J.S. Johnson has reported an increase in net income for its 2021 financial year of more than $9 million, up from the $6.6 million registered in 2020 and the $6.2 million in 2019.
Company executives noted that the reopening of the economy in the later portion of 2021, the uptick in construction projects including the Hurricane Hole Marina, the US Embassy, the Prince George Wharf redevelopment, Albany and various residential ventures, and Hurricane Dorian restoration efforts, resulted in improved business.
“From a business standpoint, I was encouraged by JSJ’s ability to adapt and continue to adjust as protocols changed for individuals and businesses alike. Our solid 2021 financials are a testament to the
consistent, client-focused efforts of JSJ’s management and staff over the entire period,” said J.S. Johnson Chairman Marvin Bethell.
“Both our agency and underwriting divisions enjoyed a profitable year, posting net income gains of 26.21 percent (from $4,352,571 to $5,493,716) and 59.14 percent (from $2,227,611 to $3,545,130), respectively. What’s notable is that these gains were realized despite a global property reinsurance market that remains hardened, thanks largely to Hurricane Dorian, that has limited our ability to expand our business in this area.”
JSJ was able to keep operation expenses on a tight rein, registering a marginal decrease from $18.25 million to $18.2 million.
Total income increased by roughly $2.4 million over 2020 to $27.2 million.
“The company’s other financial results also improved in several key categories, including earnings per share (from $0.66 to $0.86), a 30 percent decrease in net claims incurred (from $1.8 million to $1.2 million) and a 13 percent increase in net revenue from contracts with customers (from $18.5 million to $20.8 million). I am pleased that JSJ shareholders enjoyed another solid performance in 2021,” Bethell said.
“Like the previous year, the company paid out more than $4 million in dividends, or $0.56 per share, with a stock price that remained relatively stable at $15.50 a share. Consistency and stability, I imagine these two words are music to the ears of our shareholders, given the level of volatility in both the markets and the world recently,” Bethell added.