Pre-tax profit for the year ended September 30, 2021 amounted to $741.05 million relative to the pre-tax loss of $135.44 million booked the previous year. For the September 2021 fourth quarter, pre-tax profit amounted to $79.34 million, down from the $177.34 million posted in 2020.

Tax charge for 2021 amounted to $154.86 million in contrast to a credit of $65.72 million in 2020. For the year ended September 2021, net profit attributable to shareholders rose to $392.94 million, up from the $222.40 million booked in 2020.

For the September fourth quarter, net profit attributable to shareholders totaled $78.45 million, a 40 per cent decline relative to the $131.65 million reported in the prior comparable quarter in 2020.

Jamaican Teas reported a 3 per cent increase in revenues to $2.27 billion, coming from the 2020 booking of $2.20 billion. For the September quarter, revenues amounted to $520.36 million, down from $782.88 million in 2020.

Cost of sales increased by 7 per cent to $1.72 billion, up from $1.61 billion in 2020. There was marked improvement in other income of $163.48 million versus $78.54 million in the prior year.

Managing administrative expenses

Administrative expenses increased by 5 per cent to $245.41 million relative to $228.16 million for 2020. Sales and marketing costs contracted by 29 per cent to $36.82 million, down from the $51.73 million posted in 2020.

For the last quarter, administrative expenses and sales and marketing costs closed at $57.91 million, down from $66.79 million in 2020, and $9.71 million, down from the 2020 booking of $9.91 million, respectively.

Finance cost for the year amounted to $37.71 million relative to $31.75 million reported in 2020, while finance costs for the quarter closed at $11.79 million, up from $7.78 million in 2020. As at September 30, 2021 the company's total assets amounted to $4.08 billion, a 16 per cent increase when compared to the $3.52 billion reported as at September 2020.

This increase was attributable to 34 per cent growth in investment from $1.60 billion in 2020 to $2.14 billion for the period under review.

Commenting on the year's performance, the management of Jamaican Teas noted, “In response to the continued uncertainties management continues to adopt several measures, specifically around financial risk management. Some of these measures include reorganising the investment segment to reduce investment in industries assessed as being sensitive to the pandemic, and diversifying the investment portfolio to invest in listed equities outside of Jamaica across thriving industries.”