Volume drop prices rise on TTSE

Winning stocks beat out those declining on the Trinidad and Tobago Stock Exchange on Thursday, with a 72 percent decline in the volume of stocks traded, valued 72 percent lower than on Wednesday and resulting in 15 securities trading down from 22 on Wednesday, with four rising, three declining and eight remaining unchanged.
Investors traded 548,974 shares for $3,307,858 down from 1,974,231 stock units at $11,903,258 on Wednesday.
An average of 36,598 units were traded at $220,524 compared to 89,738 shares at $541,057 on Wednesday, with trading month to date averaging 48,687 shares at $494,865 versus 49,657 units at $516,871 on the previous day. The average trade for November ended with 51,348 shares at $461,794
The Composite Index rallied 1.80 points to 1,309.50, the All T&T Index rose 5.19 points to 1,963.96 and the Cross-Listed Index dipped 0.26 points to settle at 85.27.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and none with a lower offer.
At the close, Agostini’s ended at $45.50 as investors exchanged 25 shares, Angostura Holdings remained at $24, with 150 stocks crossing the market, Clico Investment Fund rallied 60 cents in ending at $28 with 9,579 stock units passing through the exchange. First Citizens Group advanced 4 cents to close at $50.05, with 1,595 units changing hands, GraceKennedy increased 9 cents to end at $4.59 trading 24,083 units, Guardian Media remained at $2.94 with an exchange of one share. JMMB Group ended at $1.91 after a transfer of 172,062 stock units, Massy Holdings dipped 9 cents to $4.41 in an exchange of 235,793 stocks, National Enterprises ended at $3.26 and closed with 38,423 units changing hands. NCB Financial fell 18 cents to $4.56 while exchanging 11,944 stocks, One Caribbean Media ended at $3.69 with investors trading 21,703 shares, Republic Financial shed 3 cents to $135.67 in switching ownership of 592 stock units. Scotiabank ended at $77 after trading 7,180 stock units, Trinidad & Tobago NGL climbed $1.43 to end at $22.43 after an exchange of 11,039 units and West Indian Tobacco remained at $22 after 14,805 shares crossed through the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Losers whip winners on TTSE

Trinidad and Tobago Stock Exchange closed on Wednesday, with the volume of stocks traded rising 41 percent with 46 percent greater value than on Tuesday resulting in 22 securities trading compared with 17 on Tuesday, with five stocks rising, 10 declining and seven remaining unchanged.
Investors traded 1,974,231 shares for $11,903,258 up from 1,401,663 units at $8,125,616 on Tuesday.
An average of 89,738 units were traded at $541,057 compared with 82,451 shares at $477,977 on Tuesday, with trading month to date averaging 49,657 shares at $516,871 compared with 44,313 units at $513,646 on the previous day. The average trade for November amounts to 51,348 at $461,794.
The Composite Index rallied 2.88 points to 1,307.70, the All T&T Index fell 5.22 points to 1,958.77 and the Cross-Listed Index popped 1.62 points to close at 85.53.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and none with a lower offer.
At the close, Agostini’s remained at $45.50, with 4,803 shares crossing the market, Angostura Holdings ended at $24 after an exchange 355 units, Ansa McAl dipped 85 cents to $50.50, with 1,280 stocks clearing the market. Calypso Macro Investment Fund declined $1 to close at $20.50 as investors exchanged 1,000 stock units, Clico Investment Fund fell $1.54 to $27.40 after an exchange of 76,072 units, Endeavour Holdings remained at $8.30 with 85 stocks changing hands. First Citizens Group shed 14 cents to close at $50.01 after 1,040 stock units were traded, FirstCaribbean International Bank increased 30 cents in ending at $5.45 as 2,000 shares passed through the market, GraceKennedy ended at $4.50 with the swapping of 26,672 stocks. JMMB Group popped 1 cent to end at $1.91 in exchanging 24,590 shares, L.J. Williams B share lost 10 cents to close at $2.40 with investors transferring 900 stock units, Massy Holdings added 1 cent in closing at $4.50 after an exchange of 1,679,650 units. National Enterprises dropped 14 cents to end at $3.26, with 72,312 stock units crossing the market, National Flour Mills shed 5 cents to close at $1.50 in trading 2,435 stocks, NCB Financial advanced 18 cents in ending at $4.74 in switching ownership of 34,120 units. Point Lisas rallied 25 cents to $3.50 after a transfer of 4,000 shares, Prestige Holdings dipped 75 cents to end at $5.90 in an exchange of 1,000 stocks, Republic Financial lost 1 cent in closing at $135.70 while exchanging 373 stock units. Scotiabank remained at $77 with an exchange of 7,734 units, Trinidad & Tobago NGL dropped $1 to $21 with a transfer of 15,539 shares, Unilever Caribbean ended at $13, with 313 stocks changing hands and West Indian Tobacco had an exchange of 17,958 stock units at $22.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Trading rises on the Trinidad Exchange

