August 10, 2026
A.S. BRYDEN & SONS HOLDINGS LIMITED (ASBH)
Unaudited financials for the six months ended June 30, 2026
Expressed in United States dollars unless otherwise indicated
A.S. Bryden & Sons Holdings Limited (ASBH) for the six months ended June 30, 2026, reported a 7% decline in Revenue totaling $281.0 million compared to $300.6 million in the corresponding period last year. Revenue for the second quarter fell 7% to close at $139.8 million compared to $150.0 million for the comparable quarter of 2025. The Group attributed the softness primarily to weaker demand in the premium beverages and industrial equipment businesses in Trinidad and Tobago, alongside a prolonged recovery period in the Jamaica tourism and hospitality sector.
Direct expenses amounted to $202.9 million (2025: $216.4 million), representing a 6% year-over-year decline. Consequently, gross profit decreased by 7% to $78.1 million compared to $84.2 million for the six months ended June 30, 2025. The company booked gross profit of $38.9 million for the second quarter versus $42.4 million reported for the comparable quarter of 2025.
Other operating income increased to $486,000 (2025: $53,000), while operating expenses edged up by 3% from $66.9 million in 2025 to $68.9 million in the period under review. As a result, operating profit for the six months ended June 30, 2026, amounted to $9.7 million, a 44% decline relative to $17.4 million reported in 2025. For the second quarter, operating profit contracted to $5.9 million from $8.5 million in Q2 2025.
Share of results of Associate for the six months ended June 30, 2026, amounted to $111,000, compared to $158,000 in the prior-year period.
Finance costs totalled $7.7 million, an 11% increase from the corresponding period last year (2025: $7.0 million), reflecting ongoing debt service costs despite active deleveraging during the period.
Profit before Taxation for the six months ended June 30, 2026, amounted to $2.0 million, an 81% decline relative to $10.6 million reported in 2025. Profit before Taxation for the second quarter amounted to $1.9 million (2025: $5.0 million).
Taxation for the six months ended June 30, 2026, amounted to $1.7 million (2025: $4.6 million), a 62% decrease year-over-year. Net profit for the six months amounted to $278,000, down sharply from the $6.0 million reported in 2025. For the second quarter, Net profit was $212,000 (2025: $2.8 million).
Net profit attributable to shareholders amounted to $467,000 (2025: $5.0 million).
Consequently, Earnings Per Share for the six months amounted to US(0.0003) (2025: US$0.0034), while Earnings Per Share for the quarter totalled US (0.0002) (2025: US$0.0018). The twelve-month trailing EPS was $0.0034 or J$0.54 and the number of shares used in these calculations was 1,499,251,191.
Notably, ASBH’s stock price closed the trading period on August 7, 2026, at a price of J$24.55 with a corresponding P/E ratio of 45.65x.
Balance Sheet Highlights
The company’s total assets stood at $501.5 million (June 2025: $492.4 million). Current assets were $329.7 million, supported by inventories of $144.1 million and trade and other receivables of $151.3 million. Cash and bank balances closed at $23.1 million, down from $33.2 million at June 2025.
A notable positive during the period was the Group’s significant improvement in operating cash generation. Net operating cash flow for the first half of 2026 reached $12.6 million, a sixteen-fold increase over the $780,000 generated in H1 2025, driven by management’s focused working capital optimization. This strong cash generation enabled the Group to actively reduce its total borrowings to $200.5 million, down from $221.8 million at June 2025.
Stockholders’ equity was $127.3 million (June 2025: $123.7 million), representing a book value per share of approximately J$13.43 (2025: J$13.27).
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
