Total remittance inflows into Jamaica, a major source of foreign exchange earnings for the country, rose 1.3 percent to US$254 million for February 2024, up from $250 million in February 2023, reversing months of decline since May 2023, data released by the country’s central bank show.
The moderately improved inflows pushed the year to date performance above 2023 with a marginal increase to $499.6 million from $499 million.
For February, the United States of America accounted for the bulk of the inflows at 69.6 percent, down from 71.7 percent in January. The UK followed with 10.8 percent, Canada with 8.5 percent and Cayman Island with 6.8 percent.
Remittance inflows to Jamaica recover
May 12, 2024 by
Profit surged 89% at NCB Group
May 11, 2024 by
Profit surged 89 percent at NCB Financial for the six months to March from a combination of higher revenues and reduced costs in some areas, driving profit 74 percent higher in the March quarter to $5.6 billion compared with the same period in 2023, with $3.2 billion and surged for the half year to March with $8.7 billion, from $4.6 billion in 2023.
Net interest income rose to $9.4 billion in the second quarter of this year, from $8.2 billion in the prior year’s second quarter and for the six months, jumped 15.6 percent to $18.85 billion from $16.3 in the 2023 half previous half year. Net fee and Commission income went from $5.3 billion in the $6 billion in March 2024 quarter and from $11 billion in the half year in 2023 to 12.5 billion in the current year.
Credit impairment losses jumped sharply to $1.9 billion in the March quarter from $1.2 billion last year to $2.77 billion in the half year, compared with $2.4 billion in 2023. Dividend income amounted to just $171 million in the March 2024 quarter, down from $488 million in the previous year. The half year is essentially flat, at $1.26 million. Insurance activities delivered profits of $11 billion for the latest quarter, up from $9.3 billion in the previous year. For the half year it surged to $25.2 billion from $16.7 billion in the comparative period in 2023.
Operating expenses slipped to $21.76 billion in the March 2023 quarter from $22.8 billion the previous year and for the half year rose to $47.9 billion from $45.8 billion in 2023. The major contributing factor to cost savings is staff costs, which fell from $14.3 billion in the 2023 March quarter to $13 billion this year and dropped to $26.6 billion for the six months, from $27.5 billion in 2023.
A loss of $3.4 billion is reflected in other comprehensive income in the March 2024 quarter compared with a surplus of $5.7 billion, with the six month period ending up with a loss of $1.2 billion compared to a surplus of $28.3 billion in 2023, effective reducing the quarterly overall profit to $1.4 billion compared to $5.2 billion in 2023 and for six months $7.7 billion versus $20.9 billion in the previous year that is attributable to the NCB Group shareholders.
While most eyes are on the profit statements, the results shown by the various segments are of critical import as they show details of revenues and profit for each segment, enabling investors to have greater insight into the overall results.
Results for the six months show the Consumer and Small Business Enterprise segment generating revenues from outsiders of $21.5 billion, up 17.5 percent from $18.3 billion in 2023 and net segment income of $7 billion in 2024, up 23 percent versus $5.7 billion in 2023. Payment Services delivered a solid 85 percent rise in revenues to $17.2 billion in 2024 with a net position of $4.5 billion in the 2024 half year up from $9.3 billion in revenues in 2023, with net results of $3.4 billion, before internally allocated costs.
Corporate and Commercial banking had a 7 percent growth in revenues to $8 billion and net segment results of $4 billion compared with revenues of $7.5 billion in 2023 as net results surged sharply over $1.18 billion in 2023. Treasury and Correspondent banking generated revenues of $11.77 billion up from $10.58 billion with a net position of $6.9 billion in 2024 compared with $5 billion. Wealth, Asset Management and Investment Banking generated a 38 percent growth in revenues of $14.85 billion and a net position of just $1.17 billion in 2024, with revenues of $10.7 billion in 2023 and net results of $3.5 billion. Life and Health Insurance and Pension Fund management produced a 32 percent increase in revenues to $58.58 billion in 2024 as net results surged to $15.5 billion compared with revenues of $44.4 billion in 2023 with net segment results of $5.76 billion while General Insurance accounted for revenues of $37.7 billion, up 27 percent over 2023 and net results of $3 billion compared with 2023, with revenues of $29.7 billion and profit of $4.3 billion.
