Date: June 26, 2018
Jetcon Corporation Limited (JETCON) held its Annual General Meeting today June 26, 2018 at the Knutsford Court Hotel. Mr. Garth McKenzie, Chairman – Audit and Finance Committee began with opening remarks and a brief introduction of the board of directors.
Jetcon Corporation Chairman, Mr. John Jackson, took the floor and showcased his presentation thereafter to the audience. The Chairman highlighted that 2017 was an “exceptional period”. Jetcon saw revenues growing 37% over 2016 to $1.18 billion, comparing favorably with growth in revenues of 64% in 2016 and 50% increase in 2015 over 2014. During 2017 profits grew by 70% to $153.8 million compared to an increase in profit of 104% on a pre-tax basis in 2016 over 2015. “The progress of the company can be seen from its historical performance over the last 3-4 years,” he added. For the first quarter of 2018, Mr. Jackson pointed out that this period’s revenues increased but did not depict robust growth when compared to that of the first two years.
The Company recently leased properties from the Kingston Wharves which facilitates the storage of cars and the re-export of vehicles to the Eastern Caribbean. This has reduced the costs associated with the previous storage location at the wharf as it acts as a free zone, allowing the Company to pay duties only when vehicles have been cleared. Mr. Jackson remarked that, “this will as it is now, alleviate the tightness that the company faced last year and the first three months of this year.” Additionally, the Company purchased a property with cash and at this time is debt free. “The enhancement in the company’s cash flow resulted in the improvement of inventory which stood at approximately 40M and was considered vital due to the relationship between sales and inventory.”
Outlook
- Focus on inventory and diversification
- Anticpate slow growth
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