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Businessuite 2017 Skin Index US$Holdings – Jamaica

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2017 Businessuite Skin Index -US$ – Jamaica
2017 Rank Executive Company Skin Holdings 2016 US$
1 Michael Lee Chin National Commercial Bank Jamaica Ltd. 1,615,291,544 $629,350,715
2 Lascelles Chin Lasco Distributors Limited 2,668,889,040 $146,619,401
3 Lascelles Chin Lasco Manufacturing Limited 3,247,122,250 $126,514,543
4 Stephen B Facey Pan-Jamaican Investment Trust 433,878,694 $94,666,901
5 Paul Facey Pan-Jamaican Investment Trust 433,878,694 $94,666,901
6 Mark Hart Caribbean Producers Ja Ltd 880,000,000 $22,629,159
7 Marcus James Access Financial Services Limited 120,220,534 $20,609,770
8 Christopher Berry Mayberry Investments Ltd. 470,222,514 $20,152,917
9 Konrad Berry Mayberry Investments Ltd. 465,985,397 $19,971,321
10 Lascelles Chin Lasco Financial Services Limited 761,704,332 $18,459,444
11 Robert Levy Jamaica Broilers Group 152,376,620 $17,691,979
12 Rita Humphries-Lewin Barita Investments 339,975,664 $15,895,379
13 Ian Kent Levy Supreme Ventures 324,541,171 $13,403,477
14 Keith P. Duncan JMMB Group Ltd 101,144,376 $11,428,298
15 Donna Duncan-Scott JMMB Group Ltd 87,013,712 $9,831,675
16 Noel A. Lyon JMMB Group Ltd 84,061,652 $9,498,122
17 Patrick Hylton National Commercial Bank Jamaica Ltd. 18,799,058 $7,324,499
18 Scoops Un-Limited Limited Caribbean Cream Limited 121,141,801 $7,079,900
19 Paul Hoo Supreme Ventures 170,000,000 $7,020,962
20 Douglas R. Orane Gracekennedy Ltd. 21,358,272 $6,823,729
21 Dahru Tanner Blue Power Group Limited 28,300,800 $6,615,943
22 Derrick Cotterll Caribbean Flavours & Fragrances Ltd 67,457,330 $6,307,862
23 John W. Lee 138 Student Living Jamaica Limited 167,439,627 $6,262,840
24 Antonia Hugh AMG Packaging & Paper Co Ltd 32,351,718 $6,178,918
25 Richard Byles Sagicor Group Jamaica Limited 25,617,515 $5,789,043
26 Andrew Jackson Jetcon Corporation Limited 117,302,400 $5,484,411
27 Donovan Lewis Salada Foods Jamaica 81,447,767 $5,394,732
28 Stafford Burrowes Dolphin Cove Limited 45,367,938 $5,302,884
29 Oliver Townsend Knutsford Express Limited 33,526,664 $5,225,070
30 Derrick Cotterll Derrimon Trading Company Ltd 110,000,000 $4,714,408
31 Kingsley Cooper Pulse Invesments Ltd. 198,344,919 $4,636,755
32 George Hugh AMG Packaging & Paper Co Ltd 24,263,792 $4,634,190
33 Mark Chin/Paul Chin AMG Packaging & Paper Co Ltd 24,263,792 $4,634,190
34 Violet Helen Mahfood Jamaican Teas Limited 118,015,318 $4,460,175
35 Peter Bunting Proven Investments Limited 30,087,130 $4,337,348
36 Wayne Sutherland JMMB Group Ltd 38,050,860 $4,299,365
37 Oliver Clarke 1834 Investments Limited 434,557,600 $4,063,501
38 Anthony Copeland Knutsford Express Limited 23,926,664 $3,728,928
39 Dennis Smith (Gencorp Limited) ISP Finance Services Limited 54,517,500 $3,610,993
40 John Mahfood Jamaican Teas Limited 94,064,178 $3,554,985
41 Donald G. Wehby Gracekennedy Ltd. 10,929,855 $3,491,966
42 Carol Clarke Webster Caribbean Cream Limited 58,521,764 $3,420,192
43 Matthew G. Clarke Caribbean Cream Limited 58,221,764 $3,402,659
44 Christpher Clarke Caribbean Cream Limited 53,221,764 $3,110,444
45 Robert Chung (Sunfisher Corp) ISP Finance Services Limited 45,832,500 $3,035,738
46 Hugh Graham Paramount Trading (Jamaica) Ltd 123,396,684 $2,884,673
