Jamaica-based AMG Packaging & Paper Company has registered a net income before tax of J$133m ($0.847m) in the 12 months to 31 August 2023, up 8.02% from J$123.13m in financial year 2022 (FY22).

The corrugated box manufacturer reported revenue of J$1.01bn in the 12-month period, up 1.65% from J$995.70m in the prior fiscal year.

During the period, the retailer’s total manufacturing costs declined by 3.29%, from J$722.66m to J$699.67m.

Its total expenses for the year increased by 19.83% to J$179.98m from J$150.20m.

AMG posted a gross profit of J$312.44m in FY23, up by 14.43% from J$273.04m in FY22.

The company, in a statement, said: “For the 2023 financial year, AMG continues on its recovery path, and we are happy with our ability to have reached the one billion [Jamaican] dollars in revenue.

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“Paper roll deliveries have improved, and we can continue to monitor the situation. We look forward to another positive year.”

In the fourth quarter (Q4) ending 31 August 2023, the company saw its revenue decrease by 11.75% to J$230.27m from J$257.32m.

During the quarter, its net income increased by 3.49% to J$30.50m compared to J$29.47m in the corresponding period of the prior year.

Driven by the increase in efficiencies in its production processes, manufacturing costs of AMG in Q4 FY23 decreased by 20.53% to J$151.55m compared with J$182.66m a year ago.

AMG reported its total expenses increased by 7.33% to J$48.50m in Q4 FY23, due to the movement in depreciation costs.

The company’s gross profit increased by 5.44% to J$78.72m in Q4 FY23, from J$74.66m in Q4 FY22.