August 16, 2023

Jamaica Stock Exchange Limited (JSE) for the six months ended June 30, 2023, reported a marginal increase in revenue totaling $1.134 billion compared to $1.132 billion in the corresponding period last year. Revenue for the second quarter had a 4% increase to close at $594.91 million compared to $570.94 million for the comparable quarter of 2022.

Fee Income amounted to $863.69 million (2022: $786.81 million), this represents an increase of 10% year over year. Consequently, other operating income increased by 1% to $59.54 million compared to $58.69 million for the six months ended June 30, 2022. The company booked other operating income of $14.08 million for the second quarter versus $10.63 million reported for the similar quarter of 2022. Cess decreased by 30% to close at $189.08 million (2022: $269.24 million).

Staff costs increased by 18% from $326.41 million in 2022 to $386.34 million in the period under review. As a result, total expenses for the six months ended June 30, 2023, amounted to $826.77 million, a 16% increase relative to $714.30 million reported in 2022.

Investment Income for the six months ended June 30, 2023, amounted to $27.11 million, a significant jump relative to $47,000 reported in 2022. Investment Income for the second quarter amounted to $15.84 million (Investment loss 2022: $3.05 million).

Profit before taxation for the six months ended June 30, 2023, amounted to $336.21 million, a 20% decrease relative to $418.40 million reported in 2022. Profit before Taxation for the second quarter amounted to $199.80 million (2022: $212.70 million).

Taxation for the six months ended June 30, 2023, reached $113.62 million (2022: $138.66 million). Net Profit for the six months amounted to $222.59 million, a 20% decrease from the $279.75 million reported in 2022. For the second quarter, Net Profit was $135.64 million (2022: $143.77 million).

Consequently, Earnings Per Share for the six months amounted to $0.32 (2022: EPS: $0.40), while Earnings Per Share for the quarter totaled $0.19 (2022: EPS: $0.21). The twelve-month trailing EPS was $0.64, and the number of shares used in these calculations was 701,250,000.

Notably, JSE’s stock price closed the trading period on August 15, 2023, at a price of $10.06 with a corresponding P/E ratio of 15.81x.

Balance Sheet Highlights

The company’s assets totalled $2.98 billion (2022: $2.46 billion). The 22% increase in assets resulted mainly from a $237.62 million increase in Property, plant, and equipment to total $1.13 billion.

Shareholder’s equity was $2.36 billion (2022: $1.95 billion), representing a book value per share of $3.36 (2022: $2.78).

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