Profit at Republic financial in major recovery

August 9, 2021 by

The Trinidadian based Republic Financial Holdings put in a spirited performance in the third quarter to June this year, with profit rising an impressive 54 percent after tax to $378 million from $245 million to June 2020, with profit due to shareholders of the company climbing to $349 million, up 51 percent from $231 million in 2020.
Profit rose an impressive 32 percent after tax to $1.13 billion from $854 million for the nine months to June 2020, with profit due to company shareholders of $1.04 billion up 34 percent from $774 million in 2020.
While operating revenues, net of interest cost jumped 15 percent to $1.43 billion, operating expenses rose a mere 2 percent from $820 million to $837 million, resulting in operating profit popped 39 percent to $595 million, after $1.4 million in contribution from associated companies. Amounts set aside for credit losses rose from $74 million to $107 million in the quarter, pushing pretax profit up 37 percent to $487 million from $355 million. Taxation for the quarter was relatively flat with that of 2020, at $110 million.
For the nine months to June, operating revenues net of interest expense inched to $4.3 billion from $4.23 billion. Operating expenses slipped marginally from $2.574 million to $2.559 billion and operating profit rose 6 percent to $1.76 billion from $1.656 billion, with $4 million in contribution from associated companies in both years. Provision for credit losses moved from $346 million to $382 million in the nine months, putting pretax profit up 26 percent to $1.5 billion from $1.2 billion. Taxation for the period ended at $382 million, up from $346 million in 2020.
While profit shows good improvement over 2020, it lags 2019 earnings by a small margin, but things generally seem to be improving, with 2022 likely to see a move forward for profit. The group earned $6.37 per share for the nine months period. Management did not think it important to provide investors with the earnings per share for the quarter and did not report it. Based on the issued shares of 162.53 million units, earnings per share for the June quarter amounts to $2.15. The group should end up earning around $9 per share for the year and now trades around 15 times the current year’s earnings at the last traded price of $138 on the Trinidad and Tobago Stock Exchange.
While the overall numbers appear to be a good turnaround from a Covid-19 impact in 2020, the group that operates within Trinidad and the wider Caribbean and Ghana in Africa showed mixed fortunes in the various locations. Segment profit rose a strong 43 percent from $516 million in the home country to $739 million in 2021, with flat operating income of $2.04 billion. Barbados contributed profit of $178 million on revenues of $421 million, up from a profit of $139 in 2020 from revenues of $403 million. Revenues and profits were down in Suriname, with revenues falling from $155 million to $122 million and profit collapsing from $46 million down to $17 million. The Eastern Caribbean was slightly better, with revenues rising from $488 million to $501 million but profit suffered from a reduction from $177 million to $145 million. Guyana suffered a reduction in both revenues and profit as operating income declined from $296 million to $282 million and profit fell to $124 million from $143 million. The Cayman Islands division enjoyed a slight bounce in operating revenues of $485 million from $482 in 2020, with profit surging from $100 million to $166 million. The British Virgin Islands operations that were acquired from Scotiabank in 2020 delivered $110 million in operating revenues with none in 2020 and achieved a profit of $29 million. Ghana delivered a profit of $118 million from $77 million in 2020, with revenues that rose from $318 million in 2020 to $356 million.
 Republic controls assets of $108 billion with shareholders’ equity of $10.7 billion. Customer deposits amount to $92 billion and loans advanced of $55 billion, Investment securities amount to $19 billion.

All amounts are in Trinidad and Tobago dollars. 

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Profit jumps 32% in Q2 for Angostura

August 7, 2021 by

Profit before tax popped 20 percent for the Trinidad based Angostura Holdings, for the six-month to June 2021, to $74 million, up from $62 million in 2020 comparative period, while profit before tax rose 10 percent to $46 million from $42 million and profit after tax climbed 32 percent to $36.5 million for the quarter from $28 million and moved to 36 percent from $41 million in the half year to $55.6 million in 2021.

Angostura Holdings aged rum.

Revenue rose 6 percent to $218 million from $205 million for the quarter and was up 3 percent to $370 million for the half year from $358 million in 2020.
“Owing to improvement in the efficiency of the wastewater treatment facility, gross profit margins increased to 48 percent from 46 percent over the prior period as distillery alcohol production normalized in 2021 compared to 2020,” Terrence Bharath, chairman, advised shareholders in his report on the results. Cost of goods sold slipped by one percent to $117 million from $118 million in 2020 and for the half year rose at a slower pace than the increase in revenues after rising by just one percent to $194 million from $192 million in 2020. Gross profit popped 16 percent to $102 million from $87 million, while it rose 6 percent to $176 million for the six months to June 2021, from $167 million in 2020.

