Caribbean Money

    For the year ended December 31, 2024, GraceKennedy Limited reported revenue of J$167.0 billion, an increase of 7.8 per cent over 2023, while profit before tax (PBT) for 2024 rose to over J$12.3 billion, an increase of 8.6 per cent when compared to prior year. In 2024 profit before other income increased to i$8.0 billion, representing a 6.0 per cent increase, and profit after tax totaled J$8.9 billion, compared to J$8.4 billion in 2023, an increase of J$485 million or 5.8 per cent. Net profit attributable to stockholders was J$8.4 billion, 8.1 per cent or J$633 million higher than the corresponding period of 2023. Earnings per stock unit for the period was J$8.52 (2023: J$7.86). In 2024 GK’s total dividend pay-out was approximately J$2.35 billion. A dividend ofJ$0.55 per stock unit has been declared, totaling approximately J$543 million, payable on April 7, 2025. Operational segments are including Foods under which the manufacturing business delivered improved results led...

    Key Insurance Company Limited for the year ended 31 December 2024, reported insurance revenue climbing 22 per cent-year over-year and pre-tax profits up 33 per cent compared to the same period. For the full year, the company reported net income of JMD 49.05 million compared to JMD 30.73 million a year ago. Basic earnings per share from continuing operations was JMD 0.12 compared to JMD 0.07 a year ago. The non-motor portfolio spearheaded revenue growth, achieving 48 per cent expansion and a 35 per cent contribution to overall insurance revenue. Key moved to capitalize on the hardening of rates for select non-motor business classes, along with growth in its fire class of business. At the same time the motor segment recorded 17 per cent growth, over prior year constituting 65 per cent of insurance revenue. Insurance service expenses rose 24 per cent year over year. Management outlines meanwhile that the economic landscape posed several challenges, including fallin...

Analysts from seekingalpha.com are all frowns as President Donald Trump's 25 per cent tariffs on imports from Canada and Mexico have go into effect today, while duties on Chinese goods have been doubled to 20 per cent. Trade war concerns have already hit business and consumer confidence, and a key GDP forecast signaled that the economy is shrinking at a faster pace than previously thought . Seeking Alpha notes that China said it will impose additional 10-15 per cent tariffs on certain U.S. imports next week and expanded export controls on U.S. companies. Canada is responding with immediate 25 per cent tariffs on U.S. imports worth more than $20B, and will expand the duties to imports worth over $86B if Trump's tariffs remain for 21 days. Mexico is also expected to retaliate, with an announcement likely later today. Reciprocal tariffs: Trump also declared that his proposed reciprocal tariffs will go into effect next month. These tariffs will be decided on a country-specific...

  The Passport, Immigration & Citizenship Agency (PICA) acknowledges the report in the Sunday Gleaner dated March 2, 2025, regarding the deportation of an individual in the name Devon Nicely, who claims that he is not a Jamaican, but a US citizen named Mr. Trevor Anthony Grant.  He arrived from the United States on a chartered flight to Jamaica on Thursday, February 27, 2025. In light of the concerns raised in the public domain, PICA wishes to provide the following clarification:  Pica states that there are established protocols between Jamaica and the United States that guide the deportation of Jamaican nationals which include the presentation of documentary evidence by the United States authorities to Jamaican authorities of the nationality and identity of individuals to be deported.  PICA collaborates with the Ministry of Foreign Affairs and Foreign Trade and other key stakeholders to verify the nationality and identity of the individuals.  In the...

  Jamaica’s Business Process Outsourcing (BPO) sector has recorded significant growth over the past four decades, transforming from a modest operation in the Montego Bay Free Zone to an industry encompassing over three million square feet of space Islandwide. This, according to Vice President, BPO and Logistics, Port Authority of Jamaica (PAJ), Gloria Henry, who notes that this expansion has been fueled by increasing private sector investment and strategic stakeholder vision to position Jamaica as a key player in the global logistics hub. She was speaking during the recent media launch for the Global Services Association of Jamaica’s (GSAJ) ‘Outsource to Jamaica’ (O2J) Conference at the Jamaica Pegasus Hotel in New Kingston. The shift from public to private sector dominance has been a key driver of this growth. Up to 15 years ago, the public sector, through the PAJ, was the primary provider of BPO space. The private sector now accounts for 67 per cent of the occupied space, a testa...

Global Finance Magazine reports that CIBC Caribbean has concluded a groupwide efficiency drive last month with the successful transfer of its Saint Maarten operations to Orco Bank. The divestment drive began in October 2021; since then, CIBC has sold operations in Aruba, Curaçao, Dominica, Grenada, and St. Vincent and the Grenadines, as well. “Our country divestment program is now over,” said CIBC Caribbean’s CEO Mark St. Hill, in a statement. “These were some very complex transactions, and it is a credit to [CIBC’s team’s and buyer banks’] expertise and professionalism that we were able to complete all of them within the timeframe that we set out and with relative ease.” Operating as CIBC FirstCaribbean in the Dutch Caribbean, the bank’s reduced regional footprint has resulted in a modern, slimmed-down bank, St. Hill added. Changes included centralizing key functions, including digital sales through LoanStore; launching an agile work plan; and revamping its call centers into contact c...

  Esther Finance Limited has announced new strategic partnerships with EveryData, a provider of credit risk assessment solutions, and InNeed Cloud, a cloud-native IT consulting and service provider. Christopher Brown, CEO and Country Manager, EveryData Jamaica Limited said that new the collaborations “mark a significant milestone in Esther Finance’s mission to transform access to credit by offering a seamless, data-driven, and technology-powered peer-to-peer lending experience.” Esther Finance offers peer-to-peer lending through its platform. It connects those seeking financing with lenders and also allows individuals to access lending via a technology-driven solution at esthergroup.co. The company indicates that the platform has grown to 1,381 users. “We are particularly pleased to be partnering with Esther Finance in this initiative that will no doubt transform access to credit for many Jamaican entities and individuals. The truth is, the possibilities are enormous and could b...

The Development Bank of Jamaica (DBJ) has announced the appointment of Dr David Lowe as its new Managing Director, effective March 3, 2025. He will lead the Bank in its continued mission to drive sustainable economic growth through strategic financial initiatives, entrepreneurship support, and development financing. Dr Lowe, with a career spanning over 25 years, brings a wealth of experience in strategic planning, capital project execution, private equity and venture capital as well as corporate and development finance. He also has a strong background in risk management, regulatory compliance, capital markets and fundraising, along with proven skills in people and talent management. Dr Lowe also has international experience working in Australia and Singapore with Fortune 500 management consulting firm Accenture. Prior to joining DBJ, Dr. Lowe served as the Chief Executive Officer and Founder of Katalyst Holdings Limited for five years and immediately before that as the Chief Executive ...