Caribbean Money

  VM Investments Limited (VMIL), towards its target of diversification - on January 19,  purchased the Republic Funds in Barbados, following an extended negotiation and acquisition period, and rebranded them as VM Wealth Funds. The new fund’s launch was held on March 21 in Barbados. Management notes that the company is targeting both revenue growth and diversification aiming “to   expand revenue streams, reduce dependency on dominant revenue sources, manage financial risk, and drive innovation.” In its newly released annual report, company directors stated, “We responded to the fallout from the recent high-inflation and high-interest-rate environment by adopting larger reserves for asset impairment and expected credit losses.”   Stock price volatility was also noted as a challenge during the year. Profit before taxation for the twelve months ended December 31, 2024, amounted to $398.93 million, a 130 per cent increase relative to $173.30 million reported in 202...

    Seprod Limited for the three months ended 31 March 2025 (Q1) posted total revenue of $37.7 billion, representing a 31.9 per cent increase from $28.6 billion in Q1 2024. However, management notes that revenue growth did not flow all the way to the bottom-line due to cost pressure, particularly in finance costs used “to realize the Group’s substantial acquisition activities as we build out a regional distribution platform. Meanwhile, a significant increase in assets reflected   increased scale and positions   for continued future growth they stated, noting, “ Management is very focused on strategies to increase productivity, enhance operating efficiency and reduce finance costs.” Seprod Limited, together with its subsidiaries, manufactures and distributes food products in Jamaica. The company offers sports drinks, condensed milk, canned meat, carbonated soft drink, biscuits, pasta, flour, oil and fats, sauce, seasonings, nuts, and supplements under the Alti...

  Dolphin Cove Limited (DCOVE) for the first quarter ended March 31, 2025, reported a 17 per cent fall off   in total revenue down to $4.08 million compared to $4.90 million in the corresponding three months last year. Pre-tax profit for the three months reflected a 60 per cent fall off. The quarter’s results were attributed to repairs ongoing at the Ocho Rios pier and the impact on operations,’ From its 2024 annual report, tourism was significantly impacted by bad weather. In February, the Ocho Rios port suffered damage and closed operations. The pier is expected to be back in operation in Winter 2025. Hurricane Beryl also left the company   without a summer season. In 2024, the USA market, the main driver of visitors to Jamaica, represented 74 per cent of total visitors and decreased by 5 per cent versus 2023. Dolphin Cove closed the year   with a total attendance of 182,513 pax, down 9 per cent versus 2023 (200,880 pax). The company received a tot...

  Kintyre Holdings (JA) Limited  (formerly iCreate) whose first quarter 2025 and audited financials for the year ended are delayed has meanwhile announced a new joint venture with digital company Digitize Jamaica, creators of the Island Run mobile app.   Island Run — www.islandrunja.com — is a multi-service platform that combines on-demand food delivery, event ticketing, and on demand services that include bookings for professionals such as make-up artists, freelancers, and other service providers. Kintyre states that Island Run is now live in Kingston, Montego Bay, and Ocho Rios, with recent expansion into the Dominican Republic. “Launches in the British Virgin Islands and Belize are currently underway and are scheduled for a Q3 2025 launch. As of May 2025, Island Run has surpassed 17,100 registered users and is now one of the top-downloaded apps in its category in Jamaica,”   it was stated. Kintyre Holdings, Chairman   and CEO Tyrone Wilson,   sa...

Brokerage house NCB Capital Markets Limited has green lit the Tropical Battery APO, encouraging investor participation, The broker stated, "By averaging our DCF valuation of $2.83 and P/E valuation of $2.67, we obtained a price of $2.75, with an implied forward P/E of 21.28x. This represents an upside of 47.0% on the $1.87 APO price, which is above the 12.7% cost of equity and suggests that investors would be adequately compensated for buying Tropical’s shares at the APO price. Therefore, we recommend that investors PARTICIPATE in Tropical’s APO. We believe our recommendation is justified by the expected savings on finance costs, once the APO proceeds are used to pay down $1.40Bn in CIBC debt + $0.3Bn in other outstanding debt. " Additionally, the significant increase in operating profits from its recent Rose and KAYA acquisitions should also support a substantial recovery in Tropical's earnings. Moreover, global and regional macrotrends support a shift toward increased ...

