Net profit went up 9% to J$44.75 million

Revenues at Caribbean Flavours & Fragrances increased by 19 per cent to J$359.85 million during the half year ended June 30, 2022.

This is up from the J$3301.30 million for the comparable period in 2021. For the June quarter, the Jamaican manufacturing company generated revenues of J$185.69 million, up from J$167.560 million in 2021, representing a one per cent increase year over year.

Cost of sales also increased for the period under review to J$244.06 million compares to J$205.53 million in 2021, representing an increase of 19 per cent year over year. Consequently, gross profit rose to J$115.79 million, up from J$95.77 million booked in 2021.

For the June quarter, gross profit closed at J$58.96 million, up from J$51.25 million in 2021. Caribbean Flavours & Fragrances had a nine per cent year over year increase in total expenses to J$66.16 million, up from J$60.78 million in 2021.

Expenses rising

There was a 32 per cent growth in selling and distribution expenses to J$2.11 million (2021: J$1.60 million). Administrative expense climbed to J$64.05 million versus the prior year’s corresponding total of J$59.18 million.

Consequently, profit from operations declined to J$49.63 million versus J$34.99 million booked in 2021. For the June quarter, there was a 31 per cent increase from J$20.95 million in 2021 to J$27.39 million for the half year under review.

The company reported a 90 per cent decline in net finance income from J$11.24 million in 2021 to J$1.12 million in for the period ended June 30, 2022. Following taxation of J$6 million (2021: J$5 million), net profit for the period amounted to J$44.75 million representing a nine per cent increase from the figure of $41.23 million in 2021.

For the quarter, net profit inched up from J$224.29 million in 2021 to J$24.35 million got the half year ended June 30, 2022. Caribbean Flavours & Fragrances, as at June 30, 2022, recorded total assets of J$771.55 million, an increase of 14% when compared to J$6675 million for the prior year.

This increase was as a result of increases in ‘Inventories’ which closed at J$214.88 million (2021: J$153.70 million). Total Stockholders’ equity closed at J$569.38 million, an improvement of seven per cent from J$531.23 million last year.

This resulted in a book value per share of J$0.63 compared to a book value of J$0.59 for the last year.