47 Donovan Perkins Sagicor Group Jamaica Limited 12,207,687 $2,758,692
48 Anthony Chang * Consolidated Bakeries (Jamaica) Ltd 155,675,286 $2,741,574
49 Gordon Townsend Knutsford Express Limited 17,526,664 $2,731,499
50 Steven Marston CAC 2000 Limited 67,462,522 $2,602,193
51 Ivan Carter Sagicor Group Jamaica Limited 9,076,673 $2,051,146
52 Christopher Levy Jamaica Broilers Group 16,844,106 $1,955,717
53 Natalia Gobin-Gunter Key Insurance Company Limited 88,405,445 $1,791,118
54 Sandra Masterton Key Insurance Company Limited 88,405,444 $1,791,118
55 Kayla Abrahams Key Insurance Company Limited 88,405,444 $1,791,118
56 Richard Evan Thwaites IronRock Insurance Company Limited 56,000,000 $1,745,500
57 Monique Cotterll Derrimon Trading Company Ltd 40,000,000 $1,714,330
58 Michelle Chong Honey Bun (1982) Limited 37,500,000 $1,709,460
59 Herbert Chong Honey Bun (1982) Limited 37,500,000 $1,709,460
60 Edward Charles Alexander tTech Limited 41,284,834 $1,705,054
61 William A. McConnell IronRock Insurance Company Limited 54,500,000 $1,698,745
62 Winston Boothe Medical Disposables & Supplies Ltd 50,000,000 $1,636,406
63 Myrtis Boothe Medical Disposables & Supplies Ltd 50,000,000 $1,636,406
63 Kurt Boothe Medical Disposables & Supplies Ltd 50,000,000 $1,636,406
64 Nikeisha Boothe Medical Disposables & Supplies Ltd 50,000,000 $1,636,406
65 Charles “Douglas” Graham Palace Amusement 1,074,444 $1,632,639
66 Antony Hart Cargo Handlers Limited 11,324,264 $1,632,501
67 Mark Hart Cargo Handlers Limited 10,991,198 $1,584,487
68 Jane Fray Cargo Handlers Limited 10,991,198 $1,584,487
69 Gary Peart Mayberry Investments Ltd. 34,740,915 $1,488,935
70 Winston Hepburn Proven Investments Limited 10,200,000 $1,470,428
71 Charles. H. Johnston Jamaica Producers Group 17,510,498 $1,262,153
72 Neville James Access Financial Services Limited 7,174,950 $1,230,023
73 Dr. the Hon. M. McG. Hall Jamaica Producers Group 16,769,284 $1,208,727
74 Colin Roberts CAC 2000 Limited 27,355,291 $1,055,160
75 Nicholas Scott Eppley Limited 156,849 $898,340
76 Joseph Matalon 1834 Investments Limited 93,628,124 $875,506
77 Eileen Chin Lasco Distributors Limited 15,006,740 $824,418
78 Nigel Clarke Eppley Limited 142,631 $816,908
79 Garfield H Sinclair Proven Investments Limited 5,505,218 $793,630
80 Melanie Subratie Eppley Limited 136,020 $779,044
81 P.B. Scott Eppley Limited 136,020 $779,044
82 Peter Chin Lasco Distributors Limited 14,000,000 $769,111
83 Ian C. Kelly Derrimon Trading Company Ltd 15,743,459 $674,737
84 Frank A. R. James Gracekennedy Ltd. 2,010,153 $642,221
85 Norman Abraham Chen tTech Limited 15,391,566 $635,668
86 Gordon Christopher Reckord tTech Limited 15,263,795 $630,391
87 Eileen Chin Lasco Manufacturing Limited 16,000,000 $623,393
88 Rohan Miller Sagicor Group Jamaica Limited 2,595,465 $586,523
89 Douglas Stibel 138 Student Living Jamaica Limited 15,673,025 $586,227
90 Philip Armstrong Sagicor Group Jamaica Limited 2,547,982 $575,793
91 Winston Thomas Derrimon Trading Company Ltd 13,363,979 $572,757
92 Mark Chisholm Sagicor Group Jamaica Limited 2,391,853 $540,511
93 Peta Rose Hall Barita Investor only 11,188,814 $523,127
94 Michael Ranglin Gracekennedy Ltd. 1,568,097 $500,989
95 Richard Byles Sagicor Real Estate X Fund 5,389,505 $495,987
96 Ivan Berry C2W Music Limited 180,000,000 $490,922
97 Claudette Cook Jamaica Broilers Group 4,060,899 $471,498
98 Henry Graham Sweet Rier Abattoir & Supplis Company 15,035,009 $452,234
