“Revvin-nues” Drive Earnings for JETCON in Q1

• For the quarter ended March 31, 2026 (Q1 2026), JETCON Corporation Limited (JETCON) revved up earnings by 575.8% to $61.18Mn, as new customers drove out of the dealership.
• Formerly a used car dealer for three decades, Jetcon has transitioned its business model to focus exclusively on new vehicles, becoming the sole dealer for Beijing Automotive Industry Company (BAIC) locally.
• Revenue for the quarter increased by 113.0% to $418.27, driven primarily by motor vehicle sales despite supply constraints. Over the past year, the Jamaican auto market has witnessed a noticeable shift toward Chinese-made vehicles due to their advanced technology, higher specifications and significantly lower price point compared to traditional brands. This has created a stronger value proposition for buyers that has supported demand for Jetcon’s inventory.
• In line with revenue growth, the cost of sales also increased, albeit at a slower pace (100.7%). As a result, gross profit margin expanded from 18.8% to 23.5%
• Operating expenses rose by 31.0% to $34.40Mn, largely driven by higher sales and marketing costs, which increased by 74.6% to $12.65Mn. The local automotive market has become increasingly competitive, particularly with the influx of Chinese brands, prompting Jetcon to significantly increase its marketing spend.
• Looking ahead, there are notable opportunities in the market to boost revenues. Consumers have become more receptive to Chinese-made vehicles and recognise their value proposition. Additionally, elevated interest rates have made used vehicles less attractive, as they often require higher monthly payments due to shorter loan terms, while financing institutions are offering more favourable deals on new vehicles. This could sustain demand for new Chinese-made cars. However, strong competition from major players such as ATL, Fidelity Motors, Stewart’s Automotive Group, and Tyre Warehouse (Jetour) is expected to moderate growth in revenue and earnings over time.
• Jetcon’s stock price has increased by 62.0% since the start of the calendar year. The stock closed on May 5, 2026, trading session at $2.43 and a P/E of 14.9x, which is below the Junior Market Other Sector Average of 21.5x.

(Sources: JSE& NCBCM Research)