The Jamaica stock exchange listed drinks company Wisynco chalked up record revenues for the September quarter, with a solid increase of 29.8 percent to $11.9 billion above the $9.2 billion reported in September 2021, that led to a substantial gain in profit.
Wisynco headquarters.
The healthy revenue performance delivered a 34.7 percent rise in profit of $1.7 billion before taxation, compared to $1.3 billion in 2021. After provision for taxes of $431 million in the quarter compared with $316 million in 2021, profit attributable to Stockholders climbed to $1.3 billion, up 34.1 percent from $967 million earned in the prior year. The strong performance resulted in earnings of 35 cents per share for the 2022 quarter versus 26 cents in 2021.
“We are encouraged by the increased demand for our products in all channels, including exports which were up 10 percent over the same quarter of the prior year. The supply chain challenges continued into this quarter however we are seeing improvements,” the Mahfood brothers stated in the report to shareholders.
Gross Profit for the quarter of $4.3 billion was 31.8 percent more than the $3.3 billion achieved in the same quarter of the previous year. The Gross Margin ended up at 36.2 percent, slightly higher than the 35.6 percent for the corresponding quarter in the prior year. The results include an exchange loss of $126 million and a $59 million loss for the last year’s comparative quarter.
Selling and Distribution expenses rose 29 percent to $2.1 billion from $1.65 billion in the 2021 quarter, while Administrative expenses climbed 20 percent to $455 million from $379 million in 2021. Finance cost jumped to $150 million from $86 million in 2021.
According to the Mahfood brothers, “inflationary increases and variable expenses, which increase with Revenues, are the primary reasons for the expenditure growth however these increases are at a slower rate when compared to the rate of growth in Revenues.”
“Our Balance Sheet remains strong with a current ratio of 2.8 (same as last year’s quarter). Inventories remain higher than the prior year, although slightly lower than at June 30, as we continue to maintain higher amounts of key materials due to supply chain challenges. “
“We expect some normalization of inventories going into Q2 and Q3 as we utilize the inventories on-hand and we are seeing less congestion at global ports and freight rates improving,” the report further stated.
Wata one of Wisynco best known brands
Cash Flow generated inflows of $1.9 billion, after working capital needs and payment of taxation and capital and investment activities plus paying $751 in dividends, there was a net outflow of $1.4 billion. Importantly, $349 million was expended on the purchase of property plant and equipment with longer term investment absorbing $1.4 billion.
Shareholders’ equity of $19 billion up from $17.8 billion at the end of June 2022. Long term borrowing is down to just $920 million. Current portion of loan to be repaid over the next twelve months at $920 million, bringing the total amount of borrowed funds to $1.84 billion. Current liabilities amount to $6 billion and current assets at $17.2 billion resulting in net current assets of $11 billion that includes cash and equivalent of $7.6 billion. The group also has investment securities amounting to $1.7 billion. ICInsider.com projects $2 for the full year giving it a PE of 9 at a stock price of $18 it traded on Tuesday on the Main Market of the Jamaica Stock Exchange with earnings of $2.85 per share for the fiscal year 2024, making it a solid buy for long term gains.
A total of 15,475,658 shares were traded for $123,996,797 versus 16,146,320 units at $67,828,590 on Monday.
At the close, Barita Investments fell $2.80 to 91.98 after trading 15,982 stocks, Caribbean Cement shed $4 to end at $57.50, with 6,138 stock units crossing the market. Eppley Caribbean Property Fund declined $1.70 in closing at $38.30 after exchanging 560 units, First Rock Real Estate fell 87 cents to $13.55 clearing the market with 7,625 stock units, GraceKennedy dipped $1.60 to $85.40 in trading 31,476 units. Guardian Holdings climbed $28.97 to end at $524.99 with an exchange of 5 shares, Jamaica Broilers increased 50 cents to $28.50 as investors exchanged 538,867 stocks, Kingston Wharves dipped $1.25 to close at $36.25 while exchanging 2,236 shares. Massy Holdings lost $4.99 in closing at $74.01 after trading 301,694 stocks, NCB Financial declined $2 to close at $83 with 193,074 units changing hands, PanJam Investment fell $2.55 in closing at $51.45 after exchanging 13,262 stock units. 
