March 4, 2025
Pan Jamaica Group Limited (PJAM)
Audited financials for the year ended December 31, 2024:
Pan Jamaica Group Limited (PJAM) for the year ended December 31, 2024, reported a 38% increase in Gross operating revenue totalling $39.97 billion compared to $29.00 billion in the corresponding period last year. Gross operating revenue for the fourth quarter had a 12% increase to close at $10.78 billion compared to $9.63 billion for the comparable quarter of 2023.
Cost of operating revenue amounted to $28.24 billion (2023: $20.69 billion), this represents an increase of 36% year over year. Consequently, gross profit increased by 41% to $11.74 billion compared to $8.31 billion for the year ended December 31, 2023. The company booked gross profit of $3.28 billion for the fourth quarter versus $2.32 billion reported for the similar quarter of 2023.
Other income, net increased by 41% to close at $1.23 billion (2023: $868.82 million). Net Investment result increased by 312% from a loss of $351.86 million in 2023 to income of $744.57 million in the period under review. Also, Selling, administration and other operating expenses for the year ended December 31, 2024, amounted to $8.98 billion, a 31% increase relative to $6.83 billion reported in 2023.
Share of profits in associates and joint ventures for the year ended December 31, 2024, amounted to $3.20 billion, a 23% decrease relative to $4.17 billion reported in 2023. Share of profits in associates and joint ventures for the fourth quarter amounted to $1.08 billion (2023: $1.33 billion).
Profit before finance cost and taxation totalled $8.29 billion a 34% increase from the corresponding period last year. (2023: $6.17 billion).
Finance costs totalled $1.65 billion a 19% increase from the corresponding period last year (2023: $1.38 billion).
Profit before taxation for the first year ended December 31, 2024, amounted to $6.64 billion, a 39% increase relative to $4.78 billion reported in 2023.
Following the 47% decrease in Taxation for the year to $559.69 million (2023: $1.06 billion), Net profit amounted to 6.08 billion from the $3.72 billion reported in 2023.
Net profit attributable to shareholders for the year ended December 31, 2024, amounted to $4.58 billion, a 82% increase relative to $2.52 billion reported in 2023. For the fourth quarter, Net profit attributable to shareholders was $1.98 billion (2023: Net loss of $5.12 million).
Earnings per share for the year amounted to $2.81 (2023: EPS: 1.55), while Earnings per share for the quarter totalled $1.22 (2023: $0). The twelve-month trailing EPS was $2.81, and the number of shares used in these calculations was 1,627,725,023.
Notably, PJAM’s stock price closed the trading period on March 03, 2025, at a price of $58.90 with a corresponding P/E ratio of 20.94x.
Balance Sheet Highlights:
The company’s assets totalled $143.65 billion (2023: $141.45 billion). Notably, ‘Cash and deposits’ increased by $4.61 billion, but was partially offset by a $3.01 billion decline in ‘Securities purchased under agreement to resell’.
Shareholder’s equity was $78.94 billion (2023: $76.00 billion), representing a book value per share of $48.50 (2023: $46.69).
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
