JETCON reports three months net profit of $10.24 million

May 19, 2022

Jetcon Corporation Limited (JETCON) for the three months ended March 31, 2022, reported a 26% increase in turnover to $255.07 million (2021: $202.03 million).

Cost of sales also rose by 22% to $215.37 million (2021: $176.89 million), while gross profit grew 58% to $39.70 million compared to $25.15 million in 2021.

Total Expenses recorded an increase of 20% to $29.47 million (2021: $24.65 million). Of this selling and marketing expenses rose by 40% to $7.93 million (2021: $5.66 million). Administrative and other expenses rose by 3%, to close at $15.17 million (2021: $14.66 million). Other operating cost for the first quarter increased to $5.69 million (2021: $3.62 million) while finance cost were $675,012 (2021: $720,750), respectively.

Consequently, Jetcon booked profit before taxation in the amount of $10.24 million relative to $493,932 in 2021.

There were no tax charges for the period, resulting in a first quarter net profit of $10.24 million compared to $493,932 for the corresponding quarter of 2021.

As such, the earnings-per-share for the first three months of 2022 amounted to $0.018 relative to EPS of $0.001 for the same quarter last year. The trailing twelve months’ earnings per share totaled $0.062. The number of shares used in our calculation is 583,500,000. JETCON’s last traded price as at May 19, 2022, was $1.53 with a corresponding P/E ratio of 24.75 times.

Balance Sheet Highlights:

The company, as at March 31, 2022, recorded total assets of $718.76 million, a 13% increase when compared to $636.40 million recorded last year. The increase in the asset base was due mainly to a $57.09 million increase in receivables which closed at $119.91 million (2021: $62.82 million).

Total Stockholders’ Equity as at March 31, 2022, closed at $575.69 million (2021: $541.07 million) resulting in a book value per share of $0.99 per share compared to $0.93.


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