Jetcon Corporation, a listed auto dealer, swung from loss to profit in 2025 as it shifted decisively from pre-owned vehicles to new-car sales.
Revenue nearly doubled to $941 million from $520 million a year earlier. Gross profit jumped to $239.5 million from $21.5 million. Net profit came in at $95.2 million, reversing a $74.3-million loss in 2024. Earnings per share were 16.3 cents.
The turnaround reflects the market take-up of its BAIC automobiles. New-car inventory rose to $170.8 million from $71 million, while used-car stock fell to $6.2 million from $90.3 million. Parts and service inventory edged higher, underscoring a warranty-driven after-sales model.
Jetcon began importing BAIC units in 2023 and was appointed sole distributor in August 2024. It opened a dedicated showroom in Kingston later that year. By late 2025, four BAIC models — the X55, X35, BJ30 and BJ40 — were driving sales momentum.
Operating expenses rose to $129.2 million from $95.5 million, led by higher selling and marketing spend of $35.7 million, up from $20.5 million. Finance charges increased to $10.2 million, reflecting a new $50-million Sagicor facility. Capital spending reached $57.5 million, including $42.1 million for vehicles and $13.5 million for property. Off-balance sheet investments included a $30-million showroom and a $15-million service area upgrade.
Receivables widened to $186.9 million from $116.9 million, cash rose to $14.7 million from $3.3 million, and inventories were managed down slightly despite the tilt to new vehicles.
CEO Andrew Jackson said BAIC awareness is growing, with orders arriving in larger tranches. Pricing spans $4.0 million to just over $8.0 million.
Jetcon’s 2024 losses coincided with a stagnating used-car market, as higher lending rates made second-hand financing less attractive. The BAIC distributorship, Jackson said, was designed to bend that curve with competitively priced new vehicles, financing and warranties.
neville.graham@gleanerjm.com
