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Where Will Pan Jamaica Group Rank On The Businessuite Caribbean Top 100?

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Jamaica Producers Group Limited (JP) and PanJam Investment Limited (PanJam) both operate as investment holding companies. In this respect, their business models and corporate culture are broadly compatible.

The core activities of the two enterprises involve:
(a) the identification, structuring, negotiating and financing of investments;

(b) the oversight and governance of businesses in which they hold interests, including financial control and reporting, compliance and administration of business strategy;

(c) the management of a portfolio of cash and marketable securities to facilitate timely
execution of new opportunities, to drive shareholder returns and to create a natural hedge for various types of financial risks to the portfolio of businesses; and

(d) the realisation of value from the sale of assets, when conditions dictate that this represents the best interest of shareholders.

Jamaica Producers Group Limited (JP)

JP founded as a co-operative of banana growers over 90 years ago, has re-positioned itself as a multinational group of companies, with a strong footprint not only in Jamaica through its port operations at Kingston Wharves Limited and its agricultural holdings and food businesses but also globally, through its European juice holdings, shipping line and global logistics businesses.

PanJam Investment Limited (PanJam)

PanJam has invested in Jamaica for close to 60 years. It has an expansive real estate portfolio comprised of high-end commercial and hospitality properties and is a well-known leader in real estate management and development.

Importantly PanJam is a successful private equity investor with actively-managed and strategic holdings in an array of speciality food manufacturing and distribution, hospitality and business process outsourcing providers.

PanJam also has investments in office rental in the Caribbean through Williams Offices (Caribbean) Limited. In addition to property development and rental, PanJam derives much of its income from its approximately 30 per cent ownership of financial conglomerate Sagicor Group Jamaica.

Size And Scale Matters On The Business Caribbean Top 100

Upon completion of the proposed amalgamation, the combined business will emphasize a business strategy that directly and expressly harvests certain opportunities that would not be immediately available to either enterprise operating on its own.

Jamaica Producers Group Limited (JP) is currently ranked 9th on the Businessuite 2022 Top 50 Jamaica Main Market Companies based on US$ Profit After Tax, and PanJam Investment Limited (PanJam) is ranked at #6.

However, if Pan Jamaica Group was ranked based on the combined revenue it would rank at #3, a major jump in the rankings, just below NCB Financial at #1 and Sagicor at #2.

Businessuite 2022 Top 50 Jamaica Main Market – US$ Profit after Tax
NR NR NR NR NR NR US$000 US$000
2017 2018 2019 2020 2021 2022 Company 2022/2021 2021/2020
1 1 1 1 1 1 JA NCB Financial Group Ltd. $129,445 $188,457
3 3 2 2 6 2 JA Sagicor Group Jamaica Limited $113,760 $31,439
3 JA Pan Jamaica Group Limited $71,387 $188,457
4 4 4 4 4 4 JA GraceKennedy Limited $57,646 $48,068
2 2 3 3 2 5 JA Scotia Group Jamaica Ltd. $54,228 $63,456
8 6 6 4 3 6 JA JMMB Group Limited $49,768 $49,537
5 5 5 3 9 7 JA PanJam Investment Limited $46,758 $24,776
12 16 10 14 10 8 JA Caribbean Cement Company Limited $27,994 $22,409
21 23 21 15 12 9 JA Barita Investments Limited $26,169 $19,338
6 13 4 9 7 10 JA Jamaica Producers Group Limited $24,629 $26,200
7 7 7 7 8 11 JA Carreras Limited $24,044 $25,077

On the Businessuite 2022 Top 100 Caribbean Companies – US$ Profit After Tax Jamaica Producers Group Limited (JP) is currently ranked at #23, and PanJam Investment Limited (PanJam) is ranked at #15.

However, if Pan Jamaica Group was ranked based on the combined results it would rank at #11.

