November 14, 2025
Jamaica Stock Exchange Limited (JSE)
Unaudited financials for the nine months ended September 30, 2025:
Jamaica Stock Exchange Limited (JSE), for the nine months ended September 30, 2025, reported a 16% increase in Turnover, totaling $2.28 billion compared to $1.95 billion in the corresponding period last year. Turnover for the third quarter increased by 1% to close at $755.54 million compared to $746.44 million for the comparable quarter of 2024.
Fee Income amounted to $1.63 billion (2024: $1.49 billion), representing a 10% year-over-year increase. Consequently, Cess increased by 48% to $509.37 million compared to $344.46 million for the nine months ended September 30, 2024. The company booked Cess of $161.61 million for the third quarter versus $194.10 million reported for the similar quarter of 2024.
Staff Costs increased by 14% to $750.53 million (2024: $658.11 million), while Property Expenses increased by 23%, moving from $273.97 million in 2024 to $337.77 million in the review period. As a result, Other Operating Expenses for the nine months ended September 30, 2025, amounted to $114.60 million, a 76% increase relative to $64.94 million reported in 2024.
Total Expenses for the nine months amounted to $1.73 billion, a 20% increase compared to $1.44 billion reported in 2024. Total Expenses for the third quarter amounted to $570.52 million (2024: $495.91 million). Total Investment Income totalled $50.25 million, a 2% decrease from the corresponding period last year (2024: $51.15 million).
Profit before Taxation for the nine months ended September 30, 2025, amounted to $592.88 million, a 5% increase relative to $562.31 million reported in 2024. Profit before Taxation for the third quarter was $201.59 million (2024: $268.96 million).
The taxation charge for the nine months decreased by 11% to $176.40 million (2024: $197.88 million). Net Profit for the nine months amounted to $416.49 million, a 14% increase compared to $364.43 million reported in 2024. For the third quarter, Net Profit was $134.70 million (2024: $194.92 million).
Consequently, Earnings Per Share (EPS) for the nine months amounted to $0.59 (2024: $0.52), while EPS for the quarter totaled $0.19 (2024: $0.28). The twelve-month trailing EPS was $0.78, and the number of shares used in these calculations was 701,250,000.
Notably, JSE’s stock price closed the trading period on November 13, 2025, at $11.58, with a corresponding P/E ratio of 14.82x.
Balance Sheet Highlights
The company’s assets totalled $3.61 billion (2024: $3.37 billion). This increase was attributable to Government Securities Purchased Under Resale Agreements, which amounted to $692.36 million (2024: $531.82 million).
Shareholders’ equity was $2.93 billion (2024: $2.74 billion), representing a book value per share of $4.18 (2024: $3.91).
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 affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.