NCB declared a dividend of 50 cents to be paid in June.
Loans grew moderately by 6 percent from $595 billion in March 2023 to $633 billion in 2024 while investment securities moved by 9 percent from $763 billion to $833 billion this year. Customer deposits grew 6 percent to $755 billion. Shareholders’ equity ended the period at 160 billion, up from $138 billion at the end of March 2023. Earnings per share for NCB Financial grew from $1.39 to $2.36 for the quarter and from $1.99 in the 2023 half year to $3.68. ICInsider.com projects earnings for the full year to September at $8.50 with a PE of 7.5 well below the market average of 12.6 at the last traded price of $64 on Friday. NCB is selling at a premium to Scotia Group with a lower PE of 6 times 2024 earnings and pays a dividend that provides a much better yield of 4 percent versus 3 percent for NCB. With NCB relative overvaluation compared with its nearest competitor, the current APO is going to provide added supply of shares on the market that is likely pressure the stock price for some time.
Shareholders on record on May 27 are set to receive a dividend of 50 cents per share payable on June 10.
Trading plunges on JSE USD Market
May 10, 2024 by
Trading activity plunged on the Jamaica Stock Exchange US dollar market ended on Friday, with a 97 percent drop in the volume of stocks exchanged with a 97 percent dive in value compared with Thursday, resulting in trading in five securities, similar to trading on Thursday with the price of one rising, one declining and three ending unchanged.
The market closed with an exchange of 24,785 shares for a mere US$735 down sharply from 727,558 units at US$21,301 on Thursday.
Trading averaged 4,957 units at US$147 versus 145,512 shares at US$4,260 on Thursday, with a month to date average of 35,922 shares at US$3,373 compared with 39,147 units at US$3,709 on the previous day and April that ended with an average of 35,401 units for US$2,453.
The US Denominated Equities Index advanced 3.12 points to 236.49.
The PE Ratio, a measure used in computing appropriate stock values, averages 9.3. The PE ratio is computed based on the last traded price divided by projected earnings done by ICInsider.com for companies with their financial year ending and or around August 2024.
Investor’s Choice bid-offer indicator shows no stock ending with a higher bid than the last selling price and one with a lower offer.
At the close, First Rock Real Estate USD share ended trading at 4.7 US cents after investors exchanged 1,992 shares, Proven Investments closed at 13.09 US cents with an exchange of 9 stocks and Transjamaican Highway advanced 0.01 of a cent to 2.16 US cents with an exchange of 22,756 shares.
In the preference segment, JMMB Group US8.5% preference share ended at US$1.27 after 15 stock units passed through the market and Sygnus Credit Investments E8.5% shed 14 cents to end at US$10.01 as investors exchanged 13 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading jumps on the JSE Main Market
May 10, 2024 by
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Trading climbed on the Jamaica Stock Exchange Main Market on Friday, with the volume of stocks traded rising 156 percent, with the value 123 percent more than on Thursday, with trading in 62 securities compared with 60 on Thursday, resulting in prices of 22 stocks rising, 26 declining and 14 ending unchanged.
Trading of 16,107,185 shares ended with an exchange of $138,294,154 compared with 6,285,352 units at $62,015,913 on Thursday.
Trading averaged 259,793 shares at $2,230,551 compared to 104,756 units at $1,033,599 on Thursday and month to date, an average of 167,265 units at $1,205,421 compared with 153,638 units at $1,054,452 on the previous day and April that closed with an average of 680,802 units at $3,619,595.
Wigton Windfarm led trading with 4.66 million shares for 28.9 percent of total volume followed by JMMB 9.5% preference share with 4.11 million units for 25.5 percent of the day’s trade, Transjamaican Highway closed with 2.24 million units for 13.9 percent market share and JMMB Group with 1.05 million units for 6.5 percent of total volume.
The All Jamaican Composite Index sank 624.47 points to close trading at 356,196.59, the JSE Main Index declined 1,389.45 points to 318,562.02 and the JSE Financial Index slipped 0.28 points to 67.84.
The Main Market closed with an average PE Ratio of 12.6. The JSE Main and USD Market PE ratios are based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending around August 2025.