The Trinidad and Tobago Stock Exchange close on Tuesday with the volume of stocks traded rising 95 percent and the value 40 percent more than on Monday, with trading in 17 securities compared with 18 on Monday and ended with three stocks rising, six declining and eight remaining unchanged.
Investors traded 1,401,663 shares for $8,125,616 versus 717,447 stock units at $5,819,948 on Monday.
An average of 82,451 units were traded at $477,977 compared with 39,858 shares at $323,30 on Monday, with trading month to date averaging 44,313 shares at $513,646 up from 39,932 units at $517,743 on the previous day. The average trade for November amounts to 51,348 at $461,794.
The Composite Index dipped 2.85 points to 1,304.82, the All T&T Index fell 4.22 points to 1,963.99 and the Cross-Listed Index slipped 0.19 points to 83.91.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Agostini’s gained $1.50 to close at $45.50 with the swapping of 3,521 shares, Angostura Holdings remained at $24 after 500 units crossed the market, Clico Investment Fund slipped 5 cents to $28.94, with 73,231 stock units changing hands. First Citizens Group dipped 85 cents in ending at $50.15, with 1,988 stocks clearing the market, GraceKennedy ended at $4.50 in trading 86,220 stocks, JMMB Group dropped 5 cents to $1.90 with an exchange of 3,131 stock units. Massy Holdings shed 1 cent in ending at $4.49 after exchanging 312,583 units, National Enterprises advanced 10 cents to end at $3.40 in an exchange of 783,199 shares, National Flour Mills ended at $1.55 after trading 9,000 stocks. NCB Financial remained at $4.56 in exchanging 18,291 units, Point Lisas remained at $3.25 with a transfer of 62,519 stock units, Prestige Holdings fell 5 cents in closing at $6.65, with 500 shares crossing the exchange. Scotiabank climbed 19 cents to $77 in switching ownership of 5,205 stock units, Trinidad & Tobago NGL ended at $22 while exchanging 17,512 shares, Trinidad Cement ended at $3.85 after an exchange of 12,500 units. Unilever Caribbean dipped 1 cent to end at $13 after a transfer of 508 stocks and West Indian Tobacco remained at $22 after 11,255 stocks crossed the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Energy and financial stocks push TTSE

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Trading on the Trinidad and Tobago Stock Exchange ended on Monday, with the market indices rising following a $1 jump in the price of Trinidad & Tobago NGL and a 99 cents rise in First Citizens Group after the volume of stocks traded climbed 123 percent and the value rose 31 percent over Friday, following the exchange of 18 securities trading compared with 17 on Friday, with three stocks rising, five declining and 10 remaining unchanged.
Investors exchanged 717,447 shares for $5,819,948 versus 321,588 units at $4,455,199 on Friday.
An average of 39,858 stock units were traded at $323,330 up from 18,917 shares at $262,071 on Friday, with trading month to date averaging 39,932 shares at $517,743 marginally down from 39,942 units at $544,662 on the previous trading day. The average trade for November amounts to 51,348 at $461,794.
The Composite Index increased 6.10 points to 1,307.67, the All T&T Index advanced 4.12 points to 1,968.21 and the Cross-Listed Index rallied 1.15 points to settle at 84.10.
Investor’s Choice bid-offer indicator shows prices of five stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, Ansa McAl remained at $51.35 after 33 shares passed through the market, Calypso Macro Investment Fund declined 5 cents to $21.50 with a transfer of 18,145 stock units, Clico Investment Fund fell 1 cent to $28.99, with 69,742 units changing hands. Endeavour Holdings ended at $8.30 in trading 400 stocks, First Citizens Group climbed 99 cents to $51, with 2,412 units crossing the market, FirstCaribbean International Bank ended at $5.15 with an exchange of 500 shares. GraceKennedy advanced 38 cents to end at $4.50, with 5,017 stock units clearing the market, Guardian Media dipped 5 cents in closing at $2.94 with the swapping of 30 stocks, Massy Holdings remained at $4.50, 121,549 stock units crossing the exchange. National Enterprises closed at $3.30 after an exchange of 428,582 stocks, NCB Financial ended at $4.56 in switching ownership of 2,951 units, Point Lisas ended at $3.25 and finished with 5,000 shares being swapped. Republic Financial remained at $135.71 with investors transferring 111 units, Scotiabank dipped 19 cents to $76.81 in an exchange of 4,335 shares, Trinidad & Tobago NGL popped $1 in ending at $22 while exchanging 11,584 stocks. Trinidad Cement ended at $3.85 in exchanging 5,000 stock units, Unilever Caribbean lost 17 cents in closing at $13.01, with 30,801 units crossing the market and West Indian Tobacco remained at $22 after an exchange of 11,255 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Stocks closed higher on the Trinidad market

