April 29, 2022
Portland JSX Limited (PJX), for the year ended February 28, 2022, earned Net Gains on financial assets classified at fair value through Profit & Loss amounting to US$5.35 million compared to gains of US$2.60 million in 2021.
Interest from loans and receivables for the year ended decreased by 40% amounting to US$2,654 (2021: $4,428). PJX didn’t receive any ‘Distributions of Partnership interest income’ in the financial year ended February 28, 2022 compared to US$128,901 in 2020 and PJX recorded a 71% decrease in ‘Net Foreign Exchange Gains’ amounting to US$96,327 (2021: US$330,112).
Operating Expenses, inclusive of Accounting & Audit Fees, Directors, legal & management fees, administrative fees and Other Expenses increased by 42% to US$860,866 (2020: US$604,510).
Dividends paid to preference shareholders totalled $108,889 (2021: nil) while Interest Expense ended at US$337,682 (2021: US$346,641).
PJX incurred no taxes for the financial year ended February 28, 2022, as such the company recorded a Net Profit for the year of US$4.28 million compared to US$2.12 million in 2021.
Earnings per share (EPS) for the period amounted to US$0.014 (J$2.15) compared to an Earnings per Share of US$0.007 (J$1.04) reported in 2021. The number of shares used in this calculation was 309,968,261. PJX’s stock price closed the trading period on April 28, 2022 at J$11.00 with a P/E ratio of 5.12x.
Balance Sheet Highlights:
As at February 28, 2022, PJX had Total Assets valued at US$41.64 million on its balance sheet compared to US$31.55 million reported in 2021. This growth resulted from a 9% increase in ‘Financial Investments at fair value through Profit or Loss’ to total US$35.81 million (2021: US$31.43 million) and the company’s US$5.00 million investment in Portland Caribbean Fund II, L.P portfolio company ‘Outsourcing Management Ltd’.
Total Stockholders’ equity as at February 28, 2022 closed at US$32.23 million compared to the US$27.80 million reported in 2021. This resulted in a book value per share of US$0.10 (J$16.18) compared to US$0.08 (J$13.62).
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