July 15, 2022
Radio Jamaica Limited (RJR), for the year ended March 31, 2022, reported revenues of $5.71 billion versus $5.19 billion in 2021, expanding by 10% year over year. For the quarter, revenues remained at $1.40 billion relative to year end 2021.
Direct expenses increased to $2.51 billion, this compares to the prior year’s figure of $2.29 billion, indicating a rise of 10%. For the quarter, direct expenses declined by 16% amounting to $838.93 million (2021: $996.27 million).
As such, gross profit for the year end closed at $3.20 billion relative to $2.90 billion for the corresponding period in 2021. While for the quarter, gross profit totalled $561.57 million (2021: $401.45 million).
Total expenses rose by 6% for the period under review from $2.70 billion in 2021 to $2.86 billion in 2022.
There was a 23% increase in selling expenses to $844.61 million (2021: $688.91 million).
Administrative expenses closed at $1.29 billion (2021: $1.40 billion).
Other operating expenses amounted to $728.75 million versus $616.14 million reported in the previous comparable period.
Other income grew to total $130.81 million compared to the 2021 figure of $81.12 million. While, for the quarter, other income closed at $14.02 million (2021: $31.28 million).
Operating profit grew by 65% for the period in review, from $283.52 million in 2021 to $468.95 million in 2022. As for the quarter, there was an operating profit of $117.05 million in 2022 relative to an operating profit of $76.73 million in the prior corresponding period.
Finance costs reported a decline of 6% year over year to $47.90 million versus $51.05 million in the prior year. While for the quarter, finance cost amounted to $15.48 million (2021: $18.31 million).
Share of net loss of associates stood at $12.29 million (2021: $779,000), followed by a profit before tax of $408.76 million relative to profit of $231.69 million booked at the end of 2021.
Taxation charge was $67.07 million reported in 2022 compared to tax charge of $61.03 million in 2021, RJR recorded net profit of $341.69 million versus net profit of $170.66 million booked in 2021. For the quarter, net profit amounted to $96.11 million relative to profit of $43.55 million twelve months prior.
Net profit attributable to shareholders closed at $341.69 million (2021: $170.66 million). For the quarter, net profit attributable to shareholders amounted to $89.86 million (2021: $15.82 million).
Total comprehensive income closed the period under review at $307.97 million compared to total comprehensive profit of $231.08 million in the same period last year.
The earnings per share (EPS) for the year end amounted to $0.14 relative to EPS of $0.07 in March 2021. For the quarter, EPS of $0.037 was recorded versus an EPS of $0.007 a year prior. The number of shares used in this calculation was 2,422,487,654 units. RJR stock last traded on July 14, 2022, at $2.90 with a corresponding P/E ratio of 20.56 times.
Balance Sheet Highlights:
RJR, as at March 31, 2022, recorded ‘Total Assets’ of $5 billion, a rise of 12% when compared to $4.48 billion for the previous corresponding period. This was mainly attributable to increases in “Fixed Assets” and “Intangible Assets” which closed at $1.98 billion (2021: $1.34 billion), and $452.65 million (2021: $422.25 million), respectively. These increases were, however, tempered by a 39% decrease in ‘Deferred Tax” which amounted to $142.89 million (2021: $232.50 million).
Total Shareholders’ Equity closed at $2.79 billion, up 10% from $2.53 billion last year. This resulted in a book value of $1.13 (2021: $1.04).
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