JETCON reports year end net profit of $15.42 million

Jetcon Corporation Limited (JETCON), for the twelve months ended December 31, 2021, reported a 38% increase in turnover for the twelve months to $869.59 million (2020: $629.28 million), while for the fourth quarter revenues rose by 62% to $262.65 million in 2021 from $162.12 million in 2020.

Cost of sales also increased by 37% to $750.79 million (2020: $548.48 million) and as a result gross profit increased by 47% to $118.80 million compared to $80.79 million in 2020. Gross profit for the fourth quarter ended December 31, 2021 amounted to $32.02 million (2020: $4.64 million).

Other operating income for the year ended December 31, 2021 amounted to $3.67 million (2020: $1.19 million). As such, Total Operating Income totalled $122.47 million (2020: $81.98 million).

Total Expenses increased by 63% to $105.92 million (2020: $65.12 million). Selling and marketing expenses increased to $22.94 million (2020: $21.59 million), while administrative and other expenses recorded a increase of 28%, closing at $78.33 million (2020: $61.14 million).

Profit before finance costs ended at $21.19 million relative to loss before finance costs of $748,000 booked the prior year.

Finance costs amounted to $4.64 million (2020: $5.99 million).

Consequently, profit before taxation amounted to $16.55 million relative to loss before taxation of $6.74 million in 2020 booked last year.

Tax charge for the year amounted to $1.13 million (2020: nil).

As a result, net profit for the period amounted to $15.42 million relative to net loss of $6.74 million. For the fourth quarter a net profit of $3.83 million was recorded versus a loss of $12.29 million in last year.

Total comprehensive income for the year amounted to $15.43 million relative to a comprehensive loss of $6.76 million the prior year.

As such, the Earning per share (EPS) for the year amounted to $0.03 relative to a Loss per share (LPS) of $0.01 last year. EPS for the quarter totalled $0.007 (2020 LPS: $0.021). The number of shares used in our calculation is 583,500,000. JETCON’s last traded price as at June 30, 2022, was $1.39 with a corresponding P/E ratio of 51.28 times.

Balance Sheet Highlights:

The company, as at December 31, 2021, recorded total assets of $747.63 million, a increase of 15% when compared to $649.94 million recorded last year. This increase was mainly attributable to a 14% increase in ‘Inventories’ to $447.10 million ($391.86 million), as well as a 104% increase in ‘Cash and Bank Deposits’ to $53.67 million (2020: $26.36 million).

Total Stockholders’ Equity as at December 31, 2021, closed at $556.01 million (2020: $540.58 million) resulting in a book value per share of $0.95 per share compared to $0.93.



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