Businessuite 2022 Top 100 Caribbean Companies – US$ Profit after Tax
CR CR US$000 US$000
2021 2022 Company 2022/2021 2021/2020
2 1 TT Republic Financial Holdings Limited $214,669 $149,710
1 2 JA NCB Financial Group Ltd. $129,445 $188,457
3 BB First Caribbean International Limited $125,721 -$158,664
3 4 TT Guardian Holdings Limited $118,625 $116,157
13 5 JA Sagicor Group Jamaica Limited $113,760 $31,439
6 6 TT ANSA Mc Al Limited $103,582 $75,197
7 7 TT Massy Holdings Limited $100,745 $67,652
4 8 TT First Citizens Bank Limited $99,150 $90,577
5 9 TT Scotiabank Trinidad & Tobago Limited $89,677 $77,732
58 10 TT Trinidad and Tobago NGL Limited $76,198 $955
11 JA Pan Jamaica Group Limited $71,387
11 12 JA GraceKennedy Limited $57,646 $48,068

On the Businessuite 2022 Top 50 Jamaica Main Market Companies ranking based on US$ Revenue, Jamaica Producers Group Limited (JP) is currently ranked 10th and PanJam Investment Limited (PanJam) is ranked at #20. If Pan Jamaica Group was ranked based on the combined revenue it would rank at #10 no upward movement there.

Businessuite 2022 Top 50 Jamaia Main Market Companies – US$  Revenue     
NR NR NR NR NR NR US$000 US$000
2017 2018 2019 2020 2021 2022 Company 2022/2021 2021/2020
31-Dec 1 1 1 1 1 1 JA GraceKennedy Limited $833,773 $809,235
30-Sep 3 3 2 3 2 2 JA NCB Financial Group Ltd. $780,871 $762,894
31-Dec 2 2 3 2 3 3 JA Sagicor Group Jamaica Limited $661,298 $592,869
30-May 5 5 5 4 4 4 JA Jamaica Broilers Group Limited $367,214 $390,802
31-Dec 4 4 4 6 5 5 JA Supreme Ventures Limited $283,530 $275,921
31-Dec 6 6 8 7 7 6 JA Seprod Limited $282,954 $264,543
31-Oct 6 6 6 5 6 7 JA Scotia Group Jamaica Ltd. $243,780 $267,770
31-Dec 10 9 9 9 8 JA Productive Business Solutions Limited $223,997 $161,860
30-Jun 8 7 8 8 9 JA Wisynco Group Limited $205,148 $225,446
10 JA Pan Jamaica Group Limited $189,045 $161,608
31-Dec 12 13 10 11 11 11 JA Jamaica Producers Group Limited $161,330 $147,206

On the Businessuite 2022 Top 100 Caribbean Companies – US$ Revenue Jamaica Producers Group Limited (JP) is currently ranked #22 and PanJam Investment Limited (PanJam) is ranked at #52. However, if Pan Jamaica Group was ranked based on the combined revenue it would rank at #21 slight upward movement there.