Angostura Bitters produced by the company.

Heineken offered J$31 per share for D&G in 2015 when the stock was trading at J$8 on the JSE.

Improvement in international markets, in terms of revenue and credit outlook, directly impacted the Expected Credit Loss Model resulting in a significant write back $2.7 million in the June quarter versus a write provision of $8 million in 2020 and write back of $4.2 million for the half year compared to a provision of $8.4 million in 2020.
Investment income rose to $3.5 million in the June quarter from $3 million last year and climbed from $5.5 million to $8 million for the six-month period.
“Revenue growth over the prior year was mainly driven by recovery in sale of bitters in the markets of Australasia, North America, Europe and the UK and rum in Europe, but faced more severe revenue challenges in the local Trinidad market,” the chairman informed shareholders.
Selling and marketing expenses rose sharply by 64 percent to $36.3 million in the June quarter and 15 percent for the half year to $67.5 million while Administrative expenses rose 20 percent to $25 million for the June quarter to $25 million and 7 percent for the six months to June to $44.6 million.
Current assets Net cash from operating activities delivered $71 million, but investing activities utilized $79 million, leaving negative funds flow of $10 million and $14 million in 2020.
Taxation slipped to $9.8 million from $14.2 million in the quarter and ended at $18. 4 million for the half year from $39 million in 2020.
Current assets amount to $1.08 billion and Current liabilities $104 million. Investments ended at $568 million and cash and equivalents closed the period at $51 million. Shareholders’ equity stood at $1.3 billion.
Earnings per share came in at 18 cents, up from 13 cents in 2020 for the June quarter and 27 cents for the half year versus 20 cents in 2020 and should end the year around 90 cents and would put the PE ratio at 18 times 2021 earnings at the last traded price of $16.48 on the Trinidad and Tobago Stock Exchange.
The Board of Directors approved an interim dividend of 9 cents per share to be paid on October 25.
The stock may be fully valued currently, based on PE ratio, but it possesses a good brand and products that could become attractive to international spirit companies that may well be prepared to pay a nice premium for it, as was done in Jamaica for Desnoes and Geddes brewers of the world famed Red Stripe beer and Lascelles Demercado producers of the Appleton brand of rums.

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Grace segments hide important tales

August 4, 2021 by

GraceKennedy reported their six months results to June, showing continued strong growth in revenue and profit for a third year running. The group’s segment results make for more interesting reading when the data is examined closely.
The group reported revenues of $63.4 billion, representing an increase of $6.8 billion or 12.1 percent over the prior year’s corresponding period. Profit before tax was $5.4 billion, reflecting a 20.4 percent improvement over the same period in 2020. Net profit after tax came in at J$4 billion, a 30.3 percent increase over the same period in 2020, while net profit attributable to stockholders enjoyed a double digit increase of 30.6 percent over the prior year.
GraceKennedy group is categorized into four main segments, with all contributing positively to the half year’s performance.
The Food Trading segment saw revenues rising 11 percent in the half year to $49.6 billion, but segment profit surged 50 percent to $2.8 billion. Banking and Investments revenues rose by a mere 7 percent to $3.3 billion and delivered a 32 percent increase in segment results to $348 million, Insurance pushed 23 percent higher to $5.6 billion, with just a 5 percent rise in profit to $515 million and Money Services revenues were up 18 percent to $4.8 billion, with profit climbing 15 percent to $2.1 billion, remaining the most profitable segment of the group by far.
For the June quarter, while the Food Trading segment did well in the first quarter, the second quarter saw a blast of momentous proportion, with revenues rising 15 percent to $24.65 billion over 2020, but with segment, profit surging a stunning 99 percent to $1.32 billion over the $667 million generated in 2020. Banking and Investments revenues rose 9 percent in the second quarter to $1.66 billion, but could only deliver a 9 percent increase in segment results to $199 million, up from $184 in 2020, well off from the 86 percent increase in quarter one, when profit came in at $148 million versus just $80 million in the March 2020 quarter last year. Insurance revenues rose 17 percent to $3.16 billion, with a 13 percent contraction in profit to $432 million, but a major change to the profit of $84 million garnered in the 2021 first quarter and Money Services revenues were up 20 percent in the second quarter compared with the first quarter increase of 16 percent and ended with $2.49 billion, with profit climbing a mere 4 percent to $1.1 billion from a rise in profit in the first quarter of 30 percent.
The data indicate that the Food Trading and Money Services divisions are likely to be the greatest profits drivers in the short to medium term.
GraceKennedy stock remains as an ICInsider.com BUY RATED stock that last traded at $102, on Wednesday on the Main Market of the Jamaica Stock Exchange at a PE ratio of 9.3 ICInsider.com earnings for the year of $11.

