Jetcon Corporation Limited

What it is

Jetcon is a Jamaican auto dealer that imports and sells motor vehicles and spare parts, offers third-party vehicle servicing, and trades used and pre-owned cars under brands including Honda, Mazda, Nissan, Subaru, Suzuki, and Toyota. It began importing BAIC units in 2023 and was appointed sole distributor for BAIC passenger vehicles in Jamaica in August 2024, opening a dedicated Kingston showroom later that year.

A solar division, launched in 2022, supplies Gamko solar panels, inverters, and lithium-ion batteries sourced from China; revenue from solar equipment reached JMD 57.2 million (≈ US$366,000) at end-2024, accounting for 11% of annual revenue. The company is listed on the Junior Market of the Jamaica Stock Exchange.

Who owns it

Jetcon Corporation operates as a subsidiary of St. Andrew Investments Limited, the Jackson family’s holding vehicle.

As of September 2019 — the most recent shareholding report available via the Jamaica Central Securities Depository — St. Andrew Investments Limited held 351,907,200 shares, representing 60.3% of the 583,500,000 shares in issue.

The free float — the shares available to outside investors — was therefore roughly 39.7% at that date; a more recent split is not disclosed in available sources. The company opted to list on the JSE Junior Market on 24 March 2016, at which point the authorised share capital was restructured and split into 300 million shares of no par value, ultimately resulting in 150 million issued shares before further issuances.

Who runs it

Andrew Jackson founded the company in 1991 and remains at its helm. On 13 December 2023, at a meeting of the board, Andrew B.

Jackson was appointed Executive Chairman. The Finance/Audit Committee is chaired by Heleen A.

Francis, with Candice Carby and Andrew Joel Jackson as members; the Compensation Committee comprises Garth McKenzie, Sean Jackson, and Justine Rector.

Following a recent director departure, the board carries no independent directors — all eight seats are held by non-independent directors, a governance gap that investors should note. A separate CFO is not disclosed in available sources.

The money, in plain words

Jetcon swung from loss to profit in 2025 as it shifted from pre-owned vehicles to new-car sales: revenue nearly doubled to JMD 941 million (≈ US$6.0 m) from JMD 520 million a year earlier, and net profit came in at JMD 95.2 million (≈ US$0.61 m), reversing a JMD 74.3 million (US$475 k) loss in 2024. That means it kept about 10 cents of profit from every dollar of sales — a net margin of 10.1% (our calculation), respectable for a small-island vehicle dealer carrying inventory financing costs.

For every dollar of shareholders’ money in the business, it earned back roughly 15 cents in 2025 — a return on equity of ~14.8% (our calculation), a marked recovery from years of thin or negative returns. By Q1 2026 total assets had grown to JMD 1.065 billion (≈ US$6.8 m), reflecting a deliberate build-up in vehicle stock to sustain sales momentum.

What it is doing now

In Q1 2026 (ended 31 March), Jetcon reported revenue of JMD 418.3 million (≈ US$2.7 m), up 113% year-on-year, with net profit of JMD 60.1 million (≈ US$0.38 m) — a net margin of 14.4%, its strongest quarterly showing on record. Management is planning to expand the vehicle range it carries to five brands; Jetcon currently sells the BAIC X55, which competes directly with the Toyota RAV4, Suzuki Vitara, and Honda CRV.

The Arcfox Alpha T1 electric vehicle is on its way to Jetcon’s showroom. Separately, the company’s 10-year tax holiday linked to its Junior Market listing expired on 16 March 2026, meaning profits will now be taxed — a headwind the strong top-line momentum will need to absorb.

What to watch

• Tax holiday expiry: The end of the 10-year Junior Market tax exemption in March 2026 introduces a corporate tax charge for the first time, compressing margins if revenue growth cools.
• BAIC concentration: The entire turnaround reflects the market’s take-up of BAIC automobiles. A supply disruption from China or a shift in consumer sentiment toward Chinese-brand vehicles would hit revenue hard and fast.
• Governance: There are currently no independent directors on the board. For a public company, that concentrates oversight risk in the controlling family.
• Solar scaling: Jackson has said Jetcon intends to become a major solar wholesaler in Jamaica. Execution — and the working capital it requires — is the open question.

This is news, not investment advice.