Dolphin Cove shareholders are in for another early 2017 dividend, as the company’s directors at a meeting held on April 25, approved an interim dividend of Twenty Cents per share payable on Tuesday, May 30, to shareholders on record on May 10.
The upcoming payment brings the payment for 2017 to 40 cents as the company paid an interim dividend of 20 cents per share on April 4, 2017. Based on the latest proposed payment, the stock will trade ex-dividend on May 8.
The company paid dividends of 20 cents per stock unit in May, August and November last year. The stock last traded at $20.08 on the junior market of the Jamaica Stock Exchange and is up from $15.50 at the start of 2017.
Dolphin Cove another 2017 dividend
April 27, 2017 by
Dividend consideration for Berger
April 26, 2017 by
The audited financial s
tatements for Berger Paints Jamaica will be considered at a meeting of the company’s Board of Directors at a meeting scheduled for Friday, April 28.
The board is expected to approve the audited statements for the year ended March 31 and to consider payment of a Dividend.
In 2016 the company made net profit of $122 million compared to $67 million in 2015 and earnings per stock unit 57 cents in 2016 and 31 cents in 2015. A dividend of 20 cents per share amounting to $42.86 million and representing 35 percent of profit for the year ended March 2016 was paid on July 14, 2016 and a dividend of 12 cents per share amounting to $25.7 million or 38.35 percent of 2015 profit was paid in 2015. IC Insider.com forecast is for earnings of $1.30 per share for 2016 and $1.90 for 2018 that should result in dividend of approximately 50 cents per share for 2016 and around 70 cents for 2018.
$190m JSE dividends for 2016
April 26, 2017 by
The Jamaica Stock Exchange announced the payment a final dividend for 2016 of 3.56 cents per share in May, bringing the for 2016 profits and $190.2 million, Mrs. Marlene Street-Forrest, newly promoted Managing Director of Stock Exchange informed IC Insider.com.
In 2015 we paid $140.2 million, representing 80 percent of consolidated profit and $190.2 million of the 2016 profits a total of 85 percent of group profits Street-Forrest stated. The payments over the last two years is in contrast with the stated dividend policy is no less 20 percent of profits to be paid in each year.
The payment was approved at a Special Meeting of the Board of Directors held on April 25 and is payable on May 31, 2017 to shareholders of record on May 11. The stock will start trading ex-dividend on May 9, 2017.
Last year, the JSE paid a dividend of 12.96 cents per share in December and a dividend of 53 cents per share, on May 6, 2016 based on number of shares in issue at the time. The JSE later in the year split their issued shares into 5 for each one.
The JSE will need to enjoy another big break in 2017, if they are to beat the results of $224 million made in 2016 from revenues of $921 million. In the first quarter of 2016, the JSE earned one off income estimated by IC Insider.com around $110 million from the sales of the Desnoes and Geddes shares to Heineken after the latter acquired majority shares in the local company.
Profit for C2W Music
April 23, 2017 by
Things seem to be looking up at financially challenged C2W Music. The company reports profit of US$42,573 for the 2016, a major improvement over the years of losses since it listed on the Junior Market of the Stock Exchange a few years ago. In 2015 the company lost US$18,510.
Profit arose from fees and royalties amounting to US$$40,569, up from US$7,048 in 2015 and other income of US$26,180 compared to US$14,476 in 2015. Operating and administrative expense declined to US$17,849 almost half of the US$33,693 incurred in 2015. Cost was cut in bad debts to zero from $3,517 in 2015, drop in depreciation and amortization from $8,759 to $423 and travel expenses was wiped out in 2016 compared to $6,577 in 2015 but development and song writing expenses added $13,275 versus a credit of $4,440 in 2015.
The company ended with cash at bank of US$42,728, up from $21,417 at the end of 2015. Shareholders’ equity moved up to US$67,114 from US$24,541, Current liabilities stood at US$190,062 versus US$173,012 in 2015, including loans of $89,312. Current assets are much less than liabilities with only US$44,140 in this category.
If the 2016 results is anything to go by, the stocks is worth watching but the company’s auditors, Baker Tilly Strachan Lafayette, in their report made a number of observation about the contents of the financial report, “We were unable to obtain sufficient appropriate audit evidence about the completeness of royalty income due to the inability of the external monitoring agencies to properly document the company’s repertoire of works with their current technological systems. Additionally, due to difficulties with the systems of performing rights societies in the region and the reporting by them to the company, we were unable to determine completeness of sub-publishing revenues. Accordingly, we were unable to determine whether any adjustments to the amounts recorded were necessary.”
