Date: April 12. 2019
PanJam Investment Limited (PJAM) for the year ended December 31, 2018, reported a 35% increase in total income to total $3.26 billion relative to $2.41 billion booked for the prior year’s corresponding period. For the quarter, total income declined 28% to $592.50 million (2017: $821.15 million). Of total income:
-
- Other income declined 51% from $153.53 million to $75.77 million.
- Investments rose 151% to close at $1.06 billion (2017: $422.70 million).
- Income from commissions amounted to $55.88 million a 12% increase compared to the $49.76 million reported in 2017.
- Property income amounted to $2.07 billion, up 16% year over year.
Operating expenses amounted to $1.69 billion for the year ended December 31, 2018 (2017: $1.48 million), 15% more than its total a year prior. Operating expenses for the quarter increased 14% to close at $487.32 million (2017: $426.21 million).
Consequently, operating profits increased by 66% to a total of $1.55 billion relative to $937.86 million a year earlier, while for the quarter operating profit declined 78% to $87.24 million (2017: $394.94 million).
Finance costs for the period rose by 4%, amounting to $624.37 million compared to the $599.92 million for the comparable period in 2017.
Profit before taxation increased 33%, closing the period at $5.67 billion (2017: $4.27 billion). This was due to a gain on disposal of an associated company of $47.31 million. Share of results of associated company climbed 19% to $4.70 billion relative to $3.93 billion in 2018. Following taxation of $311.08 million (2017: $79.33 million), net profit amounted to $5.36 billion (2017: $4.19 billion). Net profit for the quarter amounted to $1.60 billion compared to $1.18 billion booked in 2017.
Net Profit Attributable to Shareholders for the period amounted to $5.33 billion a 29% increase relative to $4.13 billion recorded in 2017.
Consequently, earnings per share for the period amounted to $5.00 (2017: $3.87), while earnings per share for the quarter amounted to $1.50 (2017: $1.09). The number of shares used in the calculation is 1,066,159,890 units. Notably, PJAM’s stock price closed the trading period on April 11, 2018 at a price of $81.55
Balance Sheet at a glance:
As at December 31, 2018, PanJam Investment Limited (PJAM) had assets totaling $45.87 billion, a 17% increase relative to $39.35 billion a year prior. The growth was attributed to an increase in ‘Investment in associated companies’ and ‘Financial assets at fair value through profit and loss’ which amounted to $26.35 billion (2017: $24.92 billion) and $6.59 billion (2017: $1.06 billion) respectively.
Shareholders Equity amounted to $33.73 billion (2017: $30.53 billion) with a book value per share of $31.64 (2017: $28.63).
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 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.