Investor’s Choice bid-offer indicator shows 14 stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, AS Bryden gained 51 cents to land at $38.47 after 29 shares passed through the market, Barita Investments lost $2.43 and ended at $70.04 with investors swapping 11,169 shares, Caribbean Cement rose $3.47 in closing at $64.98, with 25,889 stocks crossing the market. Caribbean Producers shed 30 cents to close at $8.20 in an exchange of 19,126 units, Eppley declined $2.49 to finish at $37.01 and closed with an exchange of 972 stocks, First Rock Real Estate fell $1.50 to $8.40, with 45 units clearing the market. General Accident climbed 49 cents to $6.99 as investors exchanged 7 shares, GraceKennedy popped $2.50 to end at $76 after a transfer of 30,259 stock units, 
Guardian Holdings advanced $10 in closing at $370 in switching ownership of 8 shares. Jamaica Broilers skidded 40 cents to close at $31.10, with 73,385 units crossing the exchange, Lasco Manufacturing gained 32 cents to end at $5.47 with a transfer of 5,600 stocks, Margaritaville sank 73 cents to finish at $15 with investors exchanging 228 stock units. Massy Holdings slipped $2 to $88 with investors trading 1,987 shares, NCB Financial dipped 48 cents to finish at $64 after an exchange of 467,997 units, Pan Jamaica dipped 30 cents and ended at $45.20 with investors dealing in 732,442 stocks. Proven Investments shed $1.03 in closing at $20 after trading 8,527 stock units, Sagicor Group dropped $1.07 to close at $40.19 with investors transferring 8,461 shares, Scotia Group sank 65 cents to end at $42.50 in an exchange of 11,068 stocks. Seprod dipped $4.50 to $77, with 15,309 units changing hands and Supreme Ventures rallied 51 cents and ended at $25.07 in trading 271,964 stock units.
In the preference segment, Eppley 7.50% preference share popped 48 cents in closing at $6.13, with 94 shares crossing the market and Jamaica Public Service 7% gained $5.40 to end at $48 with traders dealing in 124 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Fosrich dominates Junior Market trading
May 10, 2024 by
The Junior Market of the Jamaica Stock Exchange dropped sharply on Friday, with Junior Market Index plunging 62.76 points to end at 3,728.49 following trading in 43 securities compared with 42 on Thursday and ending with prices of 14 stocks rising, 19 declining and 10 closing unchanged accompanied by a big 1,701 percent jump in the volume of stocks traded, with a 1,912 percent surge in value over Thursday with Fosrich contributing most to trading on the overall stock exchange.
The market closed with trading of 121,305,240 shares for $259,384,829 compared with 6,736,179 units at $12,893,338 on Thursday.
Trading averaged 2,821,052 shares at $6,032,205 compared to 160,385 stock units at $306,984 on Thursday with trading month to date, averaging 463,421 stock units at $1,012,497 compared to 126,617 stock units at $295,396 on the previous day and April with an average of 204,118 units at $439,599.
Fosrich led trading with 117.31 million shares for 96.7 percent of total volume followed by ONE on ONE Educational with 1.35 million stocks for 1.1 percent of the day’s trade and Mailpac Group with 541,231 units for 0.4 percent market share.
The Junior Market ended trading with an average PE Ratio of 12.3, based on last traded prices in conjunction with earnings projected by ICInsider.com for the financial years ending around August 2025.
Investor’s Choice bid-offer indicator shows one stock ended with a bid higher than the last selling price and three with lower offers.
