Fesco crushes expectations

FESCO recorded stunning first results that crushed expectations, with revenues surging 238 percent to $6.46 billion, up from $1.9 billion in 2021 and drove gross profits up a robust 294 percent higher at $216 million for the quarter from $161 million year over year. June quarter gross profit came in 36 percent more than the $137 million generated in the March quarter this year from revenues for the quarter of $4.76 billion.
The Company’s gross profit for the quarter amounts to 55.2 percent of the gross profits achieved for the fiscal year ended March, exceeding the entire year. Gross profit margin jumped sharply from 2.87 percent in 2021 to 3.36 percent in the June quarter this year. The Company benefitted from two new service stations that came on stream during the period compared to the 2021 fiscal period, with the popular Beachwood avenue station owned and operated by them.
For the quarter ended June 2022, profits after taxes surged 280 percent to $152 million from just $40 million in 2021, with indications that the six months result should see profits exceeding the $258 million realized in 12 months to March this year.
Operating and administrative expenses rose 216 percent to $65 million in the quarter, with the bulk of the increase being direct operating costs for the self-owned run gas station.
Gross cash flow brought in $158 million, but $358 million was spent for the addition of fixed assets and resulted in net cash outflows of $221 million, thus reducing the $1.1 billion at the start of the fiscal year to $900 million at the end of the quarter.
Current assets ended the period at $1.64 billion, including trade and other receivables of $468 million, cash and bank balances of $903 million. Current liabilities stood at $1.3 billion, with Payables at $947 million, current portion of loans at $345 million, and long-term loans at $908 million.
Shareholders’ Equity stood at $922 million at the end of June, or 37 cents per share and the stock trades at a premium of 1,334 percent above net asset value.

Fesco Beachwood Avenue station

Earnings per share came out at 6 cents for the 2022 quarter, up from 1.65 cents in 2021. IC Insider.com is forecasting 26 cents per share for the entire year bringing the PE ratio to 20 times earnings and is now in line with the market at the last traded price of $5.29 on the Junior Market of the Jamaica Stock Exchange on Friday. The Company will pay 16 cents per share dividend on October 28.
The Company added the 17th service station under its brand in St Elizabeth, which will add to future revenues and profits. According to the directors’ report,” the Company continues to make investments in real assets and equipment to support expanding its service station businesses, its industrial client business, as well as its promised entry into the LPG industry.”

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.

First quarter profits surge 39%

Profit in the first quarter of this year surged 39 percent over the same period in 2021 for all listed companies on the Jamaica Stock Exchange, data released by the companies show a 21 percent increase in revenues.
The final numbers include results of Guardian Holdings, Massy Holdings two companies with primary listings in Trinidad as well as the recently listed Dolla Financial. Excluding results for the two Trinidad based companies, profit rose 49 percent for the rest, from a 26 percent rise in revenues.
Profits exclude exceptional one off items and do not include other comprehensive income. NCB Financial Group, JMMB Group and Scotia Group suffered major unrealized losses in their investment portfolio as a result of increased interest rates in 2022 while the two Mayberry companies saw a major reversal of investment losses incurred in 2021. The investment losses for the banking groups are shown in other comprehensive income and if included reduces the strong operating profit substantially.
Contributing to the strong rise in overall profit are companies that suffered losses or sharply reduced profits in the 2021 period and are recovering in 2022 from an economy that was mired in restrictions on trade within the local economy.
The results to date show the educational sector with just two companies growing by 1,880 percent but with a mere $12 million in profit, with revenues that grew 155 percent to $107 million. Medical & Pharmaceutical revenues rose a strong 30 percent to $1.43 billion with profits climbing 80 percent to $167 million. The  Restaurant sector’s profit rose 100 percent to $342,000, up from a loss of $184 million in 2021 as revenues rose 240 percent to $691 million. Banking profit is up 104 percent to $12.5 billion, from a 33 percent rise in revenues to $116 billion, with all the gains in profit flowing from NCB.
One of the more outstanding segments was Financial Services, with 20 companies delivering a 30 percent revenue increase to $57 billion and a 46 percent rise in after tax profit to $16.3 billion. Distribution revenues climbed 29 percent to $33.6 billion and profit rose 52 percent to $2.3 billion from just $1.5 billion last year.
Conglomerates were disappointing, with no growth in profits of $5.8 billion from a 13 percent rise in revenues to $113 billion and Manufacturing managed a 22 percent rise in profit to $4.8 billion from a 23 percent increase in revenues to $55 billion from $45 billion in 2021.
Media with just two entities delivered revenues of $1.75 billion up a mere 4 percent year over year but grew profit an attractive 68 percent to $152 million.
Revenues for the Insurance group rose just 3 percent to $86 billion and delivered a 17 percent increase in profits to $8.2 billion.
Revenues for Entertainment companies rose 23 percent to $13.5 billion with profit rising 130 percent to $1 billion with Supreme Ventures dominating with profit jumping 68 percent to $996 million.
Real Estate saw a 20 percent drop in profit from a 54 percent rise in revenues to $3.46 billion delivering a profit of $1.27 billion.
The Transportation sector saw a 71 percent increase in revenues at $10.6 billion delivering a 38 percent increase in profit to $1 billion.

