Trading attracted more money on Friday but resulted in slightly less shares being exchanged on the Trinidad and Tobago Stock Exchange, with the value of share trading jumped 68 percent over Thursday and resulted in 17 securities trading similar to Thursday, with just three stocks rising, eight declining and six remaining unchanged.
Investors exchanged 390,039 shares for $7,504,179 versus 396,877 stock units at $4,457,416 on Thursday. An average of 22,943 units were traded at $441,422 compared to 23,346 shares at $262,201 on Thursday, with trading month to date averaging 15,743 shares at $281,984 versus 15,184 units at $269,608 on the previous day. The average trade for March amounts to 23,611 shares at $241,669.
The Composite Index climbed 2.27 points to 1,304.60, the All T&T Index increased 7.73 points to end at 1,967.68, the SME Index remained unchanged at 61.51 and the Cross-Listed Index fell 0.50 points to close at 83.28.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, Agostini’s advanced $2 to close at a 52 weeks’ high of $62 with an exchange of 300 shares, Ansa McAl remained at $51 with 40,640 units being traded, Calypso Macro Investment Fund lost 2 cents in closing at $20.76, with 400 stocks clearing the market, First Citizens Group dipped 24 cents to end at $49.50 after exchanging 3,283 stock units. GraceKennedy shed 19 cents to end at $4.20 with a transfer of 101,115 units, Guardian Holdings ended at $25.05 and closed with an exchange of 1,050 shares, Guardian Media remained at $2.20 while exchanging 500 stocks, L.J. Williams B share fell 10 cents to $2.40 in trading 10,000 stock units. Massy Holdings increased 9 cents in closing at $4.65 with the swapping of 18,274 stock units, National Enterprises dropped 1 cent after ending at $3.74 as investors exchanged 159,855 units, 
NCB Financial closed at $3.54, with 5,699 shares crossing the market, investors in Prestige Holdings exchanged 250 stocks at $8.50, Republic Financial climbed 50 cents to $135.50 after an exchange of 26,278 stocks. Scotiabank dipped 2 cents to close at $77.98 as 1,361 shares passed through the market, Trinidad & Tobago NGL declined 24 cents after ending at $18.76, with 5,905 units crossing the market, Unilever Caribbean remained at $15.60 in an exchange of 4,644 stock units and West Indian Tobacco shed 50 cents to close at $16 with investors transferring 10,485 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Gains for Trinidad Exchange to close out week
Rising JSE Main Market
Rising stocks resulted in market indices closing higher at the end of trading activity on the Jamaica Stock Exchange Main Market on Thursday, with the volume traded rising 6 percent but with an 11 percent lower value than on Wednesday, following trading in 51 securities down from 56 on Wednesday, with 20 rising, 22 declining and nine ending unchanged.
A total of 20,316,713 shares were traded for $95,105,433 compared to 19,169,248 units at $107,354,551 on Wednesday.
Trading averaged 398,367 shares at $1,864,812 compared with 342,308 units at $1,917,046 on Wednesday and month to date, an average of 239,845 shares at $1,088,514, compared with 227,033 units at $1,025,770 on the previous day. March closed with an average of 356,137 units at $3,015,416.
Stanley Motta led trading with 8.50 million shares for 41.8 percent of total volume, Wigton Windfarm followed with 5.35 million units for 26.3 percent of the day’s trade, Transjamaican Highway with 3.10 million stocks for 15.3 percent market share and Sagicor Select Financial Fund with 1.16 million units for 5.7 percent of total volume.
The All Jamaican Composite Index gained 2,484.10 points to 372,371.70,
the JSE Main Index climbed 275.12 points to close at 331,585.25 and the JSE Financial Index increased 0.15 points to settle at 76.24.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.6 for the Main Market. The JSE Main and USD Market PE ratios are computed based on the last selling prices of stocks and earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows nine stocks ended with bids higher than their last selling prices and seven with lower offers.
