Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • May 20
Full year 2026 earnings released: EPS: JA$0.31 (vs JA$0.18 in FY 2025) Full year 2026 results: EPS: JA$0.31 (up from JA$0.18 in FY 2025). Revenue: JA$32.6b (up 8.4% from FY 2025). Net income: JA$764.1m (up 66% from FY 2025). Profit margin: 2.3% (up from 1.5% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Duyuru • Aug 16
Future Energy Source Company Limited announces Annual dividend, payable on December 18, 2025 Future Energy Source Company Limited announced Annual dividend of JMD 0.0280 per share payable on December 18, 2025, ex-date on November 26, 2025 and record date on November 26, 2025. Duyuru • Aug 15
Future Energy Source Company Limited, Annual General Meeting, Sep 25, 2025 Future Energy Source Company Limited, Annual General Meeting, Sep 25, 2025. Reported Earnings • Nov 17
Second quarter 2025 earnings released: EPS: JA$0.068 (vs JA$0.063 in 2Q 2024) Second quarter 2025 results: EPS: JA$0.068 (up from JA$0.063 in 2Q 2024). Revenue: JA$7.93b (up 10% from 2Q 2024). Net income: JA$170.3m (up 7.3% from 2Q 2024). Profit margin: 2.1% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 15
First quarter 2025 earnings released: EPS: JA$0.059 (vs JA$0.046 in 1Q 2024) First quarter 2025 results: EPS: JA$0.059 (up from JA$0.046 in 1Q 2024). Revenue: JA$7.78b (up 19% from 1Q 2024). Net income: JA$148.4m (up 28% from 1Q 2024). Profit margin: 1.9% (up from 1.8% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to JA$4.23, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 14x in the Specialty Retail industry in South America. Total returns to shareholders of 57% over the past three years. Duyuru • Sep 24
Future Energy Source Company Limited, Annual General Meeting, Nov 22, 2024 Future Energy Source Company Limited, Annual General Meeting, Nov 22, 2024. Location: the jamaica pegasus hotel, 81 knutsford boulevard, kingston 5, in the parish of saint andrew, Jamaica Duyuru • Sep 01
Future Energy Source Company Limited to Report Fiscal Year 2024 Results on Sep 20, 2024 Future Energy Source Company Limited announced that they will report fiscal year 2024 results on Sep 20, 2024 Reported Earnings • Aug 09
Full year 2024 earnings released: EPS: JA$0.16 (vs JA$0.23 in FY 2023) Full year 2024 results: EPS: JA$0.16 (down from JA$0.23 in FY 2023). Revenue: JA$28.7b (up 9.1% from FY 2023). Net income: JA$410.8m (down 28% from FY 2023). Profit margin: 1.4% (down from 2.2% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. New Risk • Jun 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (23% accrual ratio). Minor Risks High level of debt (90% net debt to equity). Market cap is less than US$100m (JA$8.15b market cap, or US$52.8m). Reported Earnings • Jun 05
Full year 2024 earnings released: EPS: JA$0.21 (vs JA$0.23 in FY 2023) Full year 2024 results: EPS: JA$0.21 (down from JA$0.23 in FY 2023). Revenue: JA$28.8b (up 9.5% from FY 2023). Net income: JA$515.1m (down 9.8% from FY 2023). Profit margin: 1.8% (down from 2.2% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 18
Third quarter 2024 earnings released: EPS: JA$0.06 (vs JA$0.061 in 3Q 2023) Third quarter 2024 results: EPS: JA$0.06 (down from JA$0.061 in 3Q 2023). Revenue: JA$7.59b (up 13% from 3Q 2023). Net income: JA$149.2m (down 2.7% from 3Q 2023). Profit margin: 2.0% (down from 2.3% in 3Q 2023). The decrease in margin was driven by higher expenses. Reported Earnings • Nov 17
Second quarter 2024 earnings released: EPS: JA$0.063 (vs JA$0.052 in 2Q 2023) Second quarter 2024 results: EPS: JA$0.063 (up from JA$0.052 in 2Q 2023). Revenue: JA$7.20b (up 3.3% from 2Q 2023). Net income: JA$158.7m (up 23% from 2Q 2023). Profit margin: 2.2% (up from 1.9% in 2Q 2023). The increase in margin was driven by higher revenue. Reported Earnings • Nov 17
Second quarter 2024 earnings released: EPS: JA$0.063 (vs JA$0.052 in 2Q 2023) Second quarter 2024 results: EPS: JA$0.063 (up from JA$0.052 in 2Q 2023). Revenue: JA$7.20b (up 3.3% from 2Q 2023). Net income: JA$158.7m (up 23% from 2Q 2023). Profit margin: 2.2% (up from 1.9% in 2Q 2023). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JA$4.00, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 17x in the Specialty Retail industry in South America. Total loss to shareholders of 30% over the past year. Reported Earnings • Aug 17
First quarter 2024 earnings released: EPS: JA$0.063 (vs JA$0.061 in 1Q 2023) First quarter 2024 results: EPS: JA$0.063 (up from JA$0.061 in 1Q 2023). Revenue: JA$6.56b (up 1.6% from 1Q 2023). Net income: JA$158.0m (up 4.1% from 1Q 2023). Profit margin: 2.4% (in line with 1Q 2023). Reported Earnings • Feb 18
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: JA$6.71b (up 83% from 3Q 2022). Net income: JA$153.3m (up 108% from 3Q 2022). Profit margin: 2.3% (up from 2.0% in 3Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • Nov 18
