Fantastic Year for Jetcon(Article by: ICinsider.com)
“Fantastic” was how John Jackson, Chairman of Jetcon Corporation described the company’s 2016 financial year. He assured shareholders that 2017 is expected to be even better based on results to date.
The chairman was addressing Jetcon‘s first Annual General Meeting (AGM), since being listed on the Junior Market of Jamaica Stock Exchange. The Company’s 2016 Audited Financial Statement, which was discussed and approved at the AGM, highlighted Jetcon’s the progress achieved in 2016, with the company’s performance helping to push the stock price from its initial listing of $2.25 in 2016, to $14.88 on the day of the meeting, for a gain of 570 percent. The AGM which was held at the Knutsford Court Hotel on June 14, was attended by approximately 75 of the more than 500 members of Jetcon’s shareholders and representatives from the Jamaica Stock Exchange and the media.,
“When we met in at the start of January of 2016 to discuss pros & cons of listing, I was not sure we would be here today”, Chairman John Jackson confessed in his opening remarks.
The company’s 2016 revenue growth which has far surpassed the initial internal forecast of 30 percent, ended with an overall increase of 64 percent. 2016 ended with earnings per share of 54 cents and a solid 49.4 per cent average rate of return on capital which moved up 2.8 percent ahead of 2015’s 46.6 percent.
With profits more than doubling in 2016, the 2017 revenues up 75 percent in May and the preliminary profit up approximately 150 percent, the company is actively seeking additional space to expand the business.
The chairman acknowledged the enjoyed shared benefits of Jetcon being listed on the Junior Market. He noted that the listing has contributed to the growth of the company’s public relation and publicity. “The advent of the Junior Market is God sent & will revolutionize corporate Jamaica and enrich many ordinary Jamaicans”, Jackson further urged the relevant authorities to educate Jamaicans about the opportunities and benefits investing in the stock market provides for the betterment of the Jamaican quality of life and thus making Jamaica, the place of choice to live, work, raise families, and do business.
Jetcon Corporation was founded in 1994 by Managing Director, Andrew B. Jackson and opened and closed its IPO on March 14, 2016 and hold the distinction of being the first pre-owned car dealership to be listed on the Jamaica Stock Exchange (JSE).
Article by: ICinsider.com