The Following is an extract from Scotia Group Jamaica Limited (SGJ) Quarterly Financial Statements Q2/2025 and Declaration of Second Interim Dividend Payment

Scotia Group reports net income of $9.2 billion for the six months ended April 30, 2025, representing an increase of $665.6 million or 7.8% over the prior year. Net income for the quarter of $5 billion reflected an increase of $797.9 million or 19% over the previous quarter. The Group’s asset base grew by $87 billion or 12.9% to $763.5 billion as at April 2025 and was underpinned by the excellent performance of our loan and investment portfolios.

In furtherance of our objective to continue to return value to our shareholders, the Board of Directors has approved a dividend of 45 cents per stock unit in respect of the second quarter, which is payable on July 17, 2025, to stockholders on record as at June 25, 2025.

Commenting on the Group’s performance, Scotia Group’s President and CEO, Audrey Tugwell Henry said “I am very pleased with our Q2 performance.

Our business continues to grow as we prioritize our clients’ needs, offering them the best financial services and solutions in the market. We are also very proud that our performance has been recognized by renowned international financial publications. Scotiabank Jamaica has been named Bank of the Year 2025 by the prestigious publication, The Banker Magazine, as well as the Best International Private Bank 2025 by Euromoney, and The Best Bank in Jamaica by Global Finance Magazine. These accolades are a testament to the effectiveness of our strategy and the excellence of our people. We are buoyed by these awards and motivated to continue to strive toward our ultimate goal of being our clients’ most trusted financial partner.

Business Performance

All business lines continue to perform well and made significant contributions to the Group. Our retail banking business boasts some of the best solutions in the market and our clients are increasingly choosing Scotia Group for their financing needs. Our flexible retail loans and mortgages offer among the lowest interest rates in the market. Our Scotia Plan loan portfolio grew 14% over the previous year and our mortgage portfolio grew by 24% over the same period.

The Corporate and Commercial Banking unit continues to provide significant support to the business sector. While the uncertainties of the geo-political environment remain a concern, Scotiabank is uniquely positioned to help our clients by leveraging insights from our global bank to support them in navigating the challenges in the market. In Q2, our commercial loan book grew by 7 % over the previous year.

Scotia Investments Jamaica Limited delivered another commendable performance with Assets Under Management increasing by 12% year over year. In March, SIJL’s corporate solutions unit was the lead arranger for a $950 Million bond raise for Fontana Pharmacy. The coordinated collaboration between our corporate banking and corporate solutions business units continue to yield strong results for the Group.

Scotia Jamaica Life Insurance Company (SJLIC) reported an increase in net insurance business revenue of 76% over the previous year driven by the performance of the portfolio. Scotia General Insurance Agency (SGIA) also made strong contributions to the quarter’s results with Gross Written Premiums increasing by 64% and policy sales increasing by 55% year over year.

GROUP FINANCIAL PERFORMANCE

TOTAL REVENUES

Total revenues excluding expected credit losses for the six months ended April 30, 2025, grew by $2.9 billion to $33.4 billion, reflecting an increase of 9.5% over the prior year period. This was primarily driven by the strong growth in our loan portfolio which led to an increase in net interest income of $1.9 billion or 8.5% as well as an increase in other revenue of 13.1%. OTHER REVENUE Other income, defined as all revenue other than interest income, increased by $1.2 billion or 13.1%.

• Net fee and commission income for the period amounted to $3.9 billion, reflecting an increase of $501.1 million or 14.6%. This growth was fueled by higher volumes of client transactions and activities.

• Net insurance revenue increased by $797.4 million or 75.6%, driven by higher contractual service margin releases coupled with lower insurance expenses in keeping with the performance of the portfolio, as well as an increase in transaction volumes stemming from further deepening of our client relationships.

• Net gains on financial assets amounted to $288 million, reflecting a year over year increase of $85.5 million or 42.2%, given improved market performance.

OPERATING EXPENSES

Operating expenses totaled $18 billion as at April 2025 and reflected an increase of $2.6 billion or 16.6% when compared to the prior period. Of note, annual asset taxes recorded during the period totaled $1.7 billion, an increase over 2024 of $140.1 million or 9%. Excluding the reduction in the net pension credit on our defined benefit plans, operating expenses increased by $2 billion or 12.3% year over year.