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Construction boom boost Fosrich profits

August 4, 2021 by

After a few years of mediocre performance since it was listed in late 2017 on the Junior Market of the Jamaica Stock Exchange, Fosrich is enjoying a most robust year in 2021, with a surge in revenues and a major blast in profits as the construction sector is enjoying the best performance in history and lifting sales of entities involved in the sector.
Revenues for the June quarter blasted 33 percent to $544 million, from $408 million in the similar 2020 period, helping to contribute to a 28 percent increase in six months revenues of $1,093 million, up from $857 million in 2020. Net Profit leaped 336 percent in the second quarter to $76 million, up from just $17 million in 2020 and for the half year, profit bolted 414 percent to $115 million from a mere $22 million in 2020.
Gross Profit blew 44 percent past $169 million for the June quarter last year to $244 million this year and rose 29 percent from $339 million in last year to $435 million for the six months this year, resulting in improvement in profit margins.
“These increases were attributed primarily to the greater availability of the products required by the market. While the overall increase in revenues was 28 percent, the product lines that had significant increases were PVC which saw increases of 105 percent, hardware 93 percent, wiring devices 52 percent and control devices 48 percent,” the Managing Director, Cecil Foster advised shareholders about the increase in sales, in his commentary of the results.

FosRich traded at $7.99 on Tuesday.

Administration expenses, year-to-date, were $310 million, an increase of 14 percent over 2020, with $271 million. For the quarter, these expenses grew much faster than in the first quarter at 32 percent to $166 million from $126 million in 2020. “The changes were driven primarily by increased staff related costs for salary adjustments, increased sales commission due to improved sales performance and improvements in staff benefits, increased staff training cost with the launch of the new FosRich Corporate University, increased motor vehicle expenses, increased occupancy cost due to the commencement of obligations in January for the second Hayes factory building and increased depreciation charges,” Foster advised shareholders. Finance cost for the year-to-date was $51 million compared to $57 million for the prior reporting period.
The operations delivered gross cash flow of $152 million, but growth in receivables, reduction of inventories, addition to fixed assets and payments on loans and lease funding of $58 million left the net position, with a cash flow deficit of just $1 million. Current assets ended the period at $1.99 billion, including inventories of $1.37 billion, trade and other receivables of $424 million, and cash and bank balances of $33 million. At the end of June, current liabilities stood at $496 million and resulted in net current assets of $1.5 billion. A related party owes $288 million, being funds loaned to complete an apartment complex, with sales expected to be completed this year, with proceeds slated to pay off the amount during 2021.
 Shareholders’ equity stands at $983 million, up from the $869 million at the end of December 2020. Borrowings amount to $1.8 billion.
Earnings per share for the second quarter surged to 15 cents from 3 cents in the prior year and climbed to 23 cents compared to 4 cents in 2020. ICInsider.com forecasts 60 cents per share for 2021 and $1 for 2022. The current year’s PE is now 13.3, with the last traded stock price at $7.99 on the Junior Market of the Jamaica Stock Exchange. The average Junior Market trades at a PE of 12.7 and net asset value is $1.96, with the stock selling at 4 times net book value.

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Profit climbs 20% at Paramount

August 3, 2021 by

Reduced administrative, selling and distribution expenses overcame a fall in revenues for the Junior Market listed Paramount Trading, for the fiscal year ending May 2021, to deliver a 20 percent rise in after tax profit to $64 million from $53 million in 2020 after profit surged more than nine times in the final quarter versus the similar period in 2020.

Paramount Trading had expanded into Chlorine and bleach processing.

