Durrant Pate/Contributor

Automotive dealership Jetcon has seen a dramatic reverse in fortunes, as the company went into the red at the end of 2024.

The company incurred operating losses of J$72.45 million for 2024, reversing the small operating profit of J$1.40 million in the previous year. As such, no tax charge was incurred for 2024 but net losses for the year ended December 31, 2024, surged by a whopping 1,545 per cent, reaching J$74.26 million, up from small loss of J$4.51 million in 2023. 

For the last quarter of 2024, Jetcon’s net losses rose to J$57.20 million, reversing the net profit of J$7.86 million in the prior year. Revenues plummeted 23 per cent to J$519.88 million compared to J$672.52 million in 2023. 

Revenues for the fourth quarter of 2024 dropped 15 per cent closing on J$139.15 million, down from J$164.51 million for 2023, indicative of the poor 2024 performance of Jetcon. Cost of sales declined 16 per cent year-over-year, amounting to J$498.39 million, down from $591.36 million. 

Jetcon booked gross losses of J$36.25 million for the fourth quarter, reversing the J$23.54 million made in 2023.

Rising admin and other costs

Administrative and other expenses increased six per cent, moving from J$70.67 million in 2023 to J$75.00 million in the year under review. Furthermore, selling and marketing expenses for the year amounted to J$20.53 million, a 96 per cent increase relative to J$10.45 million reported in 2023.

Consequently, total expenses for the year amounted to J$95.53 million, registering an 18 per cent increase relative to the J$81.12 million reported in 2023. Total expenses for the fourth quarter amounted to J$19.81 million, up from the J$11.14 million booked in 2023.

Consequently, Jetcon chalked up a loss per share (LPS) for the year at $0.13 (2023: LPS: $0.01), while LPS for the quarter totalled $0.10, reversing the earning per share in 2023 of $0.01.

Balance sheet highlights

Company assets totalled J$831.45 million (2023: $667.56 million). The movement in total assets was primarily attributable to a 160 per cent increase in ‘Plant, property and equipment’ amounting to J$410.61 million (J$158.08 million), and a J$141.50 million decline in ‘Inventories’ from J$417.81 million in 2023 to J$276.31 million in 2024.

Shareholder’s equity was $J676.42 million (2023: J$575.00 million), representing a book value per share of $1.16 (2023: $0.99).