Additionally, higher billings associated with cash transportation services and deposit processing as well as our investments in technology also contributed to the increase noted in other operating expenses. The Group continues to expand on our digital capabilities geared towards simplifying and streamlining our processes to make it easier for our clients to do business with us.

CAPITAL

Shareholders’ equity available to common shareholders totaled $155.9 billion and reflected an increase of $29.1 billion or 22.9% when compared to April 2024. This was due primarily to the re-measurement of the defined benefit pension plan assets, higher fair value gains on the investment portfolio and higher internally generated profits partially offset by dividends paid.

We continue to exceed regulatory capital requirements in all our business lines, and our strong capital position also enables us to manage increased capital adequacy requirements in the future and take advantage of growth opportunities.

For More Information CLICK HERE

Effective communication with investors is not merely a compliance exercise; it’s a strategic imperative that influences a company’s market valuation and access to capital.

Key benefits include:

Enhanced Market Valuation: Transparent and consistent communication reduces information asymmetry, leading to improved investor confidence and potentially higher stock valuations.

Improved Liquidity: Engaged investors are more likely to trade shares, increasing liquidity and reducing volatility.

Broader Investor Base: Proactive communication attracts a diverse range of investors, including retail investors who can provide stability and advocacy for the company.

Resilience During Crises: Companies that maintain open lines of communication are better positioned to navigate challenges and retain investor trust during turbulent times.

Global Trends in Investor Relations
Internationally, companies are adopting innovative strategies to engage with investors:

1. Digital Engagement Platforms
Companies are leveraging digital tools to provide real-time updates and interactive content:
Investor Portals: Secure platforms offering access to financial reports, updates, and company news.
Webinars and Virtual Events: Facilitating direct interaction between management and investors.
Social Media: Utilizing platforms like LinkedIn, Twitter, and YouTube to disseminate information and engage with a broader audience.

2. Personalized Communication
Tailoring messages to specific investor segments enhances relevance and engagement:

Segmented Reporting: Providing information tailored to the interests of different investor groups.
Interactive Content: Using videos, infographics, and interactive reports to make complex information more accessible.

3. Emphasis on ESG Reporting
Environmental, Social, and Governance (ESG) factors are increasingly influencing investment decisions:

Transparent ESG Disclosures: Providing comprehensive reports on ESG initiatives and performance.

Integrated Reporting: Combining financial and non-financial information to present a holistic view of the company’s performance and strategy.

Recommendations for  Caribbean Listed Companies
To bridge the communication gap and unlock shareholder value, Caribbean listed companies should consider the following strategies:

Establish Robust Investor Relations Programs: Develop dedicated IR teams or functions responsible for managing investor communications and relationships.

Leverage Digital Channels: Utilize websites, social media, and email newsletters to provide timely and accessible information to investors.

Host Regular Investor Events: Organize webinars, virtual town halls, and Q&A sessions to engage directly with investors and address their concerns.

Enhance Transparency and Disclosure: Provide clear, comprehensive, and timely information on financial performance, strategic initiatives, and ESG efforts.

Solicit and Act on Investor Feedback: Implement mechanisms to gather investor input and demonstrate responsiveness to their concerns and suggestions.

Adopt Integrated Reporting Practices: Combine financial and non-financial reporting to present a cohesive narrative of the company’s value creation strategy.

By embracing these practices, Caribbean listed companies can foster stronger relationships with investors, enhance market perceptions, and potentially realize higher valuations that reflect their true intrinsic value.

Albert Bailey Chief Executive Officer Has Released The Following Report On The Financial Performance Of Spur Tree Spices Jamaica Limited For The First Quarter Ended March 31, 2025, Including The Presentation Of Unaudited Financial Statements Prepared In Accordance With International Financial Reporting Standards

The Company’s overall results for the first quarter were shaped by several ongoing challenges in the agro-processing sector. These challenges disproportionately impacted the subsidiaries. However, amidst these challenges, there were many positive indicators, including continued double-digit revenue growth in the traditional seasonings and sauces segment of the business. While profit performance for the quarter declined compared to the corresponding period for 2024, the company remains on track for a successful year. In the coming months, all indicators point to the normalisation of key raw material supply, including ackee. These factors, combined with expected growth from new product segments and continued expansion of traditional product categories, put the company on a firm path to continued success.

