June 27, 2024
Jamaica Broilers Group Limited (JBG) for the year ended April 27, 2024, reported a 2% increase in Revenue totaling $92.96 billion compared to $91.37 billion in the corresponding period last year. Revenue for the fourth quarter had a 1% decline to close at $22.61 billion compared to $22.85 billion for the comparable quarter of 2023.
Cost of sales amounted to $69.17 billion (2023: $67.96 billion), this represents an increase of 2% year over year. Consequently, gross profit increased by 2% to $23.79 billion compared to $23.41 billion for the year ended April 29, 2023. The company booked gross profit of $6.43 billion for the fourth quarter versus $6.82 billion reported for the similar quarter of 2023.
Other gains jumped 498% to close at $2.62 billion (2023: $438.51 million), while distribution costs increased by 3% from $2.67 billion in 2023 to $2.75 billion in the period under review. Administration and other expenses for the year amounted to $12.94 billion, a 4% increase relative to $12.39 billion reported in 2023.
Operating profit for the year amounted to $10.68 billion, a 22% increase relative to $8.78 billion reported in 2023. Operating profit for the fourth quarter amounted to $3.96 billion (2023: $1.96 billion). Finance costs totalled $2.68 billion, a 45% increase from the corresponding period last year. (2023: $1.85 billion).
Profit before taxation for the year amounted to $8.05 billion, a 19% increase relative to $6.75 billion reported in 2023. Profit before taxation for the fourth quarter amounted to $3.29 billion (2023: $1.20 billion).
Taxation for the year was $1.95 billion (2023: $1.37 billion).
Net profit from continuing operations for the year end amounted to $6.10 billion, a 13% increase from the $5.38 billion reported in 2023. For the fourth quarter, net profit from continuing operations was $2.27 billion (2023: $873.79 million).
For the year, net profit attributable to shareholders amounted to $6.10 billion (2023: $4.45 billion). Net profit attributable to shareholders for the fourth quarter was $2.27 billion (2023: $895.10 million).
Consequently, Earnings Per Share for the year end amounted to $5.08 (2023: $3.71), while Earnings Per Share for the quarter totaled $1.89 (2023: $0.75). The twelve-month trailing EPS was $5.08, and the number of shares used in these calculations was 1,199,276,400.
Notably, JBG’s stock price closed the trading period on June 26, 2024, at a price of $32.99 with a corresponding P/E ratio of 6.49x.
Balance Sheet Highlights
The company’s assets totalled $86.32 billion (2023: $77.41 billion). This resulted from a 27% uptick in ‘Inventories’ closing at $23.93 billion.
Shareholder’s equity was $30.80 billion (2023: $25.35 billion), representing a book value per share of $25.68 (2023: $21.14).
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