Impressive profits for listed companies

Freshly released quarterly results reveal positive gains for companies reporting 2021 final quarter numbers recently with most showing improvement over 2020 results, with some being impressive.

Caribbean Producers traded 52 weeks’ high during the week following a near US$2 quarterly profit.

Leading the group was Caribbean Producers with revenues more than doubling to US$33 million up from US$15 in the December 2020 quarter and revenues moving from US$24.4 million to $58 million. Profit jumped to $3.6 million from a loss of $837,492 million in 2020 and rose to $5.2 million for the six months from a loss of $2.7 million in 2020. Earnings per share ended for the quarter at 0.33 US cents and 0.48 US cents for the six months.
Future Energy Source delivered a 250.9 percent surge in profit to $73.6 million from $21 million with the nine delivering an increase of 140.8 percent to $171 million from $71 million in 2020 as revenues rose 139 percent in the December quart to $3.675 billion from $1.535 billion and 84 percent to $8 billion from $4.347 billion in 2020. Revenues were fueled by an increase in the number of service stations from 14 to 16 and a sharp increase in the price of petroleum.
Lasco Distributors revenues grew 12 percent from $5.17 billion to $5.79 billion in the December quarter and 14 percent from $15 billion to $17.4 billion for the nine months percent in 2020.
Profit after tax rose 6 percent, to $775 million from $731 million for the nine months to December, for the quarter to December profit after tax rose 18 percent in the quarter to $286 million from $243 million in 2020.
Earnings per share ended for the quarter at 8 cents and 22 cents for the nine months.

Lasco Financial profit dropped 39% in 2018 Q2.

Revenues at Lasco Financial got a big 30 percent bounce from $532 million to $693 million in the December quarter and 9 percent from $1.69 billion in 2020 to $1.84 billion for the nine months to December 2021.
Profit after tax rose just 6 percent to $130 million from $124 million for the December quarter, but pretax profit rose a strong 35 percent in the quarter to $203 million from $150 million in 2020 and jumped a sharp 60 percent for the nine months to December, to $398 million from $249 million, while profit after tax surged 71 percent to $264 million for the nine months from $154 million in 2020.
Earnings per share ended for the quarter at 10 cents and 21 cents for the nine months.
Revenue for the year ending October 2021 jumped 34.7 percent at Limners and Bards to $1.2 billion, up from $912 million for the prior year. The increase was mainly in media placement up 35 percent to $173 million, production up 63 percent to $148 million.
Profit after rose 22 percent, to $156 million from $127 in 2020 but fell from $19 million in the 2020 final quarter to $13 million in 2021. Earnings per share climbed to 16 cents from 13 cents in 2020.
For MailPac revenues for the quarter were just 2 percent lower than in 2020 as the company generated $502 million, in 2021 from $512 million the same quarter in 2020. Gross profit for the quarter was $255 million, a 9.8 percent increase over 2020. For the year to December last year, revenues increased by 5.4 percent to $1.8 billion and gross profit came in at $893 million, 9 percent more than 2020.

Mailpac CEO Khary Robinson.

Net profit for the fourth quarter in 2021 ended at $115 million, 10 percent more than the $104 million generated for the same quarter of 2020. Full year profit came in at $400, down 9.7 percent from$443 million earned in 2020. The results delivered 5 cents per share for the December quarter and 16 cents for the full year.
Seprod Group achieved revenues of $11.76 billion, in the December quarter up 30 percent or $2.68 billion above $9 billion earned in 2020. Net profit was $455 million, 17 percent more than $389 million for the final quarter of 2020, excluding losses for discontinued operations but was up 18 percent to $373 million from $319 million in 2020 before accounting for discontinued business.
For the year to December 2021 revenues climbed 14 percent to $42.9 billion from $37.7 billion in 2020. Net profit fell to $2.16 billion from $2.87 billion in 2020. The fall resulted from a one time gain of $762 million from the sale of a property in 2020.

Profit revs up at overpriced Future Energy

Beechwood Avenue service station.

