March 31, 2025

Jetcon Corporation Limited(JETCON)

Audited financials for the twelve months ended December 31, 2024:

Jetcon Corporation Limited (JETCON) for the twelve months ended December 31, 2024 reported a 23% decrease in Turnover totaling $519.88 million compared to $672.52 million in the corresponding period last year. Turnover for the fourth quarter had a 15% decrease to close at $139.15 million compared to $164.51 million for the comparable quarter of 2023.

Cost of Sales amounted to $498.39 million (2023: $591.36 million), this represents a decrease of 16% year over year. Consequently, gross profit decreased by 74% to $21.48 million compared to $81.15 million for the twelve months ended December 31, 2023. The company booked gross loss of $36.25 million for the fourth quarter versus gross profit of $23.54 million reported for the similar quarter of 2023.

Total Operating Income decreased by 72% to close at $23.08 million (2023: $82.52 million), while Administrative and Other Expenses increased by 6% from $70.67 million in 2023 to $75.00 million in the period under review. Furthermore, selling and marketing expenses for the twelve months ended December 31, 2024, amounted to $20.53 million, a 96% increase relative to $10.45 million reported in 2023.

Consequently, Total Expenses for the twelve months ended December 31, 2024, amounted to $95.53 million, a 18% increase relative to $81.12 million reported in 2023. Total Expenses for the fourth quarter amounted to $19.81 million (2023: $11.14 million).

Operating loss for the period under review amounted to $72.45 million (2023: Operating profit of $1.40 million).

Finance costs for the twelve months ended December 31, 2024, amounted to $1.81 million (2023: $5.61 million).

No tax charge was incurred for the period under review. As such, Net loss for the twelve months ended December 31, 2024, had a 1545% increase to reach $74.26 million (2023: Net loss of $4.51 million). For the quarter, Net loss amounted to $57.20 million versus net profit of $7.86 million in the prior year.

Fair value movement in investment amounted to a loss of $7.03 million (2023: Loss of $35.98 million), while Revaluation of fixed assets, net of tax amounted to $175.69 million (2023: nil). As a result, Total Comprehensive Income for the twelve months amounted to $101.42 million (2023: Total Comprehensive loss of $4.55 million). For the fourth quarter, Total Comprehensive Income was $118.48 million (2023: $7.82 million).

Consequently, Loss Per Share for the twelve months amounted to $0.13 (2023: LPS: $0.01), while Loss Per Share for the quarter totalled $0.10 (2023: EPS: $0.01). The twelve-month trailing LPS was $0.13 and the number of shares used in these calculations was 583,500,000.

Notably, JETCON’s stock price closed the trading period on March 28, 2025, at a price of $1.03.

Balance Sheet Highlights

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

Shareholder’s equity was $676.42 million (2023: $575.00 million), representing a book value per share of $1.16 (2023: $0.99).

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