At the close, Barita Investments declined $1.10 after ending at $78, with 51,890 shares changing hands, GraceKennedy rose $1.15 to $79 as passed 60,287 stock units through the market, 
JMMB Group climbed 74 cents in closing at $31.48 with swapping of 37,477 stocks, Kingston Properties shed 84 cents to end at $6.51 in an exchange of 5,231 units, Kingston Wharves advanced $1.11 to close at $32.11, with 3,358 shares crossing the market, Massy Holdings lost $3 to end at $88 after exchanging 2,776 units, NCB Financial rallied $1 in closing at $72.50 with an exchange of 21,741 stock units, Pan Jamaica Group dropped 90 cents to close at $53 after an exchange of 176,780 stocks, Sagicor Group popped $1 to $50 in an exchange of 8,988 stock units, Seprod increased $3 after ending at $70 with a transfer of 4,187 stocks, Supreme Ventures gained 50 cents after ending at $27 with 9,242 shares crossing the exchange and
Wisynco Group increased 56 cents in closing at $17.34 while exchanging 20,623 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
More gains for Junior Market
Stocks traded higher on the Junior Market of the Jamaica Stock Exchange Thursday, with the volume traded declining 37 percent and the value 55 percent lower than on Wednesday. following trading in just 38 securities, down from 42 on Wednesday and ended with prices of just 11 rising, 20 declining and seven closing unchanged.
Investors exchanged a total of 6,971,908 shares for $15,464,261, compared to 11,018,178 units at $34,448,601 on Wednesday.
Trading averaged 183,471 shares at $406,954, compared to 262,338 shares at $820,205 on Wednesday with the month to date, averaging 310,422 units at $3,659,348 versus 320,328 stock units at $3,913,128 on the previous day. March closed with an average of 509,288 units at $1,071,868.
ONE on ONE Educational led trading with 1.51 million shares for 21.6 percent of total volume followed by Tropical Battery with 1.02 million units for 14.6 percent of the day’s trade and JFP Ltd with 884,430 units for 12.7 percent market share.
At the close, the Junior Market Index popped 22.89 points to end at 3,753.44.
The PE Ratio, a measure of computing appropriate stock values, averages 11.5. The PE ratios of Junior Market stocks are computed based on the last traded stock price and ICInsider.com’s projected earnings for the financial years ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows seven stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, AMG Packaging popped 20 cents to $2.80 with 1,431 shares clearing the market, Consolidated Bakeries fell 31 cents to end at $2.11 and closed with an exchange of 6,558 stock units, Dolla Financial gained 9 cents to close at $2.73 as 409,220 units passed through the market. Dolphin Cove shed 10 cents to $14.90 with investors transferring 3,119 stocks, Elite Diagnostic dipped 9 cents after ending at $2.46 with an exchange of 56 stock units, 
Fontana rallied 17 cents to end at $8.32 in trading 34,738 units. Fosrich dropped 9 cents in closing at $2.64 after trading 346,736 stocks, Honey Bun lost 7 cents to end at $6.25 in switching ownership of 2,208 shares, iCreate rose 7 cents to close at $1.59 after exchanging 165,128 shares. Knutsford Express rallied 69 cents after ending at $11.69 in an exchange of 12 units, Lasco Distributors climbed 21 cents to close at $2.40 as investors exchanged 12,727 stock units, Lasco Manufacturing increased 14 cents in closing at $4.14 in an exchange of 388 stocks. Limners and Bards declined 12 cents to end at $2.22, with 33,460 units crossing the market, Lumber Depot declined 8 cents after ending at $2.41 while exchanging 13,855 stocks, Main Event rallied 63 cents to $13.90, with 26,278 stock units changing hands. 
MFS Capital Partners dropped 35 cents to $2.96, with 874,948 shares crossing the exchange and Regency Petroleum shed 8 cents to close at $2.41 but only after hitting an intraday 52 weeks’ high of $2.58, with a transfer of 577,333 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading drops on JSE USD Market
Trading plunged on the Jamaica Stock Exchange US dollar market on Thursday, with the volume of stocks changing hands dropping 87 percent, valued 46 percent more than on Wednesday, resulting trading in just two securities, down from five on Wednesday with both stocks declining.
A total of 131,288 shares were traded for US$26,722 compared with 1,049,056 units at US$18,330 on Wednesday.
Trading averaged 65,644 shares at US$13,361 versus 209,811 shares at US$3,666 on Wednesday, with a month to date average of 264,341 units at US$6,822 compared with 270,272 shares at US$6,627 on the previous day. March ended with an average of 172,829 units for US$12,793.
The US Denominated Equities Index fell 3.57 points to close at 239.50.
