Carreras declared an interim dividend of $1.60 per share payable on March 12, 2015 to shareholders on record as at February 20. The stock will traded ex-dividend on February 17.
The company last paid dividend of $1 per stock on December 18, and an interim dividend of $1.20 per stock unit on December 11, 2014. The payment will bring to total for 2014 to $8.09 for a return of 22 percent for the year based on the stock price of $36.75 at the end of 2013.
In September, last year Carreras paid an interim dividend of $1.20 per stock unit, $1.75 per stock unit was paid on June 26. On March 13, 2014 they paid $1.62 per share.
A special capital cash distribution of $1.34 per stock unit was paid on July 31 and a special capital cash distribution of $1.18 was last paid on January 30, last year. The company still has more capital distributions to make when they receive the proceeds from the sale of the property in Twickenham Park which is sold at $395 million before transfer cost and the balance of funds due from the tax authorities for over payment of company taxes which amounted to $940 million at the end of September, last year.
The stock traded as high as $45 on Wednesday February 11, on the Jamaica Stock Exchange.
Carreras’ owners enjoying dividends
Money coming for Access owners
Access Financial Services declared an interim dividend of 18.21 cents per ordinary stock unit to be paid on March 20, 2015 to stockholders on record as at March 6. The stock will traded ex-dividend on March 4.
Access last paid an interim dividend of 36.5 cents on September 1. Prior to the 2014 payment Access also paid 31 cents per share on August 15, 2013. The high risk lender reported profit increasing by 20 percent to $239 million for the nine months to September, last year. Earnings per share amounted to 87 cents. Access is listed on the junior market of the Jamaica Stock Exchange and last traded at $9.20.
NCB modifies dividend payments
National Commercial Bank Jamaica, (NCB) approved the payment of an interim dividend of 45 cent per ordinary stock unit to be effected on February 20, 2015, for stockholders on record at February 6. The ex-dividend date is February 4.
The amount to be paid represents 51.7 percent of the reported profit of 87 cents per share for the quarter to December and just under 40 percent of the profit of $1.13 per share adjusted for the up front charge of the bank asset tax, the amount cannot be spread out over the full year on a month by month basis as was done in the past based on new accounting standard. The latest payment, if maintained for the balance of the year, would translate to $1.80 per share, a bit less than the total paid last year. In 2014, NCB hiked the final dividend to 96 cents per share to stockholders in December, from only 16 cents, in the prior year, December. The final payment for 2014 brings the total dividends for that year to $1.98. They made dividend payments of 35 cents per share in August, 35 cents in May and 32 cents per share on February last year.
IC Insider has been reliable advised, that the banking group decided to up their dividend payments to be ahead of Scotia Group and payment should continue at the heightened levels going forward, effectively moving away from a policy that was chopped and changed for several years to the disgust of many shareholders.
H&L ups dividend slightly
Rapid True Value one of the Companies owned by Hardware & Lumber
The stock will trade Ex-dividend on January 5, 2015. An interim dividend 30 cents per stock unit was paid on January 17, 2014 in connection with the 2013 profit. The increased dividend comes in the wake of Hardware and Lumber reporting profit after tax for the nine months to September of $113 million, or 26 percent more than the $90 million, for the same period in 2013. Earnings per stock unit for the nine months, is $1.40, up from $1.11 for the comparative period in 2013.
First Caribbean 2014 profit disappears
First Caribbean International Bank reported a big loss of US$151 million, a huge increase from a loss of just US$22 million in 2013. The news may appear gloomy but there is more to that than meets the eye. The news may well be a strong signal that its time to buy shares of this bank that sprawls over the wider Caribbean region.
Management cleaned shop, resulting in loans loss provision climbing 36 percent to US$206 million in 2014 and impairment cost relating to intangible assets of US$115 million. The latter should not repeat in the near term and loan loses may remain subdued with the heavy write off in 2014.
The October 2014 quarter enjoyed a major turn-around in fortunes as after-tax profit rose to US$24.6 million from a loss of US$66 million in 2013. The quarterly result was helped by a sharp drop in loan loss provision, falling from US$76 million in 2013 to US$13 million and operating expenses declining from US$130 million to $88 million. The July quarter also showed positive results, amounting to US$23 million after tax, suggesting that profit could be back on track.
Net interest revenues were down 1 percent for the year, but fell 7 percent in the October quarter, from the similar quarter, in 2013 as revenues fell 6 percent and interest cost was down by 5 percent. Other income fell in the quarter moderately, but was up for the year, by 2 percent. How will the bank grow its income, is the challenge going forward in the medium term, in a region that is suffering from economic stagnation and beset by high levels of national debt?
