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ItsMoneyMark Newsletter #104

FosRich Company Limited: 1st Quarter Earnings Head Lower by 23%

FosRich Company had a surprising downward quarter, for Q1, for the period ending March 31, 2023.

The Company did register higher revenues, but they were not enough to offset, higher “cost of sales” and “admin & selling expenses” for Q1 2023. FosRich’s turnover registered was J$ 1.083 billion versus J$ 900 million, year over year, an increase of 20%. However, “cost of sales” ramped up to J$ 637.8 million from J$ 512.7 million, and the other major expense line item, “admin & selling expenses” increased to J$ 260.2 million from J$ 195.1 million.

ItsMoneyMark Newsletter #103

Sagicor Group Jamaica Limited: Keeps on Winning!!!

Sagicor Group Jamaica (JSE: SJ) shook the financial markets last week with the announcement, “Further Strengthens their Leadership Team.” The presser, and corporate action to the JSE by SJ was dominated by, leadership, strengthening leadership, strategic leadership, and reorganization. The bottom line, SJ appoints two (2) EVPs, with EVPs standing for, Executive Vice President. SJ gets two (2) highly respected, talented, proven individuals for these respective roles, in (i) Joanna Banks as EVP: Strategy & Business Development and (ii) Tracy-Ann Spence as EVP and Chief Investment Officer, with effect July 17, 2023.

ItsMoneyMark Newsletter #102

Apple Inc, the next JP Morgan?

Apple launches 4.15% Apple Card Savings Account

Well talk about hitting the market with disruption and further innovation this week. Apple launched earlier this week, via its Apple card, its savings account interest rate at an attractive 4.15%.

Interesting features of Apple’s launch for this product, it requires no minimum balance or deposit. Additionally, you can set it up from the wallet app on your phone. All rewards, e.g., 3% cash back on purchases will go straight back to your account, which is the Apple card reward program.

ItsMoneyMark Newsletter #100

General Accident Insurance: Performs Well Above Average, Expectations in 2022 GENAC put in a gross premium performance, top line of J$ 15.11 billion for their year ended 2022. Net profit of J$ 597 million with Earnings per Share of J$ 53 cents. Comparatively to 2021, Earnings per Share, was + 112%. Huge! As we likeContinue reading “ItsMoneyMark Newsletter #100”

ItsMoneyMark Newsletter #99

Jamaica Public Service Company: Net Profit surges above US$ 54 MM

JPSCo revenue jumps above US$ 1 Billion

JPS had a year of years for 2022.

Operating revenue hit US$ 1.16 billion for 2022 versus US$ 973 million for 2021. Net profit surged by + 29% in 2022, versus 2021, at JPSCo, closing the year-end at US$ 54.3 million. JPSCo’s net margin in 2022, not bad at all, at nearly 5%.

ItsMoneyMark Newsletter #98

Main Even Entertainment Group Limited: What a Quarter, Over J$ 100 MM Net Profit for Q1

Main Event, MEEG, with a market cap of J$ 3.5 billion and trading at J$ 11.50/ J$ 12 per share, just came out with one of the most explosive positive quarters we have seen in a minute at ItsMoneyMark, reminiscent of the tourism stocks/ companies as they emerged a bit quicker from the gates in terms of the earnings rebounds post Covid.

Main Event for its 1st quarter ended January 31, 2023, registered phenomenal revenue of J$ 626.9 million, + 211% year over year. The company’s net profit rang in at J$ 117.9 million, reversing a net loss in the comparative quarter, a year earlier. For Main Event, this quarter’s net profit resulted in a net margin of 19%, and earnings per share of J$ 39 cents.

ItsMoneyMark Newsletter #96

GraceKennedy, several Announcements to Reflect on…

GraceKennedy Limited (JSE: GK) has really been on the move lately… They have released a flurry of announcements to the JSE, Jamaica Stock Exchange. GK makes it clear that the Company is now in its 101st year of operations, as they recently concluded the GK100 milestone. Here is some insight:

ItsMoneyMark Newsletter #95

ISP Finance Services, Loans hit J$ 742.8 million as of Dec 2022

Ripe for a takeover? Based on ISP’s Dec 2022 year end, the loans of the business net of credit losses, (once you take into account cash on the balance sheet) is clearly on its way to J$ 1 billion soon. This makes ISP Finance quite attractive to the leaders in micro-credit. ISP recently raised a corporate bond and this plus existing cash, allowed ISP to end the period with approximately, J$ 255 million in cash & cash equivalents on the balance sheet.

ISP has been a slow, steady hand at the wheel, in the micro-credit business, ideal for a market player looking to add size, to their balance sheet. Essentially, grow significantly faster, versus the organic growth path.

ItsMoneyMark Newsletter #94

NCB Financial Group Limited: Hits J$ 75/ share

Whenever you think you have seen it all, there is always just a little more to potentially come. This recent quarter from NCB Financial Group Limited caught us for one, off-guard. Well, at times, or in their cycles, that is NCB Financial Group Limited (JSE: NCB FG) for you as we embark 2023 and get into stride.

We are still going to stick by them as one of the long-term winners as we called them before in an ItsMoneyMark Newsletter. We are not giving up on NCB FG just yet, although many will be jumping off the ship, due to, (i) lack of dividends, (ii) the recent quarterly earnings collapse, and (iii) as always other potential reasons when it comes to a stock, etc.

ItsMoneyMark Newsletter #92

Scotia Group Jamaica, continues to trade below 10x P/E on the back of 35% Earnings Growth

SGJ’s Balance Sheet: Loans, Net of Allowance for Credit Losses hit J$ 237.7 billion

Scotia Group Jamaica Limited (JSE: SGJ) stunned the market, and got back to its winning ways, with above average earnings growth for its last audited financial reporting period, ended October 31, 2022.

SGJ reported, earnings growth of 35%, year over year, with earnings per share surging to J$ 3.75 versus J$ 2.78. SGJ back to their historical numbers and winning ways! This is the year now, 2022/ 2023, to see if SGJ continues and repeats this. That is what the market, and Mr. Market wants to see.