Profit in the first quarter of this year surged 39 percent over the same period in 2021 for all listed companies on the Jamaica Stock Exchange, data released by the companies show a 21 percent increase in revenues.
The final numbers include results of Guardian Holdings, Massy Holdings two companies with primary listings in Trinidad as well as the recently listed Dolla Financial. Excluding results for the two Trinidad based companies, profit rose 49 percent for the rest, from a 26 percent rise in revenues.
Profits exclude exceptional one off items and do not include other comprehensive income. NCB Financial Group, JMMB Group and Scotia Group suffered major unrealized losses in their investment portfolio as a result of increased interest rates in 2022 while the two Mayberry companies saw a major reversal of investment losses incurred in 2021. The investment losses for the banking groups are shown in other comprehensive income and if included reduces the strong operating profit substantially.
Contributing to the strong rise in overall profit are companies that suffered losses or sharply reduced profits in the 2021 period and are recovering in 2022 from an economy that was mired in restrictions on trade within the local economy.
The results to date show the educational sector with just two companies growing by 1,880 percent but with a mere $12 million in profit, with revenues that grew 155 percent to $107 million. Medical & Pharmaceutical revenues rose a strong 30 percent to $1.43 billion with profits climbing 80 percent to $167 million. The  Restaurant sector’s profit rose 100 percent to $342,000, up from a loss of $184 million in 2021 as revenues rose 240 percent to $691 million. Banking profit is up 104 percent to $12.5 billion, from a 33 percent rise in revenues to $116 billion, with all the gains in profit flowing from NCB.
One of the more outstanding segments was Financial Services, with 20 companies delivering a 30 percent revenue increase to $57 billion and a 46 percent rise in after tax profit to $16.3 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 growth in profits of $5.8 billion from a 13 percent rise in revenues to $113 billion and 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 Entertainment companies rose 23 percent to $13.5 billion with profit rising 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 at $10.6 billion delivering a 38 percent increase in profit to $1 billion.