JPS net profit grows

Jamaica Public Service Company Ltd (JPS) doubled its net profit for the June 2026 quarter to US$23.5 million, up from US$11.9 million a year earlier, boosted by a US$17.3-million insurance payout that offset a decline in operating revenue.

Revenue for the three months ended June 30 fell 3.0 per cent to US$270.3 million, down from US$278.7 million in the comparable 2025 quarter, while cost of sales dropped to US$167.2 million from US$171.9 million. Gross profit narrowed to US$103.2 million from US$106.8 million.

Operating expenses edged down to US$73.3 million from US$74.1 million, leaving operating profit essentially flat at US$30.9 million. The quarter’s outperformance came almost entirely from other income, which swung to US$17.3 million from a negligible loss a year earlier, driven by insurance claim proceeds.

For the six-month period, JPS reported net profit of US$29.9 million, up from US$24.7 million, on revenue of US$510.8 million versus US$544.6 million.

The utility’s balance sheet reflected a major capital spending push. Property, plant and equipment rose to US$1.1 billion from US$887.7 million a year earlier, with capital expenditure of US$157.9 million in the half-year – nearly triple the US$54.4 million spent in the prior period. Cash and cash equivalents fell to US$58.3 million from US$202.9 million at December 2025 as a result.

Total shareholders’ equity rose to US$677.5 million from US$642.4 million at June 2025.

The results come as JPS and the Government of Jamaica continue negotiations over the expiry of the company’s All-Island Electric Licence in July 2027.

JPS is 80 per cent owned by Marubeni Corporation and Korea Electric Power Corporation through Barbados-registered holding companies, with the Government holding 19.9 per cent.

business@gleanerjm.com