Profit jumped 45.5 percent before tax for FESCO to $57 million from $39 million in 2020, and for six months to September, pretax profit surged 49.5 percent to $97.2 million above the $64.97 million in 2020. Profit after taxation jumped 121 percent to $57 million from $26 million, in the 2020 September quarter, with taxation eating out $13.4 million in 2020 and for the half year, it moved 95 percent higher to $97 million from $50 million following profit tax of $15 million in 2020.
The company is now on a tax holiday, initially for five years for listing on the Jamaica Stock Exchange Junior Market.
Sales spiked 51 percent to $2.4 billion from $1.6 million in the September quarter and jumped 54 percent to $4.3 billion for the six months to September from $2.8 billion in 2020.
Cost of sales rose 52.2 percent to $2.35 billion from $1.54 billion in the 2020 September quarter and jumped 54.7 percent to $4.2 billion from $2.7 billion in the half year to September 2020.  Gross profit popped 22.1 percent to $73.5 million from $60 million in 2020 for the quarter and 37 percent to $128 million for the six months from $93 million in 2020.
Operating and administrative expenses dropped 15 percent to $17.8 million, from $21 million for the quarter, but rose 29.6 percent to $38 million from $29.55 million in the six months to September 2020.
Gross cash flow brought in $98 million, but growth in working capital reduced the cash provided by operating activities to $72, after receiving $322 million from loans and proceeds from the issue of new shares offset by addition to fixed assets amounting to $136 million, the company improved its cash position at the end of the period substantially. At the end of September, shareholders’ equity stood at $639 billion, up from $255 million at the end of September 2020, with long term borrowings standing at $117 million and short term loans at $7 million. Current assets ended the period at $883 million, up from $312 million in September 2020. The 2021 figure includes trade and other receivables of $551 million, cash and bank balances of $307 million. Current liabilities ended the period at $517 million and $217 million in 2020. Net current assets ended the period at $366 million. The company owned and operated service station on Beechwood Avenue in Kingston was opened recently and will add to sales in the present quarter onwards.
Earnings per share came out at 2.3 cents for the quarter and 3.9 cents for the year to date. IC Insider.com forecast is for 10 cents per share for the fiscal year ending March 2021. Accordingly, the stocks that closed at $3.25 on the Jamaica Stock Exchange Junior Market on Friday boast a high PE of 34 times the current year’s earnings compared to the market average of around 14. Net asset value is 26, with the stock selling at 12.5 book value.

Fesco trades at $1.04

Fesco opened trading on the Junior Market of the Jamaica Stock exchange on Friday, trading 2.38 million shares at $1.04 up from 80 cents the share were sold to the market at.
The stock has 151,000 units on the bid at $1.04 with just 55 000 on offer at $1.06, but trading is frozen for an hour. The rise helped to push the Junior Market Index up to 3,155.07. The Main Market has climbed to 446,096.49 at 9.43 after rising to a high for the session of 446,591 points.

High level of allocation for Fesco shares

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Subscribers will get over 43 percent of the shares they applied for in the IPO of Future Energy Source, this will be one of the highest allocations in recent years for an IPO, but it may suggest a limited upside for the price initially.
Applicants in the General Public Pool receives 1,000 shares plus aroud 43.876 percent of the excess for they applied. The Brokers for the issue states that “multiple applications from the same JCSD account for each pool were combined and treated as one application for the purposes of allocation.
NCB Capital Markets receives its full allotment of 100 million shares. NCB Insurance Agency & Fund Managers Limited gets the full allotment of 16.245 million shares. The balance of shares in the Broker Reserve Pool of 58.755 million, which were not taken up, is transferred to the General Public Pool.
Key Partner Reserve Pool applicants will receive up to the first 250,000 shares plus approximately 80.195 percent of the balance applied for.
Applicants in the Employee Reserve Pool receives the first 50,000 shares plus approximately 72.32 percent of the rest.
Refunds for Applicants who did not receive allotment fully will commence April 14, 2021, NCB Capital Markets states.

Oversubscribed

Future Energy Source Company Initial Public Offer of 500 million shares, which ICInsider.com indicated last week should be snapped up quickly by investors, with the company having long-term prospects for strong growth, did just that, with investors snapping the shares within two days of the opening.
NCB Capital Markets, the brokers for the issue, reported on Thursday that the issue, priced at 80 cents per share and opened on Wednesday, closed on Thursday the Junior Market IPO issue was oversubscribed. The successful closure of the issue will see the listings of companies rising to 42 from the current 41 on the Junior Market of the Jamaica Stock Exchange.
The company that trades as Fesco reports earnings of $92 million before taxation for the period to December last year from revenues of $4.35 billion and is projecting pretax profit of $151 million for the year to March 2021 and $264 million for the 2022 fiscal year. The plant is for two new gas stations to be added to the current 14 before the end of 2021.

Fesco IPO opens next week

Future Energy Source Company (Fesco) initial public offer of shares will open at 9 am on Wednesday, March 31 and close on April 9, at 4 PM, unless it closes earlier.
The issue comprises 300 million new shares with 200 million to be sold by existing shareholders at 80 cents each. If successful, the total issued shares will be 2.5 billion, with the shares slated to list on the Jamaica Stock Exchange Junior Market.
The projection shows a profit of $151 before taxes for the year ended March 2021 from revenues of $7 billion and earnings per share of 7 cents. The company forecast revenues of $106 billion and a profit of $264 million or 10.5 cents per share for 2022.
ICInsider.com had earlier done a detailed review of the offer and rated it a buy with long term growth prospects as there is much room for expansion as it currently has only 14 service stations under its banner. NCB Capital Markets is the lead broker.