99 Mrs. K.A.J. Moss Jamaica Producers Group 6,060,078 $436,809
100 Ryan Mack Gracekennedy Ltd. 1,202,460 $384,173
101 Ian Parsard Jamaica Broilers Group 3,207,739 $372,441
102 Hugh O’Brian Allen tTech Limited 8,806,028 $363,687
103 Joseph Bogdanovich KLE Group Limited 23,168,835 $352,055
104 Garfield H Sinclair Kingston Properties Limited 4,164,407 $324,508
105  Jeffrey. McG. Hall Jamaica Producers Group 4,418,537 $318,487
106 John Minott Barita Investments 5,885,322 $275,165
107 J. A. Lester Spaulding Radio Jamaica 26,607,207 $269,535
108 Karl Lewin Barita Investments 5,675,322 $265,347
109 George W. Cooper Barita Investments 5,302,322 $247,907
110 Gary Matalon KLE Group Limited 16,073,628 $244,242
111 Charles Ross Sterling Investments Limited 1,892,790 $231,566
112 Derek Wilkie C2W Music Limited 80,000,000 $218,187
113 Peter Chin Lasco Manufacturing Limited 5,585,980 $217,641
114 Ian C. Kelly Caribbean Flavours & Fragrances Ltd 2,322,814 $217,204
115 Gordon V. Shirley Gracekennedy Ltd. 612,092 $195,557
116 A. Alex Balogun Lasco Distributors Limited 3,429,733 $188,417
117 Jacinth Hall-Tracey Lasco Financial Services Limited 7,346,198 $178,031
118 Stephen Shirley KLE Group Limited 10,111,500 $153,646
119 Valdence Gifford Sweet Rier Abattoir & Supplis Company 4,995,058 $150,245
120 Marilyn Burrowes Dolphin Cove Limited 1,000,008 $116,887
121 Thersa Chin Cargo Handlers Limited 760,022 $109,564
122 Primrose Smith ISP Finance Services Limited 1,500,000 $99,353
123 Marcelle Smart tTech Limited 2,370,399 $97,897
124 Anthony James Caribbean Flavours & Fragrances Ltd 820,700 $76,743
125 John Jackson Jetcon Corporation Limited 1,620,000 $75,742
126 Sharon Donaldson General Accident Insurance Co Ltd 3,377,956 $73,703
127 Radcliff Knibbs Paramount Trading (Jamaica) Ltd 3,053,605 $71,385
128 Patsy Latchman-Atterbury Scotia Group Jamaica 191,576 $54,862
129 Jacqueline Sharp Scotia Group Jamaica 190,010 $54,413
130 Grantley Stephenson Kingston Wharves 331,369 $51,669
131 Christopher Barnes 1834 Investments Limited 5,308,834 $49,642
132 Rohan Miller Sagicor Real Estate X Fund 500,000 $46,014
133 Richard Pandohie Seprod Limited 200,000 $45,975
134 Christopher Barnes Radio Jamaica 4,307,000 $43,630
135 Archibald Campbell JMMB Group Ltd 363,227 $41,041
136 Romae Gordon Pulse Invesments Ltd. 1,635,279 $38,228
137 Dennis Cohen National Commercial Bank Jamaica Ltd. 86,480 $33,694
138 Wayne N. Hardie IronRock Insurance Company Limited 1,025,727 $31,972
139 Safia Cooper Pulse Invesments Ltd. 1,079,422 $25,234
140 Garfield H Sinclair Cable and Wireless Jamaica – FLOW 4,021,000 $25,067
141 James Morrison Supreme Ventures 345,165 $14,255
142 Ian A Mcnaughton Barita Investments 296,000 $13,839
143 Norman Russell Jamaican Teas Limited 300,000 $11,338
144 Douglas R. Orane 1834 Investments Limited 1,053,553 $9,852
145 Horace (Craig) Mair Scotia Group Jamaica 24,741 $7,085
146 Gary Allen Radio Jamaica 361,228 $3,659
147 Robin Levy Jamaica Stock Exchange Ltd 50,000 $2,143
148 Marlene Street Forrest Jamaica Stock Exchange Ltd 30,000 $1,286
149 Ian Dear Margaritaville Caribbean Limited 25,000 $1,068
150 Kevin Richards Kingston Properties Limited 10,500 $818
151 Lissant Mitchell Scotia Investments Jamaica 2,000 $521
152 Alejandro Vares Caribbean Cement Co. 300 $79
153 Mustafa Turra Berger Paints Ltd 0 $0
154 Marcus Steele Carreras Limited 0 $0

