JFP Limited (JFP)
Unaudited financials for the six months ended June 30, 2026:

JFP Limited (JFP) for the six months ended June 30, 2026, reported a 15% decrease in Revenue totalling $188.33 million compared to $220.93 million for the corresponding period of 2025. Revenue for the second quarter declined 11% to close at $96.28 million relative to $108.69 million for the comparable quarter of 2025, which management attributed to continued production disruptions tied to delayed raw material receipts, compounded by ongoing logistical constraints on the customer side.

Cost of Sales amounted to $108.67 million (2025: $111.65 million), a decrease of 3% year over year, while cost of sales for the quarter fell 20% to $47.14 million (2025: $58.87 million), outpacing the decline in revenue. Consequently, Gross Profit for the six months declined 27% to $79.67 million compared with $109.28 million booked in 2025, while Gross Profit for the second quarter was relatively stable at $49.14 million (2025: $49.82 million). Gross profit margin for the quarter improved to 51.0% from 45.8% in 2025, which the Company attributed to better cost efficiency and improved pricing.

Other Income declined 67% to $348,517 (2025: $1.06 million), with no other income recorded for the second quarter (2025: $609,668).

Total Expenses for the six months amounted to $107.52 million, a 6% reduction relative to $114.44 million reported in 2025. Administrative Expenses declined 2% to $104.72 million (2025: $106.33 million) while Selling & Distribution Expenses fell 66% to $2.79 million (2025: $8.11 million). For the quarter, Total Expenses declined 14% to $51.60 million (2025: $60.12 million), as most selling and administrative costs were incurred during the first quarter of the current financial year.

Consequently, the Company recorded an Operating Loss of $27.50 million for the six months relative to an operating loss of $4.10 million in 2025. For the second quarter, the operating loss narrowed 75% to $2.46 million relative to $9.69 million for the comparable quarter of 2025.

Finance Income advanced to $16.44 million (2025: $12,898), driven mainly by interest earned on invested funds during the period, while Finance Costs increased 42% to $12.14 million (2025: $8.57 million). As such, the Company booked Net Finance Income of $4.30 million relative to net finance costs of $8.55 million in 2025. For the quarter, Net Finance Income was $7.58 million (2025: net finance costs of $3.44 million).

Consequently, Loss before Tax for the six months ended June 30, 2026, amounted to $23.20 million relative to a loss before tax of $12.65 million reported in 2025. For the second quarter, the Company recorded a Profit before Tax of $5.12 million relative to a loss before tax of $13.12 million for the comparable quarter of 2025. No taxation was recorded in either period.

As such, Net Loss for the six months amounted to $23.20 million (2025: Net Loss of $12.65 million), while for the second quarter the Company posted a Net Profit of $5.12 million relative to a Net Loss of $13.12 million reported for the similar quarter of 2025.

Total Comprehensive Loss for the six months was $22.48 million relative to total comprehensive income of $348.84 million in 2025, which had included a gain on the disposal of property, plant and equipment of $361.49 million.

Consequently, Loss Per Share for the six months amounted to $0.0207 (2025: LPS: $0.01), while Earnings Per Share for the quarter totalled $0.005 (2025: LPS: $0.01). The twelve-month trailing EPS was $0.22, and the number of shares used in these calculations was 1,120,000,000.

Notably, JFP’s stock price closed the trading period on August 17, 2026, at a price of $0.50 with a corresponding P/E ratio of 2.29x, with trailing earnings supported by the prior-year gain on disposal of property, plant and equipment.

Balance Sheet Highlights

The Company’s assets totalled $585.70 million (2025: $602.25 million), a 3% reduction of $16.55 million. Notably, Inventories led the growth in total assets with an increase of $38.12 million or 49% to close at $115.83 million, attributable to higher work-in-progress as well as bulk inventory purchases aimed at improving efficiency and purchasing terms. Receivables advanced $9.52 million or 12% to $86.59 million and Related party balances increased $10.10 million to $11.47 million.

These increases were outweighed by a $30.86 million or 12% reduction in Investments to $218.54 million on account of liquidity needs, a $21.25 million or 64% decline in Cash and cash equivalents to $12.12 million, a $15.17 million or 16% reduction in Right-of-use assets to $82.18 million, and a $6.56 million or 13% decline in Property, plant and equipment to $44.78 million, primarily due to depreciation.

Shareholder’s equity was $256.44 million (2025: $373.67 million), a decline of 31% resulting from net losses experienced in previous periods, representing a book value per share of $0.23 (2025: $0.33).

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