March 4, 2025
Pan Jamaica Group Limited (PJAM)
Audited financials for the year ended December 31, 2024:
Pan Jamaica Group Limited (PJAM) for the year ended December 31, 2024, reported a 38% increase in Gross operating revenue totalling $39.97 billion compared to $29.00 billion in the corresponding period last year. Gross operating revenue for the fourth quarter had a 12% increase to close at $10.78 billion compared to $9.63 billion for the comparable quarter of 2023.
Cost of operating revenue amounted to $28.24 billion (2023: $20.69 billion), this represents an increase of 36% year over year. Consequently, gross profit increased by 41% to $11.74 billion compared to $8.31 billion for the year ended December 31, 2023. The company booked gross profit of $3.28 billion for the fourth quarter versus $2.32 billion reported for the similar quarter of 2023.
Other income, net increased by 41% to close at $1.23 billion (2023: $868.82 million). Net Investment result increased by 312% from a loss of $351.86 million in 2023 to income of $744.57 million in the period under review. Also, Selling, administration and other operating expenses for the year ended December 31, 2024, amounted to $8.98 billion, a 31% increase relative to $6.83 billion reported in 2023.
Share of profits in associates and joint ventures for the year ended December 31, 2024, amounted to $3.20 billion, a 23% decrease relative to $4.17 billion reported in 2023. Share of profits in associates and joint ventures for the fourth quarter amounted to $1.08 billion (2023: $1.33 billion).
Profit before finance cost and taxation totalled $8.29 billion a 34% increase from the corresponding period last year. (2023: $6.17 billion).
Finance costs totalled $1.65 billion a 19% increase from the corresponding period last year (2023: $1.38 billion).
Profit before taxation for the first year ended December 31, 2024, amounted to $6.64 billion, a 39% increase relative to $4.78 billion reported in 2023.
Following the 47% decrease in Taxation for the year to $559.69 million (2023: $1.06 billion), Net profit amounted to 6.08 billion from the $3.72 billion reported in 2023.
Net profit attributable to shareholders for the year ended December 31, 2024, amounted to $4.58 billion, a 82% increase relative to $2.52 billion reported in 2023. For the fourth quarter, Net profit attributable to shareholders was $1.98 billion (2023: Net loss of $5.12 million).
Earnings per share for the year amounted to $2.81 (2023: EPS: 1.55), while Earnings per share for the quarter totalled $1.22 (2023: $0). The twelve-month trailing EPS was $2.81, and the number of shares used in these calculations was 1,627,725,023.
Notably, PJAM’s stock price closed the trading period on March 03, 2025, at a price of $58.90 with a corresponding P/E ratio of 20.94x.
Balance Sheet Highlights:
The company’s assets totalled $143.65 billion (2023: $141.45 billion). Notably, ‘Cash and deposits’ increased by $4.61 billion, but was partially offset by a $3.01 billion decline in ‘Securities purchased under agreement to resell’.
Shareholder’s equity was $78.94 billion (2023: $76.00 billion), representing a book value per share of $48.50 (2023: $46.69).
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