August 25, 2020
JETCON had another year of reduction in sales, posting a 12% decrease in revenue for the financial year in 2019 to $1.03 billion (2018: $1.16 billion). Furthermore, the Company noted that the COVID-19 pandemic has had negative effects on the Company. There has been a reduction of motor vehicle use over the past few months, based on Transjamaican Highway report. Nonetheless, JETCON is confident that business will recover.
The Chairman, Mr. John Jackson, gave remarks on JETCON’s performance in the past financial year. The Company experienced a decline in annual sales resulting in a net profit for the year of $60.30 million relative to $91.88 million in 2018. Notably, for the six months ended in June 2020, JETCON recorded $313.73 million (2019: $467.17 million) in revenue, and a net profit of $3.51 million (2019: $23.89 million). The Chairman stressed that, “for 2020, revenues and profit will be reduced due to the current economic climate that exists because of the ongoing pandemic.” However, he hopes, “figures will recover for 2021 but stressed that it would be largely dependent on how well the world recovers from the pandemic, economically and physiologically.”
Notably, over the year, the Company stated that, “the planned strategy of wholesaling to other dealers was met with lukewarm reception and has since been scuttled.”
It was also noted that the additional property acquired by JETCON located on Molynes Road, which adjoins the current property, will be used for additional storage to meet the increasing demand/sales and also to serve as another sales division possibly.
Nevertheless, the Company stated that, “we are of the view that the year will remain a challenge, but management is exercising various strategies to maintain sales at an acceptable level while keeping controls over cost.”
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