February 17, 2025

RADIO JAMAICA LIMITED (RJR)

Unaudited financials for the nine months ended December 31, 2024:

RADIO JAMAICA LIMITED (RJR) for the nine months ended December 31, 2024, reported a 2% decrease in Revenue totaling $4.05 billion compared to $4.14 billion in the corresponding period last year. Revenue for the third quarter had a 4% decrease to close at $1.36 billion compared to $1.41 billion for the comparable quarter of 2023.

Direct expenses amounted to $1.91 billion (2023: $1.84 billion), this represents an increase of 4% year over year. Consequently, gross profit decreased by 7% to $2.13 billion compared to $2.30 billion for the nine months ended December 31, 2023. The company booked gross profit of $765.17 million for the third quarter versus $794.19 million reported for the similar quarter of 2023.

Administration expenses decreased by 2% to close at $1.18 billion (2023: $1.20 billion), while Selling expenses decreased by 1% from $790.85 million in 2023 to $784.02 million in the period under review. As a result, total expenses for the nine months ended December 31, 2024, amounted to $2.57 billion, a 2% decrease relative to $2.61 billion reported in 2023.

Operating Loss for the nine months ended December 31, 2024, amounted to $321.32 million, a 254% increase relative to the Operating loss of $90.87 million reported in 2023. Operating Loss for the third quarter amounted to $47.30 million (2023: Operating profit of $10.63 million). Finance Costs totaled $47.80 million, a 12% increase from the corresponding period last year. (2023: $42.59 million).

Loss before taxation for the nine months ended December 31, 2024, amounted to $369.11 million, a 177% increase relative to the Loss before Taxation of $133.46 million reported in 2023. Loss before taxation for the third quarter amounted to $68.00 million (2023: Loss before taxation of 9.24 million).

Tax Credit for the nine months ended December 31, 2024 amounted to $39.72 million (2023: Taxation expense of $1.36 million) . Net Loss for the nine months amounted to $329.39 million, a 144% increase from the $134.82 million reported in 2023. For the third quarter, Net Loss was $58.79 million (2023: Net Loss of $32.19 million).

Consequently, Loss Per Share for the nine months amounted to $0.11 (2023: LPS: $0.04), while Loss Per Share for the quarter totaled $0.02 (2023: LPS: $0.01). The twelve-month trailing LPS was $0.24, and the number of shares used in these calculations was 3,023,506,931.

Notably, RJR’s stock price closed the trading period on February 14, 2025, at a price of $1.26.

Balance Sheet Highlights

The company’s assets totaled $6.05 billion (2023: $6.86 billion). The movement in total assets was primarily influenced by a 50% decrease in ‘Investment securities’ amounting $148.16 million (2023: $290.10 million) and 68% decrease in ‘Inventories’ amounting to $120.96 million. Additionally, Receivables decreased by $217.85 million amounting to $1.08 billion (2023: $1.29 billion).

Shareholder’s equity was $3.81 billion (2023: $4.53 billion), representing a book value per share of $1.26 (2023: $1.50).

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