Businessuite Markets

Jamaican Teas Exiting Real Estate Activities As Nonrecurrent Loss On Sale Of Bell Road Factory Impacts Latest Results

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John Mahfood Chief Executive Officer and Director Jamaican Teas Limited has released the following report for  the Second Quarter Results to March 2024

Jamaican Teas Limited is pleased to report growth of $218m in its adjusted profits before tax for the half year to 31 March 2024 from $13.4m a year ago to $231 million this year before deducting a nonrecurrent loss of $92.49 million from the sale of its Bell Road factory in March 2024.

Manufacturing Division | Manufacturing revenues increased 11 percent in the quarter and 8 percent for the half year driven principally by a strong performance in the domestic market where revenues grew by 8 percent in the quarter and 18 percent for the half year. This performance was strongly influenced by the appointment of Wisynco as our new distributer for Jamaica on November 1, 2023. Export sales grew by 5 percent in the quarter and 3 percent for the half year.

Real Estate Division | No real estate sales were booked in the year ago quarter or half year as construction work on our new studios at Belvedere Road, in Kingston was still underway up to March 2023. Construction of this complex finished in Sept 2023 and sales of 7 units have been completed in the year to date.

Retail Division | For this quarter, retail revenues increased 11 per cent. This reflects a continuation of the accelerated revenue growth we have seen in our store in recent months. Our retailing profits increased by approximately 8 percent for the half year.

Investment Division | During this quarter, there was a reversal of the declines in the prices of stocks listed on the Jamaica Stock Exchange. The prices of stocks listed on USA Stock Exchanges continued to increase in the quarter. This resulted in significant unrealised gains in our overseas investments without a repeat of the offsetting investment losses on the local portfolio experienced in the year ago period.

Following from this, QWI Investments Limited (QWI) reported a pre-tax profit of $74 million for the quarter, a $102m reversal from their year ago loss of $28m. This builds on the positive trend seen in the first quarter, and resulted in a $238 million increase in the group’s total investment income for the half year.

REVENUES

JTL’s total revenues for the quarter increased by $134 million or 20 per cent overall from $666 million a year ago to $800 million this quarter. $86m of this increase reflected the absence of real estate revenues in the year ago period, as noted above. The half year revenues reflected a similar trend.
The increases shown in Investment Income mainly reflect the realized and unrealized overseas investment gains of QWI, partially offset by slightly lower dividend income and increased foreign exchange losses compared with the year ago period.

EXPENSES

Cost of sales moved from 78 percent of revenues a year ago to 80 percent this quarter. This apparently adverse trend is a reflection of low margin real estate sales this year versus no real estate sales a year ago. Adjusting for this year’s real estate sales, the gross profits of the manufacturing and retail divisions actually improved from 22.0 per cent to 22.5 percent in the quarter. The year to date gross profits showed a similar improvement.

A loss before deferred tax of $92.49 million was recorded on the sale of the Bell Road factory in March 2024. This is a non-recurrent expense and compares with the net revaluation surplus of $257.25 million recorded in prior financial years on the revaluation of this building between its acquisition and it’s disposal in March 2024. This surplus was forms part of the revaluation reserves in the company’s equity capital.

