Tropical Battery Company Limited reported revenues of J$506 million for its fourth quarter ended September 30. The unaudited results are 2.6 per cent higher than its results for the similar period last year.
The achievement was described as an “all-time high” by management which also said it was the company’s first time over the J$500 million mark in a quarter.
Gross profit percentage for Q4 came in at 31.8 per cent of revenue.
Administration, marketing and selling expenses for Q4 were up 10.8 per cent to J$123 million year over year.
Management said this was mainly due to new COVID-19 related expenses and one-time IPO related expenses.
“…we will be focusing on creating shareholder’s value through acquisitions and partnerships of aligned profitable companies in Jamaica and across the Caribbean region.”– Tropical Batter
Profits before tax were up 31.8 per cent compared to the prior year to $24.5 million. Net profit per share was $0.02 for Q4, versus $0.01 prior year.
For the fiscal year, revenue for the company came in at of $1.9 billion or 7.2 per cent above 2019.
Gross profit percentage was 31.3 per cent, which was 1.1-percentage point above prior year.
For the fiscal year, administration, marketing and selling expenses were up 10.5 per cent compared to the prior year.
Management said this reflects the net effect of efficiency improvements and additional expenses from COVID-19.
Net profit per share improved to $0.06 per share versus $0.05 per share for financial year.
Management stated that following the successful completion of the IPO the company has broadened the ownership base that includes a significant portion of staff, “which augurs well towards achieving alignment as we pursue our strategic goals.”
Total Equity was up 41.9 per cent moving from $547 million at the end of fiscal year 2019 to $776 million as at September 30, 2020.
The increase was driven mainly through increases in retained earnings and cash received from the initial public offering.
Total assets remained relatively flat at $1.3 billion, as reductions in current assets were offset by capital expenditure associated with the company’s new warehouse.
Total liabilities declined by 32.6 per cent moving from $808 million as at the fiscal yearend 2019 to $545 million as that September 30, 2020.
Management concluded, “As a part of our Strategic 2021 Growth Plan, we will be focusing on creating shareholder’s value through acquisitions and partnerships of aligned profitable companies in Jamaica and across the Caribbean region.
To this end, we have entered into discussions with several key partners to assist in identifying suitable acquisition targets.”