March 12, 2018

PanJam Investment Limited (PJAM) for the year ended December 31, 2017, reported a 38% increase in total income to total $2.41 billion relative to $1.74 billion booked for the prior year’s corresponding period. For the quarter, total income increased 87% to $821.15 million (2016: $439.69 million).  Of total income:

• Other income increased 122% or $84.25 million from $69.28 million to $153.53 million.
• Investments rose 77% to close at $422.70 million (2016: $239.33 million).
• Income from commissions amounted to $49.76 million a 3% decline compared to the $51.55 million reported in 2016.
• Property income amounted to $1.79 billion, up 29% year over year.

Operating expenses amounted to $1.48 billion for the year ended December 31, 2017 (2016: $1.31 million), 12% more than its total a year prior. Operating expenses for the quarter increased 13% to close at $426.21 million (2016: $377.50 million).

Consequently, operating profits increased by 117% to a total of $937.86 million relative to $431.23 million a year earlier, while for the quarter operating profit increased 535% to $394.94 million (2016: $62.18 million).

Finance costs for the period rose by 14%, amounting to $599.92 million compared to the $528 million for the comparable period in 2016.

Profit before taxation declined 4%, closing the period at $4.27 billion (2016: $4.45 billion). This was due to a gain on disposal of an associated company of $851.08 million recorded in 2016.  Following taxation of $79.33 million (2016: $99.85 million), Net Profits amounted to $4.19 billion (2016: $4.35 billion). Net profit for the quarter amounted to $1.18 billion compared to $1.14 billion booked in 2016.

Net Profit Attributable to Shareholders for the period amounted to $4.13 billion, a 2% increase over the $4.05 billion recorded the year prior. For the fourth quarter, profit attributable to shareholders amounted to $1.16 billion a 1% increase relative to $1.14 billion recorded in 2016.

Consequently, earnings per share for the period amounted to $3.87 (2016: $3.80), while earnings per share for the quarter amounted to $1.09 (2016: $1.07). The number of shares used in the calculation is 1,066,159,890 units. Notably, PJAM’s stock price closed the trading period on March 12, 2018 at a price of $41.17

Balance Sheet at a glance:

As at December 31, 2017, PanJam Investment Limited (PJAM) had assets totaling $39.35 billion, a 21% increase relative to $32.44 billion a year prior. The growth was attributed to an increase in ‘Investment in associated companies’ and ‘Investment properties’ which amounted to $24.92 billion (2016: $20.87 billion) and $7.84 billion (2016: $5.58 billion) respectively.

Shareholders Equity amounted to $30.53 billion (2016: $25.67 billion) with a book value per share of $28.63 (2016: $24.08).

 

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