Jamaican Teas Limited (JAMT)

For the year ended September 30, 2017:-

Revenues increased by 19% for the year to total $1.53 billion relative to $1.29 billion the prior year.

• • Revenues from the Local Manufacturing segment closed at approximately $922.38 million relative to $800.17 million in 2016.
  • Retail sales increased 6% to $410.21 million from $394.29 million the previous year.
  • Residential property sales and rental amounted to $191.83 million for the year, 113% higher when compared to $$89.92 million in 2016.
  • The company also reported revenues on Investment which totalled $1.56 million (2016: Nil)

Cost of sales also increased 22% to close at $1.20 billion from $980.95 million the previous year. This resulted in gross profit of $336.97 million, 10% higher than $306.15 million in 2016.

The company reported other income of $93.73 million a 54% increase year over year (2016: $60.70 million). As such Profit before administration and other expenses increased 17% to total $430.70 million (2016: $366.85 million).

Expenses grew year over year as administrative costs rose 35% to close at $160.50 million (2016: $118.99 million). Sales and marketing costs slid 10% to close at $39.64 million relative to $43.91 million. Finance costs for the year declined 34% to $25.59 million compared to $38.67 million in 2016.

The company reported a $30.63 million gain in acquisition of subsidiary relative to Nil in the previous financial year. JAMT reported share of associated company loss of $4.15 million for the year compared to nil in 2016.

Tax charges for the year increased to $28.63 million (2016: $18.77 million), while non-operating expenses was reported at $14.68 million (2016: nil). JAMT reported profit from continuing operations of $188.14 million, an increase of 28% compared to $146.51 million the year prior. The company booked a loss from discontinued operations which amounted to $1.90 million (2016: $28.57 million). Net profit for the year amounted to $186.24 million compared to $117.93 million booked in 2016.

Profit attributable to shareholders amounted to $191.12 million, 62% higher than the $117.94 million recorded in 2016. Total comprehensive income for the year close at $209.07 million (2016: $152.82 million).

Earnings per share (EPS) for the year totalled $0.28 (2016:$0.17). The number of share used in our calculations amounted to 337,416,730 units. the stock price closed trading on November 15, 2017 at $4.00

Balance sheet at a glance:

As at September 30, 2017, total assets amounted to $1.57 billion, a 26% increase relative to $1.25 billion reported in 2016. This increase in total assets was driven mainly by an increase in investment property of $51.83 million year over year. Fixed Assets also saw a 6% increase to total $308.71 million (2016: $291.23 million).

Shareholder’s equity as at September 30, 2017 stood at $1.06 billion (2016: $878.10 million).  As such the company recorded a book value per share of $1.55 (2015: $1.29).

 

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