Businessuite 2022 Top 100 Caribbean Companies – US$  Revenue
CR CR CR CR CR CR US$000 US$000
2017 2018 2019 2020 2021 2022 Company 2022/2021 2021/2020
1 1 1 1 1 1 TT Massy Holdings Limited $1,653,484 $1,528,841
3 3 3 2 2 2 TT ANSA Mc Al Limited $887,023 $883,460
5 4 5 6 3 3 TT Republic Financial Holdings Limited $862,188 $850,779
4 5 4 3 4 4 JA GraceKennedy Limited $833,773 $809,235
8 9 7 5 5 5 JA NCB Financial Group Ltd. $780,871 $762,894
16 15 6 15 6 6 TT Guardian Holdings Limited $763,740 $719,272
7 6 9 4 7 7 JA Sagicor Group Jamaica Limited $661,298 $592,869
10 8 11 10 9 8 TT Agostini’s Limited $536,127 $511,265
6 7 8 7 8 9 BB First Caribbean International Limited $534,469 $571,930
9 12 13 8 10 10 BB Goddard Enterprises Limited $378,583 $413,060
12 11 12 9 11 11 JA Jamaica Broilers Group Limited $367,214 $390,802
13 13 14 12 12 12 TT First Citizens Group Limited $318,201 $333,530
11 10 10 13 13 13 JA Supreme Ventures Limited $283,530 $275,921
24 26 19 16 16 14 JA Seprod Limited $282,954 $264,543
15 17 17 14 17 15 TT Trinidad Cement Limited $281,801 $252,560
17 16 16 17 15 16 TT Scotiabank Trinidad & Tobago Limited $257,089 $265,391
7 6 9 11 14 17 JA Scotia Group Jamaica Ltd. $243,780 $267,770
22 20 19 20 18 JA Productive Business Solutions Limited $223,997 $161,860
19 18 18 18 19 JA Wisynco Group Limited $205,148 $225,446
30 24 21 22 19 20 GY Banks DIH Ltd. $199,088 $164,542
21 JA Pan Jamaica Group Limited $189,045 $161,608

Pan Jamaica Group

The combined Pan Jamaica will fall within a small grouping of stock market companies with assets rising above JA$100 billion. Seven others currently sport balance sheet assets ranging from JA$110 billion to JA$2 trillion, all seven of which operate wholly or in part in the financial sector. Comparatively, large food and financial services conglomerate GraceKennedy Limited, as at September, had total assets of $200 billion.

“This transaction will combine our strengths and talent. The scale of the balance sheet of the combined Pan Jamaica Group and the depth of our experience will enable us to become the region’s investment vehicle and investment partner of choice. The Pan Jamaica Group will have an excellent platform for growth with a leading position in a range of key industries, including property and infrastructure, finance, speciality food and logistics. As a geographically and operationally diversified company, we expect to have access to larger investment opportunities around the world, translating to improved shareholder value,” PanJam CEO Joanna Banks

Post-Merger the combined heft of Pan Jamaica Group is expected to deliver significant value for all shareholders through a strong and diverse portfolio of businesses in Jamaica and on a global scale.

Pan Jamaica Group will have substantial holdings in real estate and infrastructure, specialty food and drink manufacturing, agri-business, financial services and a global services network of interests in hotels and attractions, business process outsourcing, shipping, logistics and port operations.

With a balance sheet of over $112 billion in assets, Pan Jamaica Group will have the scale to be more formidable, more global and more resilient according to Jeffrey Hall.

Hall in further explanation of the rationale for the deal noted that “The combined Pan Jam Group will serve its shareholders by having both a strong network and base of operating activities which is both diverse and global. At the same time, it will have the liquidity and strength of capital to aggressively expand. Our goal is to optimise on the business based on these strengths,”

“This transaction is not our first opportunity to partner with PanJam. We achieved great commercial success for shareholders in our joint investment in Mavis Bank Coffee Company. We also experienced, first-hand, our compatibility around our shared commitment to integrity, seriousness of purpose, nation building and shareholder returns. JP and PanJam operate businesses that have been tested by time and always come out stronger. With a joint balance sheet of over $100 billion in assets, we will have the scale to be more formidable, more global and more resilient.” JPG’s Chief Executive Officer Jeffrey Hall

“Our internal analysis points to a future that we are all excited about – one in which our combined enterprises become the regional investment vehicle and investor of choice.”

We look forward to the Businessuite 2023 Caribbean Top 100

Editorial Note: compiled from published material

How Jamaica Producers Group Has Been Organised To Generate Revenues From A Diverse Range Of Business Lines

 

PanJam Investment And Jamaica Producers Group Join Forces To Form Pan Jamaica Group

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9 months ago

[…] Where Will Pan Jamaica Group Rank On The Businessuite Caribbean Top 100? […]

Businessuite Markets

Stationery & Office Supplies Records Best 6 Months In Company’s 58- Year History

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Allan McDaniel Managing Director of Stationery & Office Supplies Limited has released the following unaudited results for the company for the 2nd Quarter & 6 Months ended June 30th, 2023.

