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Barita Looking To A Future Built On A New Digital Platform As It Seeks To Be Resolute In Making Barita More Accessible, Convenient And Customer Focused.

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Mark Myers Chairman Barita Investments Limited (“Barita” or “the Group”) has released the following Group unaudited financial statements for the nine months of the financial year 2022.

The results reflect the investments being made in building the capabilities necessary to execute our strategic growth initiatives.

Strategic Highlights
We continued to remain focused on strategy execution for this transformative year, with highlights for the quarter including:

• Continuing to advance our digital agenda, completing the implementation of phase one of our customer relationship management solution and remaining well on schedule with the transformation of our core operating system that we spoke about in our 2020 and 2021 APO prospectuses. We also made significant improvements to our Barita Online platform, allowing our customers to request loans, and buy and redeem unit trust shares and equites at any time.

• Revamping and relaunching our Real Estate Unit Trust product to make it more accessible through a reduction in unit price and minimum investment (through a 10 to I split), as well as shorter lock-up periods. We subsequently allowed our clients access to the assets in our managed special purpose vehicle, MJR Real Estate Holdings (MJR), through this fund.

• Establishing our Premium Wealth and Corporate Solutions unit, which is working with our Investment Banking, Treasury and Asset Management teams to develop offerings for our institutional and high net worth clients.

• Maintaining the strategic priority of talent development and recruitment. We are especially pleased that our five young high potential analysts have successfully completed their first rotation through various business units within Barita and our affiliated companies in our two-year Cornerstone Analyst Program, which was launched in January 2022.

• Continuing the journey towards reorganization under a financial holding company, as required by the Banking Services Act under which our affiliated merchant bank operates.

• Continuing, through the Barita Foundation, to partner with government agencies, NGOs and with the Barita team to plan, sponsor and execute our corporate social outreach agenda aimed largely at young people in their education and entrepreneurial endeavours.

As we look to the future, we are resolute in making Barita more accessible, convenient and customer focused. We believe that digital platforms will help us achieve that end. We are in the first phase of that journey, and we will accelerate our build-out as we increase our capabilities in this regard.

As we navigated the uncertain environment, Barita continued to prioritize its liquidity and capital management, and remained focused on executing on its key strategic initiatives including flagship investments and a technology overhaul of the company.

Operating Performance

Against the backdrop of an increasingly uncertain operating environment, Net Profit for the nine-months period came in at $3.8 billion, a 4% increase relative to the FY21 outturn of $3.7 billion. The profit outturn translates to earnings per share of $3.18, which is 6% lower than the comparable period in FY 2021.

Barita registered net operating revenue of $7.2 billion for the nine months of FY 2022, representing a $535 million (8%) increase versus the prior year period.

The Group’s revenue base for 9M FY 2022 was comprised of:

Net Interest Income:

Net Interest Income (NII) reflected a $287 million (39%) increase year-over-year (“YoY”).

Net Interest Income (NII) reflected a $235 million (20%) increase year-over-year (“YoY”) to $1.4 billion for the year-to-date (YTD) period.

During the April – June quarter in particular, local market liquidity conditions were tight as a consequence of the Central Bank’s policy actions, which in turn led to higher interest rates on funding liabilities across the securities sector.

However, our continued focus on growing the Group’s alternative investments, credit and fixed income portfolios provided a bulwark for NII, even as the repo funding rates rose.

Our net interest income is fundamentally linked to both local and global monetary policy measures that Central Banks are using to target the persistent levels of inflation. In that regard, we cannot be sure whether inflation is likely to abate soon, thus providing a basis for Central Banks to unwind their restrictive policy actions. As a result, NII is likely to remain a challenging item to grow in the ensuing quarters. Notwithstanding, we will continue to focus our attention on the pursuit of alternative investment strategies aimed at continuing to grow and diversify our investment portfolio.

Non-Net Interest Income:

Non-interest income reflected a modest year-over-year increase of 5% or $300 million, to $5.8 billion relative to $5.5 billion in the comparable period in FY 2021 (“9M FY 2021”). The increase in non-interest income was principally driven by a 163% increase in gain on investment activities and dividend income.

