November 14, 2024
RADIO JAMAICA LIMITED (RJR)
Unaudited financials for the six months ended September 30, 2024:
Radio Jamaica Limited (RJR) for the six months ended September 30, 2024, reported a 1% decrease in Revenue totaling $2.69 billion compared to $2.73 billion in the corresponding period last year. Revenue for the second quarter had a 4% increase to close at $1.49 billion compared to $1.43 billion for the comparable quarter of 2023.
Direct expenses amounted to $1.32 billion (2023: $1.23 billion), this represents an increase of 8% year over year. Consequently, gross profit decreased by 9% to $1.37 billion compared to $1.50 billion for the six months ended September 30, 2023. The company booked gross profit of $743.85 million for the second quarter versus $760.62 million reported for the similar quarter of 2023.
Administration expenses increased by 1% to close at $792.63 million (2023: $788.24 million), while Selling expenses increased by 1% from $524.81 million in 2023 to $531.52 million in the period under review.
Operating Loss for the six months ended September 30, 2024, amounted to $274.02 million, a 170% increase relative to the Operating Loss of $101.50 million reported in 2023. Operating Loss for the second quarter amounted to $104.15 million (2023: Operating Loss of $70.12 million). Finance Costs totalled $27.10 million a 19% increase from the corresponding period last year. (2023: $22.72 million).
Loss before taxation for the six months ended September 30, 2024, amounted to $301.11 million, relative to the Loss before taxation of $124.22 million reported in 2023. Loss before taxation for the second quarter amounted to $118.06 million (2023: Loss before taxation of $79.47 million).
Tax Credit for the six months ended September 30, 2024 had a 41% increase to reach $30.52 million (2023: $21.59 million) . Net Loss for the six months amounted to $270.60 million, from the Net Loss of $102.63 million reported in 2023. For the second quarter, Net Loss was $103.12 million (2023: Net Loss of $64.78 million).
Consequently, Loss Per Share for the six months amounted to $0.09 (2023: LPS: $0.03), while Loss Per Share for the quarter totaled $0.03 (2023: LPS: $0.02). The twelve month trailing LPS was $0.23 and the number of shares used in these calculations was 3,023,506,931.
Notably, RJR’s stock price closed the trading period on November 14, 2024, at a price of $1.20.
Balance Sheet Highlights
The company’s assets totalled $6.03 billion (2023: $6.81 billion). This decrease was attributable to ‘Receivables’ which amounted to $1.041 billion (2023: $1.083 billion).
Shareholders’ equity was $3.86 billion (2023: $4.47 billion), representing a book value per share of $1.28 (2023: $1.48).
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer(s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view(s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
