculated on a weighted average of 1,676,959,000 ordinary stock units. Notably, Spur Tree’s stock price closed on April 30, 2026 at a price of $0.98 (PE: 16.11x)
Balance Sheet Highlights
As at December 31, 2025, the Company’s assets totaled $1.84 billion (2024: $1.69 billion). The movement in total assets was primarily attributable to a 52% increase in Inventories amounting to $317.98 million (2024: $209.78 million), alongside a $49.78 million expansion in right-of-use assets and a $41.99 million build-up in biological assets.
Shareholders’ equity attributable to owners of the Company was $972.28 million (2024: $869.17 million), representing a book value per share of $0.58 (2024: $0.52).
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