Consolidated revenue for the first quarter totalled J$336.39 million, compared to J$394.49 million in the corresponding period 2024, representing a 17.3% decline. This was primarily due to continued constraints in the supply of ackee, a key raw material for the Company’s subsidiaries. Despite this challenge, the Company recorded notable growth in several categories, including seasonings, sauces, and dried products, supported by expanded distribution in local and export markets, strong consumer demand, and the successful launch of new product lines.

Cost of Sales for the period amounted to J$245.86 million, or 73.09% of revenue, compared to J$287.62 million (72.91%) in Q1 2024. The slight increase in the cost-to-revenue ratio reflects the shift in product mix, as the Company adjusted production output to include a higher proportion of lower-margin items in response to the limited availability of ackee. Though not ideal, these measures enabled the business to sustain production and meet customer demand amidst raw material constraints.

Gross Profit for the quarter was J$90.53 million, down from J$106.86 million in the corresponding period of the previous year, a 15.3% decline. This was driven by the revenue reduction and a greater contribution from lower-margin substitute products produced during the ackee shortfall.

Nonetheless, the Company remains optimistic about the recovery of gross margins in the coming quarters. Continued rollout of new and value-added products across core and subsidiary operations is expected to improve the overall margin profile. In addition, the gradual recovery of ackee supply, enabled by targeted investments in farming and expanded sourcing, is expected to restore availability and strengthen the Company’s higher-margin revenue base. Together with ongoing cost-efficiency measures, these strategic actions are anticipated to drive improved profitability as the year progresses.

Administrative Expenses for the quarter amounted to J$69.62 million, representing a 2.5% reduction compared to J$71.38 million in Q1 2024. This reflects the Company’s disciplined approach to cost management and operational efficiency while ensuring that critical support functions remain in place to advance strategic objectives.

Finance Costs rose to J$12.05 million, compared to J$9.54 million in the same period last year, an increase of 26.3%. This was primarily due to interest on an additional J$55 million loan secured to support Spur Tree’s farming operations. This investment is key to the Company’s broader strategy to stabilise raw material supply and ensure production continuity.

Net Profit attributable to the Company totalled J$12.00 million, down from J$28.18 million in Q1 2024, representing a 57.3% decline. The result was mainly impacted by the continued raw material shortages affecting subsidiary operations, which offset gains achieved through product expansion and cost containment elsewhere in the Company.

At the end of the reporting period, Cash and Cash Equivalents stood at $131.7 million, reflecting a 26% increase over the $104.4 million reported for the corresponding period in 2024. Total Assets increased to $1.68 billion, up from $1.56 billion, representing an 8% yearover-year improvement. Shareholders’ Equity also strengthened, rising by 9% to $1.03 billion compared to $948 million in the prior year.

Although the consolidated performance fell below expectations for the quarter, the Company remains confident in its long-term strategy. Investments in farming, supply chain resilience, and innovation are expected to yield increasing benefits in the quarters ahead, supporting recovery and future growth.

Outlook

The outlook for 2025 remains positive despite the temporary headwinds experienced in the first quarter. The Company continues to demonstrate resilience and growth in its core operations, with strong performance across established and new product categories, supported by increased market penetration locally and internationally.

The Company expects continued growth in the traditional product segments, supported by the rollout of new products, increased domestic sales through expanded retail penetration and stronger trade execution, and the scaling of its Amazon and e-commerce presence through optimised listings, targeted advertising, and improved fulfilment efficiency.

The Company’s subsidiaries are actively pursuing product diversification strategies to safeguard the ackee supply, which we expect to normalise in the coming months. The Company is also broadening its portfolio to include other complementary items. This will lead to a return to an overall profit position by the end of the year.

