LJ Williams reports 12.7% earnings increase

Business

3 Hrs Ago

For the first quarter of the 2024 financial year, the LJ Williams Ltd Group – comprising its distribution division, food and allied, hardware, shipping and brokerage service, manufacturing, supplier and installer of commercial glazing and composite panels and the Home Store – earned $38.93 million.

This is compared to the $34.55 million earned for the same comparative period last financial year.

Chairman Krishna Bahadoorsingh said in his chairman’s review the group’s food and allied division continues to improve, with sales increasing by six per cent over the same period last year.

He said, “However, we are seeing a softening in our distribution business as the impact of supplier price increases start to be felt.”

The group’s shipping division, he said, also saw improvement as the company’s restructing of the sector led to improved sales and profitability.

Bahadoorsingh added, “The first quarter is normally a slow period for the Home Store and this quarter sales have been helped by our new Trincity branch. Profit was impacted by the lower margins we took to clear inventory.”

He said higher International Financial Reporting Standards or IFRS 16 costs also affect profitability, though non-cash.

The Home Store Guyana branch also reported its first quarter results and is performing as expected.

“We are experiencing a slowing economy. However, the resilience and strength of our brands will ensure growth and profitability for the financial year 2024.”