November 15, 2024
Pan Jamaica Group Limited (PJAM) for the nine months ended September 30, 2024, reported a 51% increase in Gross operating revenue totaling $29.19 billion compared to $19.37 billion in the corresponding period last year. Gross operating revenue for the third quarter had a 5% increase to close at $9.85 billion compared to $9.40 billion for the comparable quarter of 2023.
Cost of operating revenue amounted to $20.73 billion (2023: $13.38 billion), this represents an increase of 55% year over year. Consequently, gross profit increased by 41% to $8.46 billion compared to $5.99 billion for the nine months ended September 30, 2023. The company booked gross profit of $2.81 billion for the third quarter versus $2.94 billion reported for the similar quarter of 2023.
Other income increased by 96% to close at $648.87 million (2023: $330.80 million).
Net Investment income increase by 6% from $606.72 million in 2023 to $644.71 million in the period under review.
Selling, administration and other operating expenses for the nine months ended September 30, 2024 amounted to $6.52 billion, a 34% increase relative to $4.87 billion reported in 2023.
Share of profits in associates and joint ventures for the nine months ended September 30, 2024, amounted to $2.13 billion, a 25% decrease relative to $2.83 billion reported in 2023.
Consequently, Profit before finance cost and taxation totalled $5.36 billion a 10% increase from the corresponding period last year. (2023: $4.89 billion). For the third quarter, Profit before finance cost and taxation amounted to $1.76 billion (2023: $2.23 billion).
Finance costs totalled $1.12 billion a 16% increase from the corresponding period last year (2023: $963.72 million).
Profit before taxation for the first nine months ended September 30, 2024, amounted to $4.24 billion, an 8% increase relative to $3.93 billion reported in 2023.
Following the 9% decrease in Taxation for the nine months to $470.05 million (2023: $518.91 million), Net profit amounted to $3.77 billion from the $3.41 billion reported in 2023.
Net profit attributable to shareholders for the nine months ended September 30, 2024, amounted to $2.59 billion, a 3% increase relative to $2.52 billion reported in 2023. For the third quarter, Net profit attributable to shareholders was $772.36 million (2023: $1.46 billion).
Earnings per share for the nine months amounted to $1.59 (2023: EPS: 1.55), while Earnings per share for the quarter totaled $0.47 (2023: $0.89). The twelve-month trailing EPS was $1.59, and the number of shares used in these calculations was 1,627,725,023.
Notably, PJAM’s stock price closed the trading period at $46.58 on November 15, 2024, with a corresponding P/E ratio of 29.28x
Balance Sheet Highlights:
The company’s assets totalled $143.93 billion (2023: $130.44 billion). The growth in total assets was mainly due to a $6.97 billion uptick in “PPE”, a $5.80 billion increase in “Investments in associates and joint venture” and “Cash balances” growing by $4.69 billion during the period.
Shareholder’s equity was $78.57 billion (2023: $74.32 billion), representing a book value per share of $48.27 (2023: $45.66).
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