In the final quarter, revenues rose 15 percent to $421 million from $366 million in 2020 and netted a profit of $36 million versus just $4 million in 2020. Sales revenue slipped 5 percent for the year to $1.44 billion, from $1.52 billion. Other income slipped from $25 million to $23 million, but foreign exchange gains contributed $19 million in 2021 versus $10 million in 2020.
Improvement in profit margin in the year saw margins rise from 30.9 percent in 2020 to 31.6 percent in 2021, but gross profit slipped 3 percent to $454 million, from $468 million in 2020.
Administrative expenses fell 32 percent to $68 million in the quarter, up from $100 million in 2020, and slipped 3 percent for the year, to $355 million from $367 million, a fall of $27 million in staff costs accounted for the bulk of the decline as salaries and wages fell from $179 million to $152 million as the average number of workers employed fell from 91 to 70. Distribution and sales expenses dipped from $19 million to $11 million. Finance cost inched higher from $48 million to $49 million in 2021.
The operations delivered gross cash flow of $121 million, but after changes in working capital, net cash flow from operations ended at $135 million. The company increased fixed assets by $9 million, had a net $15 million repayment of loans and paid $62 million in dividends, ended with increased funds at the end of the year of $49 million, pushing cash and investments to $261 million at the end of the fiscal year.

Paramount lubricant factory.

At the end of May, net current assets stood at $472 million. Current assets ended the period at $836 million inclusive of trade and other receivables of $323 million, cash and bank balances of $91 million. Current liabilities closed the year with $364 million. Non-current Investments being held for more than a year stood at $170 million. Shareholders’ equity ended at $796 million with long term borrowings at $473 million, down from $492 million in 2020 and short term loans amounted to $47 million versus $43 million in 2020.
Earnings per share amount to 4.1 cents for the year. ICInsider.com forecasts 10 cents per share for the fiscal year ending May 2022 with a PE of 12.5 at the last traded stock price at $1.25 on the Junior Market of the Jamaica Stock Exchange. Net asset value is 52 cents per share, with the stock selling at 2.5 net book value.
The Company’s principal activity is the importation and distribution of chemicals, lubricants and other related products, provision of haulage services and blends lubricants.

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Profit up for Jamaica Stock Exchange

August 2, 2021 by

Fee income climbed 23 percent from $273 million in the 2020 June quarter to $336 million and rose marginally for the year to date to $646 million from $635 in 2020, but income from other sources was mainly flat to declining in both periods for the leading stock exchange in the Caribbean operated by the Jamaica Stock Exchange.
Revenues climbed 16.7 percent in the latest quarter to $442 million from $378 million in 2020 and for the six months, revenues fell from $887 million to $852 million as trading activity on the market remains subdued, with the main market still trading well below the highs of 2020 and financial stocks that dominate the market capitalization, mostly out of favour. Segment results show a $200 million decline in revenues as a result of lower trading activity on the stock market. Investment income was essentially flat at $10 for the quarter but fell from $32.6 million in 2020 for the half year to $24.6 million in 2021.
While revenues fell year to date, expenses for the half year rose 2.6 percent to $590 million from $575 million even as fees payable to the Financial Services Commission slipped from $27 million to $20 million. For the June Quarter, expenses rose by 10 percent, from $259 million to $285, with staff cost climbing 23 percent to $136 million from $110 million in 2020. Taxation gobbled up $51 million for the June quarter and $91 million for the half year.
The operations generated gross cash flow of $315 million, after an increase in working capital, the amount was reduced to $266 million and after acquiring investments, purchasing fixed assets and paying $112 million in dividends, the company reduced the cash funds of $140 million at the end of 2020 by $19 million. Net current assets ended the period at $540 million, with current assets of $892 million. Current liabilities at the end of the half year amount to $352 million. Trade and other receivables amount to $286 million, cash and bank balance $121 million and investments $434 million. At the end of June, shareholders’ equity stood at $1.8 billion, with no borrowings used in funding its operation.
Looking forward, the last half of the year tends to be more bullish than the first half. As the local economy continues to recover from the 2020 depression, greater activity in the wider economy is likely and should result in improved profitability of listed stocks, resulting in increased demand for them. Additionally, there will continue to be more listings that will generate fixed fees for the exchange and fee income based on trading in the stocks of the additional listings going forward. The exchange could also improve its results if it took a critical look at its fee structure, with a move to generating more fixed fee income and reduced reliance on varying fee income, which is the way it was in years gone by until some fixed fees were frozen for many years and have not changed much since. Short term, the stock may be considered overpriced, longer term, but it offers good growth potential with a decent dividend yield.
Earnings per share ended the June quarter at 17 cents and the six months at 27 cents and could end the year around 70-80 cents, depending a great deal on trading activities in the second half of the year.  The stock last traded at $17.79 on the Main Market of the Jamaica Stock Exchange with a PE ratio of 24 times 2021 earnings, in contrast to an average of 16.4 for the Main Market.  Net asset value was $2.57 at the end of the quarter, with the stock selling at 6.9 times book value.

