March 20, 2024
Figures are quoted in United States dollars (except where it is indicated otherwise):
Transjamaican Highway Limited (TJH), for the year ended December 31, 2023, reported a 16% increase in Revenue to US$75.20 million relative to US$65.01 million in the corresponding period last year. Revenue for the fourth quarter amounted to US$19.84 million (2022: US$17.99 million), a 10% increase. The increase in revenue 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 and Losses amounted to US$2.36 million relative to Other Gains and Losses of US$1.05 million for the comparable period in 2022. Whereas, for the quarter, Other Gains and Losses totalled US$670,000 relative to the US$890,000 in 2022.
Operating Expenses decreased 44% to US$22.44 million (2022: US$39.91 million). While Administrative Expenses for the year closed at US$8.42 million, a 382% jump from the US$1.75 million reported in 2022.
Finance Cost for the year closed at US$14.54 million relative to US$14.80 million in 2022, a 2% decrease year over year.
Net Profit Before Tax closed at US$32.17 million versus a Net loss before tax of US$4.29 million for the year ended December 31, 2023. TJH reported a Net Profit Before Tax of US$8.72 million versus a Net loss Before Tax of US$10.13 million for the fourth quarter of 2023.
The Company reported Taxation of US$8.21 million (2022: US$2.85 million), resulting in a Net Profit of US$23.96 million relative to a Net loss of US$7.14 million in 2022. Net Profit for the quarter amounted to US$6.39 million relative to a Net loss of US$11.28 million in 2022.
Consequently, Earnings Per Share for the year end amounted to J$0.30 (2022: LPS: J$0.09), while Earnings Per Share for the quarter totaled J$0.08 (2022: LPS: J$0.14). The number of shares used in these calculations was 12,501,000,000.
Notably, TJH’s stock price closed the trading period on March 19, 2024, at a price of $3.49 with a corresponding P/E ratio of 11.75x.
Balance Sheet Highlights
The company’s assets totalled US$290.11 million (2022: US$288.14 million). This resulted from a 37% increase in ‘Restricted asset’ closing at US$67.50 million.
Shareholder’s equity was US$48.96 million (2022: US$39.99 million), representing a book value per share of J$0.61 (2022: J$0.49).
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