At the close, Access Financial dropped $1.27 in closing at $19.85 with investors trading 6,435 shares, AMG Packaging rose 15 cents to $3.50 in an exchange of 1,013 stocks, Blue Power rallied 55 cents to end at $3.71, with 8 shares changing hands. Caribbean Assurance Brokers sank 30 cents and ended at $3.52 with an exchange of 548 stock units, Caribbean Cream popped 17 cents to $4.18 after 15,003 shares were traded, Consolidated Bakeries climbed 12 cents to end at $2.18 in switching ownership of 10 stocks. Dolphin Cove increased $1.02 to $21 after an exchange of 1,719 units, Express Catering advanced 15 cents and ended at $3.95 with a transfer of 5,063 stock units, Fontana slipped 15 cents to end at $8.80 with investors swapping 81,646 shares. GWest Corporation gained 12 cents in closing at $1.04 with 41,022 units clearing the market, 
Honey Bun popped 40 cents to close at $7.90 in trading 1,242 stocks, Indies Pharma rallied 9 cents to finish at $2.72 with 127,023 stock units crossing the market after the stock hit a 52 weeks’ intraday low of $2.25. KLE Group increased 28 cents to $2.20 with investors transferring 555 shares, Lumber Depot fell 11 cents to close at $2.71 after an exchange of 2,614 units, MFS Capital Partners declined 9 cents in closing at $1.43 after 14,383 stocks passed through the market. Regency Petroleum lost 6 cents to finish at $2.09 with traders dealing in 276,021 stock units, Tropical Battery shed 7 cents and ended at $2.33 as investors exchanged 4,130 shares and tTech skidded 25 cents to end at $2.01 with trading of 4,352 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Fosrich pushed trading on Jamaica Stock Exchange
May 10, 2024 by
Trading surged on Friday on the Jamaica Stock Exchange with the volume and value of stocks changing hands leaping sharply over the previous trading day, with Fosrich being the market leader with over 117 million shares, resulting in prices of 32 shares rising and 41 declining as the Main Market closed moderately lower, the Junior Market dropped sharply but the JSE USD market rose at the close of the week.
At the close of trading, 137,437,210 shares were exchanged in all three markets, up sharply from 13,481,892 units on Friday, with the value of stocks traded on the Junior and Main markets jumped to $397.68 million, well above the $63.38 million that was exchanged on the previous day and the JSE USD market closed trading of 24,785 shares at US$735 down from 727,558 stock units at US$21,301 on Thursday.
In Main Market activity, Wigton Windfarm led trading with 4.66 million shares followed by JMMB 9.5% preference share with 4.11 million stock units, Transjamaican Highway ended with 2.24 million units and JMMB Group with 1.05 million shares.
In the Junior Market, Fosrich led trading with 117.31 million shares followed by ONE on ONE Educational with 1.35 million stocks and Mailpac Group with 541,231 units.
In the preference segment, Jamaica Public Service 7% gained $5.40 to end at $48.
At the close, the JSE Combined Market Index dived 1,769.31 points to finish trading at 331,364.99, the All Jamaican Composite Index shed 624.47 points to close at 356,196.59, the JSE Main Index dropped 1,389.45 points to end at 318,562.02. The Junior Market Index skidded 62.76 points to 3,728.49 and the JSE USD Market Index rose 3.15 points to settle at 236.53.
The market’s PE ratio, the most popular measure used to determine the value of stocks, ended at 21.6 on 2023-24 earnings and 13.3 times those for 2024-25 at the close of trading. ICInsider.com PE ratio chart and the more detailed daily charts provide investors with regularly updated information to help decision-making.
The PE ratio chart covers all ordinary shares on the Jamaica Stock Exchange, grouped by industry, allowing for easy comparisons within a sector and the overall market. The EPS & PE ratios are based on 2023 and 2024 actual or projected earnings, excluding major one off items.
Pertinent information is required to navigate numerous investment options successfully in the stock market. The ICInsider.com PE ratio chart and the more detailed daily report charts provide investors with regularly updated information to help decision-making.
The chart should be used in making rational decisions when investing in stocks close to the average for the sector, not going too far from it unless there are compelling reasons to do so. This approach helps to remove emotions from investment decisions and place them on fundamentals while at the same time not being too far from the majority of investors. 
Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock.
The net asset value of each company is reported as a guide for investors to quickly assess the value of stocks based on this measure. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices.
Dividends paid or payable and yields for each company are shown in the Main and Junior Markets’ daily report charts, along with the closing volume of the highest bid and the lowest offer for each company.
Stocks rise in Trinidad on low trading
May 10, 2024 by
Investors’ interest remained low keyed in trading on the Trinidad and Tobago Stock Exchange on Friday, even as the volume of stocks traded rose 194 percent with an 11 percent increased value compared to Thursday resulting in 19 securities trading up from 15 on Thursday and ending with prices of seven stocks rising, five declining and seven remaining unchanged.
The market closed with an exchange of 255,819 shares for $838,815 up from 86,938 stock units at $752,643 on Thursday.
An average of 13,464 shares were traded at $44,148 compared to 5,796 units at $50,176 on Thursday, with trading the month to date averaging 17,024 shares at $157,041 compared with 17,574 units at $174,482 on the previous day and an average for April of 17,642 shares at $178,724.