The details of our non-interest income are as follows:

Gain on Investment Activities:
The $1.6 billion increase in this line item was driven primarily by a combination of gains on our traditional proprietary trading portfolio, and those associated with exposure to alternative investments, specifically real estate and private equity through equity call options. This line item has displayed significant resilience against the backdrop of persistent inflation and the concomitant central bank policy actions that continue to challenge returns on traditional marketable securities. Therefore, our trading strategy with respect to our traditional proprietary trading portfolio continues to emphasize maintaining ample amounts of liquidity so that we can be positioned to take advantage of significant mispricing of securities. The addition of alternative investment exposures to our portfolio during preceding quarters has served us well as they provided revenue diversification against the negative effects of the year-to-date declines that have generally been seen in the prices of traditional asset classes.

Fees & Commission Income:
Fees and commission income declined by 7% to $2.5 billion relative to the corresponding FY 2021 result of $2.7 billion. This line item is comprised substantially of fees generated from our asset management and investment banking business lines. Revenues in this category declined primarily due to lower performance-based management fees in the asset management business. The outturn for the comparative period last year benefitted materially from the robust recovery of certain asset classes following the disruptions caused by the COVID-19 pandemic. Notwithstanding, the Group will continue its efforts to grow assets under management and capital markets activity through consistent deepening of our capabilities as well as building liquidity to fund investment banking deals.

Foreign Exchange (“FX”) Trading and Translation Gains:
The Group registered foreign exchange trading and translation gains of $602 million in the period, which is a $1.1 billion reduction or 66% relative to the corresponding period in FY 2021. The decrease was attributable to the effects of continued volatility experienced in the local foreign exchange market during the period.

Operating Expenses:

Non-interest Expenses for the nine-months of FY 2022 rose by 11% to $2.7 billion versus $2.4 billion for the corresponding FY 2021 period. The YOY rise in expenses is driven by increases in staff costs (by $233 million or 25%) and administrative expenses (by $79 million or 6%), while the Group’s expected credit losses (“ECL”) decreased to $93 million relative to $138 million compared to the same 2021 period, due largely to changes in the company’s overall portfolio mix coupled with the adjustment of assumptions underpinning the ECL calculations.

The increase in operating expenses reflects investment in the capabilities required to execute on the strategic growth initiatives that we have communicated. Furthermore, despite the rise in operating expenses, the Group’s efficiency ratio remained fairly steady at 37% versus 36% for the corresponding FY 2021 period.

Our year-to-date performance was achieved in the continued context of the inflation inducing impacts of supply-chain and labour market dynamics, which were exacerbated by the Ukraine/Russia conflict; and the corresponding price disrupting and margin tightening effects of global interest rate policy responses.

Balance Sheet Highlights

As at June 2022 the company had a combined increase of $18.1 billion in funding from repurchase agreements and secured investment notes relative to June 2021.

This, along with the net $7.1 billion increase in shareholder’s equity, largely funded the $25.7 billion growth in Barita’s asset base. Some of the key line items on the balance sheet are discussed in brief below:

Assets

Total Assets:
Barita’s total assets stood at $110.0 billion as at June 2022, representing a $25.8 billion or 31% increase over June 2021. This increase is largely the result of a $14.8 billion growth in marketable securities and $10.0 billion in loan receivables.

Pledged Assets and Marketable Securities:
Pledged Assets and Marketable Securities, combined, grew by $18.5 billion or 30% to $80.0 billion to account for 73% of the Company’s balance sheet as at June 2022. These lines represent substantively the Company’s investment portfolio, which is largely comprised of credit assets to include, local, regional & international government and corporate bonds.

Loans Receivables:
Barita’s exposures to loan receivables increased by $10.0 billion or 347% to $12.9 billion. Barita’s exposure to loans is largely comprised of secured credit facilities, including margin loans, which are extended to our clients.