During the quarter, overhead costs increased slightly. For the year to date, the increase in overhead costs largely reflected increased costs for insurance and professional fees. The increase in interest expense during the quarter resulted from higher interest rates as well as increased short term borrowings by Jamaican Teas.

NET PROFIT

Net profit attributable to Jamaican Teas for the quarter after adjusting for the loss on the sale of the Bell Road factory was $73 million, a sharp increase from the $59 million profit in the same quarter of the previous year. Adjusted net earnings per share was 3.39 cents (2022/23 – earnings of 2.7 cents). The unadjusted net loss attributable to Jamaican Teas for the quarter was $18.99 million or 0.9 cents per share.

For the year to date, net profit attributable to Jamaican Teas after adjusting for the loss on the sale of the Bell Road factory was $114 million, a sharp increase from the $86 million profit in the previous year.

Adjusted earnings per share was 5.3 cents (2022/23 – earnings of 4.0 cents). The unadjusted Net profit attributable to Jamaican Teas for the year to date was $21.67 million or 0.9 cents per share.

FINANCIAL POSITION

The net decrease in fixed assets of $162 million since September 2023 is due mainly to the sale of the Bell Road factory building in March 2024 offset, in part, by the purchase of, and capital improvements and machinery purchases at, the Temple Hall factory.

The company moved its spice and dry pack production from leased premises at Montgomery Avenue to our Temple Hall factory in Feb 2024 and the tea division will be relocated during the third quarter of this financial year reuniting all the manufacturing activities into one facility.

The reduction in Investment properties since September 2023 reflects the sale of one of our buildings at Harbour Street, Kingston during the period. Efforts are continuing to sell the two remaining buildings at Harbour Street along with two other investment properties.

Housing inventories fell by $173 million due to the sale of the first seven units at Belvedere, while other inventories and receivables increased during the half year reflecting the increased scale of operations in our manufacturing activities.

OUTLOOK

In the half year to March 31 2024, the group has:
-purchased a new factory at Temple Hall and sold its Bell Road facility (subject to a short term lease back)
-transferred its manufacturing activities from Jamaican Teas Limited to Caribbean Dreams Foods Ltd, its wholly owned subsidiary
-installed two new co-General Managers at its manufacturing Division
-acquired new spice packing machinery that will facilitate a tripling of Saizon production adding up to $80 million in annual gross profit
-begun the process of exiting its real estate activities

In the next 6 months the group will complete its transfer from Bell Road to Temple Hall and continue the divestment of its real estate holdings. This is expected to make the group more cost efficient, better focused and more profitable. While many of the geopolitical developments taking place around the world are discouraging, the group is optimistic about its future.

For More Information CLICK HERE

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Supreme Ventures Group Reporting EPS of 33.51 cents for Q1 ending March 2024.

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Gary Peart Executive Chairman Supreme Ventures Limited (SVL) Has Released The Following Interim Report To Stockholders For The Three Months Ended March 31, 2024

The Group recognized Gross revenues of $13.08 billion representing an increase of $218.46 million or 2% over Q1 2023. This was driven by Gross ticket sales of $28.69 billion (Q1 2023: 29.01 billion) and a payout ratio of 69.90% (Q1 2023: 70.91%) on our core product line being Lottery.

Direct costs amounted to $10.12 billion which was relatively in line with the prior year comparative period. Total costs include contributions to Government agencies and related bodies of over $2.71 billion. Supreme Ventures Limited continues to be one of the largest contributors to the Government coffers at multiple times our profitability.

The earnings per share is 33.51 cents for the first quarter ending March 31, 2024. The Group has proposed interim dividends to external shareholders of 30.16 cents for the three months ending March 31, 2024.

Total assets increased by $1.28 billion to $22.15 billion.

For the first quarter 2024, the operating segments recorded results of $1.32 billion, an increase of $360 million or 38% in relation to Q1 2023.

The Group experienced double digit growth in net segment results across all operating segments. Our lottery segment, sports betting segment and pin codes segment improved by 13.86%, 22.48% and 17.96% respectively.

Our customers continue to achieve record winnings as we focus on increasing customer engagement across the base. Our continued investment in new games and promotions will result in long-term customer loyalty and positive results in the medium to long term.