The Composite Index rose 2.56 points to close at 1,163.43, the All T&T Index gained 6.34 points to 1,761.38, the SME Index remained at 78.90 and the Cross-Listed Index shed 0.21 points to 73.28.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Agostini’s sank 28 cents to end at $68.75 with an exchange of 879 shares, Angostura Holdings ended at $20 and closed with an exchange of 12 stocks, Ansa McAl advanced $2 to close at $59 with traders dealing in just 4 units. Ansa Merchant Bank remained at $45 in an exchange of 1,690 stock units, First Citizens Group shed 10 cents in closing at $47.40 with investors trading 1,254 shares, FirstCaribbean International Bank rose 3 cents to finish at $6.93, with 435 stock units crossing the market. GraceKennedy ended at $3.90 with investors dealing in 10,325 stocks, Guardian Holdings lost 1 cent to end at $17.50 with a transfer of 1,165 units, JMMB Group slipped 5 cents to end at $1.35 after an exchange of 170,749 stocks. Massy Holdings climbed 5 cents in closing at $4.24 in trading 7,811 shares, National Enterprises remained at $3.70 after a transfer of 1,366 stock units, National Flour Mills increased 6 cents to finish at $2 with investors swapping 1,301 units. 
NCB Financial ended at $2.70 with 50,988 shares clearing the market, One Caribbean Media popped 20 cents to $3.70 as investors exchanged 2,700 stock units, Prestige Holdings rallied $1.68 in closing at a 52 weeks’ high of $12.91 after trading 770 stocks. Republic Financial remained at $117.97, with 865 units changing hands, Scotiabank gained $1.25 to close at $67.50, with 300 shares passing through the exchange, Trinidad & Tobago NGL ended at $7.95 with investors trading 2,405 stock units and West Indian Tobacco fell 1 cent to $9.99 after an exchange of 800 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading rises on the JSE Main Market
May 10, 2024 by
The volume of stocks trading on the Jamaica Stock Exchange Main Market rose modestly on Thursday, with the value jumping 51 percent over Wednesday’s trades, following trading in 60 securities compared with 61 on Wednesday, with prices of 23 stocks rising, 21 declining and 16 ending unchanged.
Investors traded 6,285,352 shares for $62,015,913 compared to 6,012,380 units at $41,169,914 on Wednesday.
Trading averaged 104,756 shares at $1,033,599 compared to 98,564 units at $674,917 on Wednesday and month to date, an average of 153,638 units at $1,054,452 compared with 161,763 units at $1,057,918 on the previous day and April that closed with an average of 680,802 units at $3,619,595.
Wigton Windfarm led trading with 1.96 million shares for 31.2 percent of total volume followed by Transjamaican Highway with 1.54 million units for 24.5 percent of the day’s trade and Carreras with 904,952 stock units for 14.4 percent market share.
The All Jamaican Composite Index skidded 990.72 points to 356,821.06, the JSE Main Index advanced 439.08 points to close at 319,951.47 and the JSE Financial Index sank 0.09 points to 68.12.
The Main Market ended trading with an average PE Ratio of 12.7. The JSE Main and USD Market PE ratios are based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending around August 2025.
Investor’s Choice bid-offer indicator shows nine stocks ended with bids higher than their last selling prices and four with lower offers.
At the close, AS Bryden popped $4.85 and recovered all of the $3.64 fall on Wednesday to end at $37.96 after investors ended trading 255 shares, Berger Paints jumped 27 percent with a gain of $1.47 in closing at $6.97 after 134,577 stock units passed through the market, following solid first quarter results released after the market closed on Wednesday. Caribbean Cement skidded $3.49 to $61.51 after a transfer of 9,828 units as the stock continues to struggle to hold on to the recent highs close to $70 reached when the company reported record first quarter profit. Eppley lost 50 cents and ended at $39.50 with 837 stocks clearing the market, GraceKennedy dipped $1.50 to finish at $73.50 as investors exchanged 89,655 shares, ahead of the release in nearly flat first quarter results, Guardian Holdings sank $10 to close at $360 with a transfer of 424 stock units. 
