March 03, 2025

Jamaica Stock Exchange Limited (JSE)

Audited Financials for the Twelve Months Ended December 31, 2024:

Jamaica Stock Exchange Limited (JSE) reported a 22% increase in revenue, totaling $2.66 billion for the twelve months ended December 31, 2024, compared to $2.18 billion in the corresponding period last year. Revenue for the fourth quarter increased by 31%, closing at $702.18 million compared to $535.61 million for the comparable quarter of 2023.

Fee income amounted to $1.96 billion (2023: $1.70 billion), representing an increase of 15% year over year. Consequently, Cess increased by 62% to $521.78 million compared to $321.68 million for the twelve months ended December 31, 2023. The company booked Cess of $177.32 million for the fourth quarter versus $77.07 million reported for the similar quarter of 2023.

Staff costs increased by 16% to close at $815.24 million (2023: $699.95 million), while property expenses increased by 11% from $341.57 million in 2023 to $378.01 million in the period under review. As a result, other operating expenses for the twelve months ended December 31, 2024, amounted to $89.78 million, a 7% increase relative to $83.54 million reported in 2023.

Total expenses for the twelve months ended December 31, 2024, amounted to $1.93 billion, a 23% increase relative to $1.57 billion reported in 2023. Total expenses for the fourth quarter amounted to $491.27 million (2023: $319.58 million). Total investment income totaled $62.58 million, a 3% decrease from the corresponding period last year (2023: $64.36 million).

Profit before taxation for the twelve months ended December 31, 2024, amounted to $784.65 million, a 15% increase relative to $683.00 million reported in 2023. Profit before taxation for the fourth quarter amounted to $222.34 million (2023: $237.57 million).

Taxation for the twelve months ended December 31, 2024, increased by 8% to reach $288.64 million (2023: $267.00 million). Net profit for the twelve months amounted to $496.02 million, a 19% increase from the $416.00 million reported in 2023. For the fourth quarter, net profit was $131.59 million (2023: $138.53 million).

Consequently, earnings per share for the twelve months amounted to $0.71 (2023: $0.59), while earnings per share for the quarter totaled $0.19 (2023: $0.20). The number of shares used in these calculations was 701,250,000.

Notably, JSE’s stock price closed the trading period on March 03, 2025, at $13.10 with a corresponding P/E ratio of 18.52x.

Balance Sheet Highlights:

The company’s assets totaled $3.39 billion (2023: $3.06 billion). This increase in total assets was attributable to “Government securities purchased under resale agreements,” which amounted to $552.70 million (2023: $345.15 million).

Shareholders’ equity was $2.86 billion (2023: $2.62 billion), representing a book value per share of $4.08 (2023: $3.73).

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