JETCON reports a nine-month net profit of $25.95 million

November 16, 2022


JETCON for the nine months ended September 30, 2021 reported total turnover of $606.95 million, 30% greater than $467.16 million reported for the corresponding period in 2020. Turnover for the third quarter increased 28% to $196.42 million compared to $153.43 million in 2020.

Cost of Sales for the period increased 33% to $520.17 million (2020: $391.01 million), As such, Gross Profit for the period increased by 14% to $86.78 million compared to $76.16 million in 2020. Gross profit for the quarter amounted to $30.15 million relative to $25.42 million booked for the same quarter of 2020.

Total Expenses for the period increased by 7% to $75.19 million (2020: $70.60 million). Of this, Selling and Marketing Expenses for the period increased to $15.86 million (2020: $15.22 million), while Administrative and Other Expenses recorded an increase of 17%, closing at $47.94 million (2020: $41.13 million). Finance costs closed the period at $1.59 million a 50% decrease when compared to the $3.16 million booked in the prior year. Other operating cost for the nine months period closed $9.80 million relative to $11.09 million booked for the corresponding period 2020.

Consequently, Profit Before Taxation amounted to $11.59 million relative to $5.56 million in 2020, representing a 109% increase year-on-year for the period. Profit before tax for the quarter rose 182% to $5.71 million (2020: $2.02 million).

There were no taxation charges for the period as such, net profit for the period amounted to $11.59 million relative to $5.56 million twelve months earlier. While, net profit for the quarter amounted to $5.71 million compared to a profit of $2.02 million for the same quarter in 2020.

As such, the earnings-per-share (EPS) for the period amounted to $0.02 relative to $0.01 last year. EPS for the quarter amounted to $0.01 in contrast to an earnings per share of $0.003. The trailing twelve months LPS is $0.001 where the number of shares used in our calculation is 583,500,000. JETCON’s last traded price as at December 8, 2021, was $1.04.

Balance Sheet Highlights:

The company, as at September 30, 2021 recorded total assets of $708.14 million, an increase of 13% when compared to $627.07 million recorded last year. This growth was primarily attributable to the 13% in ‘Inventories’ to total $445.81 million (2020: $394.93 million) and ‘Lease right of use asset’ amounting to $28.29 million (2020: nil).

Total Stockholders’ Equity as at September 30, 2021, closed at $552.17 million, compared to $552.90 million for the corresponding period last year. This resulted in a book value per share of $0.95 per share (2020: $0.95).



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