Proven Investments dropped $2.10 to $30, with 4,772 units crossing the market and Scotia Group shed $1 to end at $35 with a transfer of 294,706 shares.
A total of 10,330,282 shares were traded for $28,311,242 compared to 7,558,210 units at $23,889,400 on Monday.
At the close, Access Financial declined $1.69 to $22 in switching ownership of 6,216 shares, Blue Power rallied 26 cents to close at $3.25 with the swapping of 1,234 units, Cargo Handlers shed 35 cents to end at $12.55 as investors exchanged 23 stock units. Dolla Financial dipped 13 cents to $3.20 in trading 670,443 stocks, Elite Diagnostic fell 10 cents to $3.40 and closed with 81,266 stocks trading, Everything Fresh popped 13 cents to $1.70 with a transfer of 67,254 shares. Future Energy Source advanced 12 cents in closing at $5.30, with 381,368 stock units changing hands, Indies Pharma dropped 24 cents to $2.76 in exchanging 10,318 units, ISP Finance lost 20 cents to end at $16 as 7,476 stocks passed through the market. Knutsford Express lost 65 cents to close at $8.05 after 16,546 stock units crossed the market, Lasco Distributors declined 27 cents to $2.73 after trading 618,725 units, Lasco Financial shed 24 cents to end at $2.76 with an exchange of 166,220 shares. Lasco Manufacturing increased 20 cents in closing at $4 after trading 250,375 stock units, Limners and Bards gained 12 cents to close at $2.72 after exchanging 13,265 stocks, Main Event rose 72 cents to $10.35 in an exchange of 28,757 units.
Stationery and Office Supplies climbed 45 cents to end at $17.45 after a transfer of 9,969 shares and tTech climbed 15 cents to $2.95, with 1,200 units crossing the market.
Investors traded 423,395 shares for $3,027,575 versus 592,466 stock units at $3,826,054 on Monday. An average of 21,170 units were traded at $151,379 versus 37,029 shares at $239,128 on Monday, with trading month to date averaging 19,054 shares at $194,606 versus 18,512 units at $205,690 on the previous day. The average trade for October amounts to 29,755 at $358,068.
NCB Financial dipped 45 cents to end at $4.60 in trading 229,220 stocks, One Caribbean Media ended at $3.70 after a transfer of 500 stock units, Prestige Holdings fell 48 cents to $6.02 trading 1,126 shares. Financial advanced $5.58 to $137.60 with an exchange of 4,189 units, Scotiabank dropped $1.95 in closing at $74.05 in an exchange of 1,290 stocks, Trinidad & Tobago NGL shed 31 cents to end at $21.66 in trading 385 stock units. Unilever Caribbean ended at $12.90 after an exchange of 1,000 units and West Indian Tobacco remained at $21.70, with 90 shares crossing the market.
A total of 16,146,320 shares were exchanged for $67,828,590 versus 10,072,258 units at $74,070,561 on Friday.
At the close, Caribbean Cement rallied $4 in closing at $61.50 after exchanging 4,250 shares, Guardian Holdings slumped $22.98 to end at $496.02 with investors transferring 2,971 stock units, Jamaica Broilers shed $1.13 after finishing at $28 trading 34,225 stocks. Jamaica Producers fell $2.78 to close at $17.52 in exchanging 5,328 units, Jamaica Stock Exchange gained 84 cents to close at $16.05 with the swapping of 400 units, JMMB Group declined 80 cents to end at $36.50 with 32,634 stock units changing hands. Massy Holdings dipped $1 to close at $79 in transferring 1,128 stocks, Mayberry Investments dropped $1 to end at $7 with an exchange of 15,815 shares, NCB Financial lost $1 in closing at $85, trading 377,375 units. PanJam Investment shed 50 cents to finish at $54 with the swapping of 366 shares, Portland JSX gained 50 cents to end at $9.50 with 6,612 stocks changing hands, Supreme Ventures dipped 68 cents to $26 as investors switched ownership of 220,329 stock units.
