May 15, 2026

A.S. BRYDEN & SONS HOLDINGS LIMITED (ASBH)

Unaudited financials for the three months ended March 31, 2026:

Expressed in United States dollars unless otherwise indicated

A.S. BRYDEN & SONS HOLDINGS LIMITED (ASBH) for the three months ended March 31, 2026, reported a 6% decrease in Revenue totaling $141.19 million compared to $150.57 million in the corresponding period last year. According to the Chairman’s report, the Group’s first quarter performance reflected a challenging operating environment across several of its key markets, impacted by the continued effect of increased alcohol duties in Trinidad & Tobago, softer consumer demand in selected categories, disruptions within Jamaica’s hospitality and tourism channels following Hurricane Melissa, and the elevated cost structure associated with supporting the Group’s regional expansion and integration initiatives.

By segment, Consumer goods revenue increased 6% to $115.68 million (2025: $109.23 million) and remained the largest contributor to Group revenues. However, Healthcare revenue declined 48% to $11.56 million (2025: $22.27 million), Hardware and housewares revenue fell 70% to $1.92 million (2025: $6.33 million), and Industrial equipment and lubricants revenue decreased 3% to $13.36 million (2025: $13.79 million). Sales to customers in the country of domicile totalled $138.08 million (2025: $144.80 million), while export sales declined to $3.11 million (2025: $5.77 million).

Direct expenses amounted to $102.07 million (2025: $108.77 million), this represents a decrease of 6% year over year. Consequently, gross profit decreased by 6% to $39.12 million compared to $41.80 million for the three months ended March 31, 2025.

Other income closed at $158,000 versus an expense of $26,000 in the prior year, while Operating expenses increased by 8% from $32.94 million in 2025 to $35.53 million in the period under review. As a result, operating profit for the three months ended March 31, 2026, amounted to $3.75 million, a 58% decrease relative to $8.83 million reported in 2025.

Share of results of Associate for the three months ended March 31, 2026, amounted to $53,000, a 64% decrease relative to $148,000 reported in 2025.

Finance costs increased by 6% from $3.43 million in 2025 to $3.63 million in the period under review.

Profit before Taxation for the three months ended March 31, 2026, amounted to $174,000, a 97% decrease relative to $5.55 million reported in 2025.

Taxation for the three months ended March 31, 2026, had a 95% decrease to reach $107,000 (2025: $2.32 million). As such, Net profit for the period amounted to $67,000, a 98% decrease from the $3.23 million reported in 2025.

Net profit attributable to shareholders amounted to $217,000 (2025: $2.42 million), a 91% decrease.

Consequently, Earnings Per Share for the period amounted to US$(0.0001) (2025: EPS: US$0.0016). The twelve-month trailing EPS was US$0.005 or J$0.79 at an exchange rate of US$1 = J$158.62, and the number of shares used in these calculations was 1,499,251,191.

Notably, ASBH’s stock price closed the trading period on May 14, 2026, at a price of J$28.00 with a corresponding P/E ratio of 35.43x.

Balance Sheet Highlights

The company’s assets totalled $510.53 million (2025: $466.31 million). The growth in total assets was led by a $19.62 million or 14% uptick in ‘Trade and other receivables’ to close the period at $156.05 million, with Cash and bank balances also rising $7.31 million or 28% to $33.52 million.

The Group continued to maintain a strong balance sheet, with cash generated from operating activities improving to $12.06 million in the quarter compared to $8.60 million in the prior year period, reflecting tighter working capital management and stronger operational discipline across several business units.

Total shareholder’s equity was $125.95 million (2025: $121.80 million), representing a book value per share of J$13.33 (2025: J$12.87).

Looking ahead, Chairman P.B. Scott and Group CEO Richard Pandohie noted that management remains focused on delivering improved results for the remainder of the financial year. While near-term economic and regulatory pressures remain present in certain territories, the Board believes the underlying fundamentals of the Group remain strong, with its diversified portfolio, regional footprint, strategic supplier partnerships, and integrated distribution platform positioning the Group to benefit from future growth opportunities across the Caribbean.

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