March 03, 2025

Jamaica Producers Limited (JP)

Audited Financials for the Twelve Months Ended December 31, 2024:

Jamaica Producers Limited (JP) reported a 98% decrease in revenue, totaling $116.01 million, for the twelve months ended December 31, 2024, compared to $7.15 billion in the corresponding period last year. Revenue for the fourth quarter increased by 5%, closing at $30.71 million compared to $29.28 million for the comparable quarter of 2023.

Consequently, gross profit decreased by 95% to $116.01 million, compared to $2.18 billion for the twelve months ended December 31, 2023. The company booked a gross profit of $30.71 million for the fourth quarter versus $118.01 million reported for the similar quarter of 2023.

Selling, administrative, and other operating expenses decreased by 83%, closing at $255.36 million (2023: $1.51 billion), while operating profit decreased by 107%, from $909.94 million in 2023 to an operating loss of $63.11 million in the period under review. As a result, the share of profit in associates for the twelve months ended December 31, 2024, amounted to $1.58 billion, a 20% decrease relative to $1.98 billion reported in 2023.

Profit before finance costs and taxation for the twelve months ended December 31, 2024, amounted to $1.66 billion, a 90% decrease relative to $16.19 billion reported in 2023. Profit before finance costs and taxation for the fourth quarter amounted to $793.39 million (2023: $3.12 billion). Finance costs totaled $23.52 million, a 69% decrease from the corresponding period last year (2023: $76.25 million).

Profit before income tax for the twelve months ended December 31, 2024, amounted to $1.63 billion, a 90% decrease relative to $16.11 billion reported in 2023. Profit before income tax for the fourth quarter amounted to $789.76 million (2023: $3.12 billion).

Income tax expense for the twelve months ended December 31, 2024, increased by 89% to reach $21.09 million (2023: $189.93 million). Net profit for the twelve months amounted to $1.61 billion, a 90% decrease from the $15.92 billion reported in 2023. For the fourth quarter, net profit was $775.58 million (2023: $3.12 billion).

Consequently, earnings per share for the twelve months amounted to $1.44 (2023: EPS: $13.83), while earnings per share for the quarter totaled $0.69 (2023: EPS: $2.78). The number of shares used in these calculations was 1,122,144,036.

Notably, JP’s stock price closed the trading period on March 3, 2025, at a price of $22.18, with a corresponding P/E ratio of 15.43x.

Balance Sheet Highlights:

The company’s assets totaled $38.09 billion (2023: $37.25 billion). This increase in total assets was attributable to interest in associated companies and joint ventures, which amounted to $34.90 billion (2023: $33.87 billion).

Shareholders’ equity was $37.35 billion (2023: $36.50 billion), representing a book value per share of $33.29 (2023: $32.52).

Disclaimer:

Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.

Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.