Jamaica Stock Exchange doubles profit to $89 million in Q2
JSE Managing Director Marlene Street Forrest.
The Harbour Street based Jamaica Stock Exchange Group (JSEG) almost doubled its profit to $89.8 million for the second quarter June 2018 as it tallied up higher fees while cutting expenses.
"It is important to note also that we budgeted to list 14 securities for the year and we have listed a total of 16 securities already. New Listings bring new investors and more activities in the market," said Marlene Street Forrest the JSE managing director about the market, which witnessed at least three initial public offering in July.
The profit growth represents an improvement of 97.4 per cent for the group when compared to the profit of $45.5 million for the corresponding period in 2017 as it benefited from the positive impact of cess fee and income from the wider range of products and services.
“The exchange will continue to grow as businesses raise funds via initial public offering and structured products. We also anticipate growth with the increase in trading volumes and values which is a consequence of the growth in the number of securities listed,” said Forrest.
The JSEG reported consolidated income of $316.3 million for the quarter which represents a $79.7 million or 33.7 per cent increase over the corresponding period in 2017.
Group fee Income is derived primarily from listing, trustee, registrar and trade fees. This encompasses traditional business and also diversification strategies which have yielded “tremendous” benefits to the group and its customers.
"These positive results are due to the execution of the JSE’s strategies and the board, management and staff working together to achieve the goal of the organization," she said.