March 16, 2021
PanJam Investment Limited (PJAM) for the year ended December 31, 2020, reported a 56% decline in total income to total $2.05 billion relative to $4.63 billion booked for the prior year’s corresponding period. For the quarter, total income increased 6% to $1.19 billion (2019: $1.12 billion). Of total income:
- Other income increased by 200% from $146.76 million to $439.60 million for the period under review.
- Investment loss amounted to $523.25 million relative to investment gains of $2.25 billion in 2019.
- Property income amounted to $2.14 billion, down 4% year over year (2019: $2.23 billion).
Operating expenses amounted to $1.70 billion for the year ended December 31, 2020 (2019: $1.77 million), 4% less than its total a year prior. Operating expenses for the quarter declined 7% to close at $462.22 million (2019: $496.79 million).
Consequently, operating profits contracted by 89% to a total of $315.08 million relative to $2.82 billion a year earlier, while for the quarter operating profit increased by 22% to $758.32 million (2019: $620.90 million).
Finance costs for the period rose by 26%, amounting to $835.91 million compared to the $664.80 million for the comparable period in 2019.
Share of results of associated companies amounted to $3.87 billion relative to $4.95 billion in 2019.
Profit before taxation decreased 62%, closing the period at $3.35 billion (2019: $8.73 billion). Taxation credit amounted to $188.73 million, relative to taxation charges of $384.28 million reported in the prior year. Net profit amounted to $3.53 billion (2019: $8.35 billion). Net profit for the quarter amounted to $1.48 billion compared to $1.89 billion booked in 2019.
Net Profit Attributable to Shareholders for the period amounted to $3.50 billion a 58% decline relative to $8.31 billion recorded in 2019.
Total comprehensive income amounted to $4.81 billion (2019: $10.57 billion).
Consequently, earnings per share for the period amounted to $3.29 (2019: $7.79), while earnings per share for the quarter amounted to $1.38 (2019: $1.75). 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 15, 2021 at a price of $63.51 with a corresponding P/E ratio of 19.32 times.
Balance Sheet at a glance:
As at December 31, 2020, PanJam Investment Limited (PJAM) had assets totaling $62.57 billion, a 15% increase relative to $54.40 billion a year prior. The growth was attributed to an increase in ‘Investment in associated companies’ which closed at $35.34 billion (2019: $31.08 billion). ‘Investment Properties’ amounted to $9.53 billion (2019: $0.03 billion).
Shareholders Equity amounted to $47.23 billion (2019: $42.74 billion) with a book value per share of $44.30 (2019: $40.09).
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