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PTL reports 7% increase in year end net profit

Date: July 30, 2019

Paramount Trading (Jamaica) Limited recorded a 14% increase in total revenues to $1.60 billion from $1.40 billion reported in 2018.  This resulted mainly from a $151.94 million increase in the manufacturing segment which closed at $193.74 million.  The chemicals segment, which accounted for 57% of revenue, recorded a 7% increase to close at $908.82 million (2018: $847.38 million). Segment operations are as follows:

  • Chemicals – $908.82 million (2018: $847.38 million), up 7%.
  • Manufacturing – $193.74 million (2018: $179.93 million), up 8%.
  • Lubricants – $288.44 million (2018: $176.64 million), up 63%.
  • Construction & Adhesives – $159.10 million (2018: $151.51 million), up 5%.
  • Transport – $45.55 million (2018: $42.94 million), up 6%.

Direct expenses closed the period at $1.10 billion, an increase of approximately $121.73 million relative to the $972.06 million booked a year ago.  Despite the growth in direct expenses, gross profit grew by approximately 18% to $501.86 million (2018: $426.35 million). For the quarter, gross profit closed at $165.07 million (2018: $125.92 million).

Other operating income amounted $8.03 million for the year, a rise of 40% compared to $5.75 million booked for the previous year’s corresponding period. While, for the quarter, other operating income totalled $4.99 million (2018: $1.55 million).

Administrative expenses climbed 24% to $401.76 million, up from the $323.03 million recorded for 2018. This resulted mainly from an increase in admin expenses to $401.76 million (2018: $323.03 million). Selling and distribution expenses declined to $19.95 million (2018: $29.73 million).

Operating profit closed the year end at $88.19 million versus $79.34 million booked in the same comparable period. While for the quarter, operating profit totalled $37.77 million (2018: $9.81 million).

Finance income amounted to $1.64 million, up 71% when compared to the $959,950 reported for the prior year, while finance costs grew 7% to total $14.20 million (2018: $13.25 million).

Pre-tax profit for the year totalled $75.62 million, 13% more than the $67.04 million reported in fourth quarter of 2018. Taxes were charged for the year in the amount of $12.98 million relative to $8.40 million in 2018. As such, Net profit attributable to shareholders totalled $62.64 million, an increase of 7% (2018: $58.64 million). Net profit attributable to shareholders for the fourth quarter amounted to $17.12 million compared to net loss attributable to shareholders of $7.84 million documented in the prior corresponding quarter.

Earnings per share for the year totalled $0.041 (2018: $0.038), while EPS for the fourth quarter totalled $0.01 versus LPS of $0.01 booked in the similar quarter last year. The number of shares used in our calculations is 1,542,467,080 units. PTL closed the trading period at $2.40 on July 30, 2019.

Balance Sheet Highlights:

As at May 31, 2019, the company’s assets totalled $1.58 billion, $350.61 million more than the $1.23 billion quoted a year ago. The main contributor to this growth was the increase in Property Plant and Equipment which closed at $360.29 million relative to $263.60 million a year ago. In addition, Investments contributed to the increase closing at $251.45 million (2018: $57.88 million). Inventories as at May 31, 2019 amounted to $547.91 million, a 10% growth relative to the $500.02 million recorded in 2018.

Shareholder’s equity as at May 31, 2019 stood at $741.37 million (2018: $740.43 million) resulting in a book value per share of $0.481 (2018: $0.480).

Disclaimer:

Analyst Certification -This research report is for information purposes only and should not be construed as a recommendation. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

2019-07-30T22:45:58-05:00