Expansion by acquisition helped push net profit up a robust 66 percent in the third quarter for the Junior Market listed Mailpac, with the bottom line coming in at $114 million from $69 million in 2023. Nine months profits nevertheless declined by 10 percent to $183 million from $203 million in 2023, with revenues climbing a sharp 83 percent in the latest quarter to $732 million from $400 million in the prior year and 43 percent from $1.2 billion for the Nine months to September 2023 to $1.72 billion to September 2024.
Cost of sales jumped 81 percent to $363.7 million in the 2024 third quarter from $200.8 million in 2023 and increased 46.2 percent to $895.5 million from $612.6 million for the nine months to September 2023.
Gross profit climbed 84.7 percent to $368.4 from $199.5 in the September quarter and increased 40 percent to $829 million in 2024 from $592 million for the nine months to September. Gross profit margin improved to 50.3 percent from 49.8 percent in the 2024 third quarter versus 2023 and 48.1 percent for the 2024 year to date from 49.1 percent in 2023.
Selling and Promotion Expenses for the nine months to September 2024 increased by 37 percent to $62.6 million versus $45.7 million to September 2023. For the September quarter, promotional expenses jumped 68.6 percent to $24 million from $14 million in 2023.
Administrative and General Expenses increased 71.3 percent for the nine months to September 2024 to $513 million compared with 2023 at $299 million and for the quarter it climbed 95 percent to $200 million from $103 million in 2023.
Profit before finance costs for the nine months ending September 2024 increased just 2.8 percent to $254 million from $247 million in 2023 and jumped 75 percent to $144 million from $83 million in 2023.
Finance costs jumped 59.5 percent to $71.8 million for the year to September 2024 from $45 million in 2023 and climbed 116 percent to $30 million from $14 million in 2023.
Cash Position rose to $254 million at the end of September 2024 compared to September 2023 at $138 million, helped by inflows from operations of $229 million before dividend payment of $67 million, working and other capital needs. $56 million was added to the $199 million on hand at the end of 2023.
Shareholder’s Equity ended September 2024 at $807.6 million, up from September 2023 of $505.8 million. Equity includes $137 million relating to the acquisition of MyCart Express to be converted to shares as compensation for the acquisition of that operation. The exact conversion will be dependent on the performance of the acquired portfolio, up to March 2025.
Earnings per share for the latest quarter comes in at 5 cents, up from 3 cents last year and 7 cents for the nine months to September 2024 compared with 8 cents in 2023. Importantly, the acquisition and some changes to operations that contributed to increased profit are set to deliver higher profits in the future, accordingly, ICInsider.com projects 2024 earnings at 20 cents per share and 30 cents for 2025 and the company’s management seems optimistic about the immediate future.
“The performance of the third quarter has already started to show the expected results from the investments outlined in previous quarters. To date, we have been able to drive seamless integration of MyCart Express, the newly reorganized management team, and implement technological improvements to cut costs and drive innovation. As we continue to assess the strengths and competencies of the newly formed team and infrastructure, we anticipate significant synergistic benefits, enhanced revenue streams, operational efficiencies and increased shareholder value to result from emerging strategies. We are confident that the Company is strategically positioned for continued growth, industry leadership and sustained success in the evolving e-commerce landscape,” the Directors’ report to shareholders stated.
The market closed with an exchange of 3,460,585 shares for $8,913,356 down from 11,955,696 units at $25,250,753 on Monday.
At the close, Access Financial dropped $1.24 to close at $21.41 with investors dealing in a mere 76 stock units, AMG Packaging shed 24 cents to close at $2.71 in an exchange of 1,265 shares, CAC 2000 declined 68 cents to end at $3.83 with traders dealing in 526 units. Caribbean Flavours lost 10 cents in closing at $1.60, with 2,000 stocks crossing the market, Consolidated Bakeries increased 11 cents and ended at $2.21 with investors trading 2,000 shares, Dolphin Cove skidded 32 cents to $18 and closed with an exchange of 7,149 units. Elite Diagnostic sank 12 cents in closing at $1.69 after a transfer of 19,333 stocks, Everything Fresh dipped 18 cents and ended at $1.52 in trading 13,655 stock units, Fontana climbed 28 cents to close at $10.60 after 52,304 shares passed through the market. Honey Bun rose 19 cents to end at $6.69 with investors transferring 768 stocks, Indies Pharma fell 8 cents in closing at $2.60 in an exchange of 292,036 units, ISP Finance dropped $6.33 to $25.02 with 16 stock units clearing the market. Jamaican Teas rallied 9 cents and ended at $2.58 with a transfer of 111,114 shares, 
Lasco Distributors fell 22 cents to close at $3.76 after an exchange of 86,350 stock units, Lasco Manufacturing popped 14 cents to end at $5 after trading 166,322 stocks. Limners and Bards gained 10 cents in closing at $1.65 with an exchange of 6,102 units, Lumber Depot fell 18 cents to $2.32, with 110,547 shares crossing the market, Mailpac Group advanced 9 cents to end at $2.19 with investors exchanging 86,500 stock units, ahead of the company announcing the acquisition of MyCart Express, a Jamaican based courier service company. Main Event dipped 13 cents to close at $14.79 in switching ownership of 248 stocks, Medical Disposables sank 20 cents and ended at $2.52, with 262 stock units crossing the exchange, Spur Tree Spices shed 8 cents to $2.32 with investors swapping 200,107 shares and Tropical Battery declined 15 cents in closing at $2.55 after exchanging 847,958 units after the company reported a solid 45 percent growth in their first quarter profit.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.