Date: June 21, 2018
The Jamaica Stock Exchange Annual General meeting was held today, at its offices. The meeting commenced with opening remarks from the Deputy Chairman, Mr. Gary Peart where he welcomed everyone to the company’s 41st Annual General Meeting (AGM).
Managing Director, Mrs. Marlene Street Forrest gave a synopsis of the highlights of the review of the financial year 2017. Net profit amounted to $220.67 million in 2017 as compared to $223.59 million in 2016. Mrs. Street Forrest specifically reminded the audience of the “One-off D&G $127 million transaction in 2016” which would have caused a variance year over year.”
She further noted that Income for 2017 increased by 9.69% as well as the operating expenses, namely in salaries. Earnings per share (EPS) declined to $0.31 (2016: $0.32). Also, Mrs. Street Forrest mentioned that the company’s price advanced from $5.50 in 2016 up to $7.00, a 27.2% increase, showing growth of the company. The performance of the regular market improved significantly unlike that of block transactions. The company made its greatest income from its trustee services which amounted to $222.19 million for the 2017FY.
Mrs. Street Forrest responded to the question asked by a shareholder regarding the implementation of all or none trading platform by stating that the all or none trading system will be an additional feature to the new trading system and that suppliers will need to develop, which have started.
2017 and Beyond
- Accelerated Marketing programs
- Develop the mobile app and plans in 2018 to launch to the Iphone.
- Listing of other types of securities
- Keen attention to a possible social stock exchange
Analyst Certification -This research report is for information purposes only and should not be construed as a recommendation. 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.