JETCON reports a six months net profit of $17.56 million

August 16, 2021

JETCON for the six months ended June 30, 2021 reported total turnover of $410.86 million, 31% more than the $313.73 million reported for the corresponding period in 2020. Turnover for the second quarter went up to $208.70 million compared to $85.97 million in 2020.

Cost of Sales for the period increased 32% to $346.97 million (2020: $262.99 million), As such, Gross Profit for the period rose 26% to $63.88 million compared to $50.74 million in 2020. Gross profit for the quarter amounted to $28.71 million relative to $14.11 million reported for the same quarter of 2020.

Total operating income closed at $63.88 million as at June 30, 2021, relative to $50.71 million as at June 2020.

Total Expenses for the first six months decreased by 2% to $46.32 million (2020: $47.20 million). Of this, Selling and Marketing Expenses for the period increased to $11.19 million (2020: $10.97 million), while Administrative and Other Expenses reflected a decrease of 8%, closing at $24.59 million (2020: $26.69 million). Finance costs closed the period at $2.58 million a 24% increase when compared to the $2.08 million booked in the prior year. Other operating cost for the six months period closed $7.96 million relative to $7.47 million booked for the corresponding period 2020.

Consequently, Profit before taxation amounted to $17.56 million relative to $3.51 million in 2020, representing an 400% increase year-on-year for the period.

There were no taxation charges for the period as such, net profit for the period amounted to $17.56 million relative to $3.51 million. While net profit for the quarter amounted to $6.01 million compared to a net loss of $6.80 million for the same quarter in 2020.

As such, the earnings-per-share for the period amounted to $0.03 relative to $0.006 last year. EPS for the quarter amounted to $0.01 in contrast to a loss per share of $0.012. The twelve months EPS is 0.01 where the number of shares used in our calculation is 583,500,000. JETCON’s last traded price as at August 16, 2020, was $1.29.

Balance Sheet Highlights:

The company, as at June 30, 2021 recorded total assets of $659.15 million, an increase of 1% when compared to $652.17 million recorded last year. This rise was primarily attributable to ‘Lease Right of the Asset’ and ‘Cash and Equivalents’ which totalled $32.13 million (nil) and $28.45 million (2018: $2.58 million) respectively. The increase was offset by a decline in ‘Inventories’ by $56.10 million to $400.11 million (2020: $456.21 million).

Total Stockholders’ Equity as at June 30, 2021, closed at $558.14 million, compared to $550.85 million for the corresponding period last year. This resulted in a book value per share of $0.96 per share compared to $0.94 as at June 30, 2020.


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