Jetcon revenue tops $1 billion

Business reporter

Wednesday, March 07, 2018

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Two years after listing on the Jamaica Stock Exchange, pre-owned car dealer Jetcon Corporation Limited has posted revenue totalling $1.18 billion for its December 2017 year end.

It's the first time that the company has recorded sales over the $1-billion mark since registering as a certified auto dealer in 1995. Still, Jetcon could have seen increased revenue growth had there not been delays in vehicles being cleared from the wharf, which slowed sales in December.

Jetcon saw its third year of strong growth with revenues climbing 37 per cent over 2016's $857 million and profit increasing 55 per cent to total $153.7 million. This compares to $98.8 million a year earlier and comes against taxation of $60,000 compared to 2016's $4.1 million. Cash and cash equivalents increased to $14.8 million against $505,751 year over year.

“Revenues for the first two months of 2018 is 16 per cent ahead of the same period in 2017 and orders in hand at the start of March are in line with the similar period in 2017,” the company said in a report to shareholders.

Jetcon's latest thrust to improve revenue earnings includes the company leasing a space inside the Global Logistics Centre at Tinson Pen in Kingston for vehicle imports. ATL Automotive will be the next major client to occupy space at the centre, which forms a part of the Jamaica Logistics Hub Initiative. The centre will be operated by Kingston Wharves Limited.

Founder and Managing Director Andrew Jackson sees even more opportunities for growth, this time in the export market. Last December Jetcon revealed that it was in talks with suppliers in Japan to distribute pre-owned cars to Caribbean markets; an arrangement that will allow the company to take in one large shipment of cars into the centre, after which distribution or re-export can take place over time, according to Jackson.

The company hopes to quadruple its business by August, by distributing up to 400 cars per month through the export initiative from the current 100 cars. Jetcon has also acquired additional space at Dumbarton Avenue in Kingston to handle inventories larger than its Sandringham Avenue complex.

Jetcon currently trades in used Subaru, Mazda, Nissan and Toyota motor vehicles. The Sandringham Avenue location features a one-stop shop for car sales and servicing.




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