Investment in direct farming continues to be a cornerstone of the Company’s strategy. It enhances the availability of raw materials and strengthens supply chain resilience. These efforts are expected to increase value throughout the year, supporting operational stability and margin recovery.

With these initiatives firmly in motion, the Company is well-positioned to build momentum over the coming quarters. Management remains focused on delivering sustainable growth and creating long-term value for all stakeholders.

For More Information CLICK HERE

Khary Robinson Executive Chairman, Mailpac Group Limited has released the following Unaudited Financial Statements for the First Quarter Ended March 31, 2025

Throughout the quarter, Mailpac focused on improving service delivery, and increasing customer conversions.

Despite an increasingly competitive marketplace and external factors threatening efficiencies, our financial performance reflected the impact of our continued focus on long-term growth and sustainability, delivering superb results for the period.

Financial Performance: The Company delivered a strong performance for the first quarter of the financial year, with total revenues of $716.4 million, representing a 94% increase over the J$368.5 million reported for the corresponding period in 2024. This growth was primarily driven by the integration of My Cart Express in reporting. Gross profit for the quarter amounted to $388.7 million, compared to $197.9 million for the same period last year, reflecting improved margins and operational efficiencies. This improvement is attributed to increased operational efficiencies and negotiated cost reductions achieved through economies of scale. The Company recorded net profit of $69.7 million of Q1 2025, an increase from $50.1 million in Q1 2024, representing a 39% year-over-year increase. Strategic Developments and

Financial Position: During the quarter, Mailpac continued to make significant capital investment in technology infrastructure and logistics to support long-term scalability and development of service offerings, Additionally, we continue to benefit from the tax remission under the Jamaica Stock Exchange Junior Market rules, now at 50%, following the completion of the initial 5-year full remission period in December 2024.

As at March 31, 2025, Mailpac Group Limited reported total assets of $2.3 billion, up from $626.3 million as at March 31, 2024. The increase is largely attributed to the rise in intangible assets following the acquisition and increased right-of-use assets.

Shareholders’ equity grew to $806.2 million, compared to $537.9 million in the prior year. Outlook: The Company remains focused on growth through innovation, strategic partnerships, and enhanced customer experiences. With an increasingly digital consumer landscape and our expanding footprint, we are confident in delivering continued value to shareholders and stakeholders alike. The Board of Directors and management team would like to express our appreciation to our shareholders, customers, employees and partners for their continued support. We remain committed to delivering value for all out stakeholders and thank you for your unwavering trust in Mailpac.

For More Information CLICK HERE

Kevin G. Richards Chief Executive Officer Of Kingston Properties Limited (KPREIT) Has Released The Following Unaudited Financial Statements For The First Quarter Ended March 31, 2025

The Group delivered a robust performance for the first quarter of the year with solid growth in core operating revenues and net income. This positive performance reflects the strategic expansion of our investment property portfolio and effective property management, which have both contributed to higher rental rates and increased property values. We expanded our footprint in the United Kingdom (UK) market while constantly evaluating the existing portfolio for optimization opportunities. We have deployed cash resources into high yielding investment assets which is now driving improved operating results and we have officially commenced construction of our first greenfield warehouse project at Rosseau Road. Additionally, the Group’s successful efforts to re-let vacant spaces resulted in a 92% occupancy rate during the reporting period, being an 11% improvement on occupancy at the start of the year. We continue to benefit from a resilient tenant base which operates across a variety of industries including financial, warehousing and logistics, manufacturing, and government services.

INCOME STATEMENT

Group rental income was $1.38 million for the three months ending March 31, 2025, which represents a 24% increase over the same prior year period. The addition of 2530 Aztec West Business Park in the UK and Duke Street buildings in Jamaica, along with improved rental rates on some properties across the portfolio, are the primary factors impacting the year over year growth in rental income. Group operating expenses for 1Q2025, which includes administrative and property management expenses, increased to $583,539 compared to $389,089 in 2024. This increase is attributable to higher staff costs, increased professional fees associated with the expansion of the UK portfolio, as well as broker fees and the legal cost of letting vacant spaces in Jamaica and Cayman Islands.

