July 29, 2024

Unaudited financials for the nine months ended June 30, 2024:

Jamaica Teas Limited (JAMT), for the nine months ended June 30, 2024, reported an 18% increase in Operating Revenues totaling $2.41 billion compared to $2.05 billion in the corresponding period last year.

The cost of sales amounted to $1.92 billion (2023: $1.59 billion), an increase of 21% year over year. Consequently, gross Profit increased by 7% to $489.40 million, compared to $458.96 million for the nine months ended June 30, 2023.

Other Income increased by 20% to close at $2.91 million (2023: $2.42 million), while Sales & Marketing Costs decreased by 1% from $39.52 million in 2023 to $39.24 million in the period under review. As a result, administrative expenses for the nine months ended June 30, 2024, amounted to $310.51 million, a 15% increase relative to $270.50 million reported in 2023.

Finance cost for the nine months ended June 30, 2024, amounted to $55.26 million, a 19% increase relative to $46.28 million reported in 2023. Profit Before Taxation totaled $257.93 million, a 13% increase from last year’s period. (2023: $228.36 million).

Taxation for the nine months ended June 30, 2024, amounted to $86.09 million, an 11,974% increase relative to $713,034 reported in 2023.

Net Profit for the nine months ending June 30, 2024, decreased 25% to $171.84 million (2023: $227.65 million). Profit to shareholders for the nine months amounted to $96.57 million, a 50% decrease from the $191.81 million reported in 2023.

Consequently, Earnings Per Share for the nine months amounted to $0.05 (2023: EPS: $0.09), while Earnings Per Share for the quarter totaled $0.03(2023: EPS: $0.05). The twelve-month trailing EPS was $0.06, and the number of shares used in these calculations was 2,167,830,377.

Notably, JAMT’s stock closed the trading period on July 25, 2024, at $2.38, with a corresponding P/E ratio of 38.94x.

Balance Sheet Highlights

The company’s assets totaled $5.57 billion (2023: $5.08 billion). The total increase in the company’s asset base can be ascribed to a 21% year-over-year increase in “Investments Properties,” ending the period at $357.77 million (2024: $296.12 million), a 13% year-over-year increase in “Inventories” closing at $684.23 million (2023: $603.33 million) and a 20% year over year increase in “Receivables and Intangibles” ending the period at $467.93 million (2023: $388.86 million).

Shareholder’s equity was $3.18 billion (2023: $2.86 billion), representing an 11% year-over-year increase and resulting in a book value per share of $1.47 (2023: $1.32).

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