June 19, 2024

JMMB Group Limited (JMMBGL)

Audited financials for the year ended March 31, 2024:

JMMB Group Limited (JMMBGL) for the year ended March 31, 2024, reported a 13% increase in Interest income totalling $40.58 billion compared to $36.06 billion in the corresponding period last year. Interest income for the fourth quarter had a 6% increase to close at $10.85 billion compared to $10.28 billion for the comparable quarter of 2023.

Interest expense amounted to $31.42 billion (2023: $24.89 billion), this represents an increase of 26% year over year. Consequently, net interest income decreased by 18% to $9.16 billion compared to $11.18 billion for the year ended March 31, 2023. The company booked net interest income of $2.77 billion for the fourth quarter versus $2.74 billion reported for the similar quarter of 2023.

Fees and commission income decreased by 1% to close at $2.98 billion (2023: $3.02 billion), while Gains on securities trading, net increased by 67% from $3.51 billion in 2023 to $5.85 billion in the period under review. As a result, operating revenue net of interest expense for the year ended March 31, 2024, amounted to $22.29 billion, a 5% decrease relative to $23.38 billion reported in 2023.

Total Operating Expenses for the year ended March 31, 2024, amounted to $22.80 billion, a 14% increase relative to $19.91 billion reported in 2023. Total Operating Expenses for the fourth quarter amounted to $6.32 billion (2023: $5.23 billion).

Operating Loss totalled $345.23 million, relative to operating profit of $3.58 billion from the corresponding period last year.

Share of profit of associate amounted to $20.29 billion (2023: Loss of $2.91 billion).

Profit before Taxation for the year ended March 31, 2024, amounted to $7.32 billion, relative to loss before taxation of $957.33 million reported in 2023.

Tax credit for the year ended March 31, 2024, had a 175% increase to reach $4.53 billion (2023: $1.65 billion). As such, net profit amounted to $11.85 billion (2023: $689.56 million).

Net profit attributable to shareholders for the year amounted to $11.54 billion, a 1885% increase from the $581.39 million reported in 2023. For the fourth quarter, Net loss attributable to shareholders was $5.17 billion (2023: Loss of $826.48 million).

Consequently, Earnings Per Share for the year amounted to $5.90 (2023: EPS: $0.30), while Loss Per Share for the quarter totalled $2.64 (2023: EPS: $0.42). The twelve month trailing EPS was $5.90 and the number of shares used in these calculations was 1,955,552,532.

Notably, JMMBGL’s stock price closed the trading period on June 18, 2024, at a price of $24.33 with a corresponding P/E ratio of 4.12x.

Balance Sheet Highlights

The company’s assets totalled $675.10 billion (2023: $649.16 billion). The movement in total assets was mainly influenced by ‘Loans and notes receivable’ growing by $20.97 billion, ‘Interest in associated companies’ increasing by $20.68 billion and ‘Deferred income tax assets’ trending up by $4.28 billion. However, ‘Investment securities’ declined by $22.30 billion to partly offset the initial upward movement.

Shareholder’s equity was $53.02 billion (2023: $37.14 billion), representing a book value per share of $27.11 (2023: $18.99).

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