Khary Robinson Executive Chairman Mailpac Group Limited has released the following Directors’ Report To Shareholders for the quarter ended March 31, 2024.

Introduction

Mailpac Group Limited (“Mailpac” or the “Company”) presents its unaudited financial statements for the quarter ended March 31, 2024.

Throughout the quarter, Mailpac focused on closing on the acquisition of MyCart, a significant step in entrenching the business as the leader in e-commerce fulfillment in Jamaica. Not only will the transaction significantly expand market share and improve service delivery, but the brands in the group are now better positioned to meet the goals and needs of their respective target markets. Additionally, despite increased competition and external factors impacting efficiencies, our financial performance for the reviewed period was commendable.

Financial Performance:

In Q1 2024, Mailpac’s revenue came in at $368.5 million, down by 7.8% from the previous year mainly because of the reduction in Mailpac Local and commissions from the marketplace platform at Aeropost.

Despite the reduction, Gross profit for Q1 was $197.9 million, up by 3.6% compared to the previous year.

Operating expenses in Q1 totaled $130.8 million, a 13.6% increase year-over-year, mainly due to strategic investments in business growth and data protection remediation efforts.

Net profit for Q1 decreased by 16.7% to $50.1 million.

We anticipate profitability improvements in 2024 through customer base expansion and overhead cost reductions due to strategic enhancements and shared key operations between Mailpac and MyCart Express.

Financial Position:

At the end of Q1 2024, Mailpac’s Total Assets were valued at $626.3 million, with a cash position of $156.2 million.

Shareholder’s Equity stood at $537.9 million.

Outlook:

With the completion of the acquisition of MyCart Express at the end of March 2024, we are optimistic about the expected synergistic benefits, enhanced revenue streams, operational efficiencies and increased shareholder value from Q2 onwards.

We are confident that the decision to bring both brands under the same umbrella will position Mailpac for continued growth, industry leadership and success in e-commerce.

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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.

For more information CLICK HERE