Panjam Achieved Record Earnings In 2016, With Net Profit After Minority Interests Of $4.1 Billion, Up 27% From $3.2 Billion – Stephen Facey
Stephen Facey, Chairman & CEO of The PanJam Group is reporting that the Marriott Courtyard hotel in New Kingston performed well in 2016, its first full year of operations, generating for PanJam $27 million as its share of profit.
Commenting further in the company’s just released 2016 annual report, Mr. Facey indicated that work on the tower phase of the former Oceana property in downtown Kingston, acquired in conjunction with a Canadian partner, started with demolition and clearing of the upper floors. Development of the remainder of the building will take the form of a hotel with a residential component, pending the results of an independent study.
PanJam achieved record earnings in 2016, with net profit after minority interests of $4.1 billion, up 27% from $3.2 billion in the prior year. Earnings per stock unit increased to $3.86 from $3.04, from which dividends of $0.85 per unit were declared, a 49% increase over the $0.57 declared in 2015.
Revenue from property rental declined 3% this year, driven by a decline in the average level of occupancy. However, by the end of 2016 this level had improved slightly to 84% from 83% at the end of the prior year. PanJam remain optimistic that further improvement will be seen in 2017. BM
To view the full report click HERE