February 18, 2025

Transjamaican Highway Limited (TJH)

Unaudited financials for the year ended December 31, 2024:

Transjamaican Highway Limited (TJH), for the year ended December 31, 2024, reported a 10% increase in Revenue to US$82.82 million relative to US$75.20 million in the corresponding period last year. Revenue for the fourth quarter amounted to US$22.38 million (2023: US$19.84 million), a 13% 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$3.86 million relative to Other Gains of US$2.36 million for the comparable period in 2023. Whereas, for the quarter, Other Gains totalled US$768,000 relative to the US$942,000 in 2023.

Operating Expenses decreased 6% to US$21.05 million (2023: US$ 22.44 million). While Administrative Expenses for the year closed at US$9.63 million, a 14% increase from the US$8.42 million reported in 2023.

Finance Cost for the year closed at US$13.93 million relative to US$14.54 million in 2023, a 4% decrease year over year.

Profit Before Tax clsoed at US$42.07 million versus a Profit Before Tax of US$32.17 million for the year ended December 31, 2024. TJH reported a Profit Before Tax of US$12.74 million versus a Profit Before Tax of US$8.93 million for the fourth quarter of 2024.

The Company reported Taxation of US$10.75 million (2023: US$8.21 million), resulting in a Net Profit of US$31.32 million relative to a Net Profit of US$23.96 million in 2023. Net Profit for the quarter amounted to US$9.33 million relative to a Net Profit of US$6.49 million in 2023.

Consequently, Earnings Per Share for the year amounted to J$0.39 (2023: EPS: J$0.30), while Earnings Per Share for the quarter totaled J$0.12 (2023: EPS: J$0.08). The twelve-month trailing EPS was J$0.39 and the number of shares used in these calculations was 12,501,000,000.

Notably, TJH’s stock price closed the trading period on February 17, 2025, at a price of $4.02 with a corresponding P/E ratio of 10.27x.

Balance Sheet Highlights

The company’s assets totalled US$293.85 million (2023: US$290.11 million). TJH Highlighted, “Primary movements over the period were attributed to an increase in Cash & Bank, this was also offset by further amortization of the Intangible asset and usage of the Deferred Tax Asset.”

Shareholder’s equity was US$65.28 million (2023: US$48.96 million), representing a book value per share of J$0.82 (2023: J$0.61).

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 affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.