  Kingston Properties Limited (KPREIT) for the  quarter ended March 31, 2025, reported higher core operating revenues and net income, with management noting that the strategic expansion of  the investment property portfolio and effective property management, have both contributed to higher rental rates and increased property values. Profit after tax in Q1 2025 amounted to  US$1,001,437 million versus US$946,357 for the first quarter of 2024, representing an increase of 6 per cent YoY. Funds from operations (FFO) for the first three months of the year moved to US$519,851 compared to US$336,081 for the same period in 2024, yielding growth in a key liquidity performance indicator, of approximately 55 per cent YOY.  The addition of 2530 Aztec West Business Park in the UK and Duke Street buildings in Jamaica, along with improved rental rates on some properties across the portfolio, were reported as  the primary factors impacting the year over year growth...

    One Great Studio Company Limited for the first quarter of 2025 saw   topline revenue soften due to shifts in the SEO market. However other business lines showed   growth. One Great Studio is   a marketing agency which successfully raised $338.63m in their Initial Public Offering (IPO) on the Jamaica Stock Exchange’s Junior Market in August 2023. In February 2025, the company   announced the strategic acquisition of the business of DRT Communications, a public relations and media intelligence firm, for a total consideration of J$115 million, which included a J$35 million performance-based earnout over three years.   DRT is a media monitoring, communications and public relations business based in Kingston Jamaica. They offer strategic marketing management. Management noted for Q1 2025   non-SEO revenue surpassed SEO revenue for the first time, marking a   shift and expansion in   revenue model and the strategic focus on build...

  For the first quarter ended March 31, 2025,   Jamaica Producers Group Limited (JPG)   earned consolidated net profit attributable to shareholders of $585 million.   The result represents a 144 profit increase on the comparable profit earned in the first quarter of 2024. As of the end of the first quarter, JP maintained shareholders’ equity of $38 billion. The results include the associated company income of the Pan Jamaica Group (PJG) in which JPG holds a 34.6 per cent interest. PJG – a multinational conglomerate – holds and operates a range of business interests in four strategic segments: Property and Infrastructure, Financial Services, Specialty Foods, and Global Services (principally logistics operations).   Management states, “PJG has   businesses within each segment. PJG focus is on enhancing shareholder returns through strategic growth within its major lines of business while positioning for future development and expansion through acquisit...

    Eppley Limited earned $0.87 per share for the first three months of 2025, generating a 27 per cent return for shareholders. Total profit after tax for the quarter was J$247 million, compared to J$83 million in the same period last year; an increase of circa 198 per cent. Profits attributable to Eppley shareholders, net of minority interests, was $167 million. The company indicates that its proprietary investment portfolio continues to expand, underpinned by a strong transaction pipeline and capital deployment. As at March 2025, Eppley   managed a $12 billion portfolio comprising cash, loans, leases, receivables, and investments across our mezzanine, real estate, infrastructure, and asset management joint ventures, subsidiaries, and associates. The company also manages and administers over US$144 million of capital, primarily through the Eppley Caribbean Property Fund, Caribbean Mezzanine Fund, and Capital Infrastructure Group. These activities generated $134 m...

    Stationary and Office Supplies Limited (SOS) for the first quarter ended March 31, 2025,  achieved what it describes as the highest ever revenues ($537.5M) in any quarter in its 60-year history. However profit fell to $ 73.5 million down from $95 million in the prior year.  A decline in gross profit was attributed to the continued depreciation of the Jamaican dollar and SOS’s strategic decision to absorb cost increases including a rise in the cost of shipping and changes in tariffs and duties from certain regions without raising prices. In the quarter a SOS team left the island to go to what was described as the largest office furniture show in China,  meeting and negotiating with existing factories that SOS is partnered with. Management says that the company also continues to prioritize growth in regional markets. Trinidad remains the company's most successful Caribbean market, supported by its local distribution partner, The Office Authority. They in...

      For Kingston Wharves Limited (KWL) for the three-month period ended March 31, 2025, achieved consolidated revenues of $2.8 billion, a 10 per cent or $246 million increase over the corresponding period in 2024. Net profit attributable to shareholders of $760 million increased by 6 per cent or $44 million relative to the prior year. Earnings per share for the quarter increased by 9 per cent to 54.66 cents compared to 50.08 cents in the prior year.   The Terminal operations division generated revenue of $2.1 billion for the three months ended March 31, 2025. This was 18 per cent or $316 million above the corresponding period of the prior year. Divisional operating profits increased by 18 per cent from $505 million in the prior year to $596 million. The improved performance in this division was driven by an increase in transshipment activities. Management noted that the   multi-purpose nature of the business helps cushion the impact of fluctuations a...