Customer deposits ended at US$9.2 billion from $9.8 billion at the end of the 2013 fiscal year while loans fell to US$6.14 billion from US$6.33 billion in 2013 and as high as US$6.83 billion at the end of the 2012 fiscal year. The bank’s balance sheet contracted during the year to $10.78 billion from $11.4 billion in 2013 due mainly to contraction in cash balances and loans but investment securities rose from $2.2 billion to $2.3 billion.
A final dividend of 1.5 US cents per share payable in January, was declared, it brings the total for the year to 3 US cents. The stock is listed on the Barbados and Trinidad and Tobago stock exchanges.
NCB 2014 profit trumps 2013 by a KM
National Commercial Bank net profit for 2014 hit $11.6 billion, a big jump from the NDX affected $8.58 billion in 2013. Earnings per share for the year ended at $4.73 just below IC Insider forecast of $4.80.
The 2013 profit was negatively affected by a huge $1.5 billion charge, from losses picked up when they exchanged high yielding government bonds for lower yielding ones and $680 million written off relating to the attempt to list on the New York Stock Exchange. The group is reporting net profit of $2.87 billion, for the September quarter compared to $1.8 billion in 2013, the latter was affected by a number of one off charges.
The 2013 full year was also negatively impacted by a $281 million hit from receivership expenses, an increase over the amount spent in 2012 of $172 million and a healthy rise in Technical, consultancy and professional fees of $1.09 billion compared with $846 million in 2012.
This year results benefited from a few one off items as well. Gain on acquisition of subsidiary contributed $301 million and gain on sales of shares in Kingston Wharves added $349 million but this is in lieu booking their share of profits for the quarter had they not sold. The group suffered a loss of $200 million on securities impairment and critically, although loan loss provision is up $200 million, the large increase in the final quarter is $700 million more than at the same time in 2013. For the full year, loan losses amount to $2.2 billion versus $2.1 billion for the previous year.
Salaries allowances and benefits cost was down in the quarter to $2.6 billion from $2.9 in the similar quarter, and for the year to $11.5 billion versus $11.2 billion in 2013. Other operating cost was up to $10.4 billion for the full year, from $9.4 billion in 2013 and for the quarter $3.1 billion from $2.8 billion.
Growth| For 2014, loans grew pretty strongly by 12 percent, moving from $143.6 billion to $157 billion and customer deposits of $202 billion, increased by $23.8 billion, or 13 percent, resulting in net interest income being steady, in the September quarter, for both years, as well as in the June quarter at roughly $6 billion each. Net interest income was up $1 billion for the year over 2013 to reach $24.66 billion from $23.56 billion. Fees and commission income moved up to $10.6 billion net, compared to $9.7 billion in 2013. Premium income grew to $7 billion from $5 billion in 2013. Gains on sale of debt securities and foreign exchange trading gains jumped to $2.6 billion versus $1 billion in 2013.
Segment| Segment results were mixed with strong increases in some, while other areas fell below the 2013 performance. Retail & SME, reported improved profits for 2014 of $1.56 billion versus $793 million in 2013. Payment Services climbed down from $2.1 billion to $1.57 billion in 2014, Corporate Banking ended 2014 with $500 million versus $850 million previously, Treasury & Correspondent Banking jumped from $1.87 billion in 2013 to $3.7 billion in the latest year. Wealth, Asset Management and Investment Banking moved down from $3.88 billion to $3.6 billion, Life Insurance and Pension Fund Management climbed from $2.17 billion to $2.9 billion and General Insurance income of $557 million in 2013 jumped to $1.28 billion.
NCB hiked their final dividend for the year to 96 cents per shares. IC Insider’s forecast for the 2015 earnings is $5.75 per share and with the current price at just over $18 per share the stock is severely undervalued with significant upside potential.
50% dividend hike at Pan-Jamaican
Pan-Jamaican Investment declared a dividend of 75 cent per stock unit payable in December and is 50 percent higher than the 50 cents per share, paid at the same time in 2013.
The fourth interim dividend for 2014 is payable on December 22, to stockholders on record at November 28. The ex-dividend date is November 26. Previously, the company hiked the interim dividend paid on September 26 to 70 cents per stock unit. Interim dividends of 60 cents per share were paid on June 20 and on March 31, this year. The payments for the year translate to a yield of just over 5 percent.
Carreras profit up margin squeezed
Profit at Carreras for the three months to September, is up 26 percent to $614 million, from $485 million in 2013, for the six months growth was less robust, at 20 percent to reach $1.17 billion from $9,71 million.
Revenues recovered considerable grounds, from the lost sales in 2013, from the front loading by merchants of inventories ahead of a pending price increase of cigarettes that the company implemented in March 2013. For the quarter, sales revenues rose 18.5 percent over that of 2013 and 19.3 percent for the six months to September. During last year September quarter, revenues fell 16 percent, so there is still a fall out, but that is usually the case whenever there is sizeable price increase, is effected.