SOS dividend consideration sends stock price flying

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Stationery & Office Supplies announced that the board of directors will consider the payment of a dividend at a meeting to be held on August 9, 2022 and with the stock price closing at a 52 weeks’ high of $15 and seems to be heading higher.
The company last paid a dividend of 16 cents per share on December 7 last year. The early announcement caught the market by surprise as investors bought 303,359 shares up to a 52 weeks’ high of $15, with the stock closing with the bid at $15.84 and the offer at $17.90 and gaining 135 percent for the year to date.
The likely early payment is signalling that the company could be switching to twice a year payout as well as the fact that the good results evident in the first quarter is continuing into the rest of the year.
Some observers are of the view that the dividend announcement by itself was unlikely to move the stock price by the amount in today’s trading and think investors are sensing a stock split.

SOS to make early dividend payout

With the stock price having risen and seems set to go higher the price is clearly entering into a split territory, considering that there are just 250 million shares issued with the top 10 holdings accounting for 90 percent and leaving only about 25 million units that are likely to trade short term. The possibility of a stock split coming up for discussion at the meeting considering a dividend seems probable but such an action if it were to occur would have to be communicated to the Jamaica Stock Exchange ahead of any meeting at which it was to be approved.
The March quarter profit rose 90 percent to $105 million over that for 2021 and ICinsider.com forecast earnings of $1.70 for the current year.

Dolla profit jumps sharply over 2021

Dolla Financial ended the second quarter with a profit after tax of $59 million, similar to the first quarter after revenues rose from $141 million in the first quarter to $157 million. Interest expenses increased to $13.7 million from $12.8 million in the March quarter. But it is an $18 million jump in Administrative expenses held back profit from exceeding the first quarter numbers.
Roughly $18 million in increased administrative costs relates to the listing of the shares on the stock exchange and some other expenses associated with the IPO  that are booked as a part of Administrative. ICInsoder.com gathers that cost to fall back to the $60 million level in the third quarter.
Year to date revenues are $298 million versus $108 million in 2021, while the June 2021 quarter delivered revenues of $54 million with a small profit of $9 million.
The third quarter should see a notable increase in loan income, with the IPO proceeds would only have been available in June, with the IPO closing on May 27. As such, revenues should climb by around $25 million in the September quarter and profit should hit $100 million for the quarter.
The balance sheet shows loans of $1.05 billion, up from $870 million at the end of March, Cash stood at $81 million and shareholders’ equity rose from $373 million to $653 million, reflecting the new capital injection from the IPO as well as the profit for the quarter. ICInsider.com understands that they have lent out all the funds received and are preparing to float a billion dollar bond to facilitate expansion. Loans payable amount to $429 million at the end of June, slightly down from the $452 million at the end of March but well up on the $296 million in June 2021.
The company plans to open a branch in Portmore in the current quarter and another in Guyana.
Earnings per share for the quarter was 2 cents and year to date just over 5 cents. ICInsider.com forecasts 20 cents per share for the current year and 35 cents for 2023.
Dolla Financial traded on the Junior Market at $2.87 after investors swapped 643,451 shares.

