For the six months ended June 30, 2017:

Revenue for the six months increased 62% to total $548.23 million, up $209.79 million from the $338.44 million recorded in the prior year. For the quarter the company saw a 52% increase in revenue totalling $291.92 million compared to (2016: $192.41 million)

Costs of Sales amounted to $438.75 million, an increase of 56% compared to $280.86 million booked in the corresponding period for 2016. As such, Gross Profit moved from $57.58 million to $109.48 million, an improvement of approximately 90% year over year.

Total Expenses for the six month increased 44% year over year to $29.39 million, relative to $20.41 million. Of this, Selling & Marketing Expenses rose by 84% to $11.24 million relative to $6.12 million reported the prior year. Administrative and Other Expenses increased 25%, to $12.18 million compared to $9.71 million in June 2016. Other operating cost totalled $5.90 million compared to the $4.32 million booked in 2016.  Finance Cost totalled $73,902 compared to $250,704 reported last year, reflecting a 71% decline. Total Expenses for the quarter increased 43% to close at $15.31 million compared to $10.72 million for the comparable period in 2016.

Consequently, Profit before Taxation improved to a total of $80.09 million compared to $37.18 million recorded for the first six months of 2016. There were no taxes charged for the period compared to $4.18 million booked for the corresponding period in 2016. As such, Net Profit after Tax increased 143% to $80.09 million relative to $33 million booked for the comparable period in 2016. Net profit for the quarter totalled $42.71 million compared to $21.50 million, a 99% increase.

Consequently, Earnings Per Share (EPS) for the six months amounted to $0.14 (2016: $0.06), while the EPS for the quarter amounted to $0.07 (2016: $0.04). The company also has a twelve months trailing Earnings Per Share of $0.25. The total number of shares used in this calculation were 583,500,000.

Jetcon noted, “Orders for the period after the quarter, are ahead of 2016 by 82 percent, and points to positive outcome for the rest of the year, barring any unfavorable developments. With the strong increase in revenues for the first half of this year, it is not possible to say with any amount of certainty, what the level of growth will be for the second half of the year”.

Balance Sheet Highlights:

The company’s assets totaled $433.58 million, 48% more than its value of $292.79 million as at June 30, 2016. Contributing to the increase in total assets were inventories which totaled  $335.82 million compared to $225.50 million for the corresponding period in 2016 a 49% increase.

Shareholders’ equity was $360.59 million (2016: $228.28 million), representing a book value per share of $0.62 (2016: $0.39).

Article by: Mayberry Investments Ltd.