Diagnostic imaging services company, Image Plus Consultants (ICPL) recorded a 150% jump in net profit for its financial year, which ended in February. 

Image Plus, which trades on the Junior Market of the Jamaica Stock Exchange as Apex Radiology, was the first, and so far only, initial public offer of 2023. 

According to its full-year report, the company’s revenues were up 41%, bringing in $1.1 billion for the period. Net profits were up 150% at $236 million.

Speaking on Taking Stock with Kalilah Reynolds, Founder of Wealth Watch JA, Julian Morrison, noted that the numbers were impressive as ICPL revenues have grown at a 29% component annual growth rate since 2019, while net profits have grown at a 74% rate since 2019.

“Given that net profit has compounded faster than revenues, it means that the business has gotten more and more cost-efficient over time and that’s something that we like to see in businesses,” Morrison noted.

Regarding the company’s future outlook, Morrison noted that the business has grown revenues five out of the last five financial years and net profit after tax four out of the last five financial years. 

“They also increased scans four out of the last five financial years, only seeing a dip in 2021 because of the challenges around curfews,” he said.

“However, they still grew revenues per scan five out of the last five financial years so even though they saw fewer patients in 2021, they managed to increase their revenues per scan in that year,” he added.

The Analyst said this signals that the business is starting to generate more value for its services. 

He added that the business is also operating at a time when the Planning Institute of Jamaica projects that by 2050, 18% of Jamaica’s population will be over the age of 65. 

“So this will create a greater need for ICPL’s services,” he said.