Access vs Dolla Financial

Investors chased shares in the recent Junior Market listed Dolla Financial as high as $3.60 at 18 times 2022 estimated earnings but is now priced at $2.90 at 14 times earnings. At the same time, Access Financial trades around $22 with a PE of 6.5 times this year’s projected earnings. Why the vast difference in valuation?
The above is based on projections that could vary from the actual outturn to be known in the first half of 2023. Using historical earnings, Dolla earned 7 cents per share for 2021 and now trades at 40 times those earnings, while Access earned $1.60 and trades at a more appealing PE of 14.5. Historical data suggests that Dolla could enjoy growth in profits close to 100 percent per annum for several years. ICInsider.com projections for Access are for a 126 percent increase in profit this year as it continues to recover from the declines caused by Covid. In the year to March 2024, profit is projected to rise 70 percent and thereafter 40 percent. Notably, the stock price should increase about 1,000 percent to more than $250 per share by 2026. Projections for Dalla are for profits to rise 230 percent this year to 20 cents and 70 percent next year and 60 percent for the next two years, with the price increasing 524 percent to $17.50.
The above data suggest that investors should pay greater attention to the less expensive stock that could deliver twice the returns over the next four years.
Helped by reduced provision for doubtful loans and an adverse economic environment, Access’ profits dropped from $2.61 per share in 2018 to $1.63 in 2019 and bottomed out at $1.05 in 2021 before bouncing to $1.60 for this year to March as credit losses declined from $388 million to $282 million, these are up from $177 million in 2019, having peaked at $507 million in 2020.

Access Financial HQ

Access loan portfolio amounts to $4.5 billion compared to, Dolla is at $751 million at the end of 2021 and $917 at March this year, up from just $350 million at the end of March last year, that is rapid growth, that should continue to increase with additional funds coming from the inflows from the IPO of $250 million and more profits to come.
The high returns possible from these micro financiers provide fresh capital from profits to on-lend during the year. This is what is so attractive about them, even after providing for loan losses. But Access has an added advantage over Dolla, as the Development Bank of Jamaica accredits it to on-lend funds originating from them at rates much lower than micro lenders typically charge.
For the year just ended, loan interest income at Access grew 8 percent, but other income fell 6 percent to $142 million. Fees and commissions inched marginally from $413 million to $417 million. Other income slipped from $149 million to $142 million. Interest expenses declined 14 percent to $220 as loans received were reduced to $2.3 billion from $2.7 billion. Provision for loan losses dipped 51 percent to $145 million, staff costs climbed 3 percent to $690 million. In comparison, other operating expenses rose 5 percent to $275 million, loans written off jumped 48 percent to $139 million from $93 million in 2021 and depreciation was flat at $117 million.
Access wrote off $138.5 million in loans in 2022 for the group, with $93.4 million in 2021 and $36.6 million for the company in 2022 and $12.9 million in 2021, with the largest portion by far being for the USA segment. But the bulk of the provision for expected losses is for the Jamaica segment. Allowance for credit losses for the group was $144.7 million in 2022 and $295 million in 2021 and for the company $134.6 million versus $324.7 million in 2021.
Segment results show that in 2021, the Jamaican market had a profit of $354.7 with a loss of $13.4 million for the USA market while for 2022, the Jamaican market ended with a profit of $650 million, with a loss of $77 million for the USA market. The data suggest that future earnings could come out with lower costs in this area.
Profit ended 51 percent up at $438 million after taxation of $135 million. Dolla may be growing quickly, but as the loan portfolio grows, the growth rate could slow until it becomes more mature, but that does not seem to be anytime soon. They could be constrained by relatively small capital based for now.

