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Jamaica Producers Group Reporting Reduced Profits & EPS For 2017

Jamaica Producers Group Reporting Reduced Profits & EPS For 2017

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The Jamaica Producers Group is reporting for the year ended December 31, 2017, consolidated revenues of JA$16.2 billion, generating JA$662 million of net profit attributable to shareholders.

This was however lower than the prior year profits, as the 2016 result included gains related both to the acquisition of Kingston Wharves Limited for JA$2.9 billion and the divestment of the Group’s holdings in Mavis Bank Coffee Factory Limited for JA$650 million.

Commenting on the results, Chairman Charles Johnston, reported that the performance of the Logistics & Infrastructure Division, which is the Group’s largest division by assets, was in line with the strong performance of Kingston Wharves, where the major share of the Group’s profit during the year was earned.

This Division generated profit before finance cost and taxation of JA$2.2 billion in 2017 on revenues of $7.3 billion, a significant increase of 85% on the prior year.

In relation to the JP Food & Drink Division, which is the largest contributor to the revenues of the Group, the division earned 2017 profit before finance cost and taxation of JA$278 million compared to the prior year result of JA$31 million.

At the end of the year, the Group had shareholders’ equity of JA$11.3 billion, reflecting an increase of 8% relative to the equity of the Group at the beginning of the year, and closing with earnings per share of 59¢ cents substantially down from the JA$3.51 for 2016.

To view Jamaica Producers Group Limited Audited Financial Statements for the Year Ended December 31, 2017 click HERE