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Businessuite #1 Jamaica Ranked Public Company for 2017 – Main Market – GraceKennedy Limited

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Nat Rank Nat Rank Carib Rank LC$000 US$000 LC$000 US$000
2017 2016 2017 Company 2016/17 2016/17 2015/16 2015/16
1 1 4 GraceKennedy Limited $88,267,589 $687,226 $79,742,230 $663,192

Stock Exchange: Jamaica Stock Exchange Main Market

Company: GraceKennedy Limited
2017 Rank: #1
2016 Rank: #1

gordon_shirley

Chairman: Gordon V. Shirley, OJ
Group Chief Executive Officer: Donald G. Wehby
Address: 73 Harbour Street, Kingston, Jamaica
Telephone: 922-3440
Facsimile: 922-3664
Websites: www.gracekennedy.com www.gracefoods.com

Company Profile:
GraceKennedy Limited is a publicly listed company on the Stock Exchanges of Jamaica and the Republic of Trinidad & Tobago. The company was founded on February 14, 1922, and is the parent company of a Group of subsidiaries operating mainly in the food and financial services industries. The Group’s operations are structured into two Divisions:

FOOD TRADING This comprises the business of food manufacturing through our own factories as well as through external suppliers, the distribution of Grace and Grace owned brands in Jamaica and internationally, and the operation of retail outlets through our Hi-Lo Supermarket chain in Jamaica. The Group also manufactures and distributes third-party brands in Jamaica and internationally. GK Foods operates primarily in Jamaica, the Caribbean, Central America, North America, Africa, the United Kingdom (UK), and other European countries.

FINANCIAL SERVICES This comprises our commercial banking, general insurance, insurance brokerage, investment banking, remittance, cambio and payment services businesses. Our financial services companies presently operate within the English-speaking Caribbean

2016 was a good year for the GraceKennedy Group as we achieved several of the key strategic and profitability milestones that we had set. These goals were achieved in a rapidly changing environment that presented both opportunities and challenges. Our operational strategy for 2016 was primarily focused on the four broad themes of: optimizing and pursuing growth opportunities for our international foods business, strengthening our foods and financial services position in Jamaica, improving the overall operational efficiency of the Group, and the development of a comprehensive Global Talent Mobility Programme, cornerstones of our 2020 vision of international expansion. This strategic focus fully supports the vision of delivering long-term consumer and shareholder value.

FINANCIAL HIGHLIGHTS INCLUDE:
• Group revenue for 2016 was J$88.27 billion, representing an increase of 10.7% or J$8.53 billion over 2015 (J$79.74 billion).
• Net profit attributable to the shareholders of the Company was J$4.00 billion for 2016 compared with J$2.76 billion for 2015.
• Earnings per share was J$4.04 in 2016 compared with J$2.78 in 2015, a 45.3% increase.
• As reported previously, a non-recurring gain was realised on the dissolution of some non-operating subsidiaries. Without this gain, net profit attributable to the stockholders of the Company would have increased by 29.7% or J$819.85 million.
• Shareholders’ equity increased by 10.6% or J$4.01 billion moving from J$38.05 billion in 2015 to J$42.06 billion in 2016. § Total assets grew by 16.4% or J$17.79 billion from J$108.69 billion in 2015 to J$126.48 billion in 2016.
• Dividends totaling J$1.01 billion or J$1.02 per share were paid in 2016 compared with J$820.03 million or J$0.83 per share in 2015, an increase of 22.9%. § At the end of 2016, the GraceKennedy stock price closed at J$40.29. When adjusted for the 3-for-1 stock split which was effective August 11, 2016, this represented a 48.8% increase over prior year.

The Foods segment made great strides in meeting the changing needs of our markets worldwide as customers increased their preference for healthier, more convenient and increased variety of food choices.