Mayberry coming structure

Mayberry Investments announced its intention to undertake a reorganization of the Group to facilitate ease of ongoing regulatory monitoring and allow for greater flexibility in operating to take greater advantage of opportunities in unregulated markets.

Mayberry Ithe lead broker.

The reorganisation which will be undertaken pursuant to a Court-approved Scheme of Arrangement will result in a new parent company, Mayberry Group Limited, will be established in Saint Lucia and will, in turn, and a new financial holding company in  Jamaica, Mayberry Holdings Limited
Mayberry Jamaica Equities and Widebase will become direct subsidiaries of Mayberry Group. Mayberry Investments will become a wholly-owned subsidiary of Mayberry Holdings.
Shareholders in MIL will become direct owners Mayberry Group, the ultimate parent company. The reorganization is conditional upon the Scheme of arrangement being approved by the Jamaican Supreme Court and the Jamaica Stock Exchange (“JSE”) approving Mayberry Group, the new parent company, for listing by Introduction on the main market of the JSE, in place of MIL.
For the quarter to March this year, Mayberry Investments reported a profit attributable to shareholders of $692 million up from a loss of $331 million for the first quarter in 2021, with a major turnaround in net unrealized losses of $761 million on investment in associates to gains of  $868 million.

Broilers profit jumps – stock IC BUYRATED

The discovery and spread of Covid-19 in Jamaica in March 2020 led to the closing of the country’s borders and resulted in a significant scaling down of business operations. The most affected were the tourism sector and the closure of hotels. The result is that thousands of people were out of a job and had either little or no income.

Christopher Levy – Jamaica Broilers President and Chief Executive.

Gross domestic production fell sharply, affecting many companies, including most listed companies. Jamaica Broilers was one of those companies to feel the effect of the economic dislocation. Two years on, the company has bounced back with record revenues and profit even as the local economy is still not a maximum capacity during the fiscal year to April 2022.
Revenue rose sharply for the group for the year to April this year to $75.72 billion, up 33 percent from the $57 billion delivered in 2021. Cost of sales rose faster than revenues by 36.3 percent, to $57.7 billion from $42.3 billion in 2021, resulting in Gross Profit increasing 23 percent to $18 billion from $14.6 billion in 2021. Other income delivered $480 million, down 43 percent on the $848 million in 2021.
Revenues for the Jamaican operations jumped sharply by 33 percent to $45 billion from $34 billion in 2021, while the United States segment comprising eggs and poultry meat surged 41 percent to $29 billion from $21 billion in 2021. The Haitian market suffered a big blow, with sales nosediving 44 percent to $1.3 billion from $2.4 billion in 2021 as that country continues to suffer from economic and social instability. That segment results worsened to a loss of $365 million, from a loss of just $7 million in 2021. Up to the January quarter, the results showed a loss of just $11 million from revenues of $1.1 billion, but the company made an impairment provision of $141 million for this operation which is charged to cost of sales and administration and other expenses. Overall the group wrote down the value of their investment in Haiti by $904 million to just $308 million.
The group’s overall improved performance in Jamaica comes against continued economic dislocation. Data up to March shows the country’s economy growing 8 percent above the prior year but still 4 percent lower than the 2020 fiscal year. The company is a major distributor to the hotel sector with about 15 to 20 percent of local sales, but that industry was down around 30 percent compared to the 2020 fiscal year. The group will benefit from increased demand for its products, with the tourist industry back to 2019 levels in the June quarter.
Profit before taxation rose by 28 percent to $4.1 billion from $3.2 billion and net profit rose 35 percent to $3.2 billion from $2.4 billion in 2021 after taxation of $1 billion for fiscal 2022 rose 24 percent from $807 million in 2021. The company enjoyed onetime finance income of $592,756, the result of debt forgiveness and is, therefore, non-recurring. Excluding this one off income, profits would be up by less than $450 million to $2.7 billion for an increase of 16 percent instead of the 35 percent it grew by and earnings per share would be $2.70 instead of $3.11 reported.
Distribution costs rose a subdued 12 percent to $2.3 billion from just over $2 billion in 2021, while administration and other expenses climbed 23 percent to $11.6 billion from $9.4 billion. Depreciation and amortisation costs rose to $2.1 billion from $1.9 billion in 2021 and Finance costs jumped 32 percent to $1.1 billion, up from $859 million in the previous year.