Market activity ended on the Trinidad and Tobago Stock Exchange on Friday, with the volume of stocks traded declining modestly from Thursday trades with 39 percent lower value, resulting in activity in 17 securities compared with 22 on Thursday, and ended with the prices of five rising, two declining and ten remaining unchanged.
At the close, investors exchanged 321,588 shares for $4,455,199 compared with 336,879 stock units at $7,346,724 on Thursday.
An average of 18,917 units were traded at $262,071 compared to 15,313 shares at $333,942 on Thursday. Trading month to date averages 39,942 shares at $544,662 versus 43,106 units at $587,176 on the previous day. The average trade for November amounts to 51,348 at $461,794.
The Composite Index rose 3.24 points to 1,301.57, the All T&T Index rallied 3.88 points to 1,964.09 and the Cross-Listed Index rallied 0.36 points to close at 82.95.
Investor’s Choice bid-offer indicator shows five stocks ending with bids higher than their last selling prices and two with lower offers.
At the close, Agostini’s had an exchange of 8,068 shares at $44, Angostura Holdings remained at $24 after a transfer of 39 units, Ansa McAl dropped 5 cents in ending at $51.35 with an exchange of 10 stock units. Clico Investment Fund gained 80 cents to close at $29 after 76,863 stocks crossed the market, Endeavour Holdings ended at $8.30 with a transfer of 639 stocks, First Citizens Group closed trading of 3,950 stock units at $50.01. Guardian Holdings remained at $26 with 785 units clearing the market, JMMB Group popped 5 cents to $1.95 as investors exchanged 3,025 shares, L.J. Williams B share ended at $2.50 after 16,033 stocks changed hands. Massy Holdings increased 4 cents in ending at $4.50 after trading 142,089 stock units, National Enterprises ended at $3.30 as 35,592 units passed through the market, National Flour Mills ended at $1.55 in trading 210 shares. Republic Financial gained 71 cents to close at $135.71 after switching ownership of 20 stocks, Scotiabank remained at $77, with 3,625 stock units changing hands, Trinidad & Tobago NGL shed 24 cents to end at $21 after 12,152 shares crossed through the market. Unilever Caribbean ended at $13.18 in an exchange of 6,733 units and West Indian Tobacco rallied 75 cents to $22 after 11,755 stocks crossed the exchange.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Trading dips on TTSE Thursday