The PE Ratio, a measure used in computing appropriate stock values, averages 10. The PE ratio is computed based on the last traded price of each stock divided by projected earnings computed by ICInsider.com for companies with their financial year ending between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows four stocks ending with bids higher than their last traded prices and one with a lower offer.
Trading close with Proven Investments declining by 1.91 cents to 16.08 US cents with 125,411 shares being traded. In the preference segment, JMMB Group 6% dipped 2 cents to US$1.08 in an exchange of 5,877 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading picks up on Trinidad Exchange
Trading ended following a 590 percent jump in the volume of stocks changing hands with a 366 percent higher value than on Wednesday at the close of the Trinidad and Tobago Stock Exchange on Thursday, resulting in 17 securities trading compared with 16 on Wednesday, with rising and declining stocks ending with six each, while five remained unchanged.
Investors exchanged 396,877 shares for $4,457,416 versus 57,511 stock units at $956,358 on Wednesday. An average of 23,346 units were traded at $262,201 compared with 3,594 shares at $59,772 on Wednesday. Trading month to date averaged 15,184 shares at $269,608 versus 14,497 units at $270,227 on the previous day. The average trade for March amounts to 23,611 shares at $241,669.
The Composite Index fell 3.30 points to 1,302.33, the All T&T Index lost 4.39 points to close at 1,959.95, the SME Index remained unchanged at 61.51 and the Cross-Listed Index dipped 0.30 points to 83.78.
Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, Agostini’s ended at $60 with 2,000 shares changing hands, Angostura Holdings fell 40 cents in closing at $24 after a transfer of 1,349 units, Ansa McAl closed at $51 with an exchange of 193 stocks. Calypso Macro Investment Fund remained at $20.78 after trading 162 stock units, First Citizens Group declined 26 cents to $49.74, with 2,075 stock units changing hands, FirstCaribbean International Bank rallied 10 cents to $7.25 in switching ownership of 19,489 units. Guardian Holdings slipped 1 cent to close at $25.05 after 700 stocks crossed the exchange, Guardian Media closed market activity at $2.20 after an exchange of 1,610 shares, JMMB Group climbed 5 cents after to $1.55 with investors swapping of 26,160 stocks. Massy Holdings dipped 4 cents to end at $4.56 with an exchange of 3,100 units, National Enterprises rose 2 cents to $3.75 while exchanging 200,000 stock units, 
National Flour Mills advanced 2 cents to close at $1.43, with 1,650 shares crossing the market. One Caribbean Media dipped 12 cents in closing at $3.70 after 28,600 stocks changed hands, Republic Financial shed 53 cents to end at $135 after exchanging 4,812 stock units, Scotiabank popped 1 cent to $78 after 12,823 units passed through the market. Trinidad & Tobago NGL rose 50 cents to $19 in an exchange of 5,544 shares and Unilever Caribbean remained at $15.60 with investors transferring 86,610 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading gains for Junior Market
Stocks closed higher and the end of trading on the Junior Market of the Jamaica Stock Exchange on Wednesday, after a 57 percent jump in the volume of stocks changing hands as the value more than doubled at 116 percent more than on Tuesday after trading in only 42 securities compared with 47 on Tuesday and ended with rising and declining stocks sharing 16 each as 10 closed unchanged.
Investors traded 11,018,178 shares for $34,448,601, up from 7,029,208 units at $15,932,727 on Tuesday.
Trading averaged 262,338 shares at $820,205 compared to 149,558 shares at $338,994 on Tuesday, with a month to date average of 320,328 units at $3,913,128 compared to 325,801 stock units at $4,205,044 on the previous day, with the average value much higher than March with an average of 509,288 units at $1,071,868.
MFS Capital Partners led trading with 3.07 million shares for 27.9 percent of total volume followed by Spur Tree Spices with 1.21 million units for 10.9 percent of the day’s trade and Image Plus Consultants with 921,409 units for 8.4 percent market share.
At the close, the Junior Market Index increased 18.27 points to close at 3,730.55.
The PE Ratio, a measure of computing appropriate stock values, averages 11.5. The PE ratios of Junior Market stocks are computed using the last traded price in conjunction with earnings projected by ICInsider.com for the financial years ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and four with lower offers.
