December 9, 2024
Jamaica Broilers Group Limited (JBG)
Unaudited financials for the six months ended October 28, 2024:
Jamaica Broilers Group Limited (JBG) for the six months ended October 28, 2024, reported a marginal increase in Revenue totaling $47.00 billion compared to $46.77 billion in the corresponding period last year. Revenue for the second quarter had a 1% increase to close at $23.55 billion compared to $23.39 billion for the comparable quarter of 2023.
Cost of Sales amounted to $35.80 billion (2023: $35.29 billion), this represents an increase of 1% year over year. Consequently, gross profit decreased by 2% to $11.20 billion compared to $11.48 billion for the six months ended October 28, 2023. The company booked gross profit of $5.67 billion for the second quarter versus $5.77 billion reported for the similar quarter of 2023.
Other gains decreased by 41% to close at $152.14 million (2023: $259.67 million), while Distribution Costs decreased by 1% from $1.51 billion in 2023 to $1.50 billion in the period under review. Also, administration and other expenses for the six months ended October 28, 2024, amounted to $5.80 billion, a 1% increase relative to $5.76 billion reported in 2023.
Operating Profit for the six months ended October 28, 2024, amounted to $4.05 billion, a 9% decrease relative to $4.46 billion reported in 2023. Operating Profit for the second quarter amounted to $2.12 billion (2023: $2.24 billion).
Finance Costs totalled $1.40 billion a 2% increase from the corresponding period last year. (2023: $1.37 billion).
Profit before taxation for the six months ended October 28, 2024, amounted to $2.73 billion, a 14% decrease relative to $3.16 billion reported in 2023. Profit before taxation for the second quarter amounted to $1.42 billion (2023: $1.52 billion).
Taxation for the six months ended October 28, 2024, had a 17% increase to reach $519.02 million (2023: $625.70 million). As such, Net Profit for the six months amounted to $2.21 billion, a 13% decrease from the $2.53 billion reported in 2023. For the second quarter, Net Profit was $1.11 billion (2023: $1.29 billion).
Management highlighted, “Jamaica Operations reported a segment result of $3.3 billion which was $394 million or 11% below last year’s segment result. Total revenue for our Jamaica Operations showed a decrease of 1% from the prior year six-month period. The reduction was mainly driven by the impact of the passage of Hurricane Beryl. Our US Operations reported a segment result of $2.4 billion which was $185 million, 8% above last year’s segment result. This increase was driven by increased volumes of poultry meat. Total revenue for the US Operations also increased by 8% over the prior year six-month period.”
Consequently, Earnings Per Share for the six months amounted to $1.84 (2023: EPS: $2.11), while Earnings Per Share for the quarter totaled $0.93 (2023: EPS: $1.07). The twelve-month trailing EPS was $4.82, and the number of shares used in these calculations was 1,199,276,400.
Notably, JBG’s stock price closed the trading period on December 06, 2024, at a price of $37.00 with a corresponding P/E ratio of 7.68x.
Balance Sheet Highlights
The company’s assets totalled $90.31 billion (2023: $78.43 billion). The growth in total assets during the period was mainly due to increases to the following: Biologial Assets ($5.72 billion), Inventories ($2.97 billion) and Property, Plant & Equipment ($1.10 billion).
Shareholder’s equity was $32.67 billion (2023: $27.53 billion), representing a book value per share of $27.25 (2023: $22.96).
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