The second quarter of 2023 proved to be one of the busiest times in the history of SOS and during the second quarter the following is a list of major events that occurred:

1. In June, SOS shipped its initial container of office furniture to its newest distributor, The Apex Group in Cayman.

2. In June another container of office furniture was shipped to The Office Authority,
our distributor in Trinidad.

3. In June, production started on our newest 5,000sq foot warehouse located at 25
Beechwood Avenue. The new warehouse which is a starting point for SOS’s next expansion phase should be ready for use by the end of August.

4. On June 1, 2023, SOS declared a dividend of $.20 per ordinary share payable on July 10 to shareholders on record as of June 23, 2023.

5. On June 19th, SOS announced that the board of directors would meet on the 21st of June to discuss and consider whether or not it should recommend a stock split to its shareholders.

Along with the above, SOS is proud to announce that after having its best quarter in its 58- year history to start this year, the second quarter results have now surpassed them and are now the best in its history.

During the second quarter SOS had one of its largest individual projects in its history, installed a 200-seat call centre, delivered and installed its first significant project with the AIS furniture line. With the additional sales being generated during this record setting quarter SOS had to increase its delivery fleet and added an additional 5 tonne truck to the fleet with plans to further expand the fleet in the near future.

It was also in June that we signed an agreement to double warehousing capacity in our Montego Bay office. This additional space was severely needed as the revenues being generated from the Montego Bay location rose 25% for the first half of the year from $113.2M to $141M.

During the 2nd quarter SOS realized all-time highs in the following categories:
1. Highest revenues in a quarter – $525.2M
2. Highest revenues in a month (June) – $209.5M
3. Highest Pre-tax profit in a quarter – $121.2M
4. Highest Pre-tax profit in a month (June) – $51.5M
5. Highest Share price in the company’s history – $34.31

Please see below the comparative results for the 2nd quarter of 2022 compared to 2023 and the corresponding notes.

1 – Revenues rose 25% to an all-time high of $525.2M. This can be credited to continued increases in all areas of the business including EVOLVE which continues to grow with the addition of several new items to the product line. Evolve in the first 6 months of 2023 has already doubled its revenues compared to the 5 months it was available in 2022.

2 – Gross profit percentage rose with the continued reduction in the input costs of the various products, as well as better sourcing of material and parts used in manufacturing of the SEEK products.

3 – SEEK continues to excel with the manufacturing of additional products. The increased availability and accessibility of its books within the Jamaican market has seen the demand for the SEEK products increase leading to a 29% sales increase year on year.

4 – With the increase in revenues, gross profit percentage and a marginal increase in expenses (12%), this has all led to the growth in SOS’s pre-tax profit, rising substantially by 77% from $68.8M to $121.3M, the highest in the company’s history.

5 – With the tourism industry now back at near pre covid levels, the Montego Bay branch of SOS has now returned to a profitable stage. For the first 6 months of 2023, revenues from this branch have increased by 25%.

2nd Quarter          2022 & 2023

                                                                2022            2023            % INCREASE

REVENUES                                        $420.M        $525.2M       25%

GROSS PROFIT %                                51%             53%             4%

GROSS-PROFIT                                   $213M         $287.5M       35%

SEEK REVENUES                               $14.4M        $17.8M        24%

EXPENSES                                         $148.2M       $166.3M       12%

PRE-TAX-PROFIT                                $68.8M        $121.2M       77%

For the first 6 months of 2022, SOS has experienced continued growth over the same
period in 2023, crossing for the first-time revenues exceeding $1B in the first half of the year. All comparative numbers are up in 2023 including the most important, pre-tax profit.

