The wonderful aroma of increased profit brewed by Salada Foods ended with an impressive 43 percent jump in earnings in the March quarter, to $68 million from $48 million in 2023. For the six months to March, profit rose by a more sedate but still impressive 31 percent to $99 million from $75 million in 2023.
The latest results follow a moderate rise in profits in 2022 and 2023 and a 42 percent jump in 2021.
Contributing to the gains in profits was an 8 percent rise in sales revenues for the quarter, to $427 million from $394 million and a 6 percent pop for the year to date, to $727 million from $688 million in 2024.
Gross profit margin slipped to 68 percent from 69 percent in both the second quarter and for the half year, effectively, pushing operating profit 13 percent in the quarter to $138 million from $122 million and 6 percent for the year to date to $229 million from $216 million in 2023.
Increased revenues were not the sole contributor to the solid rise in profits. Administrative expenses fell 11 percent to $36 million in the quarter and slipped two percent in the six months to $74 million. Marketing and sales expenses dropped by a sizeable 29 percent to $17 million for the second quarter and declined by 28 percent for the six months to $32 million. Finance cost jumped to $6 million in the quarter, from $1.4 million in 2023 and from $3.5 million to $7.6 million for the six months.
The operations generated gross cash flows of $189 million after working capital spend and ended with $95 million after paying $62 million in dividends.
Current assets ended the period at $1.2 billion inclusive of trade and other receivables of $305 million, cash, investments and bank balances of $492 million, inventories climbed to $417 million from $374 million at the end of September last year. Current liabilities ended the period at $291 million. Net current assets closed the period at $923 million.
At the end of March, this year, shareholders’ equity amounted to $1.13 billion, with no outstanding loans.
Earnings per share for the quarter was 7 cents and 10 cents for the year to date. IC Insider.com computation projects earnings of 22 cents per share for the fiscal year ending September 2024, with a PE of 16 times the current year’s earnings based on the price of $3.76 the stock traded at on the Jamaica Stock Exchange Main Market. The PE ratio compares with an average of the market of 12.9. Net asset value ended the period at $1.09 with the stock selling at 3.44 times book value.
At the same time the settlement time for trades will be shortened from the day of trading plus two additional business days (T+2) to one business day after trading (T+1). The effect of the change will result in investors entitled to get a settlement on the day immediately after trading.
Trading ended with 141,778 shares changing hands for $1,996,526 down from 208,677 stocks at $2,019,712 on Thursday.
At the close, Agostini’s rose 3 cents to $68.78 after investors traded 16 shares, Angostura Holdings ended at $18.50 after two units changed hands, Ansa McAl popped $1 to close at $59, with 19,841 shares crossing the market. Ansa Merchant Bank remained at $42.50 after a transfer of 5 stocks, Calypso Macro Investment Fund sank 97 cents to end at $23.03 with traders dealing in 450 shares, First Citizens Group rallied 25 cents to finish at $44.75 in an exchange of 5,582 units. FirstCaribbean International Bank ended at $6.93 with investors swapping 3,151 units, GraceKennedy declined 20 cents to $3.75, with 3,361 stocks crossing the exchange, JMMB Group ended at $1.20 in trading 400 shares. Massy Holdings remained at $4.20, with 5,368 stocks crossing the market, National Enterprises ended at $3.65 as investors exchanged 48,079 units, NCB Financial rose 1 cent to $2.70, with 47,430 stock units changing hands.
Point Lisas remained at $3.50 with investors transferring 5 shares, Prestige Holdings shed 5 cents to finish at $12.95 after an exchange of 127 stocks, Republic Financial ended at $117 with a transfer of 1,050 units. Scotiabank climbed 50 cents to end at $66.50 after 430 stocks passed through the market, Trinidad & Tobago NGL dropped 15 cents in closing at $7.50 with investors dealing in 5,304 shares, Trinidad Cement fell 4 cents to end at $2.56, with 170 stock units clearing the market. Unilever Caribbean advanced 25 cents to $12 in switching ownership of 5 stocks and West Indian Tobacco gained $1 and ended at $10 with investors trading 1,002 units.
