June 21, 2023
Jetcon Corporation Limited (JETCON), for the twelve months ended December 31, 2022, reported a 19% increase in turnover for the twelve months to $1.03 billion (2021: $869.59 million), while for the fourth quarter revenues declined by 14% to $225.00 million in 2022 from $262.65 million in 2021.
Cost of sales also increased by 19% to $891.95 million (2021: $750.79 million) and as a result gross profit increased by 18% to $140.37 million compared to $118.80 million in 2021. Gross profit for the fourth quarter ended December 31, 2022 amounted to $27.04 million (2021: $32.02 million).
Total Expenses increased by 10% to $111.21 million (2021: $101.28 million). Selling and marketing expenses increased to $25.69 million (2021: $22.94 million), while administrative and other expenses recorded an increase of 9%, closing at $85.53 million (2021: $78.33 million).
Operating costs ended at $34.04 million relative to operating costs of $21.19 million booked the prior year.
Consequently, profit before taxation amounted to $28.76 million relative to the profit before taxation of $16.55 million booked last year.
Tax charge for the year amounted to $4.00 million (2021: 1.13 million).
As a result, net profit for the period amounted to $24.76 million relative to net profit of $15.42 million. For the fourth quarter a net loss of $1.19 million was recorded versus a profit of $3.83 million in last year.
Total comprehensive income for the year amounted to $24.77 million relative to a comprehensive profit of $15.43 million the prior year.
As such, the Earning per share (EPS) for the year amounted to $0.04 relative to a earnings per share (EPS) of $0.03 last year. LPS for the quarter totalled $0.002 (2021: EPS: $0.007). The number of shares used in our calculation is 583,500,000. JETCON’s last traded price as at June 20, 2023, was $1.05 with a corresponding P/E ratio of 24.75 times.
Balance Sheet Highlights:
The company, as at December 31, 2022, recorded total assets of $641.83 million, a decrease of 14% when compared to $747.63 million recorded last year. This decrease was mainly attributable to a 12% decrease in ‘Inventories’ to $392.71 million ($447.10 million), as well as a 88% decrease in ‘Cash and Bank Deposits’ to $6.54 million (2021: $53.67 million).
Total Stockholders’ Equity as at December 31, 2022, closed at $579.55 million (2021: $556.01 million) resulting in a book value per share of $0.99 per share compared to $0.95.
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