After several years of underperformance, Jamaica’s sole cement producer – Caribbean Cement is reporting record profits of $1.53 billion, an increase of 216 percent from $483 million in 2020 from a 31 percent increase in revenues to $5.97 billion for the quarter ending March 2021, over the 2020 corresponding period.
The strong quarterly performance follows an excellent December 2020 quarter when profit jumped sharply to $962 million from $310 million in 2019.
Direct production cost rose 15 percent from $2.7 billion in 2020 to $3.1 billion, as a result, gross profit jumped 54 percent to $2.88 billion from $1.88 billion in 2020, resulting in profit margin rising 48 percent from 27 percent in 2020.
Other operating expenses fell 10 percent from $651 million to $582 million in the quarter. Finance cost declined in the quarter, from $164 million to $162 million. Foreign exchange losses slipped to $209 million for the quarter from $281 million in the previous year’s corresponding period.
The company continues to enjoy a healthy cash flow and ended with $755 million in cash funds at the end of the quarter after pulling in $3.3 billion in gross cash inflows and after paying $953 million in corporate taxes and repaying $1.9 billion in connection with loans.
At the end of March, loans outstanding amount to $4.8 billion, while shareholders’ equity amounts to $13 billion up from $8.8 billion at the end of March 2020.
Current assets ended the period at $4.1 billion up from $3.1 billion at the end of March 2020. Trade receivables ended at $404 million from $450 million last year march while inventories stood at $2.7 billion up from $21 billion at the end of the 2020 first quarter. Current liabilities rounded out the quarter at $7.3 billion compared to $4.9 billion at the end of the 2020 first quarter.
Earnings per share came out at $1.79, up from 57 cents in 2020. IC Insider.com is forecasting around $8.50 per share for the year with the PE currently at 12.5 times 2021 earnings.
The stock last traded at $75 on the Main Market of the Jamaica Stock Exchange on Wednesday and is projected to get to $150 in the next twelve months.
Archives for April 2021
Slippage for JSE USD market
Trading on Wednesday, ended with the market declining after trading 57.5 percent more shares than on Tuesday, at the close of the US dollar market of the Jamaica Stock Exchange, resulting in fall of 6.63 points to 212.08 in the market index.
Six securities traded, similar to Tuesday with the price of one rising, two declining and three closing unchanged.
The average PE Ratio based on ICInsider.com’s forecast of 2021-22 earnings ends at 13.2.
Overall, 455,125 shares traded, for US$12,464 compared to 289,034 units at US$36,227 on Tuesday.
Trading averaged 75,854 units at US$2,077, in contrast to 48,172 shares at US$6,038 on Tuesday. Trading averaged 78,855 units for the month to date at US$6,201 in contrast to 79,037 units at US$6,451 on Tuesday. March ended with an average of 68,746 units for US$13,137.
Investor’s Choice bid-offer indicator shows no stock ending with the bid higher than the last selling price and none with lower offers.
At the close, First Rock Capital ended at 9 US cents after trading 50,237 shares, Margaritaville settled at 9 US cents in switching ownership of 10,670 shares, Productive Business Solutions climbed 1 US cents to close at US$1.01 with an exchange of 40 units. Proven Investments slipped 0.01 of a cent to end at 26.99 US cents in trading 13,669 shares, Sygnus Credit Investments shed 0.09 of a cent in closing at 14.99 US cents 200 stock units crossing the market and Transjamaican Highway ended at 0.95 US cents after an exchange of 380,309 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Pull back for TTSE on Wednesday
Market activity ended on Wednesday, with a volume of 298 percent more shares traded valued 175 percent greater than on Tuesday, after 16 securities changed hands down from 20 on Tuesday, with 7 stocks rising, 6 declining and 3 remaining unchanged at the close of the Trinidad and Tobago Stock Exchange.
The Composite Index dropped by a sharp 13.13 points to 1,329.70, the All T&T Index fell 2.70 points to close at 1,782.09 and the Cross-Listed Index shed 3.40 points to settle at 118.50.
Overall, 313,974 shares changed hands for $3,686,330 compared to 78,980 units at $1,341,997 on Tuesday.
An average of 19,623 unitschanged hnds at $230,396, up from 3,949 at $67,100 on Tuesday. Trading month to date averages 10,829 units at $182.581 versus 10,326 units at $179,849. The average trade for March ended at 12,610 units for $342,338.
Investor’s Choice bid-offer indicator shows one stock ending with the bid higher than the last selling prices and two with lower offers.
At the close, Agostini’s rose 15 cents to $24.40, trading 300 shares, Angostura Holdings gained 7 cents to end at $15.49 after exchanging 40 units, Ansa McAL lost 4 cents to end at $56.75 with a transfer of 164 stocks. Clico Investment Fund added 1 cent to finish at $25.06, with 84,250 stocks crossing the market, First Citizens Bank gained 9 cents to settle a $46.50 trading 2,068 stocks, FirstCaribbean International Bank shed 23 cents to close at a 52 weeks’ low of $6.51, with 1,000 units changing hands. Grace Kennedy lost 9 cents to end at $4.91, with the trading of 10,011 stock units, Guardian Holdings added 1 cent to finish at $25.61 with an exchange of 1,683 units, JMMB Group remained at $1.81 after trading 37,079 shares. Massy Holdings rose $1 to $65, in transferring 640 units, National Enterprises lost 20 cents trading 25,000 shares at a 52 weeks’ low of $2.80, National Flour lost 3 cents to end at $2.32 exchanging 83,792 shares, NCB Financial Group shed 27 cents in closing at $8.22 after trading 37,648 stocks. Republic Financial Holdings remained at $132.26 in the transfer of 500 units, Scotiabank traded 5,504 stock units at $54.65 and Trinidad & Tobago NGL gained 15 cents in closing $13.40, with 24,295 units crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Nice bounce for JSE USD stocks
Trading on Tuesday ended with the market rising after an exchange of nine times more shares than on Monday, at the close of the US dollar market of the Jamaica Stock Exchange, resulting in six securities changing hands, compared to four on Monday with two stocks rising, one declining and three remaining unchanged.
The JSE USD Equity Index climbed 4.98 points to end at 218.71. The average PE Ratio based on ICInsider.com’s forecast of 2021-22 earnings ends at 13.2.
Overall, 289,034 shares traded for US$36,227 up from 32,091 units at US$2,549 on Monday.
Trading averaged 48,172 units at US$6,038, in contrast to 8,023 shares at US$637 on Monday. Trading month to date averaged 79,037 units at US$6,451 in contrast to 81,028 units at US$6,478 on Monday. March ended with an average of 68,746 units for US$13,137.
Investor’s Choice bid-offer indicator shows one stock ended with the bid higher than the last selling price and one with a lower offer.
At the close, First Rock Capital ended at 9 US cents in exchanging 12,558 shares, Margaritaville closed at 9 US cents, trading 673 shares, Proven Investments advanced 1 cent to close at 27 US cents in trading 126,273 stock units. Sterling Investments fell 0.14 of a cent to close at 2.3 US cents while exchanging 600 units, Sygnus Credit Investments rose 2.9 cents to closed at 14.9 US cents while exchanging 100 units and Transjamaican Highway settled at O.95 of a US cent trading 148,830 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.