Trading closed with an exchange of 208,677 shares for $2,019,712 up from 140,346 stocks at $1,083,905 on Wednesday.
At the close, Agostini’s popped 15 cents in closing at $68.75 after 3,985 shares passed through the market, Angostura Holdings rallied 50 cents to $18.50 with traders dealing in 250 stocks, Calypso Macro Investment Fund ended at $24 with 1,184 shares crossing the market. First Citizens Group fell 50 cents to $44.50 with a transfer of 3,780 stocks, FirstCaribbean International Bank rose 3 cents to finish at $6.93, with 900 shares crossing the exchange, GraceKennedy rallied 5 cents and ended at $3.95 after a transfer of 100 units. Guardian Holdings sank 40 cents to $16.50 after 241 stocks changed hands, JMMB Group dipped 8 cents to end at $1.20 in an exchange of 92,750 stock units, Massy Holdings increased 8 cents to close at $4.20 with investors swapping 6,295 shares. National Enterprises climbed 10 cents in closing at $3.65 in an exchange of 71,756 units, NCB Financial fell 1 cent to end at $2.69 and closed after 2,920 stocks were traded, One Caribbean Media slipped 15 cents to finish at $3.55 with an exchange of 1,815 stock units. 
Point Lisas remained at $3.50, with the trading of 25 shares, Prestige Holdings remained at $13 with investors trading 4,020 stock units, Republic Financial lost 50 cents in closing at $117 in switching ownership of 8,254 stock units. Scotiabank advanced 99 cents and ended at $66 with investors dealing in 10 stocks, Trinidad & Tobago NGL rose 5 cents to finish at $7.65 after an exchange of 72 shares, Unilever Caribbean dropped 25 cents to close at $11.75 with investors trading 258 units and West Indian Tobacco ended at $9 after an exchange of 10,062 stocks.
The market closed trading with an exchange of 140,346 stock units for $1,083,905 compared with 682,766 shares at $3,187,606 on Tuesday.
At the close of the market, Agostini’s ended at $68.60 after a transfer of 727 stocks, Angostura Holdings ended at $18 with investors trading 100 stock units, Ansa McAl rose $1 to $58 with investors trading 60 shares. Calypso Macro Investment Fund ended at $24, with 100 stock units crossing the exchange, First Citizens Group jumped $2.99 to close at $45 with traders dealing in 1,746 shares, FirstCaribbean International Bank declined 3 cents to close at $6.90 in an exchange of 117 units. GraceKennedy ended at $3.90 with 7,700 stock s crossing the market, Guardian Holdings sank 1 cent and ended at $16.90 in trading 4,707 stock units, JMMB Group remained at $1.28, with 3,036 shares changing hands. Massy Holdings dropped 7 cents to close at $4.12 as investors exchanged 64,825 stocks, National Enterprises popped 5 cents in closing at $3.55 after a transfer of 409 units, National Flour Mills ended at $2.30 with investors trading just one stock unit. 
One Caribbean Media remained at $3.70 after an exchange of 1,143 shares, Republic Financial climbed 45 cents to close at $117.50 with investors dealing in 302 stock units, Scotiabank shed $4.40 in closing at $65.01 with an exchange of 340 stocks. Trinidad & Tobago NGL rallied 5 cents and ended at $7.60, with 1,050 units crossing the market, Unilever Caribbean lost 20 cents to finish at $12 in an exchange of 1,733 stocks and West Indian Tobacco slipped 1 cent to end at $9 with 52,250 units clearing the market.
The market closed with an exchange of 682,766 shares for $3,187,606 compared with 140,119 stock units at $2,059,518 on Monday.
