March 1, 2024
Jamaica Stock Exchange Limited (JSE) for the twelve months ended December 31, 2023, reported a 1% increase in Total Income of $2.18 billion compared to $2.16 billion in the corresponding period last year. Total Income for the fourth quarter had a 19% increase to close at $535.61 million compared to $449.66 million for the comparable quarter of 2022. Of this:
- Fee Income amounted to $1.70 billion (2022: $1.54 billion), this represents an increase of 10% year over year.
- Other operating income increased by 13% to $118.00 million compared to $104.81 million for the twelve months ended December 31, 2022.
- Cess decreased by 33% to close at $321.68 million (2022: $477.50 million).
Staff costs increased by 11% from $632.49 million in 2022 to $699.95 million in the period under review, while property expenses amounted to $341.57 million (2022: $305.47 million).
Total expenses for the twelve months ended December 31, 2023, amounted to $1.57 billion, a 10% increase relative to $1.43 billion reported in 2022.
Net Investment Income for the twelve months ended December 31, 2023, amounted to $64.36 million, a 110% increase relative to $30.72 million reported in 2022. Net Investment Income for the fourth quarter amounted to $22.47 million (2022: $21.67 million).
Profit before Taxation for the twelve months ended December 31, 2023, amounted to $683.00 million, a 10% decrease relative to $762.55 million reported in 2022. Profit before Taxation for the fourth quarter amounted to $237.57 million (2022: $138.09 million).
Taxation for the twelve months ended December 31, 2023, had a 3% increase to reach $267.00 million (2022: $259.31 million).
Net Profit for the twelve months amounted to $416.00 million, a 17% decrease from the $503.24 million reported in 2022. For the fourth quarter, Net Profit was $138.53 million (2022: $85.67 million).
Consequently, Earnings Per Share for the twelve months amounted to $0.59 (2022: EPS: $0.72), while Earnings Per Share for the quarter totalled $0.20 (2022: EPS: $0.12). The number of shares used in these calculations was 701,250,000.
Notably, JSE’s stock price closed the trading period on February 29, 2024, at a price of $10.03 with a corresponding P/E ratio of 16.91x.
Balance Sheet Highlights
The company’s assets totalled $3.06 billion (2022: $2.61 billion). The growth in total assets was primarily due to ‘Property, Plant & Equipment’ increasing 21% to $1.35 billion (2022: $1.11 billion).
Shareholder’s equity was $2.62 billion (2022: $2.22 billion), representing a book value per share of $3.73 (2022: $3.17).
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.