“Further, the company derives a portion of its income from sponsorship which cannot be controlled until they are recorded in the accounting records and are, therefore, not susceptible to independent audit verification. Accordingly, we were unable to satisfy ourselves as to the completeness of the contributions recorded.”
“It has been established that the Performing Rights Societies of the Caribbean legally owes C2W Music publishing and sub-publishing, royalties for the years 2012, 2013, 2014, 2015 and 2016, and are working to rectify systems issues so such royalties could be identified and paid. In addition, the company has moved into a 360 all Rights revenue model which will increase revenues based on numerous other revenue streams other than music publishing revenue, which was previously the Company’s primary source of revenue. The expectations are that the company will generate adequate cash flows and profitability to allow the company to continue in operational existence in the foreseeable future. On this basis, the Directors have maintained the going concern assumption in the preparation of these financial statements.”
Massy dominant on TTSE on Tuesday
April 18, 2017 by
Massy Holdings was the leading trade accounted for more than 50 percent of traded value on the Trinidad & Tobago Stock Exchange on Tuesday. Market activity resulted in 13 securities exchanged compared to 16 on Thursday as 2 stocks advanced, 3 declined and 8 were unchanged.
Trading closed with 262,613 shares changing hands at a value of $6,532,372 compared to Thursday’s 437,400 shares valued at $7,816,009.
The Composite Index declined 0.77 points to 1,231.90, the All T&T Index fell 0.55 points to 1,799.92 and the Cross Listed Index was down 0.13 points to close at 89.08.
IC bid-offer Indicator|The Investor’s Choice bid-offer ended with 7 stocks with bids higher than last selling prices and 6 with lower offers.
Gains| Clico Investment gained 1 cent to close at $22.51, with 43,661 units valued at $982,394 changing hands and Trinidad & Tobago NGL closed at $21.40, gaining 28 cents exchanging 13,161 units.
Losses| Guardian Holdings traded 20 cents lower to close at $15.25 with an exchange of 500 shares, JMMB Grouplost 5 cents, closing at $1.30 with 84,655 shares changing ownership 
and Sagicor Financial closed 5 cents lower at $9.10 trading 540 units.
Firm Trades| Angostura Holdings traded 34,900 shares at $14.90 valued at $520,050, Ansa McAL closed at $66.50 with trades of 67 units, Massy Holdings exchanged 68,195 shares valued at $3,512,098 shares to end at $51.50, National Enterprises closed at $10.60 with an exchange of 2,312 units. Prestige Holdings closed at $11 trading 2,279 units, Republic Financial Holdings closed at $101.90 while exchanging 8,739 shares valued at $890,509 Scotiabank remained at $58 trading 2,904 shares and Trinidad Cement held firm at $4.20 exchanging 700 shares.
Exports up 48% in Q2 at Jamaican Teas
April 17, 2017 by
Jamaican Teas CEO, John Mahfood, addressing shaeholders at the company’s recentl;y held AGM in Kingston.
Chairman of the meeting John Jackson advised shareholder, that the stock would start trading ex split as of Thursday the 13 on the Junior Market of the stock exchange.
The company reported profit of $118 million in 2016, up from $72 million in 2015, with total comprehensive profit rising to $153 million from $88 million for the same period. Profit from continuing operation rose more than 100 percent to $147 million.
The company’s Chief Executive Officer, John Mahfood, presented highlights of 2016 and an update on the new fiscal year to the end of March.
“Sales for the 3 months to March are up 38 percent while exports grew 47 percent. For the first quarter sales were up 8.5 percent over 2015.
Shareholders at Jamaican Teas 2017 AGM.
“The focus for 2017 is reducing cost, improving margins, growing the export market and building brand awareness. The CEO also pointed to expansion of and renovation for the Kingston Supermarket.” Real Estate|The CEO noted that construction of 58 of the 72 units at Orchid Estates in St Thomas is complete. The rest are expected to be finished in June this year. Sales of 36 units have been concluded with another 26 units sold but not yet delivered. The emphasis is to complete the remaining units by the early summer and commence construction of an 18 unit studio apartment complex, in the Manor Park area overlooking the Kingston waterfront.
Shareholders of Jamaican Teas listen attentively at the company’s AGM presentation.
Shareholders were introduced to 5 new products that were launched since 2016, Sour Sop drink, Whole Dried Sorrel, Cocoa-Nut that includes chocolate and coconut, Chamomile Herbal Tea and Instant Sorrel with Ginger.
The company’s stock traded at $3.75 ex split on Wednesday but did not trade on Thursday on the Junior Market of the Jamaica Stock Exchange.
Jamaican Teas ex split Thursday
April 11, 2017 by
Shareholders of Jamaican Teas will consider a 2 for 1 stock split at their Annual General Meeting scheduled for tomorrow April 12, to be held at the Courtyard Marriott hotel in Kingston.
