February 17, 2025

Salada Foods Jamaica Ltd. (SALF)

Unaudited Financials for the First Quarter Ended December 31, 2024:

Salada Foods Jamaica Ltd. (SALF) reported a 33% increase in turnover, totalling $398.19 million for the first quarter ended December 31, 2024, compared to $299.89 million in the corresponding three months last year.

Cost of sales amounted to $271.97 million (2023: $208.18 million), representing a 31% year-over-year increase. Consequently, gross profit increased by 38% to $126.22 million compared to $91.71 million for the first quarter ended December 31, 2023.

Other operating income decreased by 13%, closing at $564,000 (2023: $647,000), while selling and promotional expenses increased by 21% from $15.38 million in 2023 to $18.60 million for the three months. As a result, administrative expenses for the first quarter amounted to $44.44 million, a 14% increase relative to $39.11 million reported in 2023.

Operating profit for the three months amounted to $63.74 million, a 68% increase relative to $37.87 million reported in 2023. Net finance income totalled $3.46 million, a 5% increase from the corresponding period last year (2023: $3.30 million).

Profit before taxation for the first quarter ended December 31, 2024, amounted to $67.21 million, a 63% increase relative to $41.17 million reported in 2023.

Taxation for the three months increased by 63% to reach $16.80 million (2023: $10.29 million). Net profit for the three months amounted to $50.40 million, a 63% increase from the $30.88 million reported in 2023.

Consequently, earnings per share (EPS) for the three months amounted to $0.05 (2023: EPS: $0.03).

The twelve-month trailing EPS was $0.19, and the number of shares used in these calculations was 1,038,832,900.

Notably, SALF’s stock price closed the trading period on February 14, 2025, at $3.60 with a corresponding P/E ratio of 18.77x.

Balance Sheet Highlights:

The company’s assets totalled $1.35 billion (2023: $1.25 billion). This increase was attributable to investments, which amounted to $323.41 million (2023: $274.74 million). Inventories also contributed to the increase, equating to $425.10 million (2023: $379.83 million).

Shareholders’ equity was $1.15 billion (2023: $1.06 billion), representing a book value per share of $1.11 (2023: $1.02).

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