Christian E. Mouttet Chairman For Agostini’s Limited has released the following Unaudited Half-year Summary Consolidated Results for Agostini’s to March 31, 2024

The Agostini’s Group maintained a consistent financial performance during the First Half of the 2024 Financial Year.

Revenue increased 7%, reaching $2.57 billion, and operating profit improved marginally to $269 million.

Profit attributable to shareholders, excluding the one-off, non-cash Net Gain on Acquisition, decreased by 6% from $l30 million to $122 million, largely as a result of some non-recurring gains recorded in the previous year, including the profit from the divestment of the Agostini’s contracting division.

Earnings per Share for the first six months were $1.76 versus $1.88 in the prior year without the net gain ($3.93 inclusive of the gain).

Our Consumer Products and Energy & Industrial segments continued to perform well during the period, however, Pharmaceutical & Health Care lagged in profitability in the Second Quarter. This was partially due to supply chain disruptions as well as softer conditions in some regional markets, both of which we are working to improve in the Second Half.

At the end of April, the Group formed a strategic alliance with Linda’s Bakery acquiring 14 of their retail outlets, through our SuperPharm retail subsidiary. This acquisition facilitates our efforts to expand our Presto brand of freshness and convenience across Trinidad & Tobago.

We are in the process of structuring our Pharmaceutical & Health Care and Consumer Products segments to take advantage of our regional position, which has stemmed from our acquisitions in recent years, and this should be completed by the end of the financial year.

We expect to reap the benefits of this now and in the future and remain confident in our strategy for long-term sustainable growth

Based on our Half-year results, the Directors have approved an interim dividend of 40c per share, similar to the prior year. The dividend will be paid on June 28, 2024, to members on the register on June 3, 2024. Our share register will be closed on June 4 and 5, 2024.

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Daniela Bucaro Chairman for Unilever Caribbean Limited has released the following Unaudited Financial Statement for the First Quarter ended 31 March, 2024

Unilever Caribbean Limited has continued to improve its performance, with a net profit of $6m for the quarter, representing a 147.2% increase compared to the previous year.

Revenue for the quarter totalled $57m, reflecting an 18.6% decrease compared to the first quarter of 2023. The higher comparator in the prior year was mainly related to close-out promotions of COVID-related products, which increased revenue.

The Company has maintained its emphasis on driving profitable growth for longterm sustainability. This strategic focus resulted in significant growth in the Beauty and Personal Care category, which now accounts for 49.3% of total revenue, up from 45.2% in the previous year.

Home Care accounts for 39.3% of revenue, with Food & Refreshments making up 11.4%. This shift, as well as a reduction in freight costs, has boosted overall margins during the first quarter.

Cost management strategies and cash flow optimization initiatives have been successfully implemented, resulting in a 21.9% decrease in Selling and Distribution as well an Administrative Expenses, and a 21.5% reduction in Inventories.

Additionally, the cash balance increased by $9.4m, with a balance of at $167.3m. This approach has resulted in a significant improvement in operating profit of $9.4m, reflecting a 221% increase compared to the previous year.

The earnings per share for the first quarter were TT $0.23, representing a significant
increase from TT$0.09 during the same period in 2023.

The Company maintains a robust balance sheet with healthy cash reserves and remains committed to driving sustainable and profitable growth through its brands.

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Norman Chen CEO for tTech Limited has released the following shareholders report for Q1 – March 31, 2024.

Financial Performance:

In Q1 2024 tTech achieved Revenues of $117.9M and a Profit of $5.2M, which were in line with expectations. This is a 0.33% reduction in Revenues compared to the period in 2023 while Profit was less than prior year by 14.58%.

Strategic Initiatives:
During the first quarter of 2024, tTech Limited continued to vigorously pursue its strategic goals. Notable achievements include venturing into new markets, good uptake of our Security First product and amplifying customer engagement to reinforce our commitment and support for our stakeholders.

tTech’s security portfolio grow by an impressive 149% in Q1 2024, reflecting the culmination of efforts invested in previous quarters. This growth is a testament to the company’s commitment to transitioning into a security-first organization. By prioritizing our security portfolio and making strategic investments, tTech has laid a strong foundation for sustainable growth and value creation.

tTech continues to look for opportunities to improve operational efficiencies and improve existing products through the use of Artificial Intelligence (AI).

