Healthy climb in profit at Wisynco

Profit jumped 21 percent at Wisynco Group to a record $4.9 billion for the year to June, this year after corporation tax, over the 2022 earnings, resulting in earnings per share of $1.31 from sales revenues that climbed 20 percent to $58.45 billion up from $48.7 billion in 2022 but after investment and other income of $697 million compared with $453 million in the prior year.

Wisynco Group’s profit rose 21% for the 2023 fiscal year.

The profit margin improved during the year, with cost of sales dropping from 66 to 65 percent, with gross profit rising faster than sales, up 27 percent to $16.9 billion from $13.25 billion.
Loss at JP Snacks, an associate, worsened during the year with a modest 4 percent rise in revenues moving from $1.65 billion to $1.72 billion, with the loss jumping from $94 million to $194 million. Wisynco wrote down their investment due to impairment by $105 million during the year.
Administrative expenses jumped 25 percent to $1.8 billion from $1.4 billion. Sales and distribution expenses increased 29 percent to $9.2 billion from $7 billion. Staff cost climbed well ahead of inflation by nearly 25 percent to $6.33 billion, with wages up 23 percent to $5 billion. Finance cost declined to $131 million from $149 million in 2023. Depreciation rose 22 percent to $1.09 billion.
The operations generated Gross cash flow of $7.6 billion, but growth in working, addition to fixed assets offset by loan inflows and increased payables and dividend payment of $1.6 billion during the year, up from $1.5 billion in 2022, resulted in net inflows of $3.5 billion of which $1.17 billion was used to purchase investments.
Addition to fixed assets absorbed $2.4 billion during the year and includes work in progress of $1.4 billion. In 2022, addition to fixed assets was $637 million as the group increased investments in plant and machinery to expand its operation, which William Mahfood advises is targeted to expand factory and warehouse space by 60 percent to meet growing demand locally and overseas for its products.
Current assets climbed from $17.8 billion to $22.8 billion, including trade and other receivables of $5.45 billion cash and bank balances of $11.2 billion. Current liabilities ended at $8.3 billion versus $7.3 billion in 2022. Net current assets stood at $14.58 billion, up from $10.5 billion in June 2022.
At the end of June, shareholders’ equity climbed to $21 billion from $17.8 billion in 2022, long term borrowings stood at $3 billion, up from $747 million in 2022 and short term loans at $1.1 billion, up from $822 million. 2022.
Going forward, the group is set to acquire the distributorship of additional products during the year, in addition to the expansion now being undertaken to meet ongoing demand.
IC Insider.com computation projects earnings of $1.80 per share for the fiscal year ending June 2024, with a PE of just over 10 times current year’s earnings based on the price of $17 the stocks traded on Thursday morning on the Jamaica Stock Exchange Main Market.
Net asset value ended the period at $5.63, with the stock selling at 3 times book value.
The stock is one for the future. Investors may not see any notable price movement from the current level in the short term, but with the expansion now on the way and new products to be distributed, a successful future seems assured and the stock price will grow appreciably into the future.

JP sells 30% of JP Snacks to Wisynco

Jamaica Producers former HQ

Jamaica Producers Group and Wisynco Group entered into an agreement that see the transfer 30 percent of the shares in JP Snacks Caribbean (‘JP Snacks’) to Wisynco Group.
JP Snacks Caribbean is a holding company that will own the “JP St. Mary’s” brand and JP’s tropical snack manufacturing operations in which JP will hold the remaining 70 percent of the shares.
“The goal of the partnership is to bring to consumers in Jamaica and internationally, a wide range of innovative Caribbean snacks and tropical foods. Wisynco will bring to the partnership, their expertise in marketing,

Wisynco Group

manufacturing and importantly, their best in class distribution network. The transaction values JP Snacks at $2.4 billion and sees Wisynco investing $720 million for a 30 percent interest, a release from both companies stated.
The release further stated that “the business will seek to strengthen distribution in existing markets in the USA, Canada, the Caribbean, the UK and Central America, in addition to seeking new markets. JP St. Mary’s snacks will continue to be the flagship product line of JP Snacks through its banana, plantain, cassava and breadfruit chips, as well as similar product lines for the Spanish language markets.
Jamaica Producers Group is a Jamaican-owned multinational, with its primary businesses infood and logistics. JP owns and operates the market leading fresh juice manufacturer, supplying

Jamaica Producers to introduce a new line of banana chips.

Holland, Belgium, Scandinavia and other markets in Northern Europe. Through its Tortuga International subsidiary, JP Group operates a Jamaica- based bakery that supplies Tortuga Rum Cake to over 15 countries. JP Group’s logistics interests include Kingston Wharves, the regional multi-purpose port and JP Shipping Services based in the UK. JP also owns JP Farms, Jamaica’s leading banana farm, which is the largest private sector employer in St. Mary, Jamaica.
Wisynco is the maker of WATA, CranWATA, BOOM Energy Drink and BIGGA soft drinks. In addition to its owned brands, Wisynco is the exclusive local bottler for the Coca- Cola Company, as well as third-party beverage brands such as Squeezz and Hawaiian Punch and also distributes portfolios for Red Bull, Tru Juice & Freshhh, Dr. Pepper, Worthy Park Estate, Kellogg’s, General Mills, Nestle and others.

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