The volume and value of stocks trading fell on Thursday on the Trinidad and Tobago Stock Exchange, with the volume traded declining by 86 percent with 36 percent lesser value than Wednesday after 22 securities were exchanged up from 18 on Wednesday and ended with prices of six stocks rising, five declining and 11 remaining unchanged.
Investors exchanged 336,879 shares for $7,346,724 down from 2,360,030 stock units at $11,385,728 on Wednesday.
An average of 15,313 units were traded for $333,942 compared to 131,113 shares at $632,540 on Wednesday. Trading for the month to date averages 43,106 shares at $587,176 compared with 49,825 units at $648,397 on the previous day. Trading in November averaged 51,348 shares at $461,794.
The Composite Index slipped 5.35 points to1,298.33, the All T&T Index lost 4.45 points to close at 1,960.21 and the Cross-Listed Index lost 0.88 points to settle at 82.59.
Investor’s Choice bid-offer indicator shows three stocks ending with bids higher than their last selling prices and four with lower offers.
At the close, Agostini’s remained at $44 after an exchange of 15,276 shares, Angostura Holdings ended at $24 as investors exchanged 3,012 stock units, Ansa Merchant Bank ended at $42.20 in switching ownership of 1,078 units. Calypso Macro Investment Fund gained 5 cents to close at $21.55 in trading 3,793 stocks, Clico Investment Fund shed 80 cents in closing at $28.20 with a transfer of 65,441 units, Endeavour Holdings remained at $8.30 with 400 stocks clearing the market. First Citizens Group climbed 11 cents to end at $50.01 in an exchange of 41,566 shares, FirstCaribbean International Bank dropped 30 cents to $5.15 in trading 15,680 stock units, GraceKennedy fell 37 cents in closing at $4.12, with 8,752 stocks crossing the exchange. Guardian Holdings advanced 20 cents in ending at $26 with investors transferring 65,463 shares, JMMB Group popped 5 cents to close at $1.90, with 15,499 stock units crossing the market, L.J. Williams B share ended at $2.50 with an exchange of 300 units. Massy Holdings fell 4 cents to $4.46 after an exchange of 14,739 stocks, National Enterprises rose 5 cents to $3.30 in the swapping of 55,345 shares, NCB Financial remained at $4.56 in exchanging 3,113 units. Prestige Holdings rallied 40 cents to close at $6.70, with 6,427 stock units changing hands, Republic Financial declined $2.13 to $135 with an exchange of 1,066 stock units, Scotiabank remained at $77 after a transfer of 300 units. Trinidad & Tobago NGL ended at $21.24 in exchanging 232 shares, Trinidad Cement remained at $3.85 as 9,528 stocks passed through the market, Unilever Caribbean ended at $13.18 after an exchange of 1,510 stocks and West Indian Tobacco ended at $21.25 with 8,359 stock units crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Trading surges on Trinidad Exchange

Market activity jumped sharply on the Trinidad and Tobago Stock Exchange on Wednesday, with the volume of stocks traded rising 1,278 percent, with 393 percent surge in value compared with Tuesday, resulting in 18 securities trading versus 19 on Tuesday, with four stocks rising, five declining and nine remaining unchanged.
Investors traded 2,360,030 shares for $11,385,728, up sharply from 171,219 stock units at $2,336,038 on Tuesday.
An average of 131,113 units were traded at $632,540 compared with 9,012 shares at $122,949 on Tuesday, with trading month to date averaging 49,825 shares at $648,397 versus 29,781 units at $652,307 on the previous day. The average trade for November amounts to 51,348 at $461,794.
The Composite Index shed 2.63 points to close at 1,303.68, the All T&T Index fell 6.37 points to 1,964.66 and the Cross-Listed Index rallied 0.19 points to 83.47.
Investor’s Choice bid-offer indicator shows four stocks ended with a bid higher than their last selling prices and three with lower offers.
At the close, Agostini’s remained at $44 after an exchange of 11,863 shares, Angostura Holdings rose 50 cents to end at $24 with 499 stocks crossing the exchange, Ansa McAl ended at $51.40 with a transfer of 324 stock units. Ansa Merchant Bank closed at $42.20 as 95 units passed through the market, Clico Investment Fund remained at $29 in switching ownership of 3,490 units, First Citizens Group lost 9 cents in closing at $49.90 after trading 162 stock units. FirstCaribbean International Bank rallied 34 cents to $5.45 with an exchange of 401 stocks, GraceKennedy remained at $4.49, with 600 shares clearing the market, L.J. Williams B share ended at $2.50 after a transfer of 23,000 stocks. Massy Holdings shed 18 cents to end at $4.50 as investors traded 2,295,128 units, National Enterprises declined 1 cent to end at $3.25 in an exchange of 11,361 shares, National Flour Mills rallied 5 cents to close at $1.55 with just one stock unit changing hands. Republic Financial ended at $137.13 after an exchange of 220 stocks, Scotiabank remained at $77 after an exchange of 850 stock units, Trinidad & Tobago NGL ended at $21.24, with 5,610 shares crossing the market. Trinidad Cement fell 3 cents after ending at $3.85, with 750 units changing hands, Unilever Caribbean popped 8 cents in closing at $13.18 in trading 5,554 stocks and West Indian Tobacco dropped 75 cents to end at a 52 weeks’ low of $21.25 while exchanging 122 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Slippage for Trinidad exchange

