November 15, 2024
Jamaica Stock Exchange Limited(JSE)
Unaudited financials for the nine months ended September 30, 2024:
Jamaica Stock Exchange Limited (JSE) for the nine months ended September 30, 2024, reported an 18% increase in Turnover totaling $1.95 billion compared to $1.65 billion in the corresponding period last year. Turnover for the third quarter had a 45% increase to $746.44 million compared to $514.36 million for the comparable quarter of 2023. Fee Income amounted to $1.49 billion (2023: $1.30 billion), this represents an increase of 15% year over year. Consequently, Cess increased by 41% to $344.46 million compared to $244.61 million for the nine months ended September 30, 2023. The company booked cess of $194.10 million for the third quarter versus $55.53 million reported for the similar quarter of 2023.
Staff costs increased by 12% to close at $658.11 million (2023: $590.18 million), while Property expenses increased by 11% from $247.07 million in 2023 to $273.97 million in the period under review. As a result, other operating costs for the nine months ended September 30, 2024, amounted to $64.94 million, an 18% decrease relative to $79.56 million reported in 2023. Total Expenses for the nine months ended September 30, 2024, amounted to $1.44 billion, a 16% increase relative to $1.25 billion reported in 2023. Total Expenses for the third quarter amounted to $495.91 million (2023: $419.92 million). Total Investment Income totaled $51.15 million, a 22% increase from the corresponding period last year. (2023: $41.89 million).
Profit before Taxation for the nine months ended September 30, 2024, amounted to $562.31 million, a 26% increase relative to $445.43 million reported in 2023. Profit before Taxation for the third quarter amounted to $268.96 million (2023: $109.22 million).
Taxation for the nine months ended September 30, 2024, had an 18% increase to $197.88 million (2023: $167.96 million). Net Profit for the nine months amounted to $364.43 million, a 31% increase from the $277.47 million reported in 2023. For the third quarter, Net Profit was $194.92 million (2023: $54.88 million).
Consequently, Earnings Per Share for the nine months amounted to $0.52 (2023: EPS: $0.40), while Earnings Per Share for the quarter totaled $0.28 (2023: EPS: $0.08). The twelve-month trailing EPS was $0.72 and the number of shares used in these calculations was 701,250,000.
Notably, JSE’s stock price closed the trading period on November 15, 2024, for $10.26 with a corresponding P/E ratio of 14.30x.
Balance Sheet Highlights
The company’s assets totaled $3.37 billion (2023: $2.95 billion). The company’s overall asset base grew due to several key factors, including a 17% year-over-year (YoY) increase in “Property, Plant & Equipment,” which reached $1.34 billion (up from $1.15 billion in 2023). Additionally, “Intangible Assets” rose by 6% YoY, ending the period at $260.70 million (compared to $245.35 million in 2023). “Investments in Securities” saw a 5% YoY increase, finishing the quarter at $208.68 million (from $199.21 million in 2023). “Trade and Other Receivables” surged by 59% YoY, totaling $545.48 million (up from $343.80 million in 2023). Finally, “Government Securities Purchased Under Resale Agreements” grew by 62% YoY, ending the period at $531.82 million (compared to $328.88 million in 2023).
Shareholder’s equity was $2.74 billion (2023: $2.41 billion), representing a book value per share of $3.91 (2023: $3.43).
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