The Group generated positive cash flows from operations of $369.53 million to close on March 31st, 2024, with a cash and cash equivalents balance of $2.83 billion (Q1 2023: 3.26 billion).

The Group met all requirements and covenants under the terms of agreement with bondholders and other credit facilities during the quarter.

We continue to put back over 93.00% of our earnings into the Jamaican economy via prizes, fees, taxes, and operational payments.

Today, we can proudly say that since 2004 we have contributed more than $27.5 billion to
the government for good causes.

Innovation remains a key strategic focus for SVL. We introduced the exciting new jackpot feature to the popular Money Time game, giving customers a chance to win a minimum of $100,000 every four minutes. The Money Time Jackpot promotion was officially launched on March 3 with a vibrant campaign starring top dancehall producer Rvssian and new singing sensation Nigy Boy.

Innovation extended to the fast-growing sports betting segment. Our flagship sports betting brand JustBet unveiled a fresh new look, reflecting the company’s commitment to providing customers with an enhanced betting experience. The brand refresh was followed up with the launch of the customer promotion in partnership with Sportsmax offering football fans an opportunity to watch the 2024 UEFA Champions League Finals live at London’s iconic Wembley Stadium.

The Group, through its subsidiary Fintech entered the Remittance and Bill payment space, forging a strategic partnership with Ria Money Transfer to roll out Evolve Money Transfer in February 2024 at various Supreme Ventures Locations.

Our micro-finance subsidiary, Mckayla, has also continued its upward growth trajectory, by increasing its loan book by 19% since December 2023, through the development of ground-breaking loan solutions and targeting the underserved population.

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QWI Investments Performance Characterized By Strong Performance In Overseas Portfolios

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John Jackson Chairman of QWI Investments (QWI) has released the following report for the fiscal year ending September 2023

QWI Investments (QWI) continued the fiscal year ending September 2023 with a favourable second quarter profit before tax of $74.4 million versus a loss before tax of $27.8 million.

The quarter represented a continuation of the Company’s performance in the year ended September 2023, which was characterized by a strong performance in our overseas portfolios, partly offset by a weaker performance in the local stock market. Our overseas portfolio grew 27 percent in the quarter –better than the 22.5 percent growth in the S&P 500 and the 23.9 percent growth in the NASDAQ Composite index in the same period.

Market Backdrop

Market conditions in Jamaica, during the quarter, improved slightly, resulting in unrealised gains in the local portfolio.
The USA markets showed a strong increase in share prices as investors priced for continued
declines in interest rates in 2024.

QWI’s Jamaican investments, which represent 67 percent of the Company’s portfolio, produced $6.5 million of unrealised gains and realised losses of $6.2 million in the quarter — the latter as we rotated some of the stocks in the portfolio and reduced the Company’s bank overdraft.

In contrast, our overseas portfolio produced almost $156 million of unrealised gains.
The Net Asset Value (NAV) of the Company’s shares increased 3.2 percent from $1.25 in December 2023 to $1.29 at the end of March 2024.

This relative outperformance against the Jamaican indices reflects QWI’s exposure to the USA market, which saw significant gains in the quarter.

Unrealised exchange losses totalled $10.8 million versus $2.1 million a year ago.

Administration costs rose to almost $24.7 million compared to $24.2 million in the prior year

Statement of Financial Position

QWI ended the period with equity capital of $1.756 billion, up from $1.685 billion at end September 2023.
At the end of the period, the Company held US$4.4 million in equities listed in the USA and Trinidad and Tobago. The portfolio includes positions in several leading information technology companies, defense contractors and companies involved in housing and construction.

Investments in local and overseas stocks amounted to $2 billion with 67 percent represented by Jamaican listed stocks and the majority of the balance invested in the USA market.

Total borrowings at the end of March 2024 were little changed at $271 million.

Outlook

The Company’s Investment Committee actively monitors the investment portfolio and the markets in which we operate.
In the Jamaican market, Company earnings continue to be mixed while local interest rates, in particular the 30-day Bank of Jamaica CD, continue to rise, suggesting that sluggishness will persist in the short term.

In the USA, the outlook for significant interest rate cuts is receding, but this adverse trend has been offset by strong earnings growth for some companies and buoyancy in many economic indicators. Like the Jamaican market, this suggests that future opportunities will continue to be selective.

