January 24, 2025
Jamaica Teas Limited (JAMT)
Audited Financials for the Year Ended September 30, 2024:
Jamaica Teas Limited (JAMT) for the twelve months ended September 30, 2024, reported an 18% increase in operating revenues totalling $3.18 billion compared to $2.70 billion in the corresponding period last year. Operating revenues for the fourth quarter had an 18% increase, closing at $772.74 million compared to $652.84 million for the comparable quarter of 2023.
Cost of sales amounted to $2.58 billion (2023: $2.12 billion), representing an increase of 21% year over year. Consequently, gross profit increased by 5% to $607.61 million compared to $576.04 million for the twelve months ended September 30, 2023. The company booked a gross profit of $118.21 million for the fourth quarter versus $108.36 million reported for the similar quarter of 2023.
Other income increased by 45% to close at $109.55 million (2023: $75.66 million), while sales and marketing costs decreased by 7% from $51.26 million in 2023 to $47.47 million in the period under review. Also, administrative expenses for the twelve months ended September 30, 2024, amounted to $446.96 million, a 23% increase relative to $363.82 million reported in 2023.
Finance costs for the twelve months ended September 30, 2024, amounted to $56.98 million, a 12% decrease relative to $64.76 million reported in 2023. Finance costs for the fourth quarter amounted to $1.72 million (2023: $19.41 million). Profit before taxation totalled $305.81 million, a 43% increase from the corresponding period last year (2023: $213.13 million).
Taxation for the twelve months ended September 30, 2024, amounted to $98.50 million, a 266% increase relative to $26.90 million reported in 2023. Taxation for the fourth quarter amounted to $12.41 million (2023: Tax credit of $6.65 million).
Net profit for the twelve months ended September 30, 2024, had an 11% increase to reach $207.31 million (2023: $186.24 million).
Net profit attributable to shareholders for the twelve months amounted to $124.22 million, a 45% decrease from the $227.55 million reported in 2023. For the fourth quarter, Net profit attributable to shareholders was $27.65 million (2023: $35.74 million).
Consequently, earnings per share for the twelve months amounted to $0.06 (2023: EPS: $0.10), while earnings per share for the quarter totalled $0.01 (2023: EPS: $0.02). The twelve-month trailing EPS was $0.09, and the number of shares used in these calculations was 2,174,880,377.
Notably, JAMT’s stock price closed the trading period on January 23, 2025, at a price of $2.19 with a corresponding P/E ratio of 38.34x.
Balance Sheet Highlights
The company’s assets totalled $5.55 billion (2023: $5.22 billion). This increase was attributable to a $290.12 million uptick in cash and short-term deposits, and a $215.31 million increase in Investments. However, Inventories declined by $196.67 million to partly offset the movement.
Shareholders’ equity was $3.13 billion (2023: $2.97 billion), representing a book value per share of $1.44 (2023: $1.37).
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