Caribbean Money

    Pharmaceutical distributor Indies Pharma Limited indicates that it is setting up a new beachhead in the United States with the hope of a significant impact on future revenue. Management stated in its most recent financial report, “Indies Pharma has successfully entered into an agreement with a distributor in the United States for distribution of our USFDA approved product in the United States. “ Again, Indies Pharma Ja had taken a bold and aggressive step and can boast as the first Caribbean company that will manufacture and distributes pharmaceutical product in United States. The product is well on track for commercial sales and distribution by or before the end of the last quarter of the fiscal year 2025.” Management added, “ This is a proud milestone.” For Indies Pharma net profit decreased by 9 per cent (J$ 6.5 million) in the current 2nd Quarter Period, compared to the prior year. Earnings per share recorded a decrease of 9 per cent in the current 2nd Quarte...

  For the six months ended April 30, 2025, Main Event Entertainment Limited  (MEEG) reports that it was impacted by the still recovering economic environment in Jamaica. As a business closely tied to consumer activity and discretionary spending, Management noted that MEEG’s performance was influenced by prevailing economic conditions. “ In times of reduced disposable income, demand for entertainment, events, and promotional services often comes under pressure. This context has framed many of the challenges and opportunities we faced during the quarter,” they stated, The company generated revenue of $306.368 million for the second quarter ended April 30, 2025. This represents a decline of $112.207 million or 27 per cent compared to the second quarter of 2024. For the half-year,   MEEG earned revenue of $891.395 million, reflecting a reduction of $94.932 million or 10 per cent relative to the corresponding period last year. This contraction in revenue is primarily a...

  For the six months ended April 2025, media and advertising company Limbers and Bards saw profit dip. Net profit for the six-month period stood at $20.6 million, a 58.3 per cent decline compared to the same period in the prior year. The decrease was primarily attributable to lower gross margins and a reduction in second-quarter revenue which was largely due to seasonal variations and the timing of project deliveries. Operating expenses, comprising administrative, selling, and distribution costs, increased by $14.4 million or 10 percent compared to the same period last year. For the period under review, Management said that the Group’s consolidated balance sheet remained sound with a stable cash position, providing the financial flexibility to support ongoing operations and strategic initiatives. Revenue over the 6-month period of $460.2 million, represented a 3.3 per cent increase compared to the corresponding period in 2024. This growth was driven primarily by increased activity ...

    VM Wealth Limited has introduced a slate of new appointees in   bid to re-energise leadership. Among them are the appointment of Chief Operating Officer Allison Mais has been promoted to the role of Chief Operating Officer (COO) for VM Investments Limited and VM Wealth Management Limited effective April 1, 2025. In this expanded role, Mais reports directly to the Chief Executive Officer and assumes strategic oversight of critical operational areas across the business. VM said that this appointment underscores the organisation’s “focus on operational agility and execution, with Mais’ leadership pivotal to scaling service delivery, improving internal processes, and supporting enterprise-wide efficiency.” Stock price volatility was noted as a challenge for VM 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 2023. Loss before taxat...

  Dolla Financial Services Limited  advises that it has received a notice that Widebase Limited  has acquired a further  seven per cent of DOLLA thereby bringing its total holdings to 21.00 per cent of DOLLA. Widebase stated in its notice that it is a wholly owned subsidiary of Mayberry Group Limited (MGL). Widebase further advised that it intends to seek approval to hold 20 per cent or more of Dolla from the Bank of Jamaica, the regulator of micro-credit institutions. In February 2025 Kenroy Kerr, Chief Executive Officer of Dolla Financial Services Limited said   that the company’s collateral-backed model for loans has delivered consistent improvements in company performance. For the fourth quarter ended December 31, 2024. Reports that total income reached $1.5 billion, representing a year-over-year (YoY) increase of $363 million or 24 per cent. Net interest income (NII) before expected credit losses (ECL) totaled $1.2 billion, an increase of $238 milli...

  Scotia Group reports net income of $9.2 billion for the six months ended April 30, 2025, representing an increase of $665.6 million or 7.8 per cent over the prior year. Net income for the quarter of $5 billion reflected an increase of $797.9 million or 19 per cent over the previous quarter. The Group’s asset base grew by $87 billion or 12.9 per cent to $763.5 billion as at April 2025 supported by loan and investment portfolios.   In furtherance of our objective to continue to return value to our shareholders, the Board of Directors has approved a dividend of 45 cents per stock unit in respect of the second quarter, which is payable on July 17, 2025, to stockholders on record as at June 25, 2025. Commenting on the Group’s performance, Tugwell Henry said “Our Scotia Plan loan portfolio grew 14 per cent over the previous year and our mortgage portfolio grew by 24 pr cent over the same period. “The Corporate and Commercial Banking unit continues to provide significan...