Results of operating activities before other income of $799,769 for 1Q2025, reflects an 11% improvement over the $722,901 during the same prior year quarter. Additionally, having reclassified an asset for disposal, we recognised a fair value gain of $371,908 during the period, resulting in Group operating profits of $1.3 million for 1Q2025, which is slightly ahead of the same prior year period.

Net Finance Cost (NFC) amounted to $392,597 compared to $332,551 in 1Q2024 due to the growth in our debt portfolio, which funded the increase in assets under management. The Group continues to secure financing on favourable terms to take advantage of prime investment opportunities which improves our operating performance.

After adjusting for a reduction in deferred taxes liabilities, Profit after tax in 1Q2025 amounted to $1,001,437 million versus $946,357 for the first quarter of 2024, representing an increase of 6% YoY.

Funds from operations (FFO) for the first three months of the year moved to $519,851 compared to $336,081 for the same period in 2024, yielding growth in a key liquidity performance indicator, of approximately 55% YOY.

GROUP BALANCE SHEET

Following the 2H2024 acquisitions of the Duke Street properties and 2530 Aztec West along with improvements in the fair value of our assets at the end of FY2024, the Group acquired a second office building in Dorking Business Park, UK on March 31, 2025. Consequently, the value of investment assets grew by 26% YoY to $85.63 million versus the $67.99 million as of the corresponding date in 2024. Additionally, total assets under management grew by 24% to $88.38 million compared to $71.55 million last year. Cash holdings declined from $2.45 million in prior year to $1.35 million resulting from the deployment of cash into; the acquisition of income generating properties; upgrading existing assets and; mobilizing a greenfield development. During the first quarter of 2025, the Group commenced construction of the Rousseau Road warehouse complex, while we reclassified another property to asset held for sale, as the Group continues to optimise the portfolio for maximum returns and to access growth opportunities.

Total loans payable at the end of the reporting period amounted to $34.24 million, in comparison to $21.90 million in 2024. The increased loan balance, which is primarily collateralized bank financing, was deployed for the expansion of our operating asset base and property improvements. Our current loan portfolio is denominated both in United States and Jamaica dollars from our financial partners in Jamaica and the Cayman Islands. Despite the increase in total loans payable, the Group is relatively underleveraged, with total loans payable being 39% of total assets and debt to equity of 65%. We continue to maintain conservative debt ratios as part of our risk management strategy with options to refinance our debts when the market becomes more favourable.

Total Equity increased by 8% year on year, moving from $$48.82 million in 2024 to $52.81 million in 2025. The increase in equity was driven by improvements in our property values at the end of financial year 2024 and higher net profits generated in first quarter of 2025, resulting in a book value per share of US$0.0597 (J$9.46) compared to US$0.0552 (J$8.54) in 2024.

SUMMARY AND OUTLOOK

Our strategy to seek out risk-adjusted, value-add assets continues to bear fruit as demonstrated by our compounded annual growth rate of net profits and book value per share over the last six years of 6.1% and 7.3%, respectively. Our acquisition of Building 4, Dorking Business Park at the end of the quarter will continue to boost the Group’s performance this year with increased rental revenue and the potential benefit of currency diversification. Geographic flexibility will remain a core focus of our strategy, and we will actively explore commercial property opportunities in locations that satisfy our core strategic imperatives of stable democracies, strong property law rules, freely convertible currencies and competitive yields. Although the US Fed, at its last meeting, held interest rates steady, the Bank of England reduced interest rates, and we believe this is a positive sign for UK real estate.

Our first solo greenfield project in Jamaica located on Rousseau Road in Kingston, continues in earnest and we expect the 14 mini-warehouse units to be ready for leasing in January 2026. We will also continue our strategy of monetizing mature assets in our portfolio and deploying the proceeds from those transactions into acquiring larger, higher-yielding assets with diverse tenant bases to strengthen the Group’s resilience and grow core earnings.

In tandem with our operational initiatives, we remain deeply committed to community engagement and sustainability. More of our properties are being equipped with energy-efficient and waste-reduction systems as we work toward achieving fully green operations across our portfolio.

For More Information CLICK HERE