  GraceKennedy Limited (GK) indicates that, to manage the evolving global tariff landscape, GK Foods has implemented strategies including optimizing its sourcing and reinforcing inventory and cost management. Management states that GK Foods also continues to expand its presence in the food service channel and enhance supply chain efficiency and service delivery. GraceKennedy Limited announced its financial for the  three-month period  ended March 31, 2025, reported revenue of J$44.22 billion, representing an increase of 4.4 per cent or J$1.87 billion over the corresponding period in 2024. Profit before tax (PBT) was J$3.16 billion, 0.4% or J$12.70 million higher than the prior year. Net profit attributable to stockholders was J$2.22 billion, up 3.0 per cent or J$64.18 million compared to the same period last year. Earnings per stock unit for the period were J$2.25, compared to J$2.18 in 2024. Commenting on the results, GK Group CEO Frank James stated, "We rem...

  Sagicor Group Jamaica indicates that it is maintaining “ a disciplined approach to managing liquidity and capital while actively pursuing strategic opportunities.” The company is operating within the context of an increasingly volatile environment, management stated in the first financial report for 2025. Regardless, for the first quarter ended March 31 net profit attributable to shareholders increased 297 per cent to $3.97 billion. Sagicor Group Jamaica’s insurance revenue increased by J$1.79 billion, or 14 per cent, year-over-year. Net investment income of $10.23 billion was more than double the prior year’s $4.86 billion. Realised and unrealised gains, which increased by a total of $4.97 billion, were supplemented by growth in net interest income of $0.53 billion. Fees and other revenue improved by 2 per cent to $4.97 billion, primarily driven by commercial banking activities. Stockholders’ equity ended the three-month period at $104.24 billion (December 2024: $102.17 billi...

   Tropical Battery Company Limited is seeking to raise funds to retire older debt in a new secondary public share offering. The offer which opened on May 22 will close on June 6, 2025.  New ordinary shares on offer are priced at J$1.87 each. Lead arranger is Sygnus Capital Limited     in partnership with Sagicor Investments Jamaica Limited and NCB Capital Markets Limited, as the brokers engaged by the Company to assist with implementation of the Invitation. The company is   offering to investors 1,122,994,652 new ordinary shares. Up to 267,379,679 shares are initially reserved for priority application by the Reserved Share Applicants falling within the Key Strategic Investor Pool at the price of J$1.87 per New Ordinary Share. The company aims to   repay existing loan of approximately US$9.5 million (approx. J$1.4 billion) owed to CIBC Caribbean Bank (Jamaica) Limited (formerly FirstCaribbean International Bank (Jamaica) Limited) as a result of t...

  Mayberry Jamaican Equities Limited reported a net loss of J$2.2 billion for the three months ending March 31, 2025, this compared to a loss of J$1.3 billion for the corresponding period in 2024. This performance was attributed mainly to net unrealised losses on investments of J$1.9 billion for the period, compared to unrealised losses of J$1 billion for the similar quarter last year. Total operating expenses for the quarter ended March 31, 2025 decreased by J$649K to J$47 million or 1.4 per cent when compared to the corresponding period in the prior year. This resulted in a loss per share (LPS) of J$1.82 (2024: (LPS) J$1.05). The Company recorded total comprehensive loss of J$2.4 billion for the three-month period ended March 31, 2025. This compares to a total comprehensive loss of J$843 million for the similar quarter in 2024. Other comprehensive loss accounted for J$237 million compared to other comprehensive income of J$424 million for Q1 2024 due to a decline in the...

  Salada Foods Jamaica Limited reported for the period, ended March 31, 2025 what it describes as raw material volatility but says that this is being managed through forward purchasing. Meanwhile the company is planning a new packaging line which it says will enhance operational efficiency and increase operational efficiency. Salada manufactures instant coffee, powders and teas. In 2024 Turmeric Latte, one of the newer products placed by the company, was a blend of turmeric and plant-based creamer. Another of its newer products, a flavoured coffee line includes cinnameg, a blend of cinnamon and nutmeg flavours, coconut cappuccino and caramel made inroads on Amazon, boosted by the Caribbean Diaspora market. It was indicated that the coconut cappuccino flavour leads sales across the line. Overall, export sales grew by double digits, Salada’s recent report stated, due mainly to the company’s expansion in Caricom markets including Trinidad and Tobago, Barbados Antigua and Barbuda and...

