November 13, 2026
Spur Tree Spices Jamaica Limited (SPURTREE)
Unaudited financials for the nine months ended September 30, 2026:
Spur Tree Spices Jamaica Limited (SPURTREE) reported revenue for the nine months ended September 30, 2026 of J$1.32 billion (J$1,319.89 million), effectively flat, easing 0.1% from J$1,321.26 million in the corresponding period last year. The stability of the nine-month line masks a sharp third quarter, in which revenue fell 18% to J$522.81 million versus J$638.21 million in Q3 2025, the Group’s strongest quarter to date. Management attributed the shortfall to the unavailability of cans from the sole local manufacturer for a significant portion of the quarter, during a critical period of the ackee crop; by the time supply was restored the crop had ended, limiting the ability to recover lost volumes.
Year to date, Cost of Sales amounted to J$902.83 million (2025: J$919.99 million), a decrease of 2%. Consequently, Gross Profit increased by 4% to J$417.06 million compared to J$401.27 million for the nine months ended September 30, 2025. Gross profit margin improved to 31.60% from 30.37%, with cost of sales falling to 68.40% of revenue from 69.63%, which management ascribed to purchasing efficiencies. For the third quarter, gross profit declined 23% to J$143.76 million (2025: J$185.79 million) and gross margin contracted to 27.50% from 29.11%, reflecting lower canned goods volumes and rising raw material, packaging and production costs.
Other operating income decreased 76% to J$3.27 million (2025: J$13.74 million), while a fair value gain on biological assets of J$4.08 million was recognised (2025: nil). Administrative and other expenses rose 7% to J$299.64 million relative to J$279.32 million in 2025, led by staff costs, up 12% to J$121.43 million, legal and professional fees, up 31% to J$16.66 million, and amortisation of the right-of-use asset, up 83% to J$31.59 million, partly offset by a 17% fall in depreciation to J$41.86 million. In the third quarter, administrative expenses rose 5% to J$101.52 million (2025: J$96.92 million).
Operating profit for the nine months amounted to J$124.77 million, an 8% decrease relative to J$135.69 million reported in 2025, with operating margin at 9.45% (2025: 10.27%). Third-quarter operating profit fell 46% to J$50.71 million (2025: J$93.81 million). Finance costs totalled J$32.80 million, a 6% decrease from J$34.85 million in the corresponding period last year; for the quarter, finance costs were J$11.75 million versus J$12.40 million.
Profit before Taxation for the nine months ended September 30, 2026 amounted to J$91.97 million, a 9% decrease relative to J$100.84 million reported in 2025. No tax was charged in either period. As a result, Net Profit for the nine months amounted to J$91.97 million, a 9% decrease from the J$100.84 million reported in 2025. Total comprehensive income attributable to owners of the company amounted to J$65.97 million, a 28% decrease from J$91.44 million, while the non-controlling interest’s share rose 176% to J$26.00 million (2025: J$9.41 million), lifting its share of group profit to 28.27% from 9.33% and reducing the owners’ share to 71.73% from 90.67%.
For the third quarter, net profit declined 52% to J$38.96 million (2025: J$81.41 million), and total comprehensive income attributable to owners was J$28.03 million (2025: J$58.87 million), also down 52%.
Consequently, Earnings Per Share for the nine months amounted to $0.0393 (2025: EPS: $0.0545), while Earnings Per Share for the quarter totaled $0.0167 (2025: EPS: $0.0351). The twelve-month trailing EPS was $0.05 and the number of shares used in these calculations was 1,676,959,244. Notably, SPURTREE’s stock price closed the trading period on November 13, 2026, at a price of $1.34 with a corresponding P/E ratio of 29.32x.
Balance Sheet Highlights
The company’s assets totaled $1.93 billion (2025: $1.80 billion), a 7% increase. The movement in total assets was primarily attributable to a 12% increase in Inventories amounting to $340.42 million (2025: $302.76 million), a 50% increase in Cash and cash equivalents to $109.91 million (2025: $73.26 million), and a 47% increase in Biological assets to $106.47 million (2025: $72.38 million).
Shareholders’ equity attributable to the parent was $1.04 billion ($1,038.25 million), compared to $961.56 million in 2025, representing a book value per share of $0.62 (2025: $0.57).
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