Jamaica Producers’ 3 years profit surge

Jamaica Producers profit up 52% in June 2019 quarter.

Jamaica Producers (JP) increased second-quarter revenues by 12 percent to $5.4 billion over the 2018 period and net profit attributable to shareholders by 52 percent to $399 million from $263 million.
For the half-year, JP posted a 52 percent rise in profit due to the group’s shareholders of $629 million compared to $415 million with revenues that rose 9 percent from $9.3 billion to $10.16 billion.  Profit was boosted by other income of $191 million in the quarter, up from $100 million in 2018 and $163 for the half-year versus $153 million in the 2018 half-year. The current year is not the only one that profit jumped sharply for the group, in 2018, profit attributable to the Group’s shareholders rose 66.5 percent for the June quarter over that of 2017 and 65 percent for the half-year from revenues that grew 20 percent and 25 percent respectively. The group saw a major improvement in profit from ongoing operations in 2017 over 2016 when profit from operation was negligible.
Gross profit rose 22 percent to $1.85 billion and 23 percent for the half-year to $3.5 billion. Selling, administration and other operating expenses rose 16 percent to $954.4 million in the June quarter from $823.3 million in the similar period in 2018 while the half-year recorded an increase of 12 percent to $1.83 billion from $1.64 billion in 2018.

Jamaica Producers snacks


The group recorded a gain of $575 million on disposal of 30 percent of its interest in JP Snacks but is shown directly in the group’s shareholders’ equity and not a part of the regular profit statement. Producers, as the company is fondly called. reported earnings per share of 36 cents for the quarter and 56 cents for the half-year.
Segment results show the food and drink business with sales of $5.95 billion compared to $5.46 billion in 2018 and contributed profit of $438 million for the group. The Logistics & Infrastructure segment generated revenues of $4.2 billion versus $3.83 billion in 2018 and recorded a profit of $1.56 billion from $1.26 billion in 2018.
The Group closed the half-year with shareholders’ equity of $13.5 billion, loans borrowed amounted to $6 billion, cash funds of $792 million, securities amounting to $5.7 billion, current assets of $10.3 billion and current liabilities of $4.5 billion.
The group’s stock is listed on the main market of the Jamaica Stock Exchange and last traded at $27.50 and a PE of 18 times 2019 earnings.

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