November 8, 2023
Figures are quoted in United States dollars (except where it is indicated otherwise):
Transjamaican Highway Limited (TJH), for the nine months ended September 30, 2023, reported a 18% increase in Revenue to US$55.37 million relative to US$47.02 million in the corresponding period last year. Revenue for the third quarter amounted to US$19.16 million (2022: US$16.72 million), a 15% increase. TJH highlighted the increase was due to greater levels of traffic over the previous year in addition to movements in the toll tariff which is reviewed annually.
Other Gains amounted to US$1.42 million relative to Other Gains of US$157,000 for the comparable period in 2022. Whereas, for the quarter, Other Gains totalled US$641,000 relative to the US$103,000 in 2022.
Operating Expenses decreased 43% to US$16.58 million (2022: US$29.14 million). While Administrative Expenses for the period closed at US$6.03 million, a 490% increase from the US$1.02 million reported in 2022.
Finance Cost for the period closed at US$10.94 million relative to US$11.18 million in 2022, a 2% decrease year over year.
Net profit before tax closed at US$23.24 million versus a net profit before tax of US$5.84 million in 2022. TJH reported a net profit before tax of US$8.57 million versus a net profit before tax of US$2.82 million for the third quarter of 2022.
The Company reported taxation of US$5.77 million (2022: US$1.70 million), resulting in a Net Profit of US$17.47 million relative to a Net Profit of US$4.14 million in 2022. Net Profit for the quarter amounted to US$6.46 million relative to a Net Profit of US$2.11 million in 2022.
Consequently, Earnings Per Share for the nine months amounted to J$0.22 (2022: EPS: J$0.05), while Earnings Per Share for the quarter totaled J$0.08 (2022: EPS: J$0.03). The twelve-month trailing EPS was J$0.08 and the number of shares used in these calculations was 12,501,000,000.
Notably, TJH’s stock price closed the trading period on November 07, 2023 at a price of $2.58 with a corresponding P/E ratio of 33.59x.
Balance Sheet Highlights
The company’s assets totalled US$301.63 million (2022: US$309.19 million). This was mainly due to a 6% decline in Intangible Assets closing at US$201.34 million.
Shareholder’s equity was US$42.46 million (2022: US$51.27 million), representing a book value per share of J$0.53 (2022: J$0.63).
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