November 15, 2024
JMMB Group Limited (JMMBGL)
Unaudited financials for the six months ended September 30, 2024:
JMMB Group Limited (JMMBGL) for the six months ended September 30, 2024 reported a 1% increase in Interest income totaling $19.66 billion compared to $19.53 billion in the corresponding period last year. Interest income for the second quarter had a 2% decrease to close at $9.47 billion compared to $9.68 billion for the comparable quarter of 2023.
Interest expense amounted to $14.36 billion (2023: $14.46 billion), this represents a decrease of 1% year over year. Consequently, net interest income increased by 28% to $5.30 billion compared to $5.07 billion for the six months ended September 30, 2023. The company booked net interest income of $2.60 billion for the second quarter versus $2.53 billion reported for the similar quarter of 2023.
Fees and income commission decreased by 10% to close at $2.46 billion (2023: $2.73 billion), while Gains on securities trading, net decreased by 25% from $3.33 billion in 2023 to $2.50 billion in the period under review. As a result, operating revenue net of interest expense for the six months ended September 30, 2024, amounted to $11.37 billion, a 10% decrease relative to $12.61 billion reported in 2023.
Total Operating Expenses for the six months ended September 30, 2024, amounted to $11.94 billion, a 9% increase relative to $10.96 billion reported in 2023. Total Operating Expenses for the second quarter amounted to $5.58 billion (2023: $5.15 billion). Operating Profit totaled $714.68 million, a 57% decrease from the corresponding period last year. (2023: $1.65 billion).
Loss before Taxation for the six months ended September 30, 2024, amounted to $103.98 million, relative to profit before taxation of $1.31 billion reported in 2023. Profit before Taxation for the second quarter amounted to $1.47 billion (2023: loss before taxation of $719.15 million). Tax credit for the six months ended September 30, 2024, had a 32% increase to reach $800.08 million (2023: $605.56 million). Equity holders of the parent for the six months amounted to $582.46 million, a 68% decrease from the $1.81 billion reported in 2023. For the second quarter, Equity holders of the parent’s income was $2.12 billion (2023: loss of $693.02 million).
Consequently, Earnings Per Share for the six months amounted to $0.30 (2023: EPS: $0.93), while Earnings Per Share for the quarter totaled $1.09 (2023: LPS: $0.35). The twelve-month trailing EPS was $5.27, and the number of shares used in these calculations was 1,955,552,532.
Notably, JMMBGL’s stock price closed the trading period on November 15, 2024 at a price of $23.20 with a corresponding P/E ratio of 4.40x.
Balance Sheet Highlights
The company’s assets totalled $700.50 billion (2023: $688.13 billion). The overall growth in the group’s total balance sheet is driven by several key factors: a 10% year-over-year (YoY) increase in “Cash and cash equivalents,” which closed the quarter at $64.07 billion (2023: $58.03 billion); a 5% YoY rise in “Loans and notes receivable,” ending at $209.56 billion (2023: $200.16 billion); a significant 26% YoY surge in “Interests in associated companies,” reaching $46.39 billion (2023: $36.94 billion); and a notable 29% YoY growth in “Deferred income tax assets,” which stood at $19.38 billion by the end of the period (2023: $15.07 billion).
Shareholder’s equity was $55.76 billion (2023: $50.26 billion), representing a book value per share of $28.51 (2023: $25.70).
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