December 02, 2024
Salada Foods Jamaica Ltd. (SALF)
Audited financials for the twelve months ended September 30, 2024:
Salada Foods Jamaica Ltd. (SALF) for the twelve months ended September 30, 2024, reported a 6% increase in Revenue totaling $1.48 billion compared to $1.40 billion in the corresponding period last year. Revenue for the fourth quarter had a 20% decrease to close at $350.33 million compared to $435.70 million for the comparable quarter of 2023.
Cost of sales amounted to $1.03 billion (2023: $975.93 million), this represents an increase of 5% year over year. Consequently, gross profit increased by 7% to $456.74 million compared to $424.96 million for the twelve months ended September 30, 2023. The company booked gross profit of $93.39 million for the fourth quarter versus $136.26 million reported for the similar quarter of 2023.
Other operating income decreased by 7% to close at $1.92 million (2023: $2.07 million), while Selling and promotional expenses increased by 9% from $67.22 million in 2023 to $73.55 million in the period under review. As a result, administrative expenses for the twelve months ended September 30, 2024, amounted to $158.08 million, a 5% increase relative to $150.77 million reported in 2023.
Operating Profit for the twelve months ended September 30, 2024, amounted to $227.03 million, a 9% increase relative to $209.04 million reported in 2023. Operating Profit for the fourth quarter amounted to $26.69 million (2023: $90.66 million). Net finance income totalled $24.17 million, a 17% increase from the corresponding period last year. (2023: $20.71 million).
Profit before taxation for the twelve months ended September 30, 2024, amounted to $251.19 million, a 9% increase relative to $229.75 million reported in 2023. Profit before taxation for the fourth quarter amounted to $34.95 million (2023: $96.93 million).
Taxation for the twelve months ended September 30, 2024 had a 23% increase to reach $61.31 million (2023: $49.98 million). Net profit for the twelve months amounted to $189.88 million, a 6% increase from the $179.77 million reported in 2023. For the fourth quarter, Net profit was $27.73 million (2023: $80.15 million).
Consequently, Earnings Per Share for the twelve months amounted to $0.18 (2023: EPS: $0.17), while Earnings Per Share for the quarter totaled $0.03 (2023: EPS: $0.08). The number of shares used in these calculations was 1,038,832,900.
Notably, SALF’s stock price closed the trading period on November 29, 2024, at a price of $3.46 with a corresponding P/E ratio of 18.93x.
Balance Sheet Highlights
The company’s assets totalled $1.51 billion (2023: $1.34 billion). This increase in total assets was attributable to ‘Cash and Cash Equivalents’ which amounted to $272.53 million for the year end of 2024 (2023: $81.82 million).
Shareholder’s equity was $1.16 billion (2023: $1.09 billion), representing a book value per share of $1.12 (2023: $1.05).
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