August 18, 2025
Spur Tree Spices Jamaica Limited (SPURTREE)
Unaudited financials for the six months ended June 30, 2025:
Spur Tree Spices Jamaica Limited (SPURTREE) for the six months ended June 30, 2025, reported a 6% decrease in Revenue totalling $683.05 million compared to $723.39 million in the corresponding period last year. Revenue for the second quarter had a 5% increase to close at $346.69 million compared to $328.84 million for the comparable quarter of 2024.
Cost of Sales amounted to $494.67 million (2024: $529.57 million), representing a 7% year-over-year decrease. Consequently, gross profit decreased by 3% to $188.39 million compared to $193.81 million for the six months ended June 30, 2024. The company booked gross profit of $108.94 million for the second quarter, versus $108.34 million reported for the similar quarter of 2024.
Other operating income increased by 177% to close at $7.47 million (2024: $2.70 million), while Administrative and other expenses increased by 5% from $143.17 million in 2024 to $150.62 million in the period under review. As a result, operating profit for the six months ended June 30, 2025, amounted to $45.24 million, a 15% decrease relative to $53.34 million reported in 2024.
Finance Cost for the six months ended June 30, 2025, amounted to $24.42 million, a 34% increase relative to $18.28 million reported in 2024. Finance Cost for the second quarter amounted to $11.75 million (2024: $11.21 million). Profit before Tax totalled $20.82 million, a 41% decrease from the corresponding period last year. (2024: $35.07 million).
There was no taxation charged observed over the six-month trailing period, which resulted in Net Profit for the six months ended June 30, 2025, having a 41% decrease to reach $20.82 million (2024: $35.07 million). Total comprehensive income attributable to owners of the company for the six months amounted to $33.70 million, a 24% decrease from the $44.38 million reported in 2024. For the second quarter, Total comprehensive income attributable to owners of the company was $15.49 million (2024: $14.09 million). “SPURTREE’s six-month net income decline was mainly due to rising administrative expenses and higher finance costs, compounded by a drop in Revenue and a slight decrease in gross profit, resulting in a 41% fall in profit before tax and net income.”
Consequently, Earnings Per Share for the six months amounted to $0.01 (2024: EPS: $0.02), while Earnings Per Share for the quarter totalled $0.01 (2024: EPS: $0.005). The twelve-month trailing EPS was $0.06, and the number of shares used in these calculations was 1,676,959,244.
Notably, SPURTREE’s stock price closed the trading period on August 14, 2025, at a price of $0.95 with a corresponding P/E ratio of 16.81x.
Balance Sheet Highlights
The company’s assets totalled $1.68 billion (2024: $1.59 billion). This was due to a 14% YoY increase in “Inventories” ending the quarter $281.24 million (2024: $247.51 million) and a 67% YoY increase in “Cash and bank balances” ending the quarter at $72.86 million (2024: $43.73 million).
Shareholders’ equity was $902.88 million (2024: $808.11 million), representing a book value per share of $0.54 (2024: $0.48).
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