  In   March, Scotia Investments Jamaica Limited was the lead arranger for a $950 million bond raise for Fontana Pharmacy. Total assets for this Fontana   at the end of the March   quarter stood at $6.9 billion or 21.8 per cent   above the $5.7 billion recorded in the same period last year. This increase resulted primarily from increases in inventory, fixed assets and goodwill due to the acquisition of the Monarch chain of pharmacies, which was financed by a   bond issue in the amount of J$650 million.   Fontana in its report for the third quarter ended March 2025 stated, “During this (March) quarter, we continued the implementation of our new integrated POS system for our pharmacy department as well as additional modules of our new HR software coupled with payroll integrations which will result in improved efficiencies in our operations. We executed our due diligence exercise for the Monarch acquisition proficiently and were able to open the fir...

    Four years after the Hambani Estates project was launched by First Rock Real Estate Investment Limited   the development has been placed in receivership by Sagicor Bank which is the financier. Hambani Estates was   one of three major projects being developed by FirstRock. It was a   a $US13-million project which broke ground in 2021 with plans to construct and sell twelve 8,500-sq-ft luxury homes. The units were originally priced at US$1.8 million- US$2 million, or over J$300 million,   and were   timed for completion in April 2022. On June 4, 2025, via the Jamaica Stock Exchange, First Rock advised, of its intent to refinance the credit facility extended by Sagicor Bank Jamaica Limited surrounding the development of its Hambani Estate residential complex located at 1-3 Bamboo Avenue, Kingston 6. The company stated, “Given the maturity of the aforementioned Sagicor Bank Facility, First Rock has engaged with a Financial Institution with a ...

  NCB Financial Group Limited (NCBFG) has  advised of its intention to raise funding in an aggregate principal amount of US$300,000,000.00 by way of an offering of new Senior Notes in the international securities markets , subject to terms acceptable to NCBFG, including pricing. The securities may only be offered in the United States to “qualified institutional buyers” as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the “Act”), or to “non-U.S. persons” in offshore transactions outside the United States in accordance with Regulation S thereunder. The Offering, which is expected to price  by Wednesday June 11, 2025 and close shortly thereafter, will be rated by Standard & Poors Ratings Services and Fitch Ratings.

     TransJamaican Highway Limited reports in its new annual report that  for the year ended 2024 revenue from the Portmore toll was US$34.9M,  only a small improvement on 2023. Management stated “ Portmore, St. Catherine operating 21 toll lanes since July 2006   our largest in terms of traffic, recorded revenues of US$34.9 million in 2024, up from US$33.6 million in 2023, an increase of 4 per cent. “ Traffic grew modestly by 1 per cent, from 13.6 million to 13.8 million vehicles. This modest traffic growth, coupled with rising revenue, reflects the evolving profile of Portmore. Once considered primarily a “dormitory city,” Portmore has transformed into a more self-contained urban center, with a growing number of BPOs, supermarkets, restaurants, and entertainment facilities, reducing the need for daily commuting to Kingston. “ The performance compares to top performing gateway     Spanish Town Toll Plaza, where there was   significant...

  FosRich   indicates that the company has halted plans to enter the United States market, until further notice in a report attached to audited results for 2024.  Now in its   seventh year after   listing on the Junior Market of the Jamaica Stock Exchange on 19 December 2017, management stated in the   MDA attached to audited results for 2024, “ We are cognizant that despite the challenges ahead within our local operating space and the wider global space, we have the right talents and leadership to deliver on our plans for the ensuing period. We will continue to execute our plans to ensure that we remain competitive and deliver value solutions to our customers.” The company is meanwhile pressing ahead meanwhile with local and regional plans for expansion. Construction of a new FosRich store and office at 76 Molynes Road is advanced, with completion date now projected to be Q3, 2025. FosRich has a staff complement of two hundred and...