Jamaica Broilers brand

Gross cash flow brought in $6 billion and $2.2 billion after working capital increase. Addition to fixed and intangible assets consumed $3.5 billion. Net borrowings of $3 billion funded the cash deficit created by purchasing assets. Long term borrowings stood at $10.3 billion and short term at $13.5 billion for a total debt financing of $23.8 billion, moved up from $21 billion in 2021. The group ended with a cash surplus of $556 million after paying dividends of $463 million. At the end of April, shareholders’ equity stood at $21 billion, up from $18.7 billion in 2021. Current assets ended the year at $40 billion, including inventories and biological assets of $31 billion, receivables of $5.4 million, cash and bank balances of $3.8 million. Current liabilities ended the period at $27 billion. Net current assets ended the period at $13 billion.
IC Insider.com forecasts $4.50 per share for the fiscal year ending April 2023, with a PE of 6 times the current year’s earnings based on the price of $27 the stock traded on the Jamaica Stock Exchange Main Market. Net asset value is $9.88, with the stock selling at a premium of 173 percent or 2.7 times book value.
ICInsider.com accords the stock the convicted BUY RATED accreditation based on the immediate growth prospects and the focus on increasing investment in the operation for long term development and growth. The growth is enhanced by increased borrowings, which grew from $18 billion in 2020 and a rise in shareholders’ equity invested in the business.

Wigton falling sales higher cost

Revenues at Wigton Windfarm fell a sharp 21 percent to $2.05 billion from $2.59 billion in the year to March 2021, with a decline in revenues for the number two turbine that suffered a sharp tariff reduction under the agreement with Jamaica Public Service Company. Still, the fall was not purely tariff reduction, as revenues generated by the other turbines also fell.
Wigton closed at anew high of $1Revenues generated by the number one turbine fell to $753 million from $802 million in 2021. The number two turbine hauled in $796 million in 2021 but just managed $459 million in 2022 and the third bought $994 million in revenues for 2021 and only $837 million in 2022. A close examination of the audited accounts reveals that the number two turbine ran at a loss.
Cost of sales was relatively steady but up a bit to $820 million from $789 million in 2021 and along with the fall in revenues resulted in Gross Profit dropping a sharp 32 percent to $1.23 billion, from $1.8 billion. Other income, comprising mainly interest and forex gains, rose to $256 million from $218 million.
General administrative expenses rose to $608 million, an increase of 24 percent over the $491 million incurred in 2021. The company incurred lower interest costs of $335 million, down from $503 million, partially due to renegotiating the interest on the loans. Taxation also fell from $234 million in 2021 to $70 million. Depreciation, one of the single most significant expense, amounted to $693 million, up marginally from $680 million in 2021.
The operations generated positive cash inflows of $1.58 billion for the year before capital payments and had a net of $493 million at the end of the year.
Profit fell a hefty 40 percent from $792 million to $472 million for 4 cents per share, exactly in line with ICInsider.com forecast. Depending on how well cash funds are managed, to take advantage of much higher local interest rates this year, earnings for the 2023 fiscal year could hit 5 cents per share.
At the end of March, shareholders’ equity stood at $4.5 billion, with long term borrowings at $4.5 billion and short term at $890 million.


