May 17, 2024
Pan Jamaica Group Limited (PJAM) for the first quarter ended March 31, 2024, reported a 946% increase in gross operating revenue totalling $9.85 billion compared to $941.64 million in the corresponding three months last year.
PJAM highlighted, “The improved results for the Group reflect an initial benefit of the recent amalgamation – effective April 1, 2023 — of JP Global Holdings Limited (“JPGH”) with the investments and operating units of the Pan Jamaica Group. Arising from this amalgamation, the earnings profile of the Group is remarkably different from the prior year. The Group – a multinational conglomerate – has strategically categorized its business interests into distinct segments: Property and Infrastructure, Financial Services, Speciality Foods, and Global Services (principally logistics operations). This deliberate organizational approach will see PJG focusing its resources and expertise on a select range of business opportunities.”
Cost of operating revenue amounted to $6.94 billion (2023: $406.57 million), this represents an increase of 1606% year over year. Consequently, gross profit increased by 444% to $2.91 billion compared to $535.07 million for the first quarter ended March 31, 2023.
Other income and expenses, net increased by 625% to close at a gain $433.08 million (2023: $59.73 million).
Net Investment income increased by 2036% from $10.13 million in 2023 to $216.42 million for the three months.
Selling, administration and other operating expenses for the first quarter amounted to $2.27 billion, a 130% increase relative to $988.37 million reported in 2023.
Share of profits in associates and joint ventures decreased by 50% to close at $337.09 million (2023: $673.16 million).
Profit before finance cost and taxation for the three months amounted to $1.62 billion, a 461% increase relative to $289.73 million reported in 2023.
Finance costs totalled $335.02 million, a 21% increase from the corresponding period last year (2023: $277.08 million).
Profit before taxation for the first quarter ended March 31, 2024, amounted to $1.29 billion, a 10097% increase relative to $12.65 million reported in 2023.
Following a 583% increase in Taxes incurred for the three months totalling $124.35 million (2023: $18.20 million), Net profit amounted to $1.17 billion relative to net loss of $5.56 million reported in 2023.
Net profit attributable to shareholders for the first quarter ended March 31, 2024, amounted to $769.13 million, up from a loss of $11.12 million reported in 2023.
Consequently, Earnings per share for the three months amounted to $0.47 (2023: LPS: $0.01). The twelve month trailing EPS was $2.02, and the number of shares used in these calculations was 1,627,725,023.
Notably, PJAM’s stock price closed the trading period on May 16, 2024, at a price of $47.26 with a corresponding P/E ratio of 23.34x.
Balance Sheet Highlights
The company’s assets totalled $139.83 billion (2023: $58.61 billion). The growth in total assets was primarily due to a $46.25 billion or 855% increase in ‘Property, plant & equipment’ from $5.41 billion to $51.66 billion in the period under review.
Shareholder’s equity was $76.02 billion (2023: $42.52 billion), representing a book value per share of $46.70 (2023: $26.12).
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