Jamaica Broilers rose 50 cents to $31.50 with investors swapping 921 stocks, JMMB Group declined 99 cents to finish at $24.01 in an exchange of 5,566 units, Lasco Manufacturing fell 40 cents and ended at $5.15 with investors dealing in 14,074 stocks. Margaritaville shed 52 cents to end at $15.73 in switching ownership of just 2 units, Massy Holdings advanced $1.40 in closing at $90 with investors trading 281 shares, Mayberry Group climbed 50 cents to close at $8 with an exchange of 46,450 stock units. NCB Financial increased $1.96 to $64.48, with 66,134 shares changing hands, ahead of results that jumped 70 percent in the March quarter and 85 percent for the half year to March. Pan Jamaica rallied 40 cents to finish at $45.50 with traders dealing in 21,241 stocks, Sagicor Group popped $1.26 and ended at $41.26 after an exchange of 2,851 units. 
Seprod dropped 48 cents to end at $81.50, with 13,805 stock units crossing the market, Supreme Ventures slipped 44 cents in closing at $24.56 after exchanging 253,936 shares and Sygnus Real Estate Finance advanced $1.37 to close at $11.89 with investors transferring 403 stock units.
In the preference segment, Eppley 7.50% preference share sank 48 cents to $5.65, with 995 units crossing the exchange and Jamaica Public Service 7% shed $5.40 to end at $42.60 in trading 185 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading jumps on the JSE USD market
May 9, 2024 by
Interest picked up in the Jamaica Stock Exchange US dollar market on Thursday, with a 277 percent jump in the volume of stocks traded accompanied by a 58 percent rise in value compared with Wednesday that resulted in trading in five securities, down from seven on Wednesday with prices of two rising, one declining and two ending unchanged.
The market closed with an exchange of 727,558 shares for US$21,301 compared to 193,096 units at US$13,524 on Wednesday.
Trading averaged 145,512 units at US$4,260 versus 27,585 shares at US$1,932 on Wednesday, with a month to date average of 39,147 shares at US$3,709 compared with 26,779 units at US$3,645 on the previous day and April that ended with an average of 35,401 units for US$2,453.
The US Denominated Equities Index declined 3.12 points to end the day at 233.38.
The PE Ratio, a measure used in computing appropriate stock values, averages 9.3. The PE ratio is computed based on the last traded price divided by projected earnings done by ICInsider.com for companies with their financial year ending and or around August 2024.
Investor’s Choice bid-offer indicator shows one stock ended with a bid higher than the last selling price and none with a lower offer.
At the close, Proven Investments ended at 13.09 US cents with investors swapping 13,480 shares, Sygnus Credit Investments advanced 0.6 of one cent to 8.5 US cents with 200 stock units changing hands and Transjamaican Highway popped 0.05 of a cent to finish at 2.15 US cents in trading of 709,993 stock units.
In the preference segment, JMMB Group US8.5% preference share remained at US$1.27 as investors exchanged 3,882 stock units and Productive Business Solutions 9.25% preference share declined 59.56 cents in closing at US$11.05 with a mere 3 shares clearing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Omni Industries latest IPO
May 9, 2024 by
Omni Industries Limited and existing shareholders will offer up to 500 million ordinary shares to the public with the offer opening Friday May 17, with Friday, May 31 being the scheduled closing.
Half of the total issue or 250 million shares are new with an equal number to be sold by existing shareholders, bringing the total issued shares to 2.5 billion units and the shareholders’ equity capital to over $900 million.
Profit before tax was $180 million for 2023, up from $174 million in 2022 and $121 million in 2021. The first quarter interim results to March this year, show flat revenues and slightly lower profits at $103 million pretax versus $123 million in 2023. The earnings come out at 8 cents per share based on 2023 figures, putting the PE at just over 12, a shade below the junior Market average of 12 3 and an indication of minimal upside in the short run.
At least 120,931,383 participating ordinary shares are available for subscription by the public and up to 379,068,617 shares are for Reserve Share Applicants.
The company is based in Spanish Town the principal activities are the manufacturing and sale of PVC pipes, conduits, horses, fittings and plastic warehouse items.
The stock is slated for the Junior Market of the Jamaica Stock Exchange and if listed will partially restore the total listings on that market but only to 47, after three companies migrated to the main Market this year.
NCB Capital Markets is the brokers for the issue.
