Pan Jamaica Group Limited (PJAM) for the nine months ended September 30, 2023, reported a 1037% increase in Gross operating revenue totalling $19.37 billion compared to $1.70 billion in the corresponding period last year. Gross operating revenue for the third quarter had a 1154% increase to close at $9.40 billion compared to $749.08 million for the comparable quarter of 2022.

Cost of operating revenue amounted to $13.38 billion (2022: $871.33 million), this represents an increase of 1435% year over year. Consequently, gross profit increased by 621% to $5.99 billion compared to $831.71 million for the nine months ended September 30, 2022. The company booked gross profit of $2.94 billion for the third quarter versus $373.37 million reported for the similar quarter of 2022.

Other income and expenses, net increased by 261% to close at $834.59 million (2022: $231.02 million). Net Investment expense moved from $377.02 million in 2022 to a net investment income of $102.92 million in the period under review. Selling, administration and other operating expenses for the nine months amounted to $4.87 billion, a 370% increase relative to $1.04 billion reported in 2022.

Share of profits in associates and joint ventures for the nine months amounted to $2.83 billion, relative to loss of $145.21 million reported in 2022. Share of profits in associates and joint ventures for the third quarter amounted to $1.24 billion (2022: loss of $1.15 billion). Profit before finance cost and taxation totalled $4.89 billion (2022: Loss of $496.48 million).

Finance costs totalled $963.72 million, a 28% increase from the corresponding period last year (2022: $754.40 million).

Profit before taxation for the nine months amounted to $3.93 billion relative to a loss of $1.25 billion reported in 2022.

Following the 387% increase in Taxation for the nine months of $518.91 million (2022: $106.62 million), Net profit amounted to $3.41 billion from the net loss of $1.36 billion reported in 2022.

Net profit attributable to parent company shareholders for the nine months amounted to $2.52 billion relative to a loss of $1.37 billion reported in 2022. For the third quarter, Net profit attributable to parent company shareholders was $1.46 billion (2022: Loss of $1.75 billion).

Earnings per share for the nine months amounted to $1.55 (2022: LPS of $0.84), while Earnings per share for the quarter totalled $0.89 (2022: LPS of $1.07). The twelve-month trailing EPS was $5.31, and the number of shares used in these calculations was 1,627,725,023.

Notably, PJAM’S stock price closed the trading period on November 14, 2023, at a price of $45.39 with a corresponding P/E ratio of 8.55x.

PJAM noted, “The period’s result reflects the additional income arising from the amalgamation, partially offset by investment losses and one-off transaction costs.”

Balance Sheet Highlights:

The company’s assets valued $130.26 billion (2022: $54.79 billion). The increase in assets resulted from a 792% jump in ‘property, plant and equipment’ closing at $44.82 billion.

Shareholder’s equity was $74.14 billion (2022: $38.28 billion), representing a book value per share of $45.55 (2022: $23.52).

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