In the preference segment, Jamaica Public Service 9.5% popped $100 in closing at $3,000 with an exchange of 4 shares and 138 Student Living preference share declined $1.07 to close at $49.55 after a transfer of 322 stocks.
A total of 267,098 shares were traded for US$29,031 compared with 39,417 units at US$59,609 on Friday.
At the close, First Rock Real Estate USD share shed 0.89 of a cent to end at 7.1 US cents after investors traded 16,940 shares, Proven Investments declined 1.95 cents in ending at 19 US cents after an exchange of 45,575 units, Sygnus Credit Investments USD share fell 0.92 of one cent to 9.08 US cents with 67,963 stocks crossing the market and Transjamaican Highway popped 0.01 of a cent in closing at 0.94 of one US cent with investors transferring 126,283 stock units.
A total of 7,558,210 shares were traded for $23,889,400, down from 28,794,407 units at $42,886,545 on Friday.
At the close, Access Financial lost 74 cents to end at $23.69, with 1,233 shares crossing the exchange, AMG Packaging dropped 24 cents in closing at $3.16, with 7,218 units crossing the market, Blue Power dipped 31 cents to close at $2.99 after an exchange of 3,903 stocks. CAC 2000 declined 19 cents to $8.30 in trading 675 stock units, Cargo Handlers shed 40 cents to $12.90 after 306 stocks passed through the exchange, Caribbean Cream popped 15 cents to $4 with the swapping of 34 units. Caribbean Flavours fell 18 cents to $1.62 as investors exchanged 13,900 shares. Consolidated Bakeries dipped 30 cents to end at $2.70 in switching ownership of 41,765 stock units, Everything Fresh fell 20 cents in closing at $1.57 with a transfer of 307,508 stock units. Express Catering jumped 71 cents to $5.27 after an exchange of 1,700 units, Future Energy Source rallied 10 cents to $5.18 after 208,772 shares changed hands, Indies Pharma climbed 25 cents to $3 after investors exchanged 37,581 stocks. Iron Rock Insurance declined 43 cents to end at $2.30 with an exchange of 5,588 units, Knutsford Express advanced 62 cents in closing at $8.70, with 57,212 stocks clearing the market, Lasco Distributors rose 27 cents to $3 while exchanging 40,594 shares. Lasco Financial climbed 28 cents in closing at $3 in an exchange of 52,902 stock units, Limners and Bards dropped 12 cents to end at $2.60 in exchanging 31,105 stock units, Main Event slipped 37 cents to $9.63 after a transfer of 59,893 shares. 
MFS Capital Partners shed 13 cents ending at $2.95, with 52,810 stocks passing through the market, Stationery and Office Supplies lost 45 cents to close at $17 after trading 3,891 units and tTech dropped 49 cents to $2.80, with investors swapping 699 stocks.
investors traded 592,466 shares on Monday for $3,826,054 versus 284,719 stock units at $2,391,052 on Friday.
Massy Holdings ended at $4.40 after trading 40,615 stock units, National Enterprises popped 1 cent to $3.26 after a transfer of 441,535 stock units. One Caribbean Media ended at $3.70 with 115 shares changing hands, Republic Financial lost $1.73 to end at $132.02 in switching ownership of 600 units, Scotiabank dropped 65 cents to $76 after exchanging 1,423 stocks. Trinidad & Tobago NGL gained 22 cents in closing at $21.97 with the swapping of 10,449 stocks, Trinidad Cement advanced 3 cents to close at $3.55, with 3,500 units clearing the market, Unilever Caribbean fell 10 cents to $12.90 in an exchange of 7,664 stock units and West Indian Tobacco dropped 9 cents to $21.70, with 4,659 shares crossing the market.
Gross profit margin fell in the first quarter to just 34 percent but rebounded to 37 percent in the second quarter to September this year, similar to what obtained in 2021 and brought the year to date margin to 36 percent compared to 37 percent the previous year, suggesting the company has now restored the margins to 2020 levels.
Following
Other notable price changes during the week include 
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