At the close of the market, Agostini’s dropped 15 cents to finish at $68.60 with investors trading 440 stock units, Ansa McAl ended at $57, with 8,026 shares crossing the exchange, Calypso Macro Investment Fund ended at $24 with investors dealing in 125 stocks. First Citizens Group sank $3.99 in closing at $42.01 in switching ownership of 275 units, GraceKennedy ended at $3.90 with investors swapping 160 stocks, Guardian Holdings advanced 1 cent to close at $16.91 in an exchange of 380 shares. Guardian Media ended at $1.80, with 20,260 stock units crossing the market, JMMB Group rose 2 cents in closing at $1.28 with an exchange of 10,000 units, Massy Holdings ended at $4.19 after investors ended trading of 99,853 shares. National Enterprises remained at $3.50 after 140 units passed through the market, National Flour Mills gained 5 cents to close at $2.30, with 51 stocks changing hands,
NCB Financial ended at $2.70 with investors trading 515,941 stock. Prestige Holdings popped 29 cents to end at $13 with 324 shares being traded, Republic Financial dipped 81 cents to $117.05 as investors traded 3,522 stocks, Scotiabank rallied $4.41 to finish at $69.41 with a transfer of 5,064 units. Trinidad & Tobago NGL increased 5 cents in closing at $7.55 with 17,395 stock units changing hands and Unilever Caribbean climbed 20 cents to end at $12.20 after an exchange of 810 shares.
Trading ended with an exchange of 140,119 shares for $2,059,518 down from 500,062 stock units at $2,826,343 on Friday.
At the close, Angostura Holdings slipped 80 cents to finish at $18 with investors trading 125 shares, First Citizens Group fell 25 cents to end at $46 with an exchange of 20,000 units, FirstCaribbean International Bank rose 3 cents to $6.93 after 4,559 shares were traded. GraceKennedy ended at $3.90 with investors dealing in 3,915 stocks, Guardian Holdings dipped 1 cent to end at $16.90 in switching ownership of 2,711 shares, JMMB Group sank 8 cents to end at $1.26 and closed with an exchange of 5,115 stocks. Massy Holdings popped 18 cents in closing at $4.19 after an exchange of 6,036 units, NCB Financial remained at $2.70, with 850 stock units crossing the market, One Caribbean Media ended at $3.70 after investors closed trading of 1,010 shares.
Point Lisas ended at $3.50 after an exchange of 100 stocks, Prestige Holdings skidded 29 cents to end at $12.71 with a transfer of 1,615 units, Republic Financial lost 13 cents to close at $117.86 following 297 stock units changing hands. Scotiabank dropped $2.50 to $65 in an exchange of 7,480 shares, Trinidad & Tobago NGL shed 25 cents to finish at a 52 weeks’ low of $7.50 with traders dealing in 1,659 stocks, Trinidad Cement rallied 5 cents and ended at $2.60, with 48,852 units crossing the exchange. Unilever Caribbean increased 24 cents to close at $12 with investors transferring 1,211 stock units and West Indian Tobacco rose 1 cent in closing at $9.01, with 34,584 shares crossing the market.
Trading finished with an exchange of 500,062 shares for $2,826,343 up from 149,857 stocks at $1,186,026 on Thursday.
Ansa McAl ended at $57 with investors dealing in 6,847 units, Ansa Merchant Bank declined $2.50 in closing at $42.50 after trading of 1,500 shares, Calypso Macro Investment Fund remained at $24, with 972 stock units changing hands. First Citizens Group lost 26 cents to close at $46.25 with investors trading 1,443 stocks, FirstCaribbean International Bank dipped 3 cents to end at $6.90 after a transfer of 138,923 units, GraceKennedy ended at $3.90 as investors exchanged 73,142 shares. Guardian Holdings fell 9 cents in closing at $16.91 in switching ownership of a mere 8 stocks, JMMB Group popped 4 cents to end at $1.34 after an exchange of 125,155 units, Massy Holdings skidded 18 cents to close at $4.01 with investors trading 15,969 stock units. National Enterprises sank 15 cents to $3.50 with an exchange of 3,240 shares, NCB Financial increased 8 cents and ended at $2.70 after 88,000 units passed through the market, Point Lisas shed 20 cents to finish at $3.50 after an exchange of 210 stocks. 
Prestige Holdings ended at $13 with a transfer of 40 stock units, Republic Financial ended at $117.99 after 763 shares crossed the market, Scotiabank ended at $67.50 in an exchange of 1,570 stock units. Trinidad Cement dipped 5 cents in closing at $2.55 with traders dealing in 3,552 stocks, Unilever Caribbean slipped 24 cents to $11.76, with 2,245 stock units crossing the exchange and West Indian Tobacco slipped 1 cent to end at $9 in trading 35,476 shares.
resulting in declines in the market indices as the volume of stocks traded fell by 42 percent, valued 54 percent less than on Wednesday. 
