Mailpac reports net profit of $74.5 million


Mailpac reports net profit of $74.5 million

Business reporter

Wednesday, February 19, 2020

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Mailpac Group Limited (MGL) posted on Friday last an after-tax profit of $74.5 million for the quarter ended December 31, 2019, in its first set of financial statements as a publicly listed company.

In the unaudited financial statement, executive chairman Khary Robinson stated that revenues for the quarter under review amounted to $361.7 million, which was 5.9 per cent higher than the projections made in the company's initial public offering (IPO) prospectus in November last year.

Gross profit for the quarter of $181.7 million also surpassed the $176.8 million projected in the prospectus.

Operating expenses for the quarter were $86.9 million, which comprised mostly of staff costs, advertising expenses, and store operating expenses.

MGL's total assets at the end of the quarter stood at $447.9 million, meanwhile shareholder's equity stood at $341.9 million.

The company had no long-term debt at the end of the period other than the $12.7 million owed to Norbrook Equity Partners.

“We are pleased with the performance of Mailpac Group Limited in its first quarter of operation. The company continues to lead the ecommerce market and surpassed our IPO projections for the quarter under review on all meaningful metrics. We expect the company to continue benefiting from the rapid growth of online shopping in Jamaica, as well as its unique shopping tools. These include free returns, its tax-free address and its landed price tool,” Robinson stated.

MGL became publicly listed on the Junior Market of the Jamaica Stock Exchange on December 4, 2019, and through its IPO of shares on the Junior Market, has managed to raise $495 million – a record-breaking total, creating a first in the history of the Junior Market.

The Mailpac Group, with 11 locations islandwide, facilitates online shopping and shipment to Jamaica by offering clients a US shipping/mailing address.

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