AS Bryden & Sons JSE listing imminent

AS Bryden & Sons Holdings Ltd seems set to be the next listed company on the Main Market of the Jamaica Stock Exchange. The company, through its listing agents NCB Capital Market, posted an abridge financial statement on the JSE website on Monday, a sign that the listing will be in days, so far, there are no signs that is will list in Trinidad at the same time.
The company has shareholders” equity of TT$576.2 million of Jamaican J$13.25 billion as of June 2023 with total borrowings exceeding shareholders equity with long term loans of TT$285 million and medium term borrowings about two TT$534 million.
Current assets stand at TT$1.19 billion, with inventories and trade receivables amounting to TT$976 million and current liabilities at TT$576 million.
Sales revenue for the six months to June amounts to TT$1.18 billion with gross profit of TT$304 million, for a 25.7 profit margin. Pretax profit amounts at TT$74 million an after tax profit of TT$56 million.
Massey Holdings is trading around 10 times current year’s earnings if this is achieved by Bryden it would value the stock at J$12 billion or just a bit below book value.
The company focuses is on the distribution of fast-moving consumer goods (FMCG) and the sales divisions are grouped into three teams specialising in Premium Beverages, Food & Grocery, and Hardware & Housewares.
Seprod owns 54 percent of Bryden, which was acquired in 2022.