At the close, AMG Packaging declined 52 cents to $2.60 with investors transferring 5,000 shares, Caribbean Cream dipped 19 cents to end at $3.30 in trading 6,323 stocks, Consolidated Bakeries advanced 35 cents to close at $2.42, with 4,118 units crossing the market. EduFocal fell 17 cents after ending at $2.05 while exchanging 518,313 stock units, Future Energy Source lost 10 cents to $4.06, with 672,600 shares changing hands,
General Accident gained $1.31 in closing at $6 after an exchange of 35,881 stocks. GWest Corporation popped 12 cents to $1.04 with 2,001 stock units clearing the market, Honey Bun dropped 15 cents to end at $6.32 after a transfer of 3,088 stocks, KLE Group rallied 19 cents to close at $2.06 with investors trading 101 units. Knutsford Express shed 70 cents to $11 with 18,214 shares crossing the market, Lasco Distributors lost 21 cents after ending at $2.19 in an exchange of 569,604 stock units, Lasco Manufacturing declined 15 cents to close at $4 with trading in 25,306 stocks. Main Event rose 47 cents to $13.27 in switching ownership of 53,571 units,MFS Capital Partners fell 18 cents to end at $3.31, with 3,074,181 stocks crossing the exchange. 
Regency Petroleum increased 19 cents in closing at a record high of $2.49 after exchanging 728,168 shares, Spur Tree Spices climbed 17 cents to $2.80 with the swapping of 1,205,767 stock units and Stationery and Office Supplies dropped 65 cents after ending at $14.50 in an exchange of 594 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Transjamaican dominates JSE USD market
Heavy trading in shares of Transjamaican Highway lifted the volume of stocks changing hands by 1,409 percent valued 348 percent more than on Tuesday on the Jamaica Stock Exchange US dollar market on Wednesday, with the stock price jumping to a record high of $1.30 and resulted in trading of five securities, compared to six on Tuesday with four rising and one unchanged.
Market activity resulted in an exchange of 1,049,056 shares for US$18,330 up from 69,500 units at US$4,092 on Tuesday.
Trading Wednesday averaged 209,811 units at US$3,666 versus 11,583 shares at US$682 on Tuesday, with a month to date average of 270,272 shares at US$6,627 compared with 275,148 units at US$6,866 on the previous trading day. March averaged 172,829 shares for US$12,793.
The US Denominated Equities Index popped 2.23 points to 242.88.
The PE Ratio, a measure used in computing appropriate stock values, averages 10.4. The PE ratio is computed based on the last traded price of each stock divided by projected earnings forecasts done by ICInsider.com for companies with their financial year ending between November 2022 and August 2023.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and none with a lower offer.
At the close, First Rock Real Estate USD share remained at 6 US cents after 1,449 shares were traded, Proven Investments rallied 0.05 of a cent to end at 17.99 US cents after 28,959 stock units crossed the market, Sygnus Credit Investments gained 0.14 of a cent to close at 9.44 US cents in trading 1,147 units, Sygnus Real Estate Finance USD share advanced 1.37 cents to 10.57 US cents with the swapping of just one unit of the stock and Transjamaican Highway climbed 0.2 of a cent to end at a 52 weeks’ high of 1.30 US cents after investors exchanged 1,017,500 units in reaction to positive 2022 full year results that points to increased profits in 2023.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading climbs on JSE Main Market
Trading activity on the Jamaica Stock Exchange Main Market ended on Wednesday, with the volume of stocks traded rising 138 percent, valued 43 percent more than on Tuesday, with 56 securities trading compared to 56 on Tuesday, with 18 rising, 22 declining and 16 ending unchanged.
A total of 19,169,248 shares were traded for $107,354,551, up from 8,067,288 units at $74,863,539 on Tuesday.
Trading averaged 342,308 shares at $1,917,046, versus 144,059 shares at $1,336,849 on Tuesday and month to date, an average of 227,033 units at $1,025,770, compared with 215,806 units at $938,967 on the previous day. March closed with an average of 356,137 units at $3,015,416.
Transjamaican Highway led trading with 6.94 million shares for 36.2 percent of total volume as the price hit a record high of $1.76 and was followed by Wigton Windfarm with 4.34 million units for 22.6 percent of the day’s trade and Carreras with 2.89 million units for 15.1 percent market share.
The All Jamaican Composite Index dipped 2,286.40 points to 369,887.60, the JSE Main Index dropped 3,351.63 points to 331,310.13 and the JSE Financial Index fell 0.79 points to finish at 76.09.
