Tropical Battery’s profit hits new high
Tropical Battery’s profit grew to a new high, as it minimised the impact of COVID-19 measures on its earnings, recently published financial statements indicate.
The company, which recently listed on the Jamaica Stock Exchange, recorded a profit of $73 million over six months, up from $63 million in the prior year.
“The work from home and social distancing procedures implemented to slow the spread of COVID-19, could have had a more severe impact on Tropical Battery’s distribution. However, due to recent innovations and upgrades to our distribution strategy in recent years, the company was able to minimize the effect of less consumer traffic,” it was outlined in a statement accompanying the financial result.
The company will look to acquire new entities as a part of its 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,” said the company.
Six months revenue came in at $1.9 billion or 7.2 per cent above last year. Gross profit percentage was 31.3 per cent or 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 reflecting 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 the financial year 2019.