Proven to launch new mutual funds across its wealth management companies.

 


 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 for the year ended March 31, 2025, on par with that earned in the same period last year.

A  reduction in net interest income which was primarily due to the tightening of spreads from the repricing of the Group’s publicly issued notes at higher rates,  offset by improvements in fee income and gross profits from manufacturing operations.

The Group recorded net profit attributable to owners of US$2.6 million for the financial year driven by operating profit of US$1.2 million, and a share of profit from associates of US$5.6 million, a decline from US$15.6 million in the prior corresponding period, which included an extraordinary gain from JMMB Group’s share of profit of Sagicor Financials’ gain on the acquisition of ivari. 

The profits for the nine months translated to an earnings per share of US$0.0032.

Management notes that the Group anticipates a gradual reduction in funding costs over the short to medium term due to expected macroeconomic stability and lower interest rates.

 Fees and commissions for the financial year grew by 20.7 per cent to US$11.4 million, compared to the same period last year driven by  recovery in trading volumes and commission-driven activities within the wealth segment, particularly in equity trading and investment banking fees.

Fund management income grew by 11.6 per cent to US$4.3 million for the financial year, compared to the US$3.8 million in the prior period. 

Property sales were recorded at US$10.2 million, which was below expenses of US$11.3 million, resulting in a loss of US$1.1 million from recurring property expenses.

Management indicates that Proven Properties is focused on completing two major development projects: Sol Harbour in Ocho Rios and Bahari in Runaway Bay, both in Jamaica, which are expected to be finished in the 2025/26 financial year.

The division is meanwhile expanding its industrial real estate portfolio with the Aashgo warehouses in Grand Cayman and the planned development of Kingston Gateway Warehouses in Jamaica.

 Gross profit from manufacturing operations increased by 8.8 per cent to US$18.4 million, up from US$16.9 million in the prior year. A decline in commodity prices facilitated a 5 per cent reduction in Pinnacle’s livestock feed prices, while still allowing for improved margins.

 Roberts Manufacturing is targeting revenue diversification via the pursuit of additional export sales in the region. 

 The reduced gains on the revaluation of the Group’s property portfolio led to a decline of net fair value adjustments from US$2.4 million in the prior year to US$1.2 million for the current period.

The share of results from associates was US$5.6 million reflecting a 63.8 per cent decline from the previous year. This decrease arose primarily from a reduction in the results of the JMMB Group which reported extraordinarily strong results in the corresponding prior period from a significant gain from their share of profit of Sagicor Financial’s gain on the acquisition of ivari.

Source: Jamaica Stock Exchange.

Picture: Proven CEO Johann Heaven.

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