Total comprehensive income almost doubled at J$80.40 million
Jamaican listed company, AMG Packaging & Paper Company Limited has seen a small decline in expenses but a surge in net profits for the year-to-date.
The company reported a one per cent decline in total expenses for the nine months ended May 31, 2022 to J$105.01 million, down from J$105.91 million booked in 2021. The decrease was attributed to a seven per cent increase in administrative expenses to J$69.30 million from J$64.54 million in 2021.
Consequently, profit before tax for the period under review rose by 95 per cent to J$93.89 million, up from the J$48.59 million posted in 2021. Pre-tax profit before tax for the May quarter totalled J$27.55 million, which increased by 13 per cent relative to J$24.33 million booked for the corresponding quarter of 2021.
AMG Packaging incurred tax expense of J$13.49 million for the nine months relative to J$6.01 million for the corresponding period of 2021. Net profit amounted to J$80.40 million, an 89 per cent increase above the J$42.59 million recorded for the corresponding period in the prior year.
Net profit for the third quarter amounted to J$27.55 million versus J$21.30 million booked for the comparable period in 2021, a 29 per cent increase. As such, total comprehensive income for the nine months ended May 2022 closed at $80.40 million relative to an income of $42.59 million in 2021.
45% rise in revenue to J$738.38 million
Turning to the revenue out-turn for the combined three quarters, this showed a 45 per cent increase to $738.38 million, up from J$508.89 million in 2021. Revenue for the May quarter increased by 48 per cent to J$251.57 million relative to J$170.49 million in 2021.
Cost of Inventories increased by 55 per cent for the period to J$415.17 million (2021: J$267.69 million). In addition, direct expenses increased by 37 per cent to J$124.59 million (2021: J$91.05 million).
Depreciation saw an increase of 18 per cent to J$21.63 million compared to J$18.38 million for the comparable period in 2021. Directors Fees increased to J$8.72 million and Disposal of fixed assets was nil for the year ended May 2022 (2021: J$3.97 million).
Additionally, financial expenses declined by 15 per cent to J$5.26 million from J$6.20 million booked in 2021. Total expenses for the quarter increased five per cent to close at J$36.10 million (2021: J$34.42 million).
The company, as at May 31, 2022, recorded total assets of J$978.47 million (2021: J$812.25 million). Notably, ‘Cash & Cash Equivalents’ as at May 31, 2022 amounted to J$151.20 million (2021:J$143.07 million).
‘Property, Plant and Equipment’ increased to J$491.30 million (2021: J$361.53 million). Total Stockholders’ equity as at May 31, 2022, closed at J$688.35 million (2021: J$591.31 million); this resulted in a book value of J$1.34 (2021: J$1.16).