The pre-tax profit has risen by 32% year on year from $173.6M to $229.3M.
SEEK sales are up 29% year over year and this number expects to continue to rise with a number of new dealers and the availability of inventory to meet market.

Revenues and the gross profit % rose by 23% and 4% respectively, with expenses rising marginally by 16% which has led to the previously mentioned pre-tax profit figure of $229.3M.

6 MONTHS ENDED JUNE 30TH, 2022 & 2023

                                             2022                      2023                      %INCREASE

REVENUES                      $847,704,240         $1,044,419,146      23%

EXPENSES                      $285,043,746         $329,395,729         16%

GROSS PROFIT %            50.9%                    53%                       4%

SEEK REVENUE              $32,938,157           $42,404,257           29%

PRE-TAX-PROFIT             $173,668,574         $229,343,093         32%

SOS has continued to adjust with the ever-changing market place and this is a significant reason why we have been able to continue to be profitable in an unpredictable and unstable economy.

Financial Position
At the end of the 2nd Quarter, SOS increased its total assets year on year by 42% ($980M – $1.38B). The bulk of this increase was due to SOS’s revaluation of the 4 properties that it currently owns in the Kingston 5 area.

Total current assets also rose led by inventory increasing significantly by 23% to $350M and Bank and Cash rising by 151%, to $304M

Earnings per share at the end of the 2nd Quarter for 2023 was $.79, an increase of $.09 compared to $.70 the end of the 2nd Quarter of 2022. For the quarter, earnings per share was at $.36 up from $.09 for the same period in 2022. It should be noted that during the first half of 2022, Stationery & Office Supplies Ltd was still benefiting from the tax-free incentive received from joining the JSE in 2017. All profit figures so far in 2023 have attracted a 12.5% tax rate that has been used in these comparative figures.

For More Information CLICK HERE

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ICreate To Now Synchronise Release Of Q2 Financial Statements With Release Of Audited Financial Statements For Year Ended December 31, 2022 On Or Before September 30, 2023.

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Synchronisation of Publication of the Unaudited Financial Statements for the Second Quarter ended June 30, 2023 with the Audited Financial Statements for the
financial year ended December 31, 2022

The Board of Directors of iCreate Limited (“iCreate”), having given great thought to present circumstances, wishes to advise that the Company will not publish the Unaudited Financial Statements for the Second Quarter (Q2) ended June 30, 2023 on August 31, 2023, but instead, will synchronise the release of the said Financial Statements with the release of the Audited Financial Statements for the financial year ended December 31, 2022 on or before September 30, 2023.

As previously advised the Company closed two (2) acquisitions during the period, being Mobile Edge Solutions Limited (GetPaid) effective January 31, 2022, and Visual Vibe.Com Limited effective May 31, 2023. It is critical that these complex transactions be correctly and completely represented.

The Board and Management of iCreate had requested a filing extension of the Q2 Financial Statements, which were due by August 15, 2023, to August 31, 2023. However, on further assessment, the leadership found it necessary to pursue various transactions for verification of correctness and completeness in the draft financial statements. These efforts are extensive and involve discussions with several parties including our Attorneys-at-Law and Auditors. As such, the Board of Directors has decided that it is prudent and in the best interest of all parties, including the market, to ensure that the 2022 year-end audit is completed and the 2023 yearto-date transactions audit-reviewed, before publication.

The Board of Directors and Management are committed to navigating the current hurdles and meeting all regulatory and market requirements going forward. We seek further indulgence and patience while the Company seeks to complete become fully compliant by the end of next month.

The Board of Directors and Management of iCreate Limited apologise for the delay

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Businessuite Markets

One Caribbean Media Reporting A Good Half Year Performance With Growth In Net Profit Before Tax (NPBT) Of 4%

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Faarees Hosein Chairman For One Caribbean Media Limited Has Released The Following Unaudited Consolidated Financial Results For The Quarter Ended June 30th, 2023

The Group had a good half year performance with growth in Net Profit Before Tax (NPBT) of 4% and Earnings per Share (EPS) of 9%. NPBT increased from TT$12.5M (US$1.8M) to TT$13M (US$1.9M).

