February 04, 2025

Jamaica Teas Limited (JAMT)

Unaudited financials for the first quarter ended December 31, 2024:

Jamaica Teas Limited (JAMT) for the first quarter ended December 31, 2024, reported a 9% increase in operating revenues, totalling $913.53 million compared to $840.03 million in the corresponding three months last year.

Cost of sales amounted to $727.01 million (2023: $683.74 million), representing an increase of 6% year over year. Consequently, gross profit increased by 19% to $186.52 million compared to $156.29 million for the first quarter ended December 31, 2023.

Other income increased by 356% to close at $1.62 million (2023: $355,585), while sales and marketing costs decreased by 24% from $20.66 million in 2023 to $15.78 million for the three months. As a result, administrative expenses for the first quarter amounted to $108.97 million, a 4% increase relative to $104.60 million reported in 2023.

Finance costs for the three months amounted to $14.48 million, a 21% decrease relative to $18.43 million reported in 2023. Profit before taxation totalled $79.25 million, a 17% increase from the corresponding period last year (2023: $67.88 million).

Taxation for the first quarter ended December 31, 2024, amounted to $14.16 million, an 11% decrease relative to $15.84 million reported in 2023.

Net profit for the three months increased by 25% to reach $65.09 million (2023: $52.05 million). Profit attributable to shareholders for the three months amounted to $52.80 million, an 11% increase from the $47.40 million reported in 2023.

Consequently, earnings per share for the three months amounted to $0.024 (2023: EPS: $0.022). The twelve-month trailing EPS was $0.06, and the number of shares used in these calculations was 2,174,880,377.

Notably, JAMT’s stock price closed the trading period on February 03, 2025, at a price of $2.09 with a corresponding P/E ratio of 35.07x.

Balance Sheet Highlights

The company’s assets totalled $5.42 billion (2023: $5.50 billion). This decrease was attributable to property, plant, and equipment, which amounted to $854.42 million (2023: $1.14 billion). Housing under construction also contributed to the decrease, equating to $502.70 million (2023: $701.31 million).

Shareholders’ equity was $3.19 billion (2023: $3.00 billion), representing a book value per share of $1.47 (2023: $1.38).

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