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JP Santos’ profits increase

Jun 22, 2011 News

When shareholders of JP Santos and Company Ltd meet for their Annual General Meeting on 1 July, they would be greeted with information of a 110 per cent increase in the group’s profit after tax – moving from $72.7 million in 2009 to $152.9 million last year.
And once these shareholders approve a proposal by the directors for a $1.00 per share dividend, a total of $19 million will be paid out.
The authorized share capital of the company is 40,000,000, and of that amount 19,004,400 have been issued and fully paid up. John Fernandes Ltd, with a 17,264,825 shares, is the major shareholder accounting for 90.8 per cent of shares.
According to the directors’ report, a number of favourable factors came together to see a wholly owned subsidiary, JPS Trading Inc., turn around its comprehensive income profit from a loss of $35.1 million in 2009 to a gain of $50.5 million in the financial year ended 31 December, 2010.
JPS Trading benefited from a “…reduction in taxation as a result of a two per cent minimum tax charge of $29.8 million and an adjustment to previous year tax of $11.9 million in 2009 and the accounting for deferred tax of $19.6 million in 2010,” the directors stated.
The group also benefitted from tax adjustment, experiencing a taxation decrease of 25.7 per cent from $121.7 million in 2009 to $90.4 in the last financial year.
Another area of good news is that the company’s new outlet at Grove, EBD, recorded a profit in 2010 for the first time.
The company, JP Santos and Company Ltd, has a group holding of 51 per cent in Bryden and Fernandes, and 100 per cent shares in JPS Trading Inc. At the same time, it is a subsidiary of John Fernandes Ltd., that has acquired a 90.8 per cent holding since 2009.
JP Santos was incorporated as a limited liability company in 1910 and is involved in rental property. Its subsidiaries concentrate on the distribution and retail trade locally.
There is also an associate company, Guyana Biscuit (Holdings) Ltd., whose principal activity is investment in funds and short term securities.
Company Directors are Chairman C.J. Fernandes, J.A. King, LP Baker, P.N. de Groot, B.A. Fernandes, P.C. Fernandes, and A.C. Fernandes. The Company Secretary is Patrick Persaud.

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