FESCO worth a buy-in

Investors need to separate investments that can make them money from a great investment to hold long term. It is against this background that the latest IPO should be viewed.
Future Energy Source Company Limited (Fesco) initial public offer is set to open on February 25, with 500 million shares for sale at 80 cents each, with 200 million units being sold by existing shareholders.
Of the total, 325 million units are reserved for priority applicants and 175 million for the wider public to list on the Junior Market. The shares are not a great investment on the surface, but an opportunity exists to profit from an investment in the short to medium term. If all the shares offered for sale are subscribed to, the number of issued shares will rise to 2.5 billion units and the company will collect $240 million before expenses for the portion offered by them.
Proceeds from the company’s subscription of shares will support the growth of the existing businesses and allow the company to pursue strategic investment opportunities and pay the expenses of the issue.
The company was incorporated in February 2013 and made the first fuel sale in November of that year. In 2014, the first FESCO branded service station was unveiled in Mandeville and have grown to fourteen branded Service Stations. Two additional service stations, are to be opened this year, one at Ferry on Mandela Highway by April and the second at Beechwood Avenue, St. Andrew in June.
”Our current market share for transportation fuel is approximately 4.65 percent (April 2020- September 2020) and is expected to increase to 5.3 percent by March 2021 and 7 percent by December 2021. We estimate that FESCO’s market share reflects three (3) main facts: a) we are a relatively new company (operating for just over six (6) years) whose initial strategy has been to grow organically rather than through acquisitions; b) as at September 2020, we have very little presence in the Kingston and St. Andrew (KSA) fuel market. Our KSA offerings are limited to FESCO Stony Hill and FESCO Rock Hall, both of which are in the more rural parts of St. Andrew; and c) the dominance of the multinational brands in the industrial and commercial space where they provide fuels to private clients”, the prospectus states.
FESCO’s current market share of transportation fuels at September 2020 is 4.65 percent up from 3.8 percent in 2019 and 3.5 percent in 2018 and it estimates that its market share will increase to 5.3 percent by March 2021 and 7 percent by December 2021”, the prospectus further stated.
FESCO’s sales significantly outstripped the 2019 performance in litres sold. In fact, FESCO’s April through September 2020 sales in litres of transportation fuels sold is 6.6 percent ahead of its performance for the same period in 2019 despite the impact of COVID-19 and the overall market declining 13.9 percent.
FESCO is yet to enter the commercial or retail LPG market estimated at 13,957,716 or between J$1.5 billion to $1.9 billion monthly.
Revenues increased from $3.754 billion in 2016 to $5.94 billion in 2020 representing a compounded average growth (CAGR) of 12.1 percent.  Over the period, gross profits increased from $28.2 million to $178.3 million, with a CAGR of 58.6 percent. FESCO increased its gross profit margin to its dealers as its brands became more recognized and demanded by customers from 0.75 percent in 2016 to 3 percent in 2020.
From the 2015 financial year through to the 2020 financial year, average monthly volumes increased from 2,502 million litres to 3,743 million litres, a CAGR of 8.4 percent. Pre-tax profits increased by J$87 million or 172 percent to $137 million in 2020 up from $50 million in 2019.
Revenues over the period April 2020 to September 2020 was $2.811 billion down 5.84 percent from the comparative period of September 2019, a decline of $175 million from 2019 turnover of $2.99 billion. Profit before taxes for the period to September 2020 was $65 million, similar to that earned in 2019. The projection for revenues to March this year is $6 billion, with profit of $151 million for earnings per share before tax of 7 cents and a price earnings ratio of 11.4 that compares well to Tropical Battery that listed in January and now has a PE of 14.6. ICInsider.com forecasts 13 cents per share to March 2022 with the PE at 6 and the price rising to $2.50 by then.  The prospectus was withdrawn due to projections to 2025 that appears to overstate the forecasted administrative costs by approximately $100 million per annum.
The company’s financial status strong with Shareholders’ equity at the end of September at $255 million, borrowings amount to just $63 million and cash on hand of $99 million.
First, the negatives. If the company succeeds with the IPO, it will have the largest board of directors of any Junior Market company, with 11 members. That is a great sign of management weakness. Grace Kennedy and NCB Financial have nine directors, while Scotia Group has 11. Those are vastly bigger and more complex entities that FESCO. The company relies solely on distributors for revenues in a sector that has been subject to industrial disputes from time to time and government regulations. Gross profit margin is primarily subject to worldwide price fluctuation in global petroleum prices.
On a positive note, the downturn in demand for petrol seems to be easing and should help boost revenues in the immediate period ahead. This year’s opening of two new service stations will help grow revenues by ten to twenty percent in a full year. One of the new stations will be owned and operated by the company. The company is relatively small, commanding less than 10 percent of the market, leaving much room for above-average growth with good scope for gain in market share. Additional, with the local economy poised to grow that, should aid growth as well.

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