Posts half yearly net profits of J$37.51 million

Durrant Pate/Contributor

Buoyed by the resurgence in tourism, food distribution company, Everything Fresh has reversed its net loss of J$23.93 million incurred during the half year of 2021.

The company has chalked up a net profit of J$37.51 million with no taxes incurred during the period in review or the prior period of June 2021. However, for the June quarter, profit before taxation amounted to J$30.32 million versus profit before tax of J$3.67 million booked in the same period last year.

Net profit for the June quarter totalled J$30.32 million relative to J$3.67 million recorded for the prior year’s quarter. For the six months ended June 30, 2022 total revenues grew by 116 per cent to J$1.27 billion, up from J$584.82 million in 2021.

For the June quarter, revenues amounted to J$731.20 million, representing 88 per cent more than the J$389.24 million reported for 2021’s quarter. Everything Fresh states that this growth “was mainly due to the resurgence in the tourism sector in both Jamaica and Bahamas when compared to the previous year”.

121% increase in Cost of Sales

Cost of Sales for the half year rose by 121 per cent to J$1 billion relative to the J$455.01 million booked the corresponding period in 2021. As such, gross profit for the half year amounted to J$257.63 million, a 98 per cent increase from the J$129.80 million reported in 2021.

Gross profit for the June quarter amounted to J$149.62 million, relative to the J$85.34 million booked in prior quarter. The company reported other operating income of J$2.73 million for the period, 14 per cent less than the J$3.16 million for the corresponding period.

Total operating expenses rose by 40 per cent for the six months ended June 30, 2022 to total J$204.03 million compared to J$146.25 million booked for the corresponding period in 2021. Of this, administrative expenses rose to J$194.26 million (2021: J$138.57 million), while selling and promotion expenses advanced to J$9.78 million (2021: J$7.68 million).

The company reported finance cost of J$18.81 million, 77 per cent more than the J$10.65 million reported in 2021. As at June 30, 2022, total assets amounted to J$1.06 billion, 20 per cent more than last year’s J$888.02 million in 2021.

Balance sheet highlights

This was attributed to an increase in ‘Inventories’ totalling J$391.65 million (2021: J$221.33 million). However, this was tempered with by a downward movement in ‘Cash and Cash Equivalents’ which amounted to J$32.29 million (2021: J$68.34 million).

Shareholder’s Equity grew by six per cent for six months period, totalling J$353.38 million compared to the previous year’s total of J$333.60 million; this resulted in a book value per share of approximately J$0.45 relative to J$0.43 in 2021