Jamaica Stock Exchange Group Reporting Recorded Net Profit After Tax Of JA$121.8m An Improvement Of JA$32m Or 35.6%
The Jamaica Stock Exchange, is reporting that for the Second Quarter ended June 30, 2019, the Jamaica Stock Exchange Group (JSEG) recorded a Net Profit after Tax of JA$121.8m.
This represents an improvement of JA$32m or 35.6%, when compared to the profit of JA$89.8m for the corresponding period in 2018.
Mrs. Marlene Street Forrest, Managing Director, commenting further indicated that improvements in Net Profit continues to be positively impacted by increased market activities and the impact of JSEG diversification strategies.
There was also an improvement in all revenue lines, when compared to the corresponding period in 2018, as total Income for the JSEG was recorded at JA$429.4m, which represents a JA$113M or 35.8% increase over the corresponding quarter of 2018.
This she reported, can be attributed to the excellent performance in Cess Fees, which increased by JA$474m or 46.8%, and Fee Income which increased by $53.2m or 26.5% when compared to 2018.
Worthy of note is the improvement in eCampus Income, which increased by JA$9.2m or 255.6% when compared to the corresponding quarter for 2018, due mainly to an increase in the number of seminars and workshops.
Total Expenses of $262.5m increased by $71.2m or 37.2% when compared to the corresponding quarter in 2018.
The main line items contributing to the increase included Staff Costs increasing by $19.6m or 23%.
Advertising and Promotion expenses also exceeded 2018 comparatives by $17m or 191%, largely due to planned increase in advertising, public relation and outreach activities being carried out by the Group in respect of the 50th Anniversary promotions.
Mrs. Street Forrest also reported that the Second Quarter performance has been excellent and the outlook for the remainder of the year is positive, especially as there will be more companies listing securities on the Exchange and other new product offerings.
It is also anticipated that there will be a positive movement in Fee Income due to the expected increase in the Group’s clientele and increases in the number of investors.
The Jamaica Stock Exchange Group closed the quarter with earnings per share of 17 cents an increase of 4 cents or 30.8% when compared to the corresponding quarter in 2018.
The Return on Equity was 10.1% as against 8.7% in Q2 2018, representing a 16.1% improvement.