Jamaican Teas has seen its net profit climb but shareholder profit contract by 75% during the half-year ended March 31.

Net profit for the period under review went up by 69% to reach J$81.11 million, coming from J$48.07 million for the same period last year. However, profit attributable to shareholders during the half-year amounted to J$21.67 million, representing a reduction of 75% when compared to the $86.20 million reported in 2023.

For the March second quarter, loss attributable to shareholders was J$18.99 million, coming from a profit of J$58.63 million for the same period last year.

Earnings per share (EPS) for the six months amounted to J$0.01 (2023: J$0.04), while loss per share (LPS) for the quarter totalled $0.01 (2023: EPS of $0.03). Notably, JAMT’s stock price closed last week at J$2.48 with a corresponding P/E ratio of 32.93x.

Modest jump in revenues

For the six months period operating revenues went to J$1.64 billion compared to J$1.33 billion in the corresponding period last year. Operating revenues for the second quarter went up 20% to close at J$800.19 million compared to J$665.51 million for the comparable quarter of 2023.

Cost of sales amounted to J$1.32 billion (2023: J$1.03 billion), representing an increase of 28% year over year. Other income increased by 56% to J$1.99 million (2023: J$1.28 million).

Sales & marketing costs increased by 12%, moving from J$25.16 million in 2023 to J$28.21 million in 2024. Administrative expenses for the period under review amounted to J$203.83 million, a 20% increase relative to J$170.10 million reported in 2023.

Finance costs for the period came out at J$37.15 million, a 22% increase relative to theJ$30.41 million reported in 2023. Tax charges for the six months amounted to J$57.74 million relative to tax credit of J$34.61 million reported in 2023.

Tax charges for the second quarter amounted to J$41.90 million (2023: tax credit of J$20.26 million).

The company’s assets totalled J$5.51 billion (2023: J$4.86 billion); a 13% rise year-over-year due largely to a 374% uptick in cash and short-term investments.

Shareholder’s equity was J$3.10 billion (2023: J$2.75 billion), representing a book value per share of J$1.43 (2023: J$1.27).