Revenues of TT$153.2M (US$22.5M) were 4% less than the comparative period for 2022. This was due, in the main, to our renewable energy company completing and billing a number of projects in the prior year.

There was growth in both Revenues and Profitability in the broadcast media assets.

Our non-media assets, in particular the investments in solar farms, internet services, manufacturing and real estate, continue to make a valuable contribution to the
Group’s performance.

Management continues to focus on implementing strategies aimed at enhancing revenue streams and realizing improved cost efficiencies.

For More Information CLICK HERE

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Businessuite Markets

Stanley Motta Limited Reporting Improved EPS J$0.19 For Six-Months Ended June 30, 2023 Up From J$0.15 In Previous Year

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Melanie Subratie Chairman Of Stanley Motta Limited Has Released The Following Unaudited Financial Statements For The Quarter Ended 30 June 2023.

During the six months period ended June 30, 2023 the Company had an increase in the rental income of 4.7% in comparison to the corresponding period in 2022. The improvement in income was attributable to increase in rental rates upon the renewal of lease agreements with our tenants and also the depreciation noted in the Jamaican dollar to its United States dollar counterpart.

The Company’s administrative expenses for Q2 2023 showed a reduction of $14.2M when compared to the same period in 2022, moving from $108.7M as at June 30, 2022 to $94.5M as at June 30, 2023. This reduction was due to lower repairs and maintenance expenditure incurred, lower electricity expenses and lower foreign exchange losses incurred within the period.

Improvements were recognised in the net operating income (NOI), funds from operation (FFO), net profit and net profit margin of the Company for the 6-month period, ended June 30, 2023 in comparison to the similar period in the previous year.

The Year-To-Date (YTD) NOI increased from $151M in 2022 to $188M June 2023, an improvement of 24%. In the meantime, the YTD FFO improved by 32%, moving from $124M for YTD June 2022 to $165M YTD June 2023.

These results were achieved through our commitment to maintaining strong management and operational efficiencies.

Earnings Per Share which is calculated as profit after tax divided by the weighted average number of shares was J$0.19 for the six-months period ended June 30, 2023 compared to J$0.15 over the corresponding period of the previous year.

The balance sheet remained strong with total assets as at June 30, 2023 of $7.7B in comparison to $6.5B as at June 30, 2022 and $7.0B as at the end of the financial year, December 31, 2022.

Stanley Motta New-Building Going Up At 58-Half-Way-Tree-Road

Unit 1
Our construction of Unit 1 building commenced in January 2023. The Company has invested over $600M to date on the construction. Tenant negiotiations have been well advanced and the project is currently progressing on-time and within budget.

We are looking forward to the progressive development of the project which is expected to significantly boost revenue and profits while improving shareholder value.

For More Information CLICK HERE

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Businessuite Markets

Derrimon Trading Company Reporting Pre-Tax Loss For Six (6) Months Ended June 30, 2023 At $53.80M Compared To $77.83M Pre-Tax Profit In Corresponding Period.

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Derrick Cotterell Chairman And Chief Executive Officer For Derrimon Trading Company Limited Has Released The Following Consolidated Statements Of Report To Stockholders Six (6) Months Ended June 30, 2023

The period reflects the inclusion of Spicy Hill Farms Limited and Arosa Limited along with the new Select Grocers location in Curatoe Hill, Clarendon.
The three (3) months consolidated results for Derrimon Trading Company Limited (DTL) reported revenue of $4.58 billion which is a $46.17 million reduction relative to the $4.62 billion reported for the corresponding three (3) months period in 2022.