    First Rock Real Estate Investments Limited for the three months ended March 31, 2025 posted   Net Profit attributable to ordinary shareholders of US$ 539,023 which yielded an Earnings Per Share (EPS) of US$ 0.002. The Group reported rental income of US$259,179. Realized and unrealized gain on investment properties increased to US$1.6 Million, representing a 336 per cent increase over the period ended March   31, 2024. The Group also achieved a 70 per cent reduction in its overall Administrative and General expenses, which totaled US$733,727 for the three months.   As at March 31, 2025, total assets of the Group stood at US$ 59.5 Million, representing a 4 per cent increase over the comparative period in 2024. This growth was partly driven by the acquisition of property in Coyol, San Jose, Costa Rica, earmarked for the construction of a new KFC restaurant and a distribution facility. Shareholders’ Equity amounted to US$ 26.2 Million, while the Group’...

  Accident Insurance Company Jamaica Limited  which last week announced the appointment of Gregory St. Hugh Foster as Chief Executive Officer and Country Manager of its Jamaica operations outlines that he succeeds longtime executive Sharon Donaldson, who now assumes the full-time role of Group Chief Executive Officer.   The transition, effective immediately, Management stated, is the result of “a carefully executed succession plan that signals the company’s continued commitment to strong leadership, growth and long term stability across the region.” They outlined, “ Foster has been an integral member of the executive team since 2014, serving most recently as Chief Operating Officer. With over a decade of experience in the general insurance sector, he has led with distinction across core areas including finance, underwriting, claims, and operations. He is also the strategic lead for AutoSmart Insurance, GenAc’s motor insurance sub-brand. “Sharon and Gregory have...

  TransJamaican Highway Limited for the first quarter ended March 31, 2025, reported revenue of US$22.5 million, representing a 14 per cent increase (US$2.7 million) over the US$19.8 million recorded in the same period of 2024. Group revenues are mainly toll collections. Other gains and losses are comprised primarily of the gains produced by financial market operations and resulting financial income on investment instruments. Under the Concession Agreement, the Company also has the right to collect revenues generated from commercial exploitation of the areas surrounding the Toll Road, including gas stations and related ancillary services, electricity and telecommunication cables and fiber optics. For the quarter ended March 31, 2025, the Group recorded other gains of US$0.9 million, representing a decrease of US$0.3 million compared to US$1.2 million in the same quarter of 2024. The decline was primarily due to lower interest income, as the Group reduced investment activity...

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  NCB Financial Group Limited (NCBFG) announced on May 8, 2025, that the Share Purchase Agreement executed on June 11, 2024, with Cornerstone Financial Holdings Limited (Cornerstone), a privately held company headquartered in Barbados, for the sale of 30.20 per cent of its stake in Clarien Group Limited (Clarien) has expired with the parties not extending the agreement. Clarien remains a subsidiary of NCBFG domiciled in Bermuda. It currently owns one of the leading financial institutions in Bermuda which offers an array of banking, wealth and asset management services and intends to maintain its focus on providing enhanced value to its customers. Previously NCB Financial Group Limited’s indicated that its decision to sell its controlling interest in Clarien Group was "a strategic move aligned with ongoing efforts to reallocate capital effectively,” according to Robert Almeida, group CEO. The plan was to remain a shareholder with a 19.90 per cent stake in Clarien Group Lim...

  Stanley Motta Limited, a commercial and BPO real estate developer, has announce that Canopy Insurance has become the first tenant to fully occupy and operationalize its newly completed Unit 1 building at 58 Half-Way Tree Road. Canopy Insurance is a technology-driven Jamaican insurance company in the life and health insurance sectors. Occupying the entire seventh floor, Oliver Tomlinson, CEO of Canopy said on May 6, “We’re thrilled to be the first tenants to fully move into Unit 1. This space reflects the growth, ambition, and modern culture of Canopy. Stanley Motta and the Felton Property team have gone above and beyond to deliver a space that’s not only operationally efficient but inspiring.” Stanley Motta Limited is a publicly listed company that owns 58 HWT, a major business process outsourcing and technology park in the Caribbean. 58 HWT sits on five acres of prime land at the nexus of Half Way Tree and New Kingston and consists of over 300,000 square feet of recently constru...