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Profit jumps 33% at Carreras but..

August 2, 2021 by

Sale revenues for the June quarter this year jumped 27 percent to $3.4 billion at Carreras, from a depressed $2.7 billion in 2020, with profit after corporate taxes surging 33 percent to $863 million from $651 million in 2020.

Carreras is one of Jamaica’s best dividend payers

The latest results, while looking impressive, have resulted mainly from a 27 percent fall in revenues in the 2020 June quarter from revenues of $3.458 billion in 2019. The 2021 profit is lower than the $923 million aftertax profit earned in 2019.
Cost of goods sold rose faster than revenues with a 30 percent increase from $1.37billion to $1.78 billion percent. Other operating and administrative expenses, including finance costs, rose four percent from $514 million in the 2020 quarter to $536 million.
The operations generated gross cash flows of $820 million, but after paying dividends of $1.2 million, resulting in a reduction of $786 million in cash on hand at the end of March. At the end of the quarter, shareholders’ equity stood at $1.75 billion, with lease financing at $251 million. Current assets ended at $3.47 billion, including cash and equivalent of $1.4 billion and Receivables of $1.56 billion. Current liabilities ended at $2 billion.
Earnings per share came out at 17.8 cents for the quarter, with ICInsider.com forecasting 80 cents per share for the year to March 2022, with a PE of 11.5 times earnings at the last traded price of $9.19 for the stock on the Main Market of the Jamaica Stock Exchange. The stock is now mostly regarded as a good dividend payer with a high yield of 8 percent, with profit hardly growing as the product it sells is not expected to enjoy much growth.

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GraceKennedy blast profits higher

July 29, 2021 by

GraceKennedy earned a 12 percent rise in revenue to $63.4 billion, up from $54.4 billion in the 2020 corresponding period. Revenues for the June quarter rose 15.8 percent from $26.6 billion to $30.8 billion.
Profit before tax for the half year was up 20.4 percent to $5.4 billion, reflecting an improvement over the $2.5 billion in 2020 and climbed 15.6 percent to $2.9 billion for the quarter from $2.5 billion in 2020.
Profit after tax attributable to stockholders for the half year bolted 30.6 percent to $3.6 billion from $2.75 billion over 2020 and rose 35 percent from $1.42 billion to $1.9 billion in the June quarter. Earnings per share for the period was $3.62, compared to $2.77 in 2020, while the second quarter recorded earnings of $1.94, up from $1.44 in 2020. In its report on the six-month performance, the company stated, “GK’s Jamaican food distribution business (GK Foods – Domestic) performed well in the first six months of 2021, recording an increase in PBT and revenue over the prior year. GK’s Manufacturing Division recorded strong gains in the first half of 2021, with growth in revenue and PBT compared to the first half of 2020. This performance was primarily driven by significant demand in the Jamaican and international markets for our Jamaican manufactured products, including Tastee Cheese, Tropical Rhythms, canned vegetables, frankfurters and vienna sausages. GK’s International Foods business exceeded both its revenue and PBT half year targets, with all business units surpassing PBT over the prior year. GraceKennedy Financial Group reported strong growth in both revenue and pre-tax profit for the first half of 2021. GK’s Insurance segment also continues to yield positive results, with GK General Insurance recording double digit growth in revenues in the second quarter compared to the same period in 2020. GraceKennedy Money Services exceeded its revenue and pre-tax profits when compared with the corresponding period of 2020.”
The shares that are listed on the Jamaica Stock Exchange, traded with a 30 cents loss on Thursday ahead of the results to end at $99.70 but is up 55 percent for the year to date.

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Huge blast at Carib Cement

July 29, 2021 by

Caribbean Cement is reporting another quarter of blow profits with revenues of $6.3 billion, up 32.6 percent over the $4.78 billion in the 2020 June quarter. Revenues blasted 32 percent to $12.3 billion for the half year compared to $9.3 billion.