Our international foods companies showed improved performance over prior year. GraceKennedy Foods (USA) LLC, saw growth in both the Grace and the La Fe brands. We continue to invest in these brands and our infrastructure to improve the efficiency of our operations. During 2016, we recruited key expertise to drive the future growth and optimization of the business. GraceKennedy (Ontario) Inc. (GKO) was appointed “Category Advisor – Caribbean and Ethnic” by Walmart in 2016. This has provided our Canadian business with the opportunity to strengthen and expand its presence in Walmart, which has over 400 stores in Canada.

Our food operations in the United Kingdom (UK) and Europe also performed well despite the uncertainty surrounding Brexit, and the resulting depreciation of the pound sterling. The Aloe drink continues to gain market share in the UK beverage market and not only competes in the Ethnic Drink Category but has successfully expanded into the mainstream beverage category where it is positioned among the Top 10 UK juice brands. In recognition of Grace Foods UK Limited’s (GFUK) contribution to commerce, the Company received three important awards from the Hertfordshire Chamber of Commerce: ‘Overall Business of the Year’, ‘Medium to Large Business of the Year’ and awards for ‘Excellence in People Development’. Sales to the European market continue to show strong growth, and we expect to expand our presence and pursue opportunities in this region.

Our foods business in Jamaica showed strong growth in revenue. Our strategy to cater to multiple segments of the market has resulted in our domestic foods business being resilient and responsive to competitive forces and the changing taste of our customers. Hi-Lo Food Stores, our supermarket chain in Jamaica, delivered strong performance. Our most recently opened location in Liguanea, Kingston and the refurbished Fairview location in Montego Bay, have enhanced the experience of grocery shopping in Jamaica with world-class layouts and wider variety of products and services.

Our manufacturing operations had a remarkable year. Our brands, This Is Really Great Yogurt, and Lishous, our juice drink that was introduced into the Jamaican market in 2016, recorded strong growth, while our Tastee Cheese and Soups segment grew exports to the United States. We continue to invest in upgrading facilities within our factories while continually exploring low cost sourcing initiatives for key products to remain competitive. Our financial services companies continue to meet the high standards of service and innovation that our customers have grown to expect from us. We made investments in technology,
and in our people, in order to focus on delivering a seamless customer service experience.

In our Banking and Investments segment, First Global Bank (FGB) reported strong growth in revenue over 2015 which was primarily driven by 13.5% growth in the loan portfolio. Profitability, however, declined over prior year primarily due to costs associated with network expansion and investments in technology. Loan provisions were also higher than prior year, however the Bank continued to effectively manage delinquencies, and has seen a decline in the ratio of impaired loans to total loan portfolio. FGB continued to pursue its strategy of convenience enabled by technology with the opening of a new high-tech branch in Ocho Rios and the relocation and upgrade of the Liguanea branch. GK Capital Management Limited (GKCM) solidified its position in the investment advisory space, having completed a number of transactions during the year valued at over $3 billion.

The Insurance segment’s revenue growth was driven primarily by our underwriter in Jamaica, GK General Insurance Company Limited (GKGIC). GKGIC also continues to innovate through its micro-insurance portfolio resulting in the revenue generated from this portfolio doubling year-over year. The growth in profitability is however due to the strong performance of our insurance broker in Jamaica, Allied Insurance Brokers Limited, which also recorded strong revenue growth over prior year. In line with our strategic plan, we continued our focus on regional expansion and are pleased to report that our underwriter in St. Lucia, GK Insurance (Eastern Caribbean) Limited, is now licensed to operate in three additional territories: St Vincent & The Grenadines, Antigua and Barbuda and Grenada.

GraceKennedy Money Services Limited (GKMS) remained the dominant player in the English speaking Caribbean remittance market. The business continues to be strategically focused on protecting its market-leader position while driving growth and enhancing the regional remittance business through digitization. In February 2016, GKMS expanded its operations into the Turks and Caicos market through the establishment of a new subsidiary, GraceKennedy Money Services (Turks & Caicos) Limited; this represents the 11th market in which the Company operates.

In December 2016, the Bank of Jamaica approved the GK Money Services’ mobile wallet application, GK MPAY, in Jamaica. GK MPAY was launched in the Jamaican market in February 2017, providing the convenience for users to make payments and other money services transactions on their mobile phones.

