February 13,2018

Eppley Limited for the year ended December 31, 2017 reported interest income of $261.41 million a 24% or $51.26 million increase when compared $210.15 million recorded for the corresponding period in 2016. Total interest income for the quarter amounted to $70.44 million a 14% increase when compared to the $61.86 million recorded for the same quarter in 2016.

Interest expenses for the period amounted to $158.39 million, a 37% increase when compared to $115.92 million recorded for the prior year.

Consequently, net interest income for the financial year rose 9% to total $103.01 million from the $94.23 million recorded in the corresponding period of 2016. Net interest income for the fourth quarter amounted to $28.59 million relative to $30.97 million in 2016.

Other operating income for the period declined 39% to total by $36.89 million relative to $60.88 million booked for 2016.

Administrative expenses increased 12% for the year to close at $87.90 million from $78.66 million recoded the previous year.

Eppley recorded a total of $16.13 million for share of net profit from joint venture accounted for using the equity method for the period relative to the $30.47 million recorded for the corresponding period in 2016.

As such, pre-tax profit closed at $68.14 million for the year ended December 31, 2017, 36% less than the $106.91 million booked in 2016.  Taxation of $1.08 million was incurred for the period resulting in a net profit attributable to shareholders of $69.23 million, a 35% decrease from the $106.69 million recorded for the same period in 2016. Net profit for the quarter amounted to $17.63 million, a 61% decline when compared with the $45.62 million recorded for the quarter in 2016.

Earnings per share for the quarter amounted to $0.09 (2016: $.024). Earnings per share for the year ended December 31, 2017 totalled $0.36 compared to $0.55 for the corresponding period in 2016. The total amount of shares outstanding used for this calculation was 192,468,300 units. Notably, the stock price for EPLY closed the trading period on February 13, 2018 at JMD $12.52.

Balance Sheet Highlights:

As at December 31, 2017, total assets amounted to $2.45 billion, relative to the $2.08 million recorded a year ago. The increase in assets was driven primarily by increases in ‘Loans receivable’ by $235.43 million to close at $1.14 billion (2016: $906.95 million).

Shareholder’s Equity as at December 31, 2017 totalled $708.34 million (2016: $710.63 million) resulting in a book value per share of approximately $3.68 relative to $3.69 in 2016.

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