Liabilities:

Total Liabilities: To fund the increase in total assets, we grew our total liabilities YOY by 35% or $18.6 billion to $72.6 billion.

Repurchase Agreements: The Company’s funding from Repurchase Agreements rose by $8.4 billion or 18% to $54.6 billion as of June 2022 which was 75% of the Company’s liabilities. Secured investment notes rose by $9.3 billion or 196% to $14.1 billion, which represented 19% of the company’s total liabilities.

Shareholders’ Equity:
The equity base of the Group grew significantly YOY, rising by 31% or $8.8 billion to close the period at $37.5 billion.

The outturn in shareholders’ equity was largely a result of the following:
• The Company’s September 2021 APO, which increased share capital by $10.8 billion (partly offset by treasury share transactions);
• An increase in retained earnings, net of dividends declared during the period; and a $2.3 billion reduction in fair value reserve.

The extent of negative fair value reserves was a function of the market volatility during the quarter, which drove fair value changes in key fixed income assets. Due to the asset diversification strategy being pursued by us, the reduction in fair value reserves was relatively moderate, at 6% of our capital base.

Capitalization, Stress Testing & Resilience to Current Headwinds

Barita continues to maintain robust capital and liquidity positions, both of which have demonstrated significant strength and resilience to withstand adverse market conditions. This is even more relevant in the current rising interest rate environment, which continues to place downward pressure on duration sensitive fixed income asset prices.

Capital management is integral to our risk management and, as such, we frequently subject our capital metrics to robust stress testing as we deploy our strategy and plan for the future. We remained well above regulatory requirements, with a capital to risk weighted asset ratio of 44%, more than 4 times the 10% requirement; and remained well above these requirements under our internal stress tests. This, combined with our underweight exposure to high beta securities, makes us significantly resilient to market downturns and has positioned us well to execute on key strategies, while allowing us to take opportunities that may arise.

Closing Remarks
In our 2020 and 2021 prospectuses we outlined our intended use of funds. Thus far:

• More than $3 billion has been directed to support various investment banking type transactions, which also straddle other areas of the business such as alternatives and structured finance

• The overhaul of the real estate Fund and the seeding of MJR accounts for approximately $10 billion

• Our private credit outlay has been approximately $5 billion

• The technology upgrade, to which we have committed approximately $850 million, is on-course

Barita continues to prospect for opportunities to expand its local and regional footprint.

Furthermore, we continue to focus on generating significant returns, particularly for our minority shareholders, who have seen a more than 1,175% increase in the value of their shareholding between September 2018 and June 2022. Meanwhile, the governance that serves to safeguard the interest of all our shareholders and other stakeholders, has also been deliberately strengthened, culminating in our Corporate Governance Index score increasing from “CC” to “A” during the same period.

We are confident that the strategic initiatives that we are pursuing will continue to redound to the benefit of all our shareholders, and more broadly all our stakeholders. I’d like to take this opportunity to also thank our various stakeholders for their continued support and, indeed their contribution to our success.

The confidence demonstrated by the investing public through our multiple capital raising activities, and the confidence demonstrated by our clients; complemented by the outstanding output of our talented and dedicated staff have been key tenets of our success. Our commitment to you is to continue working tirelessly to maintain your confidence as we revolutionize your relationship with money and deliver differential value to you, our shareholders and clients.

More Information CLICK HERE

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GraceKennedy Announces Leadership Changes – Don Wehby Retires; New CEO Announced

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January 14, 2025

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GraceKennedy Limited has announced key leadership changes, effective February 14, 2025, coinciding with the company’s 103rd anniversary.

After a distinguished tenure, the Honourable Don Wehby, CD, OJ will retire as Group CEO on February 14, 2025, and step down from the Board of Directors. Mr. Wehby joined GraceKennedy in 1995 and was appointed Group CEO in 2011. During his tenure, the company more than doubled in size with revenue moving from J$58 billion in 2011, to J$155 billion in 2023.