Trading on the Trinidad and Tobago Stock Exchange ended on Tuesday, with the volume of stocks traded declining 75 percent with the value 30 percent less than on Monday resulting in the trading of 19 securities compared with 20 on Monday, with prices of four rising, five declining and ten remaining unchanged.
Investors traded 171,219 shares for $2,336,038 versus 682,025 stock units at $3,331,591 on Monday.
An average of 9,012 units were traded at $122,949 compared with 34,101 shares at $166,580 on Monday, with trading month to date averaging 29,781 shares at $652,307 versus 37,089 units at $838,562 on the previous day. The average trade for November amounts to 51,348 at $461,794.
The Composite Index lost 1.04 points to end at 1,306.31, the All T&T Index fell 1.80 points to 1,971.03 and the Cross-Listed Index slipped 0.03 points to 83.28.
Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and one stock with a lower offer.
At the close, Agostini’s remained at $44 with an exchange of 10,880 shares, Ansa McAl ended at $51.40 and closed with 2,168 stock units changing hands, Ansa Merchant Bank ended at $42.20, in switching ownership of 6,028 stocks. Calypso Macro Investment Fund popped 50 cents to $21.50 as investors exchanged 189 units, Clico Investment Fund dropped 5 cents in closing at $29, with 29,418 stocks crossing the market, Endeavour Holdings gained 30 cents to end at $8.30 as 3,150 stock units passed through the market. First Citizens Group slipped 1 cent to $49.99, with 114 units crossing the market, GraceKennedy fell 1 cent to close at $4.49, with 314 shares clearing the market, Guardian Holdings shed 1 cent in closing at $25.80 with the swapping of 100 units. JMMB Group remained at $1.85 in an exchange of 33,273 shares, L.J. Williams B share remained at $2.50 after a transfer of 503 stocks, Massy Holdings advanced 3 cents in closing at $4.68 in trading 72,057 stock units. National Enterprises popped 1 cent to close at $3.26 with investors transferring 3,500 shares, Point Lisas ended at $3.25 after exchanging 12 stocks, Prestige Holdings ended at $6.30 with a transfer of 52 units. Republic Financial remained at $137.13, with 25 stock units changing hands, Scotiabank dipped 30 cents to $77 while exchanging 118 units, Trinidad & Tobago NGL ended at $21.24 in trading 4,816 stocks an West Indian Tobacco remained at $22 after 4,502 shares changed hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Trading plunges on Trinidad Exchange

Investors ended with less trading activity on Monday compared with Friday on the Trinidad and Tobago Stock Exchange and resulting in the volume of stocks traded declining 21 percent, with a 92 percent lower value than Friday, resulting in activity in 20 securities compared with 15 on Friday, with three stocks rising, ten declining and seven remaining unchanged.
Investors traded 682,025 shares for $3,068,170 on Monday, down from 865,694 units at $38,589,930 on Friday. An average of 34,101 units were traded at $153,409 compared to 57,713 shares at $2,572,662 on Friday, with trading month to date averaging 37,089 stock units at $833,554 down from 38,846 units at $1,233,640 on the previous trading day. The average trade for November amounts to 51,348 at $461,781.
The Composite Index lost 2.03 points to end at 1,310.15, the All TandT Index fell 5.61 points to 1,972.38 and the Cross-Listed Index slipped 4.92 points to 84.19.
Investor’s Choice bid-offer indicator shows three stocks ending with a bid higher than their last selling prices and none with a lower offer.
At the close, Agostini’s popped 50 cents to end at $44 with 269 shares passing through the market, Ansa McAl lost $2.40 in ending at $51.40, trading 1,182 units, Calypso Macro Investment Fund fell $1.15 to close at $21 as investors exchanged 12 stock units. Clico Investment Fund was marked down by 70 cents in closing at $29.05 after the trading of 8,957 stocks, Endeavour Holdings remained at $8 in exchanging 1,015 stocks, First Citizens Group ended at $50 with a transfer of 174 shares. FirstCaribbean International Bank shed 1 cent to $5.11 after 58,350 units changed hands, GraceKennedy declined 25 cents to $4.50 in an exchange of 4,622 stock units,JMMB Group ended at $1.85 after an exchange of 55 stock units. L.J. Williams B share remained at $2.50, with 1,146 stocks crossing the market, Massy Holdings dipped 10 cents to $4.65 with an exchange of 185,258 shares, National Enterprises rose 1 cent to close at $3.25 in trading 309,101 units. NCB Financial fell 14 cents to end at $4.56 with an exchange of 88,444 stocks, Prestige Holdings ended at $6.30, with 100 units clearing the market, Republic Financial dropped $1.87 in closing at $137.13 with the swapping of 126 shares. Scotiabank declined 18 cents to end at $77.30 after exchanging 61 stock units, Trinidad & Tobago NGL remained at $21.24 in switching ownership of 5,259 units, Trinidad Cement climbed 23 cents in closing at $3.88 after 5,100 stocks changed hands. Unilever Caribbean lost 70 cents in ending at $13.10 with investors transferring 5,100 stock units and West Indian Tobacco remained at $22 after a transfer of 7,694 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Kingston Wharves left for dead

