Salada Foods Jamaica Limited (SALF)- Unaudited Q1 Financial Statements
- For its first quarter ending December 31, 2021, SALF reported net profit attributable to shareholders of $41.92Mn, a 219.9% ($28.82Mn) increase relative to the corresponding period last year.
- Bottom-line growth was supported by a higher revenue outturn. Revenues increased by 27.8% or $62.99Mn for Q1 driven by strong domestic and export sales across its range of products. Though direct expenses increased by 16.9%, gross margin improved by 6.3 percentage points as revenue growth outpaced the growth in direct expenses.
- Sales and promotional expenses increased by 32.4% as the company ramped up targeted marketing activities for key consumer groups. Additionally, the company saw a 12.7% increase in admin expenses. Against this background, operating profit for the quarter increased by 162.1% to $43.16Mn from $16.47Mn.
- Net finance income saw a 916.1% increase which was mainly supported by an increase in foreign exchange gains which, also contributed to the company’s bottom line.
- SALF stock price has risen 3.81% since the start of the calendar year. The stock closed Monday’s trading session at $6.86 and currently trades at a P/E of 38.1x earnings, which is above the Main Market Distribution & Manufacturing sector average of 19.1x.
(Sources: JSE and Company Financials)