Expansion through mergers and acquisitions has been a hallmark of Wehby’s leadership, enabling the company to grow regionally and globally. Under his guidance, it has become one of the largest and most dynamic entities in the Caribbean, with operations spanning the Caribbean, North and Central America, the United Kingdom, and Europe. “I am proud of the progress we have made during my tenure, and I am confident that the new leadership team will take GraceKennedy to even greater heights,” said Wehby. “I want to thank the Board, my colleagues, and our customers for their support over the years,” he added.

Frank James, current CEO of the company’s Domestic Foods Division and former Group CFO, will assume the position of Group CEO on February 14th, 2025, and be appointed to the Board on the same date. Mr. James joined GraceKennedy in 2005 as Vice President of Strategic Planning and Corporate Development. James quickly moved through the ranks, occupying senior roles in both the Food and Financial Services Divisions, before he was appointed Group CFO in 2012. He was also appointed to the Board of Directors that same year. In April 2019, James was appointed Chief Executive Officer, GK Foods Domestic, the largest division in the group of companies, where he has championed growth and efficiency. Under his leadership, revenues for GK Foods Domestic grew by more than sixty percent up to 2023 and continues on that growth path, with even greater growth in profitability over the period.

“I am honoured to take on the role of Group CEO and lead the GraceKennedy team,” said Mr James. “We will continue to focus on delivering value to our customers, shareholders, and the communities we serve,” he added.

Professor Gordon Shirley, Chairman of GraceKennedy Limited, commented, “Don Wehby is an exceptional leader who sees opportunities in challenges and leads by example. We are grateful for his innovative spirit, impeccable work ethic and dedication to ensuring that the company continues to make a difference in the communities we serve. Don’s leadership and vision has been instrumental in shaping the company into what it is today.”

He added, “We welcome Frank to his new role as Group CEO and I have every confidence that his strong leadership will ensure continued growth and innovation across the business. The best is yet to come for GraceKennedy.”

Professor Shirley also expressed his gratitude to Andrew Messado, GraceKennedy Group CFO, for his exemplary leadership during the transition period, following Don Wehby’s temporary leave of absence as Group CEO, in late 2024. The GraceKennedy Chairman noted, “Mr. Messado’s steady hand ensured the company’s continued momentum, and his contributions during this period are gratefully acknowledged.”

These leadership changes are in keeping with the company’s succession plan and are designed to ensure continuity and drive future growth, in line with its 2030 Vision of becoming the Caribbean’s #1 brand with Jamaican roots and a global reach.

GraceKennedy Limited has named Frank James as its new Chief Executive Officer (CEO) as it announced the retirement of Don Wehby from the post.

In October last year, Wehby announced he was taking temporary leave from his role to focus on his health.

In a media release on Tuesday, GraceKennedy said Wehby will retire as Group CEO on February 14 and step down from the board of directors.

Wehby joined GraceKennedy in 1995 and was appointed Group CEO in 2011. During his tenure, the company more than doubled in size with revenue moving from $58 billion in 2011 to $155 billion in 2023.

Professor Gordon Shirley, Chairman of GraceKennedy Limited, commented, “Don Wehby is an exceptional leader who sees opportunities in challenges and leads by example. We are grateful for his innovative spirit, impeccable work ethic and dedication to ensuring that the company continues to make a difference in the communities we serve. Don’s leadership and vision has been instrumental in shaping the company into what it is today.”

James, who is the current CEO of the company’s Domestic Foods Division and former Group Chief Financial Officer, will assume the position of Group CEO on February 14 and be appointed to the board on the same date.

James joined GraceKennedy in 2005 as Vice President of Strategic Planning and Corporate Development. He quickly moved through the ranks, occupying senior roles in both the Food and Financial Services Divisions, before he was appointed Group CFO in 2012. He was also appointed to the board of directors that same year.

In April 2019, James was appointed Chief Executive Officer, GK Foods Domestic, the largest division in the group of companies, where he has championed growth and efficiency. Under his leadership, revenues for GK Foods Domestic grew by more than 60 per cent up to 2023.

In commenting on his new role, James. said, “We will continue to focus on delivering value to our customers, shareholders, and the communities we serve.”