The second quarter revenues growth beats the 31 percent rise in the first quarter as well as exceeding by 6.4 percent the $5.97 billion in the first quarter.
Profit after tax surged 200 percent higher to $1.56 billion in the second quarter from $521 million in 2020. And more than tripled the 2020 half year results of $1 billion to $3.09 billion.
Similar to 2020, gross profit was 47 percent in the second quarter to $3 billion versus $2.25 billion in 2020, while year to date it rose to 48 percent to $5.88 billion.
The company generated earnings per share of $1.84 for the latest quarter versus just 61 cents in 2020 and made $3.63 per share for the half year, up from $1.18 in 2020 and is well on the way the reach ICInsider.com forecast of $8.50 for the year, with the company stating “we expect continued buoyancy in the construction sector driven by both government-initiated infrastructure projects and many private developments.”
Foreign exchange losses are down to $50 million in the June quarter versus $376 million in 2020 and, for the six months, $258 million compared to $657 million.
Cash flows from operations amounted to $1.7 billion for the quarter and $4 billion year to date. $3.9 billion was repaid in loans for the six months period and will result in reduced interest cost in the second half of the year. The repayment of loans reduced borrowed funds to $3 billion. Shareholders’ equity stands at $14.7 billion, with accumulated profit at $5 billion.

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Profit surge for Supreme Ventures

July 26, 2021 by

Profit bolted 226 percent at Supreme Ventures, from $192 million in the covid-19 impacted June 2020 quarter to $627 million this year. For the half year to June, profit climbed 32 percent from $929 million in 2020 to $1.23 billion in 2021.
Total revenues recovered from the depressed 2020 covid-19 affected out turn and rose 46 percent for the quarter, to $10.85 billion from $7.4 billion in 2020 and popped 23 percent for the year to date, to $21.6 billion from $17.54 billion in 2020
Gross profit surged 57 percent to $236 billion in the June quarter from $1.5 billion in 2020 as direct cost rose 44 percent from $5.9 billion to $8.5 billion. For the half year, gross profit climbed 15 percent in the 2021 half year to $4.37 billion from $3.8 billion as direct cost popped 25 percent to $17.2 billion from $13.74 billion. Selling, administrative and other expenses spiked 44 percent to $1.55 billion, from $1.08 million in June 2020 Quarter and climbed 21 percent to $2.87 billion from $2.38 billion in 2020.
Financial instruments contributed income of $128 million in the quarter versus a loss of $27 million in 2020 and ended the half year with income of $139 million, versus a loss of $81 million in 2020, while taxation came in at $325 million from $208 million in 2020 second quarter and for the half year $487 million in 2021 versus $480 million in 2020.
The company is grouped into four reporting segments; Lottery, Sports Betting includes horseracing, Pin Codes and Other. During the six months, the Lottery segment generated revenues of $9.88 billion versus $9.1 billion in 2020, with profit falling 8 percent to $1.54 million compared to $1.7 billion in 2020. Sports Betting pulled in revenues of $5.7 billion versus $2.6 billion in 2020 and transformed a loss of $188 million profit into a profit of $403 million in 2021, Pin Codes generated income of $5.74 billion in 2021 with a profit of $95 million versus revenues of $5.75 billion in 2020 and profit of $125 million and the segment – Other had revenues of $198 million with a loss of $533 million compared to revenues of $44 million and with a loss of $187 million in 2020.

Gross cash inflows ended at $2 million, after paying corporate taxes of $613 million and spending $1.9 billion on addition to fixed assets, acquisition of a subsidiary and paying $1.27 billion in dividends, the group paid out $2.24 billion of cash brought forward, leaving just over $4 billion in cash funds at the end of June. Current assets ended the period at $6.5 billion inclusive of trade and other receivables of $2 million, cash and bank balances of $4 billion. Current liabilities ended at $4.3 billion, leaving net current assets at $2.2 billion. At the end of June, shareholders’ equity stood at $4.1 billion, with long term borrowings at just $5.4 billion and short term loans at $350 million.
Earnings per share amounted to 46 cents for the six months and 23.4 cents for the June quarter. The stock traded at $19.25 on the Main Market of the Jamaica Stock Exchange with a PE ratio of 19 times based on ICInsider.com forecast of $1 per share, versus an average of 16.3 for the market. The net asset value is $1.56, with the stock selling at 12 times book value.

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