Net profit attributable to Jamaican Teas for the September quarter more than doubled to $45 million from $21 million in the 2022 quarter. The net profit attributable to Jamaican Teas shareholders for the year was $237 million, an improved performance from the $194 million in the previous year, the group quarterly report released to the Jamaica Stock Exchange reveals.
Reduced administrative costs aided the improved performance.
Total operating revenues for the September quarter declined marginally from $655 million a year ago to $652 million and $2.7 billion for the year, up from $2.47 billion in 2022.
Earnings per share attributable to shareholders was 11 cents, up from 9 cents in 2022.
The group changed distributors in two important markets and appointed Wisynco as its exclusive local distributor effective November this year, as well as an Ansa McAl subsidiary as our exclusive distributor in Trinidad and Tobago, “these changes are expected to result in improved sales in the coming year, the report stated.”
Stockholders’ Equity rose to $2.96 billion from $2.66 billion in September 2022, with loan financing amounting to $735 million. Net current assets amount to $1.09 billion and investments of $2 billion.
The quarterly states, “the group has also taken decisions to increase our investment in additional machinery to better serve our customers and this is expected to enhance our capacity to meet current demand for some of our products.”
“The group has outgrown its capacity at Bell Road, resulting in us having to rent space at Montgomery Avenue in 2022. Accordingly, the company decided to acquire an existing factory in Temple Hall, St. Andrew and this purchase was concluded in October 2023. The property comprises some 60,000 square feet of factory buildings on about 3 acres of land. Relocation of our spice and dry pack facilities to the Temple Hall facility will commence by the end of Calendar 2023 and the tea factory will follow in 2024.“
“ As a result of the acquisition, the board is considering the sale of the Bell Road property. Combined with sale of the apartments at Belvedere, the possible sale of some of our investment properties and the changes of two of our manufacturing distributors, the Group expects increased sales revenue and improved liquidity in the new financial year commencing in 2024.”
