June 21, 2023
Jetcon Corporation Limited (JETCON), for the twelve months ended December 31, 2022, reported a 19% increase in turnover for the twelve months to $1.03 billion (2021: $869.59 million), while for the fourth quarter revenues declined by 14% to $225.00 million in 2022 from $262.65 million in 2021.
Cost of sales also increased by 19% to $891.95 million (2021: $750.79 million) and as a result gross profit increased by 18% to $140.37 million compared to $118.80 million in 2021. Gross profit for the fourth quarter ended December 31, 2022 amounted to $27.04 million (2021: $32.02 million).
Total Expenses increased by 10% to $111.21 million (2021: $101.28 million). Selling and marketing expenses increased to $25.69 million (2021: $22.94 million), while administrative and other expenses recorded an increase of 9%, closing at $85.53 million (2021: $78.33 million).
Operating costs ended at $34.04 million relative to operating costs of $21.19 million booked the prior year.
Consequently, profit before taxation amounted to $28.76 million relative to the profit before taxation of $16.55 million booked last year.
Tax charge for the year amounted to $4.00 million (2021: 1.13 million).
As a result, net profit for the period amounted to $24.76 million relative to net profit of $15.42 million. For the fourth quarter a net loss of $1.19 million was recorded versus a profit of $3.83 million in last year.
Total comprehensive income for the year amounted to $24.77 million relative to a comprehensive profit of $15.43 million the prior year.
As such, the Earning per share (EPS) for the year amounted to $0.04 relative to a earnings per share (EPS) of $0.03 last year. LPS for the quarter totalled $0.002 (2021: EPS: $0.007). The number of shares used in our calculation is 583,500,000. JETCON’s last traded price as at June 20, 2023, was $1.05 with a corresponding P/E ratio of 24.75 times.
Balance Sheet Highlights:
The company, as at December 31, 2022, recorded total assets of $641.83 million, a decrease of 14% when compared to $747.63 million recorded last year. This decrease was mainly attributable to a 12% decrease in ‘Inventories’ to $392.71 million ($447.10 million), as well as a 88% decrease in ‘Cash and Bank Deposits’ to $6.54 million (2021: $53.67 million).
Total Stockholders’ Equity as at December 31, 2022, closed at $579.55 million (2021: $556.01 million) resulting in a book value per share of $0.99 per share compared to $0.95.
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.