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Who Is Frank James New Chief Executive Officer (CEO) Of GraceKennedy Limited?

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January 14, 2025

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Frank James has been appointed as the new Chief Executive Officer (CEO) of GraceKennedy Limited, effective February 14, 2025, succeeding Don Wehby, who is retiring after a distinguished tenure.

Professional Journey at GraceKennedy

James joined GraceKennedy in August 2005 as Vice President of Strategic Planning and Corporate Development for the Information Services Division.
In December 2006, he became Principal of GK Investments, now known as GraceKennedy Financial Group.

His career progression included a secondment to GK General Insurance Company in April 2010 and a subsequent role in the Corporate Finance and Accounting Department in November 2010.

In 2012, James was appointed Group Chief Financial Officer (CFO) and joined the Board of Directors.

In April 2019, he became CEO of GK Foods Domestic, the company’s largest division, where he led significant growth, with revenues increasing by more than 60% up to 2023.

Educational Background and Early Career

James holds an undergraduate degree from the University of the West Indies, Mona, and an MBA from UCLA Anderson School of Management.

Before joining GraceKennedy, he gained experience at Desnoes & Geddes Ltd. and PricewaterhouseCoopers Jamaica.

Leadership Philosophy and Vision

Known for his strong financial acumen and strategic planning skills, James has been instrumental in driving efficiency and growth within GraceKennedy’s domestic food operations. As he steps into the role of Group CEO, he emphasizes a commitment to delivering value to customers, shareholders, and communities.

Personal Life

James is a family man who places God first in his life. He is an alumnus of Wolmer’s Schools, reflecting his deep roots in Jamaican education.

Community Engagement

Beyond his corporate responsibilities, James is actively involved in community development initiatives. He has participated in campaigns encouraging positive change, such as the “Graceful Wish” project, which aims to make a difference in local communities.

Frank James’s appointment marks a new chapter for GraceKennedy Limited, with expectations that his leadership will continue to drive the company’s growth and commitment to excellence in the years ahead.

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RJR Group Continues To Be Negatively Impacted By Softness In Advertising Market

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3 weeks ago

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December 29, 2024

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Q2 2024 (Ended September 30, 2024 ) continued to be impacted by both local and international challenges, inflation and increased costs. The Group continued to experience softness in the overall advertising market as businesses repotted the continued impact of local and global economic conditions. The Group’s advertising revenues were more than last year due to the broadcast of the Olympic Games in July and August 2024. The quarter was also impacted by some one-off costs of approximately $25 million incurred related to restructuring expenditure as part of the move to a new target operating model (TOM)

The Group recorded a pre-tax loss of $1 18 million and an after-tax loss of $103 million for the quarter, compared to a pre-tax loss of $79 million and an after-tax loss of $65 million for the prior year period. This profit performance represents an improvement over the quarter to June 2024 where the pre- and post-tax losses were $183 million and $167 million, respectively. This loss reduction is directly attributable to the Implementation of cost management strategies and efforts to ensure that advertising revenues were maximized from programmes aired during the period.

Primary contributors to this quarter’s performance, compared to prior year were:

  • An overall improvement of $56 million (3.9%) in the Group’s revenues, driven mainly by an increase in the Broadcast Division revenues associated with the airing of the Olympic Games (for which the company held the broadcast rights for Television only).
  • A decline in revenue in the Audio segment of $24.5 million (12%); a result of the pressure on advertising budgets, highlighting the need to find new strategies to attract businesses to this medium
  • A decrease in other income of $7million (17%), as a result of a reduction in income from noncurrent investments held.
  • An increase in direct expenses of $73 million (10.8%), due to the increased costs associated with the broadcasting of the Olympic Games,
  • An increase in selling expenses of $13.9 million (5.2%), commensurate with increased revenues.
  • An increase in administrative expenses of $2.4 million (0.6%) which was offset by the reduction in other operating expenses by $5.6M (2.6%). The containment in costs is a result of cost-saving initiatives that have been implemented. The expense movement was driven primarily by increases in staff-related costs, insurance costs and higher depreciation expenses relating to investments in infrastructure upgrades. While there has been an overall loss in the quarter, the Group continues to implement measures that will lead to further cost reductions through restructuring our expenditure profile as part of the move to a new target operating model (TOM).