  The Jamaica Stock Exchange (JSE) in keeping with the Junior Market Rule Appendix 2, Part 4 (2) (e) on Audited Annual Financial Statements has suspended trading in the ordinary shares of Edufocal Limited (LEARN) pending the submission of its 2024 Audited Financial Statements. The Company’s 2024 Audited Financial Statements, due on March 1, 2025, became ninety-three (93) days overdue on June 2, 2025. Gordon Swaby, CEO for Edufocal Limited reported in February 2025  that 2024 was a year of significant challenges, as the company continued to navigate a difficult operating environment characterized by declines in revenue and profitability. Listed in 2022, the company offers e-learning services. EduFocal since listing has incorporated new subsidiaries — EduFocal Africa Inc in the USA and Edufocal Nigeria Limited — and also formed a strategic partnership with Design Privacy Limited to deliver data protection e-learning content. The company in 2024 focused on restructuring...

  Air conditioning company CAC 2000 Limited indicates in its annual report, published June 2025 in  review of 2024, that going forward the company intends to grow the residential market and also expand adoption of smart and green HVAC technologies, for wide industry application. Growth during 2024  was fueled by significant government projects including hospital upgrades, For the fiscal year ended October 31, 2024, revenue grew by 46 per cent, reaching J$1.2 billion, was fueled by increased project volume following and expansion into complementary service lines. Net profit was J$22.26 million, reversing the previous year’s loss of J$98.23 million. Total Assets increased to J$1.36 billion from J$1.32 billion in 2023. At year end cash & Bank Deposits were   J$59.9 million. Earnings per Share (EPS) at year end was   J$0.17, compared to a loss per share of J$0.76 in 2023.   The company said that it experienced   revived demand for HVAC instal...

  A.S. Bryden & Sons Holdings Limited (ASBH) reported growth in topline by 32 per cent as it expanded business in Guyana, Jamaica and St Lucia in 2024. One challenge for the company’s expansion is availability of the US dollar. ASBH has significant operations in Trinidad where access to the US$ have been a challenge in the last year. This has led to increased borrowing of US$ and thus, higher interest costs, as   payables are dealt with. Chairman Paul B. Scott, in the new annual report opined, “ As we grow our business outside of Trinidad, these US liabilities will be matched by earnings in US$ or convertible currencies. We are confident that we will be able to continue and support the growth of the company and our commitment to our principals in growing their business.” ASBH in the first quarter of 2026 indicates that it will be moving to a   new “state of the art” distribution centre in central Trinidad. This will replace seven warehouses and bring sign...

   First Rock Real Estate Investments Limited (FRIE) continues to look at new markets as real estate development slows and construction contracts in home market Jamaica. Despite the uptick in demand for commercial real estate, the construction industry in the island has contracted each quarter in 2024. FRIE states that this is attributable to high interest rates which have limited access to capital and impacted the viability of some construction projects. Also, a 7.6 per cent decline in housing starts by the National Housing Trust, the Government’s largest provider of housing, contributed to the decline of the industry. In comparison, in Cayman the real estate market is described by the company analysts as a seller’s market. Property inventory in Cayman is low compared to the demand for properties and it seems new developments do not present themselves frequently enough. Also, in comparison it was noted that Costa Rica’s real estate market has been either stable or apprec...

  Seprod Limited indicates that investment made in the company’s dairy segment is expected to result in a greater ability to scale production and increase distribution. Chairman PB Scott stated in the company’s new annual report the   Dairy pillar which consists of a dairy processing plant and   farms in St. Thomas, Jamaica are currently   leaders in the region in production of milk, flavoured milk drinks, condensed milk, evaporated milk, ice cream mixes and juices. The processing facility in Bog Walk received major investment in the form of new lines to facilitate increased production of milk and juices, and new packaging formats. The Chairman said, “At time of writing, this project is being completed and we expect increased production in the second half of 2025 as a result of these initiatives.” Seprod   further extended its distribution platform in 2024, which is its greatest source of revenue. During the year, the group acquired 80 per cent of Caribb...

    Proven Group Limited Management said that with continued recovery in asset prices and growth in the Group’s asset management platform, income is projected to continue to grow into the new financial year which began in April 2025. This comes against the background of decline in Net Interest Income (NII) for the financial year ended March 31,to US$16.1 million, down 8.9 per cent from US$17.7 million in the prior year. The decrease was primarily due to the higher refinancing rates on the Group’s debt, which offset the widening of spreads on the wealth management portfolio. Meanwhile it was noted that new offshore mutual funds are planned for distribution across the Group’s wealth management companies. The Group’s managed funds include the Proven Select Unit Trust Funds, Proven Plus Managed Portfolios, Proven Rock Individual Retirement Accounts, the Heritage Education Savings Plan, and various Pension Funds. Proven   Group reported net revenue of US$55 million f...