November 11, 2024
Transjamaican Highway Limited (TJH)
Unaudited financials for the nine months ended September 30, 2024:
Transjamaican Highway Limited (TJH), for the nine months ended September 30, 2024, reported a 9% increase in Revenue to US$60.43 million relative to US$55.37 million in the corresponding period last year. Revenue for the third quarter amounted to US$20.78 million (2023: US$19.16 million), a 9% increase. “This was due to greater levels of traffic over the previous year in addition to movements in the toll tariff which is reviewed annually,” TJH noted.
Other Gains amounted to US$3.09 million relative to Other Gains of US$1.42 million for the comparable period in 2023. Whereas, for the quarter, Other Gains totalled US$1.14 million relative to the US$641,000 in 2023.
Operating Expenses increased 1% to US$16.67 million (2023: US$6.58 million).
Administrative Expenses closed at US$7.03 million, a 17% increase from the US$6.03 million reported in 2023.
Finance Cost closed at US$10.49 million relative to US$10.94 million in 2023, a 4% decrease year over year.
Profit Before Tax closed at US$29.33 million versus a Profit Before Tax of US$23.24 million for the nine months ended September 30, 2024. TJH reported a Profit Before Tax of US$10.87 million versus a Profit Before Tax of US$8.57 million for the third quarter of 2024.
The Company reported Taxation of US$7.34 million (2023: US$5.77 million), resulting in a Net Profit of US$21.99 million relative to a Net Profit of US$17.47 million in 2023. Net Profit for the quarter amounted to US$8.07 million relative to a Net Profit of US$6.46 million in 2023.
Consequently, Earnings Per Share for the nine months amounted to J$0.28 (2023: EPS: J$0.22), while Earnings Per Share for the quarter totaled J$0.10 (2023: EPS: J$0.08). The twelve-month trailing EPS was J$0.36 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 8, 2024, at a price of $3.61, corresponding with a P/E ratio of 10.11x.
Balance Sheet Highlights
The company’s assets totalled US$296.76 million (2023: US$301.63 million). The movement in total assets was influenced primarily by ‘intangible assets’ decreasing by US$15.11 million or 8% to close at US$186.24 million, which was partly offset by ‘restricted asset’ grew by US$11.11 million or 17% to close at US$78.11 million.
Shareholder’s equity was US$55.92 million (2023: US$42.46 million), representing a book value per share of J$0.71 (2023: J$0.53).
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