Several Jamaica Stock Exchange listed companies reported record profits for 2022 as net income for all the companies surged 30 percent after taxation in the first quarter this year over in the 2021 first quarter, with data released by listed companies showing revenues grew a healthy 21 percent.
The final numbers include results of Guardian Holdings, and Massy Holdings, two companies with primary listings in Trinidad and Tobago, and the recently listed Dolla Financial. Excluding results for the two Trinidadian based companies, profit rose 39 percent for the rest, from a 27 percent rise in revenues, the data reveal.
Profits exclude significant exceptional one time items and do not include other comprehensive income that companies in the financial sector incurred following unrealized losses in their investment portfolio flowing from increased interest rates in 2022.
Companies that suffered losses or sharply reduced earnings in the 2021 period are contributing to the strong rise in overall profit, now recovering in 2022. The companies are also benefiting from easing restrictions placed on Jamaicans and a strong rebound in the critical tourist arrivals.
The results show that 65 of the 95 listed companies posted positive results and 30 recorded declines. The results show a number of the companies rebounding sharply from declines in their fortunes in 2020 and 2021, with a number of them indicating a significant improvement and delivering record profits due to cost reduction effected in the downturn.
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Revenues at Dolphin Cove surged 247 percent to J$397 million, with profit rising 619 percent to J$123 million but the company’s good performance carried over into the second quarter, with revenues climbing 97 percent to $650 million and profit before tax rising 29 percent to J$259 million over the 2021 June quarter. Dolphin Cove benefited from the near recovery of the tourist trade in the June Quarter.
Caribbean Producers’ revenues rose 123 percent to J$4.4 billion and churned up a 275 percent increased profit to $244 million from a loss of $140 million in 2021. CPJ is benefitting from a combination of increased tourist arrivals in Jamaica and St Lucia and a significant reduction in operating costs. The company’s June results are pending.
Fosrich revenues surged 64 percent to $900 million, coming primarily from expansion into manufacturing of PVC pipes and some other new areas and spawning a 314 percent rise in profit to $159 million. The second results continue the positive first quarter trend, with revenues up 65 percent to $898 million and profit rising 83 percent to $139 million from $76 million in 2021.
Jamaica Producers’ revenues rose 26 percent to $6.9 billion. Profit jumped 58 percent to $406 million, with second quarter revenues exceeding that of the first quarter and increasing 26 percent over 2021 second quarter to $7.5 billion, with profit rising 30 percent to $458 million as associated companies delivered a significant increase in profit of $191 million versus just $48 million in 2021.
Jamaica Broilers’ revenues rose 25 percent to $20 billion and profit jumped 94 percent to $1 billion. The company will report the next set of results in September.
Revenues at NCB Financial Group grew 39 percent to $98.4 billion and delivered a 295 percent increase in profit to $7.8 billion from $2 billion. In the June Quarter, revenues rose 17 percent to $89 billion from $76 billion and profit jumped 104 percent to $8.2 billion from $4 billion in 2021.
Mayberry Investments enjoyed a major reversal of investment losses incurred in 2021. They moved revenues from a negative $110 million to a positive $1.36 billion in the first quarter this year for a 1,335 percent turnaround. Profits also recorded a hefty 109 percent swing, from a loss of $331 million in 2021 to a profit of $692 million. For the three months to June, revenues surged to $6.2 billion from $3.1 billion in 2021, primarily due to a jump in investment gains from $3 billion to $5.4 billion in 2022. Profit attributable to shareholders of the company climbed from $1.9 billion to $2.5 billion.
Mayberry Ithe lead broker.
Revenues at Mayberry Jamaican Equities recovered to $979 million in the March quarter from a negative inflow of $601 million, representing a 263 percent improvement, with profits jumping 720 percent to $1.36 billion from a loss of $166 million in 2021. June 2022 quarter ended with revenues at $5.6 billion and $5.3 billion in profit compared with revenues in 2021 of $2.5 billion and profit of $2.4 billion.
Productive Business Solutions saw an 18 percent rise in revenues to J$6 billion and profit rising 35 percent to $241 million from $178 million in 2021. Revenues climbed 69 percent to JS$14.1 billion and profit rose from a loss of $82 million to a profit of $264 million.
Revenues at Sagicor Group grew just 3 percent to $23.76 billion, but profits jumped 38 percent to $4 billion from $2.9 billion in 2021. In the second quarter, revenues slipped marginally to $25 billion from $25.2 in 2021, with profit attributable to shareholders of the group coming in 15 percent higher at $2.2 billion, from $1.94 in 2021. Other comprehensive income moved from a positive $1.6 billion in the June 2021 quarter to a loss of $7.3 billion for the June 2022 quarter, with year to date loss of $12.6 billion versus a $3.2 billion loss in 2021.
Stationery and Office Supplies revenues were up 36 percent to $428 million, while profit jumped 90 percent to a record $105 million. The good first quarter performance carried over into the second quarter to June with revenues slightly behind that of the first quarter to end at $420 million, up 84 percent above $238 million in 2021 and finished with a profit of $70 million. The first quarter profit was boosted by a $23 million gain on the sale of a property.
Sagicor Group jumped $8 on Monday to a record close of $73.
Supreme Ventures’ revenues rose 19 percent to $12.7 billion and profit jumped 68 percent to $997 million from $592 million. In the June quarter, revenues rose 17.6 percent to $12.76 billion and a flat profit of $630 million.
Some of the performances of individual companies reflect themselves in the sectors in which they operate. Financial Services, with 20 companies, delivered a 41 percent revenues increase to $25.3 billion and a 10 percent increase in after-tax profit to $8 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 profit growth of $5.8 billion from a 13 percent rise in revenues to $113 billion. 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 the Entertainment companies rose 23 percent to $13.5 billion, with profit increasing 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 to $10.6 billion and delivered a 38 percent increase in profit to $1 billion.
