Transjamaican Highway, after three and a half years of listing on the Jamaica Stock Exchange, came good in 2023 with the stock closing just over 100 percent for the year to date, when the price last traded at $2.84 on Monday, up 103 percent for the year to date, after hitting an intraday high of $2.88 at the start of trading on Monday.
The stock, which IPOed just before Jamaica at J$1.41 and one US cent for those shares designated in US dollars, was hit with Covid-19, languished in the market at that level but mostly lower until this year, when it finally broke out in March to now become the second best-performing stock of the exchange for 2023, following Ciboney that is now up 186 percent.
A year ago, the price was $1.30 is now up by 118 percent, even then the climb is far from over, with earnings poised to hit the J$0.30 range for 2023 and investors already paying up to the equivalent of J$3 in the US dollar market for the shares.
The increased interest in the stocks comes on the heels of the company acquiring the previous maintenance operators and effectively improving the profitability by US$12 million per annum.
For the March 2023 quarter, the Group reported revenues of US$18 million, 21% more than the US$14.9 million for the same quarter in 2022 and delivered a profit of US$5 million, up US$4.3 million compared to just US$0.7 million for the 2022 period.
100% gains for Transjamaican
July 17, 2023 by
