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Profit up 35% at Jamaica Producers

Jamaica Producers Group Limited (JP) on Wednesday reported after-tax profit of $2.7 billion for the financial year ended December 31, 2019 – a 35 per cent increase when compared with the previous corresponding period.

Profit after-tax at the Jamaica Producers Group stood at $2.7 billion for 2019.

In its report to shareholders, the group indicated that during the 2019 financial year, total revenues increased by 9 per cent to $21.5 billion. As with 2018, the revenue growth came entirely from improved performance of the existing operations, and was principally related to volume growth from successful execution of sales strategies.

For the period under review, the Logistics and Infrastructure division — which comprises Kingston Wharves Limited and JP Shipping Services Limited – achieved revenues of $8.8 billion, seven per cent more than the prior corresponding period.

The Logistics division grew seven per cent as Kingston Wharves Limited and JP Shipping Services Limited achieved revenues of $8.8 billion.

JP’s Food and Drink division earned revenues of $12.6 billion, an increase of 11 per cent when compared with the previous corresponding period. This growth was mainly attributed to the solid results of its European juice business, supported by improvements in its production capabilities with the launch of a new high-speed bottling line, and new juice extraction and high-pressure processing line.

The division has production facilities in Europe and the Caribbean and operates a distribution centre.

In addition, total assets grew by 10 per cent to $38.6 billion while non-current assets grew six per cent to $27.6 billion.

JP shareholders’ earnings grew by 48 per cent to $1.2 billion. This represents a return on average stockholders’ equity of 9.3 per cent and earnings per share of 115.22 after exclusion of units held by the group’s employee share ownership plan.

–Abbion Robinson