Jetcon reports 55% increase in Net profits

Date: March 2, 2018


Jetcon Corporation Limited (JETCON), for the twelve months ended December 31, 2017, reported Turnover for the twelve months grew by 37% to $1.18 billion (2016: $857.04 million).

Cost of Sales also increased by 36% to $954.89 million (2016: $703.86 million) and as a result Gross Profit increased by 45% to $221.70 million compared to $153.19 million in 2016.

Total Expenses increased by 35% to $69.45 million (2016: $51.3 million). Selling and Marketing Expenses increased to $22.71 million (2016: $13.08 million) while Administrative and Other Expenses recorded an increase of 22%, closing at $44.47 million (2016: $36.32 million). Finance costs closed the period at $2.27 million, a 19% reduction when compared to the prior year.

Consequently, Profit Before Taxation amounted to $153.84 million relative to $103.17 million in 2016 representing a 49% increase year-on-year for the period.

Tax charges for the period was $60,000 relative to $4.18 million 2016.

As a result, net profit for the period amounted to $153.79 million relative to $98.99 million.

Total comprehensive income amounted to $153.82 million (2016: $98.99 million).

As such, the earnings-per-share for the year amounted to $0.26 relative to $0.17 last year. EPS for the quarter totaled $0.04 (Q42016: $0.06). The number of shares used in our calculation is 583,500,000. JETCON’s last traded price as at March 1, 2018, was $4.60.

Balance Sheet Highlights:

The company, as at December 31, 2017, recorded Total Assets of  $538.97 million, an increase of 62% when compared to $333.10 million recorded last year.

Total Stockholders’ Equity as at December 31, 2017, closed at $434.22 million, compared to $294.01 million for the corresponding period last year. This resulted in a book value per share of $0.74 per share compared to $0.50 as at December 31, 2016.


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