May 16, 2025
Spur Tree Spices Jamaica Limited(SPURTREE)
Unaudited financials for the first quarter ended March 31, 2025:
Spur Tree Spices Jamaica Limited (SPURTREE) reported a 15% decrease in revenue for the first quarter of March 31, 2025, totalling $336.39 million, compared to $394.50 million in the following three months last year.
The cost of sales amounted to $245.86 million (2024: $287.62 million), a decrease of 15% year over year. Consequently, gross profit decreased by 15% to $90.53 million compared to $106.88 million for the first quarter ended March 31, 2024.
Other operating income increased by 45% to close at $3.15 million (2024: $2.17 million), while Administrative and other expenses decreased by 2% from $71.38 million in 2024 to $69.62 million for the three months. As a result, Operating Profit for the first quarter amounted to $24.05 million, a 36% decrease relative to $37.67 million reported in 2024.
Finance Cost for the three months amounted to $12.05 million, a 26% increase relative to $9.54 million reported in 2024. Profit before Tax totalled $12.00 million, a 57% decrease from last year’s corresponding period. (2024: $28.13 million).
There were no taxation expenses for the first quarter, which ended March 31, 2025, relative to the $66,000 reported in 2024.
Net Profit for the three months decreased 57% to $12.00 million (2024: $28.19 million). Total comprehensive income attributable to the company’s owners for the three months amounted to $18.65 million, a 40% decrease from the $31.00 million reported in 2024.
Consequently, Earnings Per Share for the three months amounted to $0.01 (2024: EPS: $0.02). The twelve-month trailing EPS was $0.05, and the number of shares used in these calculations was 1,676,959,244. Notably, SPURTREE’s stock price closed the trading period on May 15, 2025, at a price of $1.86 with a corresponding P/E ratio of 38.42x.
Balance Sheet Highlights
The company’s assets totalled $1.68 billion (2024: $1.56 billion). The company’s asset base grew mainly due to a 26 % year-over-year rise in cash and bank balances to $131.73 million (up from $104.37 million in 2024) and a 6 % year-over-year uptick in inventories to $258.11 million (versus $243.64 million in 2024).
Shareholder’s equity was $887.82 million (2024: $794.22 million), representing a book value per share of $0.53 (2024: $0.47).
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