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Prestige Holdings Enjoyed A Strong Performance For First Quarter Of Fiscal 2024.

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Christian E. Mouttet Chairman for Prestige Holdings has released the following Consolidated Unaudited Results for the Three Months Ended 29 February 2024

I am pleased to report that Prestige Holdings enjoyed a strong performance for the First Quarter of fiscal 2024. Group sales increased by 10% to $341 million from $309 million in the prior year, which resulted in a Profit Before Tax of $15.3 million compared to a profit of $11.6 million for the same period in 2023, a 32% increase. Profit After Tax, attributable to shareholders, increased by 25% from $7.8 million to $9.8 million. Cash flow from operations was $26.9 million and we ended the quarter with $100 million in cash having reduced total borrowings by $5.8 million. During the period we remodelled 2 restaurants and ended the period with 134 restaurants.

All brands posted solid performances during the quarter, with our Subway and Pizza Hut results driven by improved operations, efficiencies and strong demand for our innovative menu items and value offerings. Top line sales were impacted by the opening of five new Starbucks restaurants at Brentwood, Aranguez, O’Meara, St. Augustine and Amazonia Mall, Guyana, when compared to the First Quarter of 2023.

I am extremely pleased to report that KFC recently achieved a significant milestone of serving 150,000 Harvest Meals. The Harvest Meal Programme, which has been active for two years, is designed to provide unsold KFC food to participating NGOs in Trinidad and Tobago. This unsold food is carefully packaged and transported, following accepted global food safety protocols, and is then repurposed into delicious meals and served to the less fortunate. We are very happy to have the opportunity to positively impact the communities in which we operate by partnering with NGOs to provide meals to those in need.

As mentioned in my previous report, significant investment is planned in this financial year for new store development, including Guyana, as well as the remodelling of existing assets in Trinidad and Tobago. We expect these developments, as well as our continued brand initiatives, to continue to deliver positive results.
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GraceKennedy’s Strategic Spur Tree Spices Acquisition: Positioning For Growth

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GraceKennedy Limited’s recent acquisition of an increased stake in Spur Tree Spices (Jamaica) Limited has positioned it as the second-largest shareholder in the company. With an estimated 338,410,375 shares now under its belt, based on Spur Tree’s issued share count of 1,676,959,244 ordinary shares, GraceKennedy solidifies its influence in Jamaica’s culinary landscape.

Continued Expansion through M&A

This transaction marks the latest in GraceKennedy’s series of mergers and acquisitions (M&A) activities, reflecting the company’s aggressive growth strategy. Following its acquisitions of Scotia Insurance Caribbean Limited and Unibev Limited in 2023, as well as doubling its interest in Catherine’s Peak Bottling Company Limited to 70% in February 2023, GraceKennedy demonstrates its commitment to diversification and market expansion.

Spur Tree’s Strategic Evolution

Meanwhile, Spur Tree Spices is undergoing a strategic transformation, expanding beyond spices and seasonings to become a full-fledged food brand. With plans to launch more than two dozen new products on May 1 and a brand refresh to reflect its new focus, Spur Tree is poised for a significant market repositioning.

Diversification and Innovation

In the upcoming quarter, Spur Tree Spices is set to unveil an array of innovative products, including their much-anticipated line of dried spices. This strategic move represents the company’s foray into new categories and a substantial expansion of its product offerings. By diversifying its portfolio, Spur Tree aims to capture a broader consumer base and solidify its position as a leading player in the culinary industry.

Implications of the Acquisition

GraceKennedy’s increased stake in Spur Tree Spices not only strengthens its position in the spice market but also opens doors for collaboration and synergies between the two entities. As GraceKennedy continues to expand its presence through strategic acquisitions, it can leverage Spur Tree’s innovative product line-up to bolster its offerings and tap into new market segments.

GraceKennedy Limited’s acquisition of a significant stake in Spur Tree Spices marks a strategic milestone for both companies. With GraceKennedy’s growing influence and Spur Tree’s strategic evolution, the stage is set for a dynamic partnership that promises innovation, growth, and market leadership. As they navigate the evolving landscape of Jamaica’s culinary industry, GraceKennedy and Spur Tree Spices are poised to redefine the future of food, one spice at a time.

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