Although there was a slight reduction in revenues for the period, a decline in commodity prices, foreign exchange rate stability and inventory management resulted in a 2.80% reduction in our cost of sales therefore, offsetting the negative impact of the decrease in revenue. These costs improvements pushed our gross profit to $1.15 billion, or a 4.85% increase compared to the $1.09 billion in the prior quarter.

Consolidated operating expenses for the three (3) months period was $728.81 million, representing a decrease of $267.04 million or 26.82% from the $995.85 million reported for the same period in 2022.

Significant cost savings were realized during the period as the prior period reflected costs incurred during the integration of Spicy Hill Farms Limited and Arosa Limited.

Finance cost for the three months was $326.69 million which was $235.76 million or 259.27% above the $90.93 million reported at the end of June 2022. The higher debt balance associated with the acquisitions as well as leases are the main reasons for the movements in finance cost that is being reported.

The consolidated profit before tax earned for this reporting period was $159.09 million, an increase of $27.68 million or 21.07% over the $131.41 million reported for the corresponding period in 2022. The Group’s consolidated net profit was $146.81 million, an increase of $33.74 million or 29.83% above the $113.08 million reported in the 2022 comparative period.

For the overall six (6) months period, revenue increased by 7.17% to a record of $9.50 billion as we reflected contributions from both Spicy Hill Limited and Arosa Limited. The reduction in cost of sales pushed gross profit up by 14.31% to $2.17 billion with group gross profit margins to 22.82%.

Total expenses remained flat at $1.63 billion which resulted in operating profit being reported at $675.63 million, an increase of 34.02%. Profit before tax decreased by 30.39% to $229.10 million with consolidated net profit at $199.32 million with earnings per share at $0.039.

The consolidated total assets was $16.70 billion compared to the $12.99 billion reported for the corresponding period in 2022. This growth was achieved by the significant rise in current assets to $8.82 billion mainly as a result of the entities acquired. Group cash and bank balances ended the period at $860.54 million with net cash at $594.56 million. Equity attributable to shareholders was $6.31 billion
relative to the $5.82 billion as the Group continued to grow its retained earnings.

Core Activity
For this second quarter ended June 2023, revenue generated from core activity (the distribution and retail arms of the business) was $3.04 billion representing an increase of $43.60 million or 1.46% when compared to the $2.99 billion reported for the similar reporting period in 2022.

The six (6) months result of the core activity recorded revenue of $6.33 billion which is an 8.79% increase when compared to the $5.82 billion earned in the corresponding period last year.

Gross profit from core activity for the second quarter was $752.91 million or $55.12 million (7.90%) more than the $697.79 million reported in the similar period in 2022. Gross profit from these divisions for the six (6) months period was $1.31 billion which represents a $152.00 million (13.12%) increase above the $1.16 billion reported for the similar period in 2022.

Operating Expenses For the second quarter ending June 30, 2023 was $420.95 million which was $335.28 million (44.34%) above the expenses incurred for the similar period in 2022. Operating Expenses for the six (6) months period was $1.06 billion which was $115.19 million (9.83%) below the $1.17 billion reported for the comparative period last year.

Finance cost for the three (3) months ending June 30, 2023, was $317.24 million which was $238.53 million (303.05%) above that reported for the similar quarter in 2022. Finance charges from core activities for the six (6) months period was $432.80 million which is up by $271.49 million (168.30%) from the $161.31 million reported in June 30, 2022.

For the three (3) months ended June 2023, pre-tax profit was $90.16 million representing a positive result when compared to the pre-tax loss of $16.12 million reported for the same period in 2022.

A pre-tax loss was recorded for the six (6) months period at $53.80 million compared to the $77.83 million pre-tax profit in the corresponding period.

Total Assets for the Company was at $13.09 billion or $3.98 billion (44%) more than the $9.11 billion reported for the similar period last year. The majority of this growth came from the growth in current assets, with cash closing at $240.91 million. Total liabilities stood at $7.60 billion as the company reduced payables and saw an increase in long-term debt. Equity closed the period at $5.49 billion.

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