Durrant Pate/ Contributor
Consolidated Bakeries (Jamaica), which trades under the brand, Purity is maintaining its strong growth trajectory based on its latest quarterly performance for March.
During the first quarter under review Purity recorded a J$79.90 million increase in revenue, which moved from $378.08 million in 2022 to J$457.99 million. Cost of sales grew accordingly, rising by 22 per cent to J$285.52 million (2022: J$233.71 million).
Total expenses grew by 16 per cent to J$147.35 million (2022: J$126.50 million). Of total expenses, selling expense grew by 41 per cent to J$65.03 million (2022: J$46.08 million).
Consequently, first quarter gross profit grew to J$172.47 million from J$144.38 million in 2022. Operating profit for the period was J$25.11 million, relative to J$17.88 million reported in the first quarter of 2022.
Finance costs amounted to J$4.09 million (2022: J$2.38 million). Purity’s net profit rose by 22 per cent to J$20.05 million (2022: J$16.46 million).
Purity’s earnings per share (EPS) for the quarter came out at J$0.09 compared to J$0.07 in 2022. Purity’s stock last traded yesterday at J$2.03, corresponding with a P/E ratio of 25.88x.
As at March 31, 2023, Purity had total assets of J$1.25 billion (2022: J$1.10 billion). The increase was mainly due to a rise in trade receivables which closed at J$246.82 million (2022: J$184.17 million).
Shareholders’ equity at the end of the first quarter stood at J$717.35 million (2022: J$697.76 million). As a result, Purity recorded a book value per share of J$3.22 (2022: J$3.13).