March 4, 2025

Berger Paints Jamaica Limited (BRG)

Audited financials for the year ended December 31, 2024:

Berger Paints Jamaica Limited (BRG) for the year ended December 31, 2024, reported a 4% increase in Revenue totaling $3.49 billion compared to $3.36 billion in the corresponding period last year. Revenue for the fourth quarter had a 7% increase to close at $1.20 billion compared to $1.13 billion for the comparable quarter of 2023.

Raw materials and consumable used amounted to $1.61 billion (2023: $1.85 billion), this represents a decrease of 13% year over year.

Employee benefits expenses increased by 10% to close at $649.50 million (2023: $592.33 million), while Other operating expenses decreased by 3% from $975.10 million in 2023 to $946.61 million in the period under review. Also, manufacturing expenses for the year ended December 31, 2024, amounted to $67.65 million, a 6% decrease relative to $71.90 million reported in 2023.

As a result, Total Expenses for the year ended December 31, 2024, amounted to $3.37 billion, a 6% decrease relative to $3.59 billion reported in 2023. Total Expenses for the fourth quarter amounted to $1.02 billion (2023: $1.16 billion).

Other income totaled $32.06 million, a 1% increase from the corresponding period last year. (2023: $31.71 million).

Profit before Tax for the year ended December 31, 2024, amounted to $151.84 million, a 159% increase relative to loss before tax of $255.86 million reported in 2023. Profit before Tax for the fourth quarter amounted to $140.35 million (2023: Loss before tax of $12.88 million).

Tax charge for the year ended December 31, 2024, amounted $46.16 million (2023: Tax credit of $37.44 million). As such, Net Profit for the year amounted to $105.68 million, a 148% increase from the net loss of $218.42 million reported in 2023. For the fourth quarter, Net Profit was $96.61 million (2023: Net profit $10.29 million).

Consequently, Earnings Per Share for the year amounted to $0.49 (2023: LPS: $1.02), while Earnings Per Share for the quarter totaled $0.45 (2023: EPS: $0.05). The twelve-month trailing EPS was $0.49, and the number of shares used in these calculations was 214,322,393.

Notably, BRG’s stock price closed the trading period on March 03, 2025, at a price of $7.80 with a corresponding P/E ratio of 15.82x.

Balance Sheet Highlights

The company’s assets totalled $2.45 billion (2023: $2.39 billion). Notably, ‘Current assets’ grew by $74.79 million during the period, but was somewhat tempered by a $21.20 million downturn in ‘Non-current assets’.

Shareholder’s equity was $1.17 billion (2023: $1.05 billion), representing a book value per share of $5.45 (2023: $4.89).

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