May 15, 2024
Spur Tree Spices Jamaica Limited(SPURTREE)
Unaudited financials for the first quarter ended March 31, 2024:
Spur Tree Spices Jamaica Limited (SPURTREE) for the first quarter ended March 31, 2024, reported a 3% increase in Revenue totalling $394.50 million compared to $383.68 million in the corresponding three months last year. Management highlighted, “Projected revenue growth was negatively impacted by raw material shortages experienced in the agro processing sector since the 2nd quarter of 2023. These shortages impacted the Company’s ability to fulfill customer orders during the quarter”.
Cost of Sales amounted to $287.62 million (2023: $259.50 million), this represents an increase of 11% year over year. Consequently, gross profit decreased by 14% to $106.88 million compared to $124.18 million for the first quarter ended March 31, 2023.
Other operating income increased by 194% to close at $2.17 million (2023: $736,000), while Administrative and other expenses increased by 7% from $66.76 million in 2023 to $71.38 million for the three months. As a result, Operating Profit for the first quarter amounted to $37.67 million, a 35% decrease relative to $58.15 million reported in 2023.
Finance Cost for the three months amounted to $9.54 million, an 8% decrease relative to $10.39 million reported in 2023.
Profit before Tax totalled $28.13 million, a 41% decrease from the corresponding period last year. (2023: $47.76 million).
Tax credit for the first quarter ended March 31, 2024, amounted to $66,000, a 20% decrease relative to tax credit of $83,000 reported in 2023. As such, net profit for the three months had a 41% decrease to reach $28.19 million (2023: $47.84 million).
Net profit attributable to owners of the company for the three months amounted to $31.00 million, a 23% decrease from the $40.51 million reported in 2023.
Consequently, Earnings Per Share for the three months amounted to $0.02 (2023: EPS: $0.03). The twelve month trailing EPS was $0.04, and the number of shares used in these calculations was 1,676,959,244.
Notably, SPURTREE’s stock price closed the trading period on May 14, 2024, at a price of $2.32 with a corresponding P/E ratio of 56.98x.
Balance Sheet Highlights
The company’s assets totalled $1.559 billion (2023: $1.560 billion).
Shareholder’s equity was $794.13 million (2023: $753.69 million), representing a book value per share of $0.47 (2023: $0.45).
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