November 18, 2025
Spur Tree Spices Jamaica Limited(SPURTREE)
Unaudited financials for the nine months ended September 30, 2025:
Spur Tree Spices Jamaica Limited (SPURTREE) reported strong results for the nine months ended September 30, 2025. Revenue increased by 15% to J$1.32 billion compared to J$1.15 billion in the corresponding period last year, driven by higher sales volumes and improved production throughput. Third-quarter revenue grew by 52% to J$638.21 million versus J$420.50 million in Q3 2024, reflecting record performance supported by increased ackee availability and recovery in the seasonings and sauces segment.
Cost of Sales rose 14% to J$959.75 million (2024: J$838.38 million), mainly due to higher production volumes. Consequently, Gross Profit climbed 18% to J$361.51 million compared to J$306.69 million for the prior period. For Q3, gross profit was J$185.18 million versus J$131.41 million in 2024, aided by improved capacity utilization.
Other Operating Income surged 113% to J$13.68 million (2024: J$6.43 million), primarily from increased ancillary income streams. Administrative and Other Expenses rose 7% to J$234.73 million (2024: J$218.67 million), reflecting higher staff and operating costs, though expenses remained well-managed relative to revenue growth.
As a result, Operating Profit grew 49% to J$140.46 million (2024: J$94.45 million), supported by strong revenue gains and cost control. Finance Costs increased 18% to J$32.95 million (2024: J$27.85 million), mainly due to interest on a J$55 million loan for farming operations. For Q3, finance costs were J$11.73 million versus J$8.92 million in 2024.
Profit Before Tax rose 53% to J$102.05 million (2024: J$66.61 million), while taxation remained at J$0 for both periods. Net Profit for the nine months ended September 30, 2025, increased by 53% to J$102.04 million compared to J$66.61 million last year, reflecting improved profitability across the Group.
Total comprehensive income attributable to owners of the company for the nine months amounted to $92.38 million, a 15% increase from the $80.34 million reported in 2024. For the third quarter, Total comprehensive income attributable to owners of the company was $58.87 million (2024: $35.72 million).
Consequently, Earnings Per Share for the nine months amounted to $0.06 (2024: EPS: $0.04), while Earnings Per Share for the quarter totaled $0.05 (2024: EPS: $0.02). The twelve-month trailing EPS was $0.08 and the number of shares used in these calculations was 1,676,959,244.
Notably, SPURTREE’s stock price closed the trading period on November 17, 2025, at a price of $1.02 with a corresponding P/E ratio of 12.88x.
Balance Sheet Highlights
The company’s assets totaled $1.80 billion (2024: $1.65 billion). The movement in total assets was primarily attributable to a 44% increase in Inventories amounting to $302.76 million (2024: $209.56 million).
Shareholder’s equity was $961.56 million (2024: $844.06 million), representing a book value per share of $0.57 (2024: $0.50).
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