Outlook:
Looking ahead, tTech Limited remains cautiously optimistic. As we navigate the evolving business landscape, the company is committed to honouring the legacy of our founders while charting a course for sustainable growth and prosperity.

tTech remains committed to prioritizing the following four pillars, essential for sustaining and growing our business:
1. Enhanced Operational Efficiency
2. Strategic Growth Initiatives
3. Employee Support and Engagement
4. Financial Stability

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Cecil Foster Managing Director of FosRich Company Limited has released the following Management Discussion & Analysis And Summary Unaudited Consolidated Financial Statements for the Three Months Ended 31 March 2024.

Financial Highlights
• Revenues – $859.8 million compared to $1,083.8 million in the prior period.
• Gross profit – $389.5 million compared to $446.0 million in the prior period.
• Operating profit – $37.5 million, compared to $138.9 million in the or period.
• Earnings per stock unit – 1 cent compared to 2 cents in the prior period.

Income Statement

Income
The company generated income for the first quarter of $859.8 million compared to $1,083.8 million in the prior reporting period. The main revenue drivers continue to be the Electrical, PVC, Hardware and Transformer lines of business.

Gross profit for the first quarter of 2024 was $389.5 million compared to $446.0 million for
the prior reporting period.

Administration Expenses
Administration expenses for the year-to-date was $301.6 million, reflecting a 16% increased on the March 2023 quarter. The increased costs were fuelled primarily by increased staff related costs for salary adjustments, improvements in staff benefits, increased marketing costs, increased travelling and motor vehicle expenses and increased insurance costs due to increases both in policy renewal rates and exposure.

Finance Cost
Finance cost for the year-to-date was $8.3 million more than the corresponding period in 2023. This increase is tied to debt refinancing in a high interest rate environment and additional loan financing.

Operating Profit
The operating profit generated for the period was $37.4 million, compared to the $158.9 million reported for the prior reporting period resulting in an earnings per stock unit of $0.01 compared to $0.02 at March 2023

Balance Sheet

Inventories
The company continues to proactively manage inventory balances and the supply-chain, with a view to ensuring that inventory balances being carried are optimised, relative to the pace of sales, the time between the orders being made and when goods become available for sale, to avoid both overstocking and stockouts. Monitoring is both at the individual product level and by product categories.

Receivables
We continue to actively manage trade receivables with an emphasis being placed on balances in the over 180-day bucket. We have implemented strategies to collect these funds as well as to ensure that the other buckets are managed. We have re-evaluated all credit relationships. Where necessary, credit limits have been reduced and credit periods shortened. For some inventory items, we have instituted seven (7) day credit or cash. Sixty-seven (67%) of receivables are within the current to 60-day category, up from the sixty-two percent (62%) for December 2023.

Receivables also include advance payments made to foreign suppliers for the increasing levels of inventories required to support our sales strategy.

Trade Payables
Our trade payables are categorised by foreign purchases, local purchases and other goods and services.

While we have concentrated primarily on the foreign payables, as the bulk of our inventories are sourced from overseas. we continue to manage payables, for the most part, within the terms given by our suppliers.

Non-current Liabilities
Non-current liabilities have increased by $624.5 million with new financing in the current period being the catalyst for the change. This increase is caused primarily by net new finance obtained in the current period.

Liquidity
At balance sheet date the excess of current assets over current liabilities amounted to $2,871.3 million (31 December 2023 – $1,826.3 million), with an improvement in the ratio to 3.1:1, up from 2.1:1 at 31 December 2023. It is expected that FosRich will continue to be able to generate sufficient cash to meet obligations when they fall due.

Shareholders’ Equity
Shareholders’ equity now stands at $2,071.8 million, up by $30.2 million from $2,041.6 million on 31 December 2023. The net increase of $30 million arose primarily as a result of retained profits for the year amounting to $32.9 million.

On 31st March 2024 there were 5,359 shareholders, compared to the 5,373 at 31 December 2023.

Other Matters

New Activities
Construction of our new FosRich Superstore & Corporate Offices at 76 Molynes Road is advanced with completion date projected to be Q2, 2024.

Business Overview
FosRich is primarily a distributor of lighting, electrical and solar energy products. FosRich aims to differentiate itself from its competitors in the Jamaican marketplace by providing a quality and cost-effective service, and by collaborating with clients on technical solutions. FosRich partners with large global brands seeking local distribution such as Huawei, Philips Lighting, Victron Energy, Siemens, NEXANS and General Electric.

FosRich has a staff complement of over one hundred and seventy (170) persons across nine (9) locations in Kingston, Clarendon, Mandeville, and Montego Bay. FosRich also has a team of energy and electrical engineers who offer technical advice and install solar energy systems, solar water heaters and electrical panel boards.

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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.

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