  Net remittance inflows of US$238.0 million for February 2025 into Jamaica, represented an increase of 2.1 per cent or US$ 4.8 million in comparison to February 2024.   This was primarily due to an increase of US$5.8 million or 2.3 per cent in total remittances inflows, marginally offset by an increase in remittance outflows of US$1.0 million or 4.9 per cent . The increase in total remittance inflows was attributed to higher inflows through both Remittance Companies and the Other Remittances channel. For January to February 2025, remittance inflows to Jamaica amounted to US$514.9 million. This outturn represented an increase of 3.1 per cent relative to January to February 2024 period. Jamaica’s increase of 3.1 per cent for the calendar year to date is compared to growth of 14.6 per cent, 8.2 per cent and 0.6 per cent recorded for El Salvador, Guatemala and Mexico, respectively, The largest source market of remittance flows to Jamaica for February 2025 continued to b...

General Accident Insurance Company Jamaica Limited has announced the appointment of Gregory Foster to the position of Country Manager Jamaica, effective May 1, 2025. Foster has held several senior leadership roles within the company, most recently serving as Chief Operating Officer Management stated, “He brings to this position a wealth of experience, deep industry knowledge and a track record of effective leadership.  We are confident that under his guidance, the company will continue to advance its strategic objectives and deliver strong performance.”   Foster continues to serve as a director of General Accident Insurance Company Jamaica Limited. Meanwhile GENAC’s CFO Stuart Andrade officially demitted office effective April 30, 2025.    General Accident Insurance Co. Ja. Ltd. (GENAC) for the twelve months ended December 31, 2024, reported a 33 per cent increase in insurance revenue totaling $11.43 billion compared to $8.58 billion in the corresponding pe...

  Dolla Financial Services Limited in its 2024 annual report notes that operating expenses faced upward pressure due to higher interest costs, reflecting the increased cost of capital. Meanwhile, the reduced purchasing power of our customers also posed challenges to loan affordability and repayment capabilities. Management states, “Our disciplined lending practices helped manage default risks effectively, allowing us to maintain a stable delinquency rate. Although our non-performing loans (NPL) ratio rose modestly to 9.9 per cent from 8.2 per cent in the previous year, our expected credit losses (ECL) improved significantly, declining from 3.8 per cent to 2.6 per cent. Despite the challenge Dolla says it delivered its highest-ever income and net profit since its inception. Dolla Financial Services Limited (Dolla) reported a 31% increase in interest income totaling $1.54 billion for the twelve months ending December 31, 2024, compared to $1.17 billion in the corresponding period...

    Sagicor Real Estate X Fund Limited reports that in the year ended that DoubleTree Orlando’s (DTO’s) net profit was up 26 per cent on the corresponding period last year to close the period at $484.46 million. Increased guest spending resulted in an improvement of 3 per cent in Food and Beverage revenues over the same period last year. This was underpinned by an uptick in group bookings. However, for the Fund net profit attributable to stockholders of $456.70 million for the year ended December 2024, down 30 per cent, on prior year. X Fund’s Earnings per share however fell $0.09 from the comparative period to $0.20 as at December 31, 2024. Hotel revenues of $7.33 billion were marginally below the previous year by one per cent as a result of tapering growth rates in tourism compared to the prior year. In final quarter 2024 investment income was improved by its investment property earnings which came from the purchase of a block of units at The Strand in Cayman. The prop...

  For the period ended March 2025, its second quarter, Jamaican Teas Limited (JAMT) reports how geopolitical developments around the world depleted financial assets held by the group. . While sales rose in its manufacturing and retail segments, investments dipped as during this quarter there were significant declines in the prices of many stocks listed on both the Jamaica Stock Exchange and USA Stock Exchanges. The largest price declines were in the USA. This resulted in significant unrealised losses in investments. Following from this, QWI Investments Limited (QWI) reported a net loss of $130 million for the quarter, a $182m reversal from their year ago profit of $52m. Management concluded in their second quarter report, “ The effects of the new USA tariffs on our USA exports is still unclear. Notwithstanding this the group remains cautiously optimistic about its future.” For the group, net profit attributable to shareholders was $52.9 million for the half year to 31 March 202...