Management continues to focus on the implementation of the five strategic imperatives designed to return the Group to sustained profitability. Implementation of the web-based top-up product (partnering with an overseas entity) will be completed in the next quarter Implementation of the NCB Go rewards platform is one of the most significant revenue diversification opportunities and we are hoping to launch the platform in the fourth quarter of the financial year. Initiatives relating to the digital transformation of our products are also being pursued for future revenue impact.

The Group will continue to focus on increased presence and influence in the digital space while producing content that fulfills the needs of the market.

 Anthony Smith Chief Executive Officer RJRGLEANER Communications Group (the Group) 

For More Information CLICK HERE

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Fontana Reporting Comparative Q1 Revenue Jump of 16.2%, Q2 Anticipated To Be Best Yet!

We saw increased revenues in all our locations, including our newest store in Portmore which has largely maintained their break-even monthly sales. Transaction counts, average spend per customer, and prescription counts continue to show month over month gains as we grow our footprint in St. Catherine.

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December 29, 2024

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Income Statement
Our revenue for the quarter was $2.07 billion, representing an increase of 16.2% over the $1.78 billion for the corresponding quarter of the previous year. Operating profit grew by 26.9%, going from $80.8 million to $102.6 million. Despite increased income tax liabilities (see below), net profit for the quarter was $60.5 million, or 1.5% less than that reported for the same period last year.

We saw increased revenues in all our locations, including our newest store in Portmore which has largely maintained their break-even monthly sales. Transaction counts, average spend per customer, and prescription counts continue to show month over month gains as we grow our footprint in St. Catherine.

Cost of sales increased by 9.9% (compared to 16.2% for revenues) resulting in gross profit moving from $603.2 million to $774.5 million, a 28.4% increase over Q1 last year. Our efforts to capitalize on economies of scale within our procurement and inventory management activities, resulted in a higher gross margin of 37.5%, up from 33.9% in the prior year.

Operating expenses grew by 28.6%, ending the quarter at $671.9 million compared to $522.3 million last year. This was partly attributable to the opening of our Portmore store in November 2023, along with increased staff costs across the network. As we continue to focus on staff retention, engagement and satisfaction, costs and benefits contributed to 58% of the operating expenses increase over last year. Provisions were also made for senior staff retiring in 2025, some with over 50 years of service. We continue to make inroads into industrial security and insurance rates, as well as improve on our conservation efforts as we saw increases in our utilities.

Finance costs saw an increase of 25.3%, moving from $52.6 million in Q1 last year to $65.9 million this quarter, this was mainly attributable to foreign exchange losses on the lease liability (IFRS16) as well as the new store. Other income also grew by 7.7% ending the quarter at $35.7 million as we seek to tap into new revenue streams in the Portmore store.

Fontana Pharmacy has now been listed on the Junior Stock Exchange for 5 years as at January 2024. This achievement means that we now have liability to corporate income taxes, which required a provision of $11.9 million for the quarter. Earnings per share remained constant at $0.05 for both comparable quarters.

Balance Sheet
Total assets at the end of the quarter stood at $5.6 billion, up from $5.2 billion in the previous comparative period, reflecting an increase of 6.2%.
Our cash and cash equivalents remain favorable at $1.2 billion, 4% less than the previous comparative period, this is after the August 2024 dividend payment of $312.3 million. Shareholder’s equity grew to $2.7 billion, up from $2.5 billion or 6.1% over the prior corresponding quarter. This puts us in a strong position to pursue further expansion opportunities as they come up.

Outlook
At the end of this quarter, we were far advanced in the development and adaptation of 2 efficiency tools:
PIMS integrated point of sale system for the pharmacy department – accommodating patient profile access across all stores, adding to the efficiencies for central ordering and inventory management A new integrated HR software – improve efficiencies as well as enhance the experience of team members. Faster processing times, better data analytics and a reduction in errors is expected.