At the close, Agostini’s shed 15 cents to end at $68.60 with investors trading 100 shares, Angostura Holdings fell $2.96 to $17.04 with an exchange of 2,796 stocks, Ansa McAl remained at $57, with 6,000 units crossing the market. Ansa Merchant Bank ended at $45 in trading 10 stock units, Calypso Macro Investment Fund climbed $1 to finish at $24, with 10 shares passing through the exchange, Endeavour Holdings skidded 1 cent to end at $15 after a transfer of 650 units. First Citizens Group popped 1 cent to $46.51 and closed with an exchange of 2,067 stocks, FirstCaribbean International Bank ended at $6.93 with 30 stock units changing hands, GraceKennedy remained at $3.90 after 15 shares crossed the market. Guardian Holdings ended at $17 after an exchange of 100 stocks, Guardian Media ended at $1.80 with investors transferring 100 units, JMMB Group gained 1 cent to close at $1.30 after an exchange of 100 stock units. 
L.J. Williams B share fell 1 cent to $1.88 in switching ownership of 6 shares, Massy Holdings remained at $4.19 as investors exchanged 31,096 stock units, National Enterprises ended at $3.65 with 181 stocks clearing the market. National Flour Mills rose 25 cents to finish at $2.25 with investors dealing in 5,793 units, NCB Financial rallied 2 cents to close at $2.62 after 79,898 shares changed hands, One Caribbean Media remained at $3.70 with investors trading 56 stocks. Point Lisas ended at $3.70 in an exchange of 150 units, Prestige Holdings increased 40 cents to $13 with investors swapping 40 stock units, 
Republic Financial advanced 99 cents to close at $117.99 with a transfer of 655 shares. Scotiabank rose $1.19 to end at $67.50 after 889 units passed through the market, Trinidad & Tobago NGL closed with traders dealing in 2,674 stocks at $7.75, Trinidad Cement ended at $2.60, with 50 stock units crossing the market. Unilever Caribbean advanced 1 cent to $12 with investors transferring 8,746 shares and West Indian Tobacco popped 1 cent to end at $9.01 and closed after 7,645 stock units changed hands.
The market closed trading with an exchange of 259,085 shares for $2,567,104 compared to 216,912 stock units at $3,237,041 on Tuesday.
At the close, Agostini’s ended at $68.75 with a transfer of 11,548 stock units, Angostura Holdings ended at $20 after an exchange of 50 shares, Ansa Merchant Bank ended at $45 in switching ownership of 310 stocks. Calypso Macro Investment Fund remained at $23 with traders dealing in 978 units, Endeavour Holdings rose 1 cent to $15.01 in an exchange of 820 stocks, First Citizens Group closed trading with 2,489 stock units at $46.50. FirstCaribbean International Bank remained at $6.93 with investors trading 1,165 shares, Guardian Holdings ended at $17 after an exchange of 9,222 stocks, JMMB Group slipped 5 cents to $1.29 after 26,680 shares crossed the exchange. Massy Holdings ended at $4.19 with investors dealing in 13,204 stock units, National Enterprises finished market activity at $3.65 with 10,801 stocks clearing the market, NCB Financial fell 30 cents to end at $2.60 with an exchange of 151,473 units.
One Caribbean Media ended at $3.70, with just 4 stocks crossing the market, Prestige Holdings dropped 40 cents to $12.60 with investors swapping 18 shares, Republic Financial sank $1 to end at a 52 weeks’ low of $117 after a transfer of 4,760 stock units. Scotiabank dipped 69 cents to $66.31, with 2,353 units crossing the market, Trinidad & Tobago NGL lost 21 cents and ended at a 52 weeks’ low of $7.75 as investors exchanged 11,400 stocks, Unilever Caribbean remained at $11.99 after 1,221 units passed through the market and West Indian Tobacco ended at $9 with investors transferring 10,589 shares.