High taxation contributed to a significant decrease in the “total comprehensive income” of JP Santos and Company Ltd last year, according to the company’s 2009 Annual Report.
At its one hundred and thirty second Annual General Meeting held on Friday last, JP Santos, a subsidiary of John Fernandes Ltd disclosed that its overall income plummeted by 44 per cent from $129.5 million in 2008 to $72.7 million at the end of 2009, a “total comprehensive income loss” of $35.1 million as against a profit of $19.7 million at the end of the previous year. A 32% increase in taxation charged for the group pushed taxes paid last year to $121.7 million in 2009 up from $92.1 million in 2008.
Noting that the turnover of the group increased 9.77% from $2.7 billion in 2008 to $2.9 billion at the end of last year the report anticipates that the performance of the company “will improve significantly in 2010.”
The company proposes to make a total dividend payout of $19 million, equivalent to a final dividend of $1 per share.
The authorized share capital of the company is 40,000,000 of which 19,004,400 shares are issued and fully paid up. Parent company John Fernandes Ltd holds 17,264,825 shares, representing 90% of the shares in the company.
Trading and rental of property comprises the main activities of JP Santos and last year trading contributed $2,972,650 to the company’s total turnover while rental of property contributed $82,035,000 to turnover. The company’s business in the distribution and retail trade is carried on by its two subsidiaries, Bryden and Fernandes Inc and JPS Trading Inc.
The principal business activity of its associate company, Guyana Biscuit (Holdings) is investment of funds in long and short-term securities.
JP Santos currently owns three meat centres which receive supplies from Bounty Farms Ltd another subsidiary of John Fernandes Ltd.