We continue to invest in technology that will improve our efficiency and contribute to a better control environment.
These two initiatives are the ones among the many that keep us relevant and differentiated from our competitors. We are cognizant of the ongoing impact of Hurricane Beryl on the Jamaica’s economic landscape. Early indicators such as the softening of demand for non-essential home items, toys and home décor have been noted. We will continue to monitor these indicators and implement the required strategies to manage the potential impact.

At 7 stores strong, the organization is experiencing a tremendous period of growth and development, well positioned as one of the most recognized retail brands in Jamaica and the premier pharmacy chain across the country. Our second quarter is anticipated to be the best yet!

Anne Chang Director CEO Fontana Limited 

For More Information CLICK HERE

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Despite Growing Losses RA William’s Still Has A Positive Future Outlook

RA William’s gross profit increased by 14%, mainly driven by the introduction of new products across several of our product lines. We recorded a net loss before tax for the quarter of $13.9M, compared to a net loss of $792K for the same period last year.

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December 29, 2024

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RA William’s gross profit increased by 14%, mainly driven by the introduction of new products across several of our product lines. We recorded a net loss before tax for the quarter of $13.9M, compared to a net loss of $792K for the same period last year.

Our operating expenses ratio for this quarter stands at 45%, up from 38% in the prior year. This increase is primarily attributed to the right of use costs related to our new location at New Brunswick Village, as well as higher technology, staffing, and distribution expenses.

We achieved a revenue of $367M which represents a 0.95% increase compared to the same quarter of the previous year. During this period, we encountered significant challenges, including supply constraints in certain product categories and the effects of Hurricane Beryl, which disrupted operations for many of our key customers, particularly along the south coast.

There was an increase in total assets, of $1.4B. The increase in assets reflects our strategic investments in infrastructure, including the opening of our new office and warehouse at the beginning of the quarter. These investments position us to expand our partnerships with pharmaceutical manufacturers and further strengthen our business.

Enhanced Product Portfolio And New Distribution Channels

Our ongoing efforts to enhance distribution channels, collaborate with stakeholders to manage supply and demand, and fortify our position in a competitive market have allowed us to navigate these challenges effectively. Looking ahead, we anticipate revenue growth driven by the reintroduction of key products under our newly added Fourrts line, expected early in the third quarter.

During the quarter, we were proud to add several new products to our portfolio. Notably, we introduced ColdStop (an over-the-counter day & night cold and flu pack), GasStop (an over-the-counter antacid), and DandZap Plus (a prescription shampoo for dandruff and seborrheic conditions), in partnership with Canadian-based Ryvis Pharma. These additions reflect our ongoing commitment to expanding our market offerings and increasing our market share.

RA Williams remains committed to being a responsible corporate citizen, with a strong focus on education and health and wellness. This quarter, we deepened our support for pharmacists and pharmacy professionals through our sponsorship of the Pharmaceutical Society of Jamaica’s Annual Conference – the premier pharmaceutical event in the English-speaking Caribbean. Our sponsorship provided an opportunity to network with industry professionals, and we also hosted a soft launch for Iracet, the first generic Levetiracetam available in Jamaica, in collaboration with our long-time pharmaceutical partner, Square Pharmaceuticals,
as part of a workshop on epilepsy. Additionally, we sponsored the University of Technology’s School of Pharmacy Pinning Ceremony, where a house was named in honour of our Founder and Chief Quality Officer, Evelyn Williams. These initiatives are a testament to our ongoing commitment to the next generation of pharmaceutical professionals.

Positive Future Outlook
We are encouraged by our continued revenue growth and the expansion of our product portfolio. RA Williams continues to be a preferred distributor to pharmacies and healthcare professionals. Our focus remains on expanding our offerings and improving the customer experience. We are confident in our ability to continue improving access to high-quality, affordable medications in the months ahead.

Audley Reid Managing Director R.A. Williams Distributors Limited

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