Business
JAM | Aug 10, 2022

Purity reverses half-year losses as at June 2022

/ Our Today

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CEO of Consolidated Bakeries, owners of the Purity brand, Anthony Chang. (Photo: Facebook @MissBirdieJamaica)

Durrant Pate/Contributor

Consolidated Bakeries (Jamaica), which trades under the name Purity, has reversed its half-yearly losses in 2021 to post a net profit of J$29.92 million for the half-year period ended June 30, 2022.

This is up from the loss of J$5.42 million in the corresponding period in 2021. Net profit during the June quarter amounted to J$13.46 million relative compared to the net loss of J$14.42 million reported in 2021.

Based on current earnings, Purity earnings per share have been calculated at J$0.13 compared to a loss-per-share of J$0.02 reported in 2021. For the six months ended June 30, 2022, Purity grew its revenues by J$187.7 million from J$532.33 million in 2021 to $720 million for the half year in review.

This 35 per cent growth in revenues led to a rise in Purity’s gross profit, which went up to J$289.32 million from J$207.50 million in 2021. Gross profit for the second quarter rose by 57 per cent to end at J$144.94 million (2021: J$92.12 million).

Cost of sales rising, expenses too…

‘Cost of Sales’ rose by 33 per cent to J$430.69 million (2021: J$324.83 million).

During the second quarter, Purity reported revenue of J$341.92 million (2021: J$241.37 million). ‘Cost of Sales’ rose by 32 per cent to J$196.98 million relative to the J$149.25 million reported a year prior. Total expenses also grew, rising by 22 per cent to J$251.66 million (2021: J$206.60 million).

Of total expenses, ‘administrative & selling expenses’ grew by 19 per cent and 30 per cent respectively to J$137.88 million (2021: J$117.34 million) and J$96.55 million (2021: J$74.26 million). Operating profit for the period was of J$37.66 million, relative to operating loss of J$125,668 reported in 2021.

‘Finance Costs’ reported were J$9.44 million (2021: J$6.33 million). For the half-year period, Purity had total assets of J$1.07 billion (2021: J$1.02 billion). 

‘Trade receivables’ closed at J$104.79 million (2021: J$115.07 million) while ‘Inventories’ amounted to J$81.37 million (2021: J$41.28 million). Shareholders’ equity amounted to J$708.57 million (2021: J$689.36 million).

As a result, the company now has a book value per share of J$3.18 (2021: J$3.10). 

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