Extracted from GraceKennedy Limited (GK) Annual Report 2016
To view full report click HERE

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Scotiabank Group Jamaica Continues To Perform Well

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Scotia Group reports net income of $4.2 billion for the quarter ended January 31, 2025, representing an increase of $1.1 billion or 34.5% over the comparative prior period.

The Group’s asset base grew by $73.3 billion or 11% to $739.2 billion as at January 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 first quarter, which is payable on April 17, 2025, to stockholders on record as at March 26, 2025.

Audrey Tugwell Henry, Scotia Group’s President and CEO gave the following comments. “Scotia Group has delivered another solid performance for the quarter, and I am very proud of our team for their unwavering dedication and consistent service delivery to our clients. These results signal a strong start to the second year of our five-year strategy, and our goal remains to become our client’s most trusted financial partner. We continue to promote the importance of a balanced financial portfolio which incorporates banking, insurance protection and wealth, and we are committed to offering the best financial advice, earning the right to be our clients’ primary financial institution and making it easier to do business with us.”

Business Performance

Scotiabank Continues To Perform Well With Each Business Unit Delivering Commendable Results For The Quarter.

Deposits by the public increased by $34.4 billion or 7.5% versus the corresponding period last year.

Total loans increased from $275.7 billion to $312.5 billion representing an increase of 13.3%. This includes a 12% increase in Scotia Plan personal banking loans and a 24% increase in mortgage loans. Commercial loans also increased by 5% over the prior year period.

Our insurance subsidiaries continue to make a valuable contribution to the Group’s results. Net Insurance Revenues at Scotia Insurance increased by $504 million or 96% year over year and Gross Written Premiums grew by 5%. Sales at our general insurance business, Scotia Protect, increased by 53% while Gross Written Premiums increased by 71% when compared to the previous period.

Scotia Investments continues to assist clients to build wealth and navigate the complexities of the financial markets. Assets Under Management at SIJL increased by 13.3% over the comparative period demonstrating the strength of our investment advisors and asset management team.

As we advance our growth strategy, we are very pleased to see the continued appreciation in our stock price which has shown steady improvement. This demonstrates significant investor confidence in the Group and we are proud to continue returning strong value to our shareholders through both consistent dividend payments as well as capital appreciation.

Group Financial Performance

Total Revenues

Total revenues excluding expected credit losses for the year ended January 31, 2025, grew by $2.2 billion to $17.1 billion reflecting an increase of 14.9% 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 $1.1 billion or 10% as well as an increase in other revenue of 26.2%.

Other Expenses

Other income, defined as all revenue other than interest income, increased by $1.2 billion or 26.2%.
• Net fee and commission income for the period amounted to $2.2 Billion and showed an increase of $671.8 million or 42.9% and was primarily driven by the higher volume of client transactions and activities.
• Net insurance revenue increased by $503.8 million or 96.2%, 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 $197.2 million, reflecting a year over year increase of $67 million or 51.5%, given improved market performance. 5 OPERATING

Expenses

Operating expenses totaled $9.7 billion as at January 2025 and reflected an increase of $1 billion or 11.6% when compared to the prior period. Of note, annual asset taxes recorded during the quarter totaled $1.7 billion, an increase over 2024 of $102 million or 6.4%.

Excluding the reduction in the net pension credit on our defined benefit plans, operating expenses increased by $743 million or 8.1% year over year.

Additionally, our investments in technology also contributed to the increase in operating expenses, as 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. These investments have enhanced the overall efficiency of our operations and enabled us to generate increased revenues.

Capital

Shareholders’ equity available to common shareholders totaled $150.7 billion and reflected an increase of $29.3 billion or 24.1% when compared to January 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.

Audrey Tugwell Henry, Scotia Group’s President and CEO

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The LAB’s Strategic Shift: Embracing Content Creation Amidst Evolving Financial Landscape

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Limners and Bards Limited (The LAB) headed by Kimala Bennett Chief Executive Officer, has unveiled its unaudited financial statements for the first quarter ending January 31, 2025, showcasing a nuanced performance as the company navigates a strategic pivot towards content creation. This move aims to capitalize on the burgeoning global appetite for diverse, high-quality content.

