PJAM reports 29% increase in year end net Profit Attributable to Shareholders

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).


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