Current assets ended the period at $4.3 billion inclusive of trade and, with most of it, cash and bank balances of $3.8 billion. Current liabilities ended the period at $1.2 billion. Net current assets ended the period at $3.1 billion.
New bids are in to supply renewable energy to the system. Prior to that, Wigton was gearing to make a bid to supply renewables. If successful, this could provide a significant source of added revenues and profit if a new plant is commissioned.
The stock, traded at 56 cents on Friday on the Jamaica Stock Exchange Main Market, boasts a PE of 11.2 times the current year’s earnings. That compares to the market average of 14. Around half of the Main Market stocks are trading at lower PE ratios, with far more greater growth prospects.  The net asset value is 41 cents, with the stock selling at a 37 percent premium to book value.

Improved tourist arrivals boost CPJ earnings

Caribbean Producers transformed itself following the pressures posed by the closure of the hotel sector it primarily serves in 2020 and the relatively prolonged period taken to get back to normal levels.

Caribbean Producers

Notably, revenues are rising again and delivering record profits even for a period when tourism numbers were 28 percent down for the March 2022 quarter from 2019. The June quarter could see 30 percent higher arrivals than the March quarter resulting in more revenues for the June quarter compared with that for the March quarter.
The above data portends more positive revenue growth for the coming fiscal year that starts in July. There will be a significant revenue hike in the first three quarters of the 2023 fiscal year, compared to the current fiscal year, with the tourism sector back to normal as indicated by preliminary June quarter arrivals. There should also be improved performance in the June quarter of 2023 compared to 2022, which enjoyed much recovery but was still not at full capacity.
According to Mark Hart and Tom Tyler, directors of the company, “the group remains optimistic for the fourth quarter of the financial year due to strong hotel bookings reported by our customers.”
The group is diversifying their revenue stream, making more investments in stores and adding new product lines for local consumption.
Revenues for the March quarter surged 123 percent to US$28.36 million over 2021 with just $12.7 million with the nine months to March delivering revenues of $86.44 million, up 133 percent above the $37.11 million generated in 2021. Interest and other income generated $89,700 for the quarter, down from $182,000 in 2021 and $652,000 for the nine months to date, up 93 percent over 339,000 in 2021. Profit margin slipped to 31 percent in the quarter but rose to 32 percent for the year to date, with gross profit of $8.9 million from $3.5 million in 2021 and $27.6 million for the nine months to March versus $9.9 million in 2021.
Depreciation cost was steady at just over 1 million for the quarter in both years and $3.2 million for the year to date but Administrative and selling expenses jumped 63 percent in the quarter to $5.2 million from $3.19 million in 2021 and rose 57 percent to $14.7 million for the nine months from $9.4 million in 2021. Finance cost rose 80 percent to $794,810 from $441,626 for the quarter and 71 percent to $2,290,676 from $1,336,016 for the nine months.
Gross cash flow brought in $10.2 million, but growth in receivables, inventories and addition to fixed assets resulted in outflows of $2.4 million, but net loan inflows amounting to $2.4 million resulted in a slight dip in cash funds on hand at the end of the quarter. At the end of March, Current assets amounted to $53.5 million, including Inventories of $30 million, receivables of $19.3 million and cash and bank balances of $4.2million. Current liabilities ended at $25.3 million, resulting in net current assets of $28.2 million. Heavy debt is a major concern at US$43 million in borrowings with equity of just $22 million.
Earnings per share came out at 0.14 of one US cent for the quarter and 0.62 of a US cent for the nine months. IC Insider.com forecasts J$1.65 per share for the fiscal year ending June 2022, with a PE of 8.55 times the current year’s earnings based on the price of $14.11, the stock traded on the Jamaica Stock Exchange Main Market and EPS of $2.60 for 2023 with a PE of a mere 5.4 and putting the stock price in the $50 range by 2023. Net asset value is $3.14, with the stock selling at 3.5 times book value.
All currency is the US dollar unless otherwise stated.