Financial Performance Overview

The LAB reported a robust quarterly revenue of $286.1 million, marking a significant 30.4% year-over-year increase. This growth was primarily driven by gains in the Production and Media segments. Gross profit reached $100.5 million, a 13% uptick from the previous year, indicating sustained operational efficiency.

However, profit before tax experienced a slight decline of 3.6%, settling at $25.2 million. This downturn is attributed to the transition from a full income tax holiday to a 50% concession, following The LAB’s fifth year on the Junior Stock Exchange. Consequently, net profit for the period stood at $21.6 million, reflecting a 17.6% decrease compared to the prior year. Despite this, the company maintains a robust balance sheet and a stable cash position.

Segment Performance

Media: Generated $142.5 million in revenue.

Production: Contributed $101.0 million.

Agency: Accounted for $42.6 million.

The net profit margin declined by 5.4%, as revenue growth was led by the lower-margin Production and Media segments, compared to the higher-margin Agency segment in the prior period. The company anticipates an Agency rebound by Q3, aligning with industry’s seasonal fluctuations.

Strategic Investments and Asset Growth

The LAB’s asset base expanded by $178.0 million, driven by strategic investments in content development. This initiative positions the company for long-term growth and revenue diversification in the “Owned” content industry.

Current assets rose to $920.6 million, while cash and cash equivalents experienced a year-over-year decline of $89.2 million.

Accounts receivable increased by $118 million, mirroring strong revenue growth. Management remains focused on optimizing credit terms through active client engagement.

Shareholders’ equity strengthened to $660.1 million, a 5.8% increase from the prior year, underscoring the company’s financial resilience.

Transition Towards Content Creation

The LAB is strategically positioning itself to harness the escalating global demand for diverse and high-quality content. With major streaming platforms, including Netflix, projected to invest $18 billion in content in 2025—an 11% increase from 2024—the appetite for fresh storytelling is evident.

The company’s “FIVE in 25” initiative, aiming to produce five films by 2025, is progressing well. Two films have been completed, with active negotiations underway with buyers and distributors. By focusing on high-performing genres such as Christmas and romance, The LAB ensures its productions cater to proven audience preferences.

Industry Outlook and Viability

The global content market is experiencing unprecedented growth. Streaming services and traditional distributors are increasingly seeking diverse narratives that resonate with a global audience. This trend presents a significant opportunity for The LAB, as its productions offer unique Jamaican perspectives with universal appeal. Engagements at international events like NATPE Global 2025 have facilitated negotiations with major distributors and networks, enhancing the company’s visibility and positioning its films for broader distribution.

Implications for Shareholders and Investors

While the strategic shift towards content creation entails upfront investments and a gestation period before realizing returns, it aligns with global industry trends favoring diverse content. The LAB’s strong financial foundation, coupled with its proactive approach to content development and strategic partnerships, suggests a forward-thinking trajectory. Shareholders and investors can anticipate potential long-term gains as the company taps into new revenue streams within the expanding content market.

Conclusion

The LAB’s recent financial performance reflects the complexities of transitioning within a dynamic industry landscape. By embracing content creation and investing in strategic initiatives, the company demonstrates adaptability and a commitment to sustainable growth. As The LAB continues to evolve, its focus on delivering compelling, culturally rich content positions it to capitalize on emerging opportunities, promising value creation for shareholders and stakeholders alike.

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Jamaica Broilers Group Faces Major Financial Setback as US Operations Struggle; Stephen Levy Resigns

In a move that signals accountability at the highest level, Mr. Stephen Levy, President of JBG’s US Operations, has resigned from both the Board and the Company, effective May 3, 2025. Levy, who has been with Jamaica Broilers since 2002, played a pivotal role in growing the US segment’s annual revenue from a modest US$10 million to over US$250 million. His departure suggests he is taking responsibility for the recent poor financial results of the US operations.

