February 14, 2023

Figures are quoted in United States dollars (except where it is indicated otherwise):

Transjamaican Highway Limited (TJH), for the year ended December 31, 2022, reported a 23% increase in revenue to US$65.01 million relative to US$53.76 million in the corresponding period last year. Revenue for the fourth quarter amounted to US$17.99 million (2021: US$15.29 million), a 18% increase. TJH noted that, “The increase was attributable to the continued improvement in traffic following the lifting of the measures implemented to combat the spread of the COVID-19, in addition to the annual increase in Toll Tariff which took effect in July 2022.”

Other gains amounted to US$1.05 million relative to other gains of US$3.14 million for the comparable period in 2021.  Whereas, for the quarter other gains totalled US$890,000 relative to other gains of US$1.56 million in 2021.

Administrative expense increased 44% to US$1.75 million (2021: US$1.21 million). While operating expenses for the year closed at $39.06 million, 17% more than the $34.06 million reported in 2021. Settlement loss on acquisition for the year amounted to $13.88 million.

Finance cost for the year closed at $14.80 million relative to $15.28 million in 2021, a 3% decline year over year.

Net Loss before taxation closed at US$4.29 million versus profit before taxation of US$5.34 million as at December 2021. TJH reported net loss before tax of US$10.13 million versus a profit before tax of US$3.57 million for the fourth quarter of 2021.

The Company reported a taxation charge of US$2.85 million (2021: taxation credit of US$1.35 million), resulting in a net loss of US$7.14 million, relative to a profit of US$3.99 million booked for the corresponding period last year. Net loss for the quarter amounted to US$11.28 million relative to a profit of the US$2.22 million in 2021.

Consequently, loss per share (LPS) amounted to 0.090 cent for the quarter relative to an EPS of US0.018 cent last year. For the year ended December 31, 2022 LPS amounted to US0.057 cent relative to an EPS of US0.032 cent booked in the corresponding period last year. The number of shares used in this calculation was 12,501,000,000 shares. TJH traded on February 14, 2022 at J$1.40, while TJHUSD closed at US$0.0088.

Balance Sheet at a Glance: 

As at December 31, 2021, total assets closed at US$288.14 million relative to US$309.24 million the prior year, a 7% decrease. This decrease was attributable to a 19% decline in ‘Cash and bank Balances’ which totalled US$5.42 million (2020: $6.72 million).

Shareholders’ equity totalled US$39.99 million (2021: US$54.13 million) resulting in a book value of US$0.0032 (2021: US$0.0043).

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