The PE Ratio, a formula used to compute appropriate stock values, averages 13.6 for the Main Market. The JSE Main and USD Market PE ratios are computed based on the last selling prices of stocks and earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
The Investor’s Choice bid-offer indicator shows 12 stocks ended with bids higher than their last selling prices and eight with lower offers.
At the close, Barita Investments popped $2.05 to $79.10 after 62,840 shares passed through the market, Caribbean Cement rallied 60 cents to end at $59.10, with 10,054 units changing hands, Eppley fell 79 cents in closing at $36.50 after a transfer of 276 stock units, Guardian Holdings dropped $10 to close at $475, with 5,213 stocks crossing the market. 
Jamaica Producers dipped $1 after ending at $21, after 106,910 shares passed through the market, Jamaica Stock Exchange gained 65 cents to end at $14.15 in trading 53,190 units, Kingston Wharves declined $2.75 to $31 with a transfer of 2,136 stock units, NCB Financial lost $2.99 to close at $71.50 while exchanging 82,898 stocks. Sagicor Group shed $2 in closing at $49, after 9,582 stock units switched owners, Scotia Group increased 97 cents to end at $34.99 as investors exchanged 194,297 shares, Seprod climbed $3.30 to end at $67 with investors transferring 6,342 stocks. Supreme Ventures lost 93 cents to end at $26.50 with an exchange of 16,835 units and Sygnus Real Estate Finance declined 85 cents to close at $9.30 with 10,185 stocks clearing the market.
In the preference segment, Jamaica Public Service 7% rose $4.65 to $35.65, with 57 units crossing the exchange, 
JMMB Group 7% preference share dropped 60 cents to $1.93 after an exchange of 1,473 stock units and 138 Student Living preference share shed $3.08 after ending at $74 and trading 42 stock units and Transjamaican Highway 8% fell 41 cents in closing at $3.09 with an exchange of 25,095 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
TTSE falls with reduced trading
Trading ended on the Trinidad and Tobago Stock Exchange on Wednesday, with the volume of stocks traded declining 72 percent and the value 76 percent lower than on Tuesday resulting in 16 securities trading compared with 17 on Tuesday, with prices of seven stocks rising, five declining and four remaining unchanged.
Investors exchanged 57,511 shares for $956,358 versus 207,079 stock units at $3,982,659 on Tuesday.
An average of 3,594 units were traded at $59,772 compared with 12,181 shares at $234,274 on Tuesday, with trading month to date averaging 14,497 shares at $270,227 versus 15,435 units at 288,331 on the previous day. The average trade for March amounts to 23,611 shares at $241,669.
The Composite Index lost 3.07 points to settle at 1,305.63, the All T&T Index shed 2.07 points to end at 1,964.34, the SME Index remained unchanged at 61.51 and the Cross-Listed Index declined 0.58 points to close at 84.08.
Investor’s Choice bid-offer indicator shows six stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, Angostura Holdings ended at $24.40 after switching ownership of 30 shares, Ansa McAl ended at $5, with 4,000 stock units changing hands, First Citizens Group popped 80 cents in closing at $50 in trading 2,628 units, GraceKennedy dipped 1 cent to end at $4.39, with 300 stocks crossing the market. JMMB Group dropped 14 cents to a 52 weeks’ low of $1.50 in an exchange of 15,800 stock units, Massy Holdings rose 3 cents after ending at $4.60 as investors exchanged 1,670 stocks, National Enterprises slipped 1 cent to $3.73 in an exchange of 10,625 shares, National Flour Mills popped 1 cent to close at $1.41 after an exchange of 463 units. 
NCB Financial lost 1 cent in closing at $3.54 after a transfer of 1,121 stocks, Point Lisas rallied 46 cents to end at $4.30 after exchanging 1,000 shares, Prestige Holdings rose 10 cents to end at $8.50 in the swapping of 1,785 stock units, Republic Financial popped 1 cent to $135.53 with 1,600 units clearing the market. Scotiabank remained at $77.99 with a transfer of 192 stocks, Trinidad & Tobago NGL declined 50 cents to close at $18.50 after 10,213 shares crossed the exchange, Unilever Caribbean gained 5 cents after ending at $15.60 after investors traded 82 units and West Indian Tobacco ended at $16.50, with 6,002 stock units crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Consolidated Bakeries turnaround
Consolidated Bakeries seems to be on the mend, with 2023 looking like the year it finally comes into its own having posted the first full year profit in 2022, the first since 2018, with sales exceeding the billion mark for a second consecutive year and the third time in four years.
