March 2, 2023

Jamaica Stock Exchange Limited (JSE)

For the twelve months ended December 31, 2022:-

Jamaica Stock Exchange Group (JSE) for the twelve months ended December 31, 2022 recorded total revenue of $2.16 billion, a 12% increase when compared to the $1.93 million booked the prior year, management noted, Of this:

• Cess income increase by 24% from $469.47 million booked for the period ended December 2021 to $477.5 million recorded for the period under review.
• Fee income grew by 15% to $1.54 billion to close the year under review, up from $1.34 billion reported for the 2021.
• E-campus income increased marginally by 0.13% to $35.01 million relative to $34.96 million documented in the prior comparable period.
• Other operating income rose 25% during the period to total $104.81 million compared to $83.52 million booked in the same period last year.

Total expenses for the twelve months increased by 16% moving from $1.24 billion recorded as at December 2021 to $1.43 billion in the twelve months ended December 31, 2022. Of this:

• Staff cost increased 12% to total $632.49 million for the period under review (2021: $566.3 million).
• Depreciation and amortization totalled $88.03 million, relative to $70.2 million recorded in the prior comparable period.
• Professional fees amounted to $98.74 million (2021: $84.8 million).
• Property expenses climbed 14% to $305.47 million (2021: $269 million) for the period under review.
• Other operating expenses increased by 18% to $74.04 million (2021: $62.76 million).
• Advertising and promotion went up by 59% from $78.85 million in 2021 to $125.61 million in the period under review.
• Securities commission fees posted a 0.5% increase to close at $68.57 million (2021: $68.24 million).
• E-campus expense decreased by 7% to $33.35 million (2021: $35.77 million).
• Investment income declined from $48.78 million recorded in December 2021 to $31.10 million as at December 2022.
• Profit before tax totalled $762.55 million compared to $740.98 million reported in the corresponding period last year. For the quarter, profit before tax closed at $138.50 million (2021: $179.86 million).

Tax charges for the period totalled $259.31 million (2021: $243.66 million). As such, JSE reported a net profit for the period of $503.24 million compared to a profit of $497.31 million in the prior comparable period, reflecting a 1.19% increase. While, for the quarter, net profit amounted to $86.08 million (2021: $119.57 million).

Total comprehensive income amounted to $636.43 million relative to $548.84 million recorded in the previous corresponding period.

Earnings per share for the twelve months totaled $0.72 (2021: $0.71).  EPS, for the quarter, totaled $0.12 (2021: $0.17). The numbers of shares used in the calculations are 701,250,000 units. JSE stock price closed the trading period on March 1, 2022 at $14.60, with a corresponding P/E of 20.34 times.

Balance Sheet at a Glance:

As at December 31, 2022, total assets were $2.61 billion, a 17% increase when compared to $2.23 billion a year prior. The increase was due to a 28% increase in ‘Property, Plant and Equipment’ to $1.11 billion in 2022 from $869.98 billion booked for the prior period.

Shareholders’ Equity amounted to $2.22 billion (2021: $1.89 billion), resulting in a book value per share of $3.17 (2021: $2.70).

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