Jetcon reports 4% increase in six months net profit

Date: August 16, 2018

JETCON for the six months ended June 30, 2018 reported total turnover of $605.48 million, 9% more than the $553.03 million reported for the corresponding period in 2017.

Cost of Sales for the period increased by 11% to 484.26 million (2017: $438.74 million), As such, Gross Profit for the period increased by 5% to $120.21 million compared to $114.30 million in 2017.

Total Expenses for the period increased by 10% to $38.25 million (2017: $34.66 million). Selling and Marketing Expenses for the period increased to $13 million (2017: $11.04 million), while Administrative and Other Expenses recorded an increase of 13%, closing at $19.56 million (2017: $17.23 million). Finance costs closed the period at $592,682, a 722% increase when compared to the $72,003 million the prior year. Other operating cost for the six months closed $5.10 million relative to $6.32 million booked for the corresponding period  2017.

Consequently, Profit Before Taxation amounted to $82.88 million relative to $79.97 million in 2017, representing a 4% increase year-on-year for the period.

There were no taxation charges for the period as such, net profit for the period amounted to $82.88 million relative to $79.97 million.

Total comprehensive income for the period amounted to $82.89 million (2017: $79.99 million).

As such, the earnings-per-share for the year amounted to $0.14 relative to $0.14 last year. The twelve months EPS is 0.27 where the number of shares used in our calculation is 583,500,000. JETCON’s last traded price as at August 16, 2018, was $4.07.

Balance Sheet Highlights:

The company, as at June 30, 2018 recorded Total Assets of  $486.95 million, an increase of 39% when compared to $368.04 million recorded last year. This increase was primarily attributable to the 102% and 29% increase in ‘Fixed Assets’ and ‘Inventories’ respectively to total $77.25 million (2017: $38.32 million)and $414.76 million (2017: $322.67 million) respectively.

Total Stockholders’ Equity as at June 30, 2018, closed at $360.40 million, compared to $517.11 million for the corresponding period last year. This resulted in a book value per share of $0.89 per share compared to $0.62 as at June 30, 2017.


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