PJAM reports 56% increase in year end net profit attributable to shareholders

March 23, 2020

PanJam Investment Limited (PJAM) for the year ended December 31, 2019, reported a 42% increase in total income to total $4.63 billion relative to $3.26 billion booked for the prior year’s corresponding period. For the quarter, total income increased 94% to $1.12 billion (2018: $579.75 million).  Of total income:

    • Other income increased by 11% from $131.64 million to $146.76 million.
    • Investments rose 112% to close at $2.25 billion (2018: $1.06 billion).
    • Property income amounted to $2.23 billion, up 8% year over year (2018: $2.07 billion).

Operating expenses amounted to $1.77 billion for the year ended December 31, 2019 (2018: $1.69 million), 4% more than its total a year prior. Operating expenses for the quarter increased 1% to close at $493.81 million (2018: $493.81 million).

Consequently, operating profits increased by 82% to a total of $2.82 billion relative to $1.55 billion a year earlier, while for the quarter operating profit increased by 612% to $620.90 million (2018: $87.24 million).

Finance costs for the period rose by 6%, amounting to $664.80 million compared to the $624.37 million for the comparable period in 2018.

Share of results of associated companies amounted to $4.95 billion relative to $4.70 billion in 2018. Gains on disposal of shares in associated companies rose to $1.62 billion versus $47.31 million reported in 2018.

Profit before taxation increased 54%, closing the period at $8.73 billion (2018: $5.67 billion). Following taxation of $384.28 million (2018: $311.08 million), net profit amounted to $8.35 billion (2018: $5.36 billion). Net profit for the quarter amounted to $1.89 billion compared to $1.60 billion booked in 2018.

Net Profit Attributable to Shareholders for the period amounted to $8.31 billion a 56% increase relative to $5.33 billion recorded in 2018.

Total comprehensive income amounted to $10.57 billion (2018: $4.34 billion).

Consequently, earnings per share for the period amounted to $7.79 (2018: $5.00), while earnings per share for the quarter amounted to $1.75 (2018: $1.50). The number of shares used in the calculation is 1,066,159,890 units. Notably, PJAM’s stock price closed the trading period on March 20, 2020 at a price of $80.60

Balance Sheet at a glance:

As at December 31, 2019, PanJam Investment Limited (PJAM) had assets totaling $54.40 billion, a 19% increase relative to $45.87 billion a year prior. The growth was attributed to an increase in ‘Investment in associated companies’ which rose $4.73 billion to close at $31.08 billion (2018: $26.35 billion). ‘Deposit’ and ‘Financial assets at fair value through profit and loss’ amounted to $9.99 billion (2018: 7.46 billion) and $8.96 billion (2018: $6.59 billion) respectively.

Shareholders Equity amounted to $42.74 billion (2019: $33.73 billion) with a book value per share of $40.09 (2018: $31.64).

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