August 15, 2024
Pan Jamaica Group Limited (PJAM) for the six months ended June 30, 2024, reported a 94% increase in Gross operating revenue totalling $19.34 billion compared to $9.97 billion in the corresponding period last year. Gross operating revenue for the second quarter had a 5% increase to close at $9.49 billion compared to $9.03 billion for the comparable quarter of 2023.
Cost of operating revenue amounted to $13.69 billion (2023: $6.92 billion), this represents an increase of 98% year over year. Consequently, gross profit increased by 85% to $5.65 billion compared to $3.06 billion for the six months ended June 30, 2023. The company booked gross profit of $2.74 billion for the second quarter versus $2.47 billion reported for the similar quarter of 2023.
Other income and expenses, net increase by 106% to close at $521.00 million (2023: $252.73 million). Net Investment expense increase by 58% from $317.13 million in 2023 to $502.36 million in the period under review. Selling, administration and other operating expenses for the six months amounted to $4.31 billion, a 48% increase relative to $2.91 billion reported in 2023.
Share of profits in associates and joint ventures for the six months amounted to $1.23 billion, a 23% decrease relative to $1.60 billion reported in 2023. Share of profits in associates and joint ventures for the second quarter amounted to $892.86 million (2023: $922.04 million).
Profit before finance cost and taxation totalled $3.60 billion a 56% increase from the corresponding period last year. (2023: $2.31 billion).
Finance costs totalled $724.08 million a 18% decrease from the corresponding period last year (2023: $615.04 million).
Profit before taxation for the first six months amounted to $2.88 billion, a 69% increase relative to $1.70 billion reported in 2023.
Taxation for the six months was $319.42 million (2023: $289.20 million).
Net profit amounted to $2.56 billion from the $1.41 billion reported in 2023. For the second quarter, net profit was $1.39 billion (2023: $1.42 billion).
Net profit attributable to parent company shareholders for the six months amounted to $1.82 billion, a 71% increase relative to $1.06 billion reported in 2023. For the second quarter, Net profit attributable to parent company shareholders was $1.05 billion (2023: $1.08 billion).
Earnings per share for the six months amounted to $1.12 (2023: EPS: 0.65), while Earnings per share for the quarter totalled $0.65 (2023: $0.66). The twelve-month trailing EPS was $2.01, and the number of shares used in these calculations was 1,627,725,023.
Management noted, “The improved First Half results reflect the impact of the amalgamation of the JP Global Holdings Limited (“JPGH”) businesses that were transferred to the Group in the Second Quarter of 2023.”
PJAM’s stock price closed the trading period at $46.58 on August 14, 2024, with a corresponding P/E ratio of 23.16x.
Balance Sheet Highlights:
The company’s assets totalled $141.43 billion (2023: $127.17 billion). The increase in assets resulted from a 19% uptick in ‘Property, plant and equipment’ closing at $52.05 billion.
Shareholder’s equity was $76.88 billion (2023: $73.11 billion), representing a book value per share of $47.23 (2023: $44.91).
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