Profit margins got squeezed, rising only 13 percent for the six months and 10 percent in the quarter, no doubt, due to the devaluation of the local dollar and the lack of a price increase so far. Carreras was able to hold cost well below the increased sales revenues for the quarter and year to date. The company is on track to earn somewhere in the region of $6 per share, for the current year and that will help move the price up. The stock remains IC Insider BUY RATED.
Carreras will pay a special capital cash distribution, on December 18, following an interim dividend of $1.20 per stock unit, to be paid on December 11, 2014. The payments will bring to total distribution for 2014 to $8.09.
The stock closed trading on the Jamaica Stock Exchange, at $37 on Friday, putting the PE ratio, at 6 times the current fiscal year earnings.
Rich year for Carreras’ shareholders
Carreras declared yet another dividend payable to shareholder in December, with the latest being $1 per stock unit to be paid out of proceeds received from the liquidation of a subsidiary. The payment is pending the granting of a transfer tax exemption pursuant to the Transfer Tax Act.
The interim special capital cash distribution will be paid on December 18, to stockholders on record as at December 1, 2014. The ex-dividend date is November 27. The distribution follows the interim dividend of $1.20 per stock unit due for payment on December 11, 2014, to stockholders on record at November 20. The payment will bring to total for 2014 to $8.09 for a return of 22 percent for the year based on the stock price of $36.75 at the end of 2013. The stock closed at $37 on Friday on the Jamaica Stock Exchange.
In September, Carreras paid an interim dividend of $1.20 per stock unit, the company also paid an interim dividend of $1.75 per stock unit on June 26. On March 13 they paid $1.62 per share.
A special capital cash distribution of $1.34 per stock unit was paid on July 31 and a special capital cash distribution of $1.18 was last paid on January 30, this year.
Profit up|Carreras just announced results for the six months to September, with an 18.5 percent increase in revenues for the quarter, over that of 2013 and 19.3 percent for the six months, to September.
Profit after tax, rose 28 percent in the quarter, to reach $614 million, up from $485 million in 2013, and for the six months, growth was less robust, at 12 percent, to reach $1.22 billion from $970 million.
Profit margins got squeezed, rising only 13 percent for the six months and 9 percent in the quarter, no doubt due to the devaluation of the local dollar and the lack of a price increase so far. Revenues are recovering from the 2013 price increase, and from the front loading by merchant of inventories ahead of the increase. The company is on track to earn somewhere in the region of $6 per share for the current year, that will help move the price up. The stock remains IC Insider BUY RATED.
NCB pushes market as year-end rally continues
Friday’s activity on the Jamaica Stock Exchange, resulted in the prices of 5 stocks rising and 6 declining as 18 securities changed hands, ending in 3,496,586 units trading, valued at $32,700,014, in all market segments.
National Commercial Bank stole the spotlight trading nearly 600,000 units , with the price closing, $1.05 higher than the previous days close, as investor signal their approval of the details of results for the 2014 fiscal year.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator showed 4 stocks with bids higher than their last selling prices and 7 stocks with offers that were lower.
Main Market| The JSE Market Index gained 268.30 points to 73,504.86, the JSE All Jamaican Composite index rose 300.00 points to close at 80,899.95 and the JSE combined index gained 195.54 points to close at 75,252.16.
Gains| Stocks gaining with last traded prices, at the end of trading in the main market are, Cable & Wireless concluded trading with 1,618,096 shares changing hands, as the price gained 2 cents to 52 cents, Carreras ended trading with 411,367 shares trading, $1.45 higher to $37, Kingston Wharves closed with 50,000 shares traded, while gaining 59 cents to $6. National Commercial Bank finished trading with 591,178 units, to close with a gain of $1.05 at $18.16, as investors responded positively to the bank’s year-end results, showing earnings of $4.73 per share and increase dividend of 96 cents to be paid in December. NCB traded as high as $19 before settling at the lower figure and Scotia Investments saw trading in 12,036 shares, with the price rising 1 cent to $22.01.
Firm| The stocks in the main market to close without a change in the last traded price are, Jamaica Broilers that ended trading with 9,601 shares changing hands at $4, Mayberry Investments ended with 444,013 shares at $1.50 and Scotia Group finished trading with 212,541 shares changing hands at $19.40.
Declines| The last traded prices of stocks with losses, at the end of trading in the main market are, Desnoes & Geddes ending with 3,100 units, the price slipped 5 cents, to $4.90, Grace Kennedy closed with 5,165 shares trading, 50 cents lower, to $61.50, Jamaica Money Market Brokers finished with 16,213 ordinary shares trading, with a loss of 30 cents to $6.50, Proven Investments ended with 12,000 units as the price slipped 0.79 cents to 17.2 US cents and Sagicor Group closed with 56,340 shares, trading 1 cents lower at $9.70.
Preference| Jamaica Money Market Brokers 8.75% preference share traded 15,400 shares at $3.