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JM | Jul 3, 2022

Jetcon reverses comprehensive loss

/ Our Today

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Big improvements during fourth quarter

Durrant Pate/Contributor

Jamaican pre-owned motor vehicle dealer Jetcon has reversed its comprehensive loss from 2020.

The company’s just-released 2021 audited financial report shows total comprehensive income for the year of J$15.43 million relative, reversing the comprehensive loss of J$6.76 booked in 2020. Pre-tax profit amounted to J$16.55 million relative to loss before taxation of J$6.74 million in 2020 booked last year.

Tax charge for the year amounted to J$1.13 million (2020: nil). As a result, net profit for the period amounted to J$15.42 million relative to net loss of J$6.74 million in 2021.

For the December 2021 fourth quarter, net profit of J$3.83 million was recorded versus a loss of J$12.29 million in 2020. For the 2021 financial year, Jetcon reported a 38 per cent increase in turnover to J$869.59 million (2020: J$629.28 million), while for the fourth quarter revenues rose by 62 per cent to J$262.65 million in 2021, up from J$162.12 million in 2020.

Cost of sales up 37%

Cost of sales also increased by 37 per cent to J$750.79 million (2020: J$548.48 million) and as a result gross profit increased by 47 per cent to J$118.80 million compared to J$80.79 million in 2020. Other operating income for the year ended December 31, 2021 amounted to J$3.67 million (2020: J$1.19 million).

Total expenses increased by 63 per cent to J$105.92 million (2020: J$65.12 million). Selling and marketing expenses increased to J$22.94 million (2020: J$21.59 million), while administrative and other expenses recorded an increase of 28 per cent, closing at J$78.33 million (2020: J$61.14 million).

Jetcon, as at December 31, 2021, recorded total assets of J$747.63 million, a increase of 15 per cent when compared to J$649.94 million recorded last year. This increase was mainly attributable to a 14 per cent increase in ‘Inventories’ to J$447.10 million (J$391.86 million), as well as a 104 per cent increase in ‘Cash and Bank Deposits’ to J$53.67 million (2020: J$26.36 million).

Total Stockholders’ Equity as at December 31, 2021, closed at J$556.01 million (2020: J$540.58 million) resulting in a book value per share of J$0.95 per share compared to J$0.93.

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