Tropical Battery’s Q1 earnings soar Loop Jamaica

The content originally appeared on: Jamaica News Loop News

Vehicle battery brand Tropical Battery Ltd made $72.2 million for its first quarter in December 2023, which is two-thirds higher than the previous year.

Executives said that they expect further growth in the 2024 financial year.

“This quarter has seen a surge in revenue and an enhanced cash position, coupled with targeted capital investments that promise long-term benefits,” said management.

Revenue grew in the quarter by 24 per cent to $809.1 million compared to $649.4 million a year before.

Shareholders’ capital increased in the year to $1.16 billion from $1.05 billion a year before enhanced profitability.

“This quarter has seen a surge in revenue and an enhanced cash position, coupled with targeted capital investments that promise long-term benefits,” said management.

Tropical Battery’s use of external financing has been instrumental in strengthening its capital base, management said.

Its long-term liabilities at $535 million are at slightly less than half of its capital. But that load declined year-on-year from $583 million in the 2022 financial year.

On April 1, 2023, the group acquired a 51 per cent stake in Kaya Energy Group for a total purchase price of approximately US$449,300. Kaya Energy Group is active in the field of solar renewable energy projects in the Dominican Republic and is currently working on five solar projects, which are estimated to be worth millions of dollars.

“Our strategic alliances have secured over US$4 million in …. projects, solidifying our stance in the energy sector. Integrating the Dominican Republic base, Kaya Energy, into our operations enhances our energy market offerings, while our partnerships with industry leaders bolster our supply chain,” said management.