Sanya Goffe addressing the audience at the listing of Jetcon’s shares in March. Looking on are Andrew Jackson and Karl Wright, directors.
Jetcon Corporation’s revenues grew 55 percent in the first quarter ending March, leading to an increase of 127 percent in profit before tax came of $19.35 million, while after tax the profit rose 126 percent to $14.6 million or 9.4 cents per share compared with $6.8 million in the same period in 2015.
The growth for the quarter is above the 50 percent increase enjoyed during all of 2015. Gross profit doubled to $32.4 million and gross profit margin, moved from 16.9 percent to 21.9 percent, during the quarter.
Inventory of motor vehicles and parts increased moderately since March 2015 but is up 46.7 percent since December 2015, to reach $123.9 million while receivables increased sharply but is due to amounts deposited with suppliers for goods. All loans that were outstanding at the end of December last year have since been repaid in full and cash on hand increased to $60.5 million helped by the inflows of funds from the initial Public offer.
The shares which were listed on the junior market of the Jamaica Stock Exchange in March this year, traded at $2.85 after details of the results were released.