The resolution which will be considered will see a recommendation being put forth, for the authorized shares to be increased to 1 billion units from 500 million units.
The issued shares will move from 337,416,730 units at the end of September last year, to 678,833,460 shares of no par value. Subsequent to the 2016 year end, directors exercised the option to acquire 2 million new shares under a share option plan, thus increasing the number of issued shares prior to the record date of April 19. The stock is slated to start trading ex-split on Thursday April 13. in 2016, the company also approved a 2 for 1 stock split as well.
The shares traded on the Jamaica Stock Exchange Junior Market at $7.75 on Tuesday.
NCB scores a first for Jamaican companies
April 9, 2017 by
For the time ever, a company listed on the Jamaica Stock Exchange has provided investors with a time table for release of important information.
NCB Financial Group recently advised the Jamaica Stock Exchange and the Trinidad Exchange, that of the dates on which NCBFG’s Board of Directors intends to consider the payment of interim dividends to stockholders in 2017. By extension the dates also signifies the dates of release of the quarterly results. Historically, the dates of dividend announcements have usually been the same dates on which their interim results are released.
For the rest of 2017 the group states that the dates for release of announcements will be April 27, 2017July 27, 2017 and November 9, 2017. The announcement is an enhancement of good corporate governance and good investor relations.
I$P Finance earnings now officially 46c
April 9, 2017 by
I$P hits a new high on Friday.
The original audited report had the average number of shares issued at 126.5 million instead of 88.44 million which the amended report now shows.
The company reported profit of $40.24 million after tax from increased revenues of $30 million to reach $241 million in 2016. Other operating expenses jumped sharply from $36.6 million to $64.8 million. Individual items did not move much during the two years. In 2015 a refund of insurance premium amounting to $12.3 million was offset against expenses, reducing expenses from $49 million to $37 million, while 2016 figures had a few items of cost not reflected in the 2015 results. These include directors’ fees, bond issue cost and consultancy fees of $6 million. ISP also benefited from loan loss recovery, leading to lower loan loss provisioning at year end, from $19 million 2015 to just $10 million in 2016. Some debt was, however, fully written off, management informed IC Isider.com, reducing the overall provision to $53.7 million from $63 million at the end of 2015.
The company is gearing to grow. Last year apart from restructuring it finances that led to a public share issue, the company floated a bond issue that raised over $140 million net, which will be used to supplement cash flow from earnings. Discussion with the company’s management team led by Dennis Smith, reveal, that the $60 million growth in loans in the December quarter mostly remains on the books while the plan is for a 30 to 40 percent expansion in the current year. If that level of growth is achieved it would take net loans to more than $400 million by year end and raise revenues in a full year to more than $400 million and raise profit sharply from the current levels.
The company started off serving the security guard sectors but is targeting new areas within the business sector for expansion as well as areas outside of the corporate area.
Management appears to be gathering information as to the feasibility of a stock split and that seems to be a logical move, with just 105 million shares now issued and prospects for a rapid increase in profits going forward. Management would neither deny nor confirm if that is on the cards.
IC Insider.com is forecasting earnings in the current year to be in the order of $1.40-$1.75, with continued strong increase into 2018. The stock closed on the Junior Market of the Jamaica Stock Exchange at and 52 weeks high of $15.50 on Friday, resulting in gains of 675 percent, since it was listed at the end of March 2016.
With the potential to grow rapidly, the stock remains BUY RATED even with the price now at the level reached on Friday.
Increased tax pushed JPS profit down
April 7, 2017 by
Jamaica Public Service Company (JPS)
reported lower profit for 2016 after profit tax after profit before tax increased from US$30.83 million to $33 million. Taxes more than doubled to US$8.94 million cutting profit to US$24 from US$26.5 million in 2015.
While the Jamaican economy grew nearly 1.5 percent in 2016 JPS’ gross revenues went in the opposite direction, falling to US$713 million from US$759 million. The decline in revenues could well be attributable to an increasing switch to solar energy by many corporate clients which may continue for a while as the cost of installing solar declines.
Gross profit contracted to $284.7 million from $286.2 million. Operating expenses rose by $20 million to $220 million leaving operating profit at $64.4 million well off from $86 million in 2015. Net finance cost hit $39.8 million down from $42.58 million while the company garnered $10.37 million from other income compared to $2.45 million in 2015.
Equity grew to $395.4 million at the end of 2016 up from $366.9 million. The company borrowed $369 million at the end of the year. JPS reports their results in US dollars.
JPS has a number of preference shares listed on the Jamaica Stock Exchange but so far the ordinary are not listed.