Peculiarities of the local stock market can be seen in many areas with the performance of Kingston Wharves since 2019 highlighting the exuberance of many investors. They pushed the stock up to a high of $78 in 2019 with earnings per share of $1.82 from profits of $2.6 billion, up from a profit of $1.97 million in 2018, with earnings per share of $1.36, but the stock was selling at an enormous price earnings ratio in excess of 43 times 2019 earnings.

Kingston Wharves’ profit rose 8% in Q3.

Investors could not care less about a stock that was excessively overvalued, with the valuation well ahead of the market average at the time, around 22 times at the end of 2019. The company reported a profit of $3.25 billion in 2021 versus $2.28 billion in 2020 for earnings per share of $2.24 up from $1.57 in the previous year. Investors who were paying nearly $80 per share in 2019 are now scared to buy the stock around the $32 level even with improved earnings since 2019.
Admittedly, interest rates on Government of Jamaica Treasury bills at 1.6 percent in December 2019 were very attractive but it was at an unsustainable level and is now just over eight percent. This would result in a reduction in share valuation. But it does not explain why a stock that was priced at twice the rest of the market is no longer having a premium over the market.
For the current year to September, Kingston Wharves reported flat earnings of $2.1 billion compared to the previous year, but the third quarter reflects a 7.7 percent improvement in profits to $837 million in 2022 from $778 million in 2021.
Other operating revenues came in at $135.5 million in the September 2022 quarter, up from $53 million in 2021 and for the year to date, $155.8 billion down from $316 billion in 2021.
Cost of sales in the September quarter amounted to $1.267 billion versus $1.06 billion in 2021 and for the nine months $3.6 billion versus $3.1 billion, resulting in a gross profit of $1.18 billion for the September 2022 quarter, a slight improvement over the $1.16 billion in the previous year and for the nine months, $3.39 billion versus $3.1 billion. The gross profit margin slipped from 52 percent in the September 2021 quarter to 48 percent in 2022 with the year to date dipping from 50 percent in 2021 to 48 percent this year.
Administrative expenses amounted to $335 million in the September 2022 quarter, up 16 percent from $290 million in 2021 and for the nine months, rose 23 percent to $1.1 billion from $899 million in the previous year. Finance costs accounted for $25 million in the September 2022 quarter, up from $20.55 million last year and for the nine months, $32 million, down from $90 million in the previous year’s nine months. Taxation accounted for $117 million versus $127 million in the 2021 September quarter and $304 million for the nine months to September 2022, from $342 million in the previous year.
Shareholders’ equity ended the period at $36.66 billion. Total borrowed funds amounted to just $1.7 billion while it holds cash funds and investments of $9.5 billion. Current assets amount to $11 billion and current liabilities of $1.96 billion. Cash flows from operation generated inflows of $3.3 billion, after spending $1.5 billion on the purchase of property and $873 million on paying dividends and loan repayment of $500 million, the company used up all the inflows for the nine months.
Net book value per share amounts to $25.64, with the stock priced at $31.85 for a 24 percent premium. ICInsider.com projects earnings for the current year at $2.25 and $3 for 2023. These earnings suggest a stock price in 2023 in the $40 to $50 region at a PE of around 16 and it could be higher as interest rates should start to moderate by the middle of 2023 if not before. Going forward growth in the local economy is expected to continue for some time, accordingly, the wharf should be enjoying increased through put and result in increased revenues and profits.

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