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The Jamaica Broilers Group Limited (JBG) has reported a major financial shift for the quarter ending January 25, 2025, revealing a dramatic swing from profitability to loss. The company’s unaudited financial statements highlight a net loss of $1.1 billion for the current quarter, a stark contrast to the net profit of $1.3 billion reported in the corresponding period last year. This represents a significant $2.4 billion downturn in financial performance, prompting serious concerns about the group’s operational and financial stability, particularly in its US segment.

Revenue Growth Overshadowed by Rising Costs

Despite the overall revenue of the group increasing by 5% to $24.6 billion, up from $23.6 billion in the previous year, profitability has suffered significantly. Gross profit for the current quarter stands at $4.7 billion, marking a 21% decline from the $5.95 billion recorded in the same period last year. This discrepancy suggests that the cost of goods sold or other direct expenses have outpaced revenue growth, eroding the company’s margins.

Jamaican Operations: Hurricane Beryl’s Impact

Jamaica Broilers’ domestic operations also faced difficulties, with segment profits declining by 9%—from $5.964 billion last year to $5.4 billion this quarter. While total revenue for the Jamaican segment saw a marginal 0.5% increase over the prior nine-month period, the impact of Hurricane Beryl significantly affected profitability. Increased operational costs due to hurricane-related disruptions appear to be the primary reason for the decline, signaling vulnerability to environmental and economic shocks.

US Operations in Crisis: A Steep Decline

In a move that signals accountability at the highest level, Mr. Stephen Levy, President of JBG’s US Operations, has resigned from both the Board and the Company, effective May 3, 2025.

The most alarming financial downturn occurred in JBG’s US operations. The segment reported a profit of just $922 million this period, a sharp 69% decline from the $2.192 billion earned in the corresponding period last year—a staggering $2.1 billion shortfall. Notably, revenue for the US segment grew by 5%, indicating that the decline in profit is not due to a drop in sales but rather significant increases in operational expenses, lower profit margins, or one-time extraordinary costs.

Several factors have been identified as contributing to the decline in US operations:

Expense Management Issues: Ineffective cost controls have led to higher-than-expected spending.

Operational Control Deficiencies: Weaknesses in internal procedures may have resulted in inefficiencies and potential losses.

Hurricane Flooding Challenges: External disruptions due to severe weather conditions likely compounded the operational difficulties.

The combined effect of these challenges led to the substantial decrease in US segment profitability, raising concerns about long-term sustainability and resilience.

Corporate Response and Leadership Changes

Recognizing the gravity of the situation, JBG’s corporate management has taken decisive steps to address the financial downturn. The company has engaged external advisors to assess the issues and provide expert recommendations for corrective action. Additionally, JBG is undertaking a thorough review of operational controls to identify weaknesses and implement necessary reforms.

In a move that signals accountability at the highest level, Mr. Stephen Levy, President of JBG’s US Operations, has resigned from both the Board and the Company, effective May 3, 2025. Levy, who has been with Jamaica Broilers since 2002, played a pivotal role in growing the US segment’s annual revenue from a modest US$10 million to over US$250 million. His departure suggests he is taking responsibility for the recent poor financial results of the US operations.

During this transitional period, JBG President & CEO, Mr. Christopher Levy, will oversee US operations directly, ensuring that necessary corrective measures are implemented to restore profitability and operational efficiency.

During this transitional period, JBG President & CEO, Mr. Christopher Levy, will oversee US operations directly, ensuring that necessary corrective measures are implemented to restore profitability and operational efficiency.

Looking Ahead: The Road to Recovery

Jamaica Broilers Group now faces the challenge of stabilizing its US operations while reinforcing its financial health. The company’s commitment to engaging external expertise and reassessing operational frameworks suggests a strong intent to rectify existing issues. However, investors and stakeholders will closely monitor how effectively JBG can execute these turnaround efforts.

While the departure of Stephen Levy marks the end of an era for JBG’s US segment, it also signals a crucial moment of introspection and course correction for the group. The next few quarters will be critical in determining whether JBG can regain financial stability and rebuild investor confidence in its future prospects.