Second quarter 2023 earnings released: EPS: JA$0.052 (vs JA$0.023 in 2Q 2022) Second quarter 2023 results: EPS: JA$0.052 (up from JA$0.023 in 2Q 2022). Revenue: JA$6.97b (up 188% from 2Q 2022). Net income: JA$129.3m (up 126% from 2Q 2022). Profit margin: 1.9% (down from 2.4% in 2Q 2022). The decrease in margin was driven by higher expenses. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. No highly experienced directors. 5 independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improved over the past week After last week's 16% share price gain to JA$5.81, the stock trades at a trailing P/E ratio of 38.2x. Average trailing P/E is 14x in the Specialty Retail industry in South America. Total returns to shareholders of 116% over the past year. Upcoming Dividend • Sep 29
Upcoming dividend of JA$0.016 per share Eligible shareholders must have bought the stock before 06 October 2022. Payment date: 28 October 2022. Payout ratio is a comfortable 17% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Jamaican dividend payers (3.4%). Lower than average of industry peers (2.9%). Reported Earnings • Aug 31
Full year 2022 earnings released: EPS: JA$0.11 (vs JA$0.049 in FY 2021) Full year 2022 results: EPS: JA$0.11 (up from JA$0.049 in FY 2021). Revenue: JA$12.8b (up 118% from FY 2021). Net income: JA$268.4m (up 148% from FY 2021). Profit margin: 2.1% (up from 1.8% in FY 2021). The increase in margin was driven by higher revenue. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. No highly experienced directors. 4 independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improved over the past week After last week's 15% share price gain to JA$4.94, the stock trades at a trailing P/E ratio of 79.5x. Average trailing P/E is 20x in the Specialty Retail industry in South America. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improved over the past week After last week's 18% share price gain to JA$4.02, the stock trades at a trailing P/E ratio of 64.7x. Average trailing P/E is 23x in the Specialty Retail industry in South America. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improved over the past week After last week's 16% share price gain to JA$3.45, the stock trades at a trailing P/E ratio of 55.5x. Average trailing P/E is 21x in the Specialty Retail industry in South America. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improved over the past week After last week's 16% share price gain to JA$3.25, the stock trades at a trailing P/E ratio of 65.5x. Average trailing P/E is 26x in the Specialty Retail industry in South America. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improved over the past week After last week's 17% share price gain to JA$2.80, the stock trades at a trailing P/E ratio of 56.5x. Average trailing P/E is 37x in the Specialty Retail industry in South America. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment deteriorated over the past week After last week's 31% share price decline to JA$2.08, the stock trades at a trailing P/E ratio of 41.9x. Average trailing P/E is 44x in the Specialty Retail industry in South America. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment improved over the past week After last week's 33% share price gain to JA$2.23, the stock trades at a trailing P/E ratio of 45x. Average trailing P/E is 42x in the Specialty Retail industry in South America. Reported Earnings • Aug 18
First quarter 2022 earnings released: EPS JA$0.016 The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2022 results: Revenue: JA$1.91b (up 41% from 1Q 2021). Net income: JA$39.9m (up 28% from 1Q 2021). Profit margin: 2.1% (down from 2.3% in 1Q 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment deteriorated over the past week After last week's 17% share price decline to JA$1.38, the stock trades at a trailing P/E ratio of 28.1x. Average trailing P/E is 24x in the Oil and Gas industry in South America. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improved over the past week After last week's 16% share price gain to JA$1.65, the stock trades at a trailing P/E ratio of 33.6x. Average trailing P/E is 25x in the Oil and Gas industry in South America. Reported Earnings • Jul 01
Full year 2021 earnings released: EPS JA$0.049 The company reported a mediocre full year result with weaker revenues, although profit margins were flat and earnings improved. Full year 2021 results: Revenue: JA$5.85b (down 1.4% from FY 2020). Net income: JA$108.2m (up 3.2% from FY 2020). Profit margin: 1.8% (in line with FY 2020). Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improved over the past week After last week's 22% share price gain to JA$1.34, the stock trades at a trailing P/E ratio of 27x. Average trailing P/E is 24x in the Oil and Gas industry in South America. 
