220% jump in Guardian Q2 profit

Profit at Guardian Holdings for the June Quarter jumped a robust 220 percent to TT$256 million from only $80 million in 2021, with the half year moving up by a substantial 70 percent from $256 million to TT$436 million, with the EPS coming out at TT$1.88 or J$43 for the half year and TT$1.10 for the three months.

Guardian Holdings hit a 52 weeks’ high of $35.25 on Tuesday.

Guardian did not report the earnings per share for the June quarter, information that all Jamaican listed companies have to report. The other element not reported on are the number of shares issued that would give relevant information for readers of the financials. ICInsider.com projects earnings of TT$3.88 or J$90 for the whole year.
The group suffered losses on long term investment instruments amounting to $400 million for the half year, which resulted in a profit to shareholders of just $73 million, the loss in the quarter was $205 million, that helped plunge the profit to $83 million. Most of the investment losses would have emanated from the rise in interest rates and fall in the value of equity investments. They may not recur to the same degree in the future as such profit from regular operations should dominate in valuing the stock.
The big surge in profit before other comprehensive income flows from a meagre 5 percent rise in net premium income for the six months to $2.37 billion and for the quarter to $1 billion, but net results on Insurance Activity jumped 63 percent to $681 million while the quarter produced a 99 percent rise to $415 million. Net Investment Income brought in 26 percent less in the half year to $570 million from $770 million, with the quarter dropping 39 percent to $265 million and resulted from a 5 percent rise in income for the six months to $1.33 billion and for the quarter to $715 million from $682 million.
Operating expenses fell 3 percent in the half year to $742 million and 11 percent in the quarter from $460 million to $410 million. Finance Changes were flat at $104 for the six months and $52 million for the quarter.
The segment report shows the profit for the Life health and pension division enjoying a 4.8 rise in underwriting revenues to $1.9 billion, with profit climbing 64 percent to $492 million. The general insurance division saw underwriting revenues rising just 2 percent to $649 million, with profit falling from $137 million to $101 million.
Shareholders’ equity stood at $4.9 billion with total assets of $35 billion. Major assets include Investment property valued at $1.65 billion, Investment securities of $23 billion, loans and receivables of $2.44 billion, and Cash and equivalent at $3.9 billion. The significant liabilities include Insurance contracts of $19.6 billion, financial liabilities presumable loans of $3.5 billion and third party investment liabilities at $5 billion.
The price of Guardian Holdings jumped a sharp 29 percent to J$650 on limited volume on Friday on the Jamaica Stock Exchange with a PE ratio of 7. There are less than 1,000 shares offered for sale in the Jamaican market. It traded at TT$26.50 in Trinidad on Friday at a PE of 6.8. The stock is severely undervalued.

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