Anthony Chang, Managing Director of Consolidated Bakeries
Purity, a name the company is also well known by, reported profit in three of the four quarters last year with profit in the first two quarters as well as in the December 2022 quarter but reported a $14.5 million loss in the third quarter even with revenues in that quarter being the same as the final quarter at $323 million.
The improved 2022 profit performance evolved from a 26.5 percent rise in revenues to $1.37 billion for the full year above the $1.079 billion in 2021 with profit after taxation coming in at $14 million compared to an $18 million loss in 2021. Pretax profit was even more impressive being $17.7 million versus a loss of $21.7 million in 2021 resulting in a $38 million turnaround.
The improved results show up in a strongly transformed financial position resulting in an enhanced working capital position even as sales surged, with a buildup of cash and reduction in borrowed funds.
Revenues climbed 30 percent in the March quarter, from $291 million last year, to $378 million and rose a stronger 42 percent in the June quarter to $342 million from $241 million in 2021. At the same time gross profit margin that tends to hover around 39 percent rose to 42 percent in the second quarter, from 38 percent in 2021. For the six months, revenues were up 35 percent to $720 million from $532 million in 2021 while gross profit rose 41 percent to $292 from $207 million. The Easter period provides added revenues for the company, resulting in the first half of the year producing higher revenues and profit than the second half.
In the first quarter, profit before tax rose 61 percent to $14.5 in 2022, from $9 million last year and is up 200 percent in the second quarter to $13.5 from a loss of $13.4 in 2021. For the half year pretax profit surged 735 percent to $28 million from a $4.4 million loss in 2021.
The company generated a gain on other comprehensive income from investments of $783,279 for 2022 and $6.3 million for 2021.
Administrative and other expenses rose by just 6 percent to $266 million from $250 million in 2021. Selling and Distribution expenses increased by a robust 33.4 percent to $203.4 million in 2022 over that of 2021 with $152.5 million. Depreciation rose 8 percent to $35.6 million from $33 million in 2021. Finance cost jumped sharply to $16.3 million from $11.7 million in 2021.
The company’s finances are looking much better in 2022 than in 2021. Operations for the half year generated gross cash flow from operations of $118 million after changes in working capital, allowing it to fund the acquisition of fixed assets amounting to $63 million to end the year with an increase in cash of $57 million.
Consolidated Bakeries Miss Birdie Easter bun.
Shareholders’ equity stood at $697 million, while Long term borrowings ended the period at $136 million and short term loans at $51 million, representing a $47 million reduction from December 2021 and resulting in cash and bank balances and investments rising to $99 million, from $90 million at the end of December 2021. Current assets ended the period at $293 million, with trade and other receivables standing at $115 million, compared to $110 million in 2021. Inventories rose moderately to $79 million from $67 million in 2021. Current liabilities ended at $237 million, up from $175 million at the end of December 2021 and net current assets ended at $56 million compared with $93 million at the end of the previous year.
In the past the big concern was the ability of the company to hold on to the profit made in the first six months in the second half of the year, this changed in 2022 as revenues benefitted from increased volume sales as the company made headways into new areas as well as some new products. In an interview with Managing Director, Anthony Chang in 2022, he stated that while new products helped sales, in some cases traditional products found new takers in areas of the country where demand was not as strong in the past. Chang also stated that they are now benefiting from some changes made in personnel that is delivering improved results, he also indicated expansion of the distribution channel into smaller stores while consolidating business in the bigger stores. They also placed focus on cost by employing a cost accountant.
Retooling played an important role in the gains but Chang say this is a work in progress. According to him, bread at one stage in the past accounted for 90 percent of sales, was in direct competition with the market leader and had low profit margin, but it took time to make the shift as new machinery was needed to effect the change to new products, that needed machinery for packaging these products. The company has been adding to fixed assets as a part of the drive to have the right machines and in the quantity required to churn out new products.
Based on the above ICInsider.com projects this year’s earnings per share of 40 cents and 75 cents for 2024 with the company benefitting from full recovery of the local economy and increased efficiency and reduction in interest cost as borrowings decline.
The company has a net book value of $3.07. If achieved, the PE ratio currently would be 6.3, based on the price of $2.50 the stock traded at on the Jamaica Stock Exchange Junior Market on Friday.