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Listing GraceKennedy Financial Group on the JSE

The acquisition and delisting of Key Insurance and the potential listing of GraceKennedy Financial Group on the JSE represent a transformative strategy. This approach not only streamlines the group’s organizational structure but also positions it to capitalize on emerging opportunities in the financial services industry, ultimately driving value for customers and shareholders alike.

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GraceKennedy Financial Group’s (GKFG) recent J$403.71 million bid to acquire the remaining 27% of Key Insurance Company Limited (Key) presents a pivotal opportunity for strategic restructuring within the GraceKennedy conglomerate.

Currently holding approximately 73% of Key’s shares, GKFG’s move towards full ownership could lead to significant organizational changes, including the potential delisting of Key from the Jamaica Stock Exchange (JSE) and the subsequent listing of GKFG.

Delisting Key Insurance from the JSE

Under the JSE Main Market rules, a company may be delisted if a single shareholder controls more than 80% of its listed shares . Should GKFG’s acquisition increase its stake in Key beyond this threshold, delisting becomes a probable outcome. This would allow GraceKennedy to integrate Key’s operations more seamlessly into its financial services division, enhancing operational efficiencies and strategic alignment.

 

Listing GraceKennedy Financial Group on the JSE

Introducing GKFG as a listed entity on the JSE’s Main Market could offer several strategic advantages:

Consolidation of Financial Services: Listing GKFG would enable the consolidation of GraceKennedy’s insurance, banking, and financial subsidiaries under a single holding company. This unified structure could streamline operations, reduce redundancies, and present a cohesive financial services portfolio to investors.

Enhanced Capital Raising Opportunities: As a publicly listed entity, GKFG would have direct access to equity markets, facilitating capital raising for expansion initiatives, strategic acquisitions, and technological investments. This access is crucial for staying competitive in the rapidly evolving financial services sector.

Increased Market Visibility and Investor Confidence: A publicly traded GKFG would likely attract a broader investor base, enhancing market visibility. Transparency associated with public listings can bolster investor confidence, potentially leading to a higher valuation and increased shareholder value.

Strategic Implications and Future Outlook

The potential restructuring aligns with GraceKennedy’s long-term vision of becoming a global consumer group by 2030, focusing on both food and financial services . By fully integrating Key Insurance into GKFG and positioning GKFG as a listed entity, GraceKennedy can leverage synergies across its financial services, drive innovation, and enhance customer offerings.

Moreover, this move could set a precedent for other conglomerates in the Caribbean, demonstrating the benefits of strategic realignment and market repositioning to achieve growth and operational excellence.

In conclusion, the acquisition and delisting of Key Insurance and the potential listing of GraceKennedy Financial Group on the JSE represent a transformative strategy. This approach not only streamlines the group’s organizational structure but also positions it to capitalize on emerging opportunities in the financial services industry, ultimately driving value for customers and shareholders alike.

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GraceKennedy Financial Group Moves to Fully Acquire Key Insurance

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GraceKennedy Financial Group (GKFG), the financial services division of GraceKennedy Limited (GK), has announced a J$403.71 million takeover bid to acquire the remaining 27% of Key Insurance Company Limited (Key). This strategic move reinforces GKFG’s commitment to expanding its presence in the general insurance market while driving growth and value for customers and shareholders.

GKFG, which currently holds approximately 73% of Key’s shares, is offering J$2.70 per share. The offer opens on March 24, 2025, and closes on April 22, 2025. Deputy CEO of GKFG, Steven Whittingham, who oversees GK’s insurance segment, highlighted the benefits of the acquisition, “This transaction aligns with GK’s strategy of unlocking value in the general insurance sector. By fully incorporating Key into GKFG, we can enhance efficiencies and strengthen our competitive position. Our focus remains on innovation, customer satisfaction, long-term stability, and delivering superior products and services.”

Grace Burnett, CEO of GKFG, emphasized GK’s longstanding commitment to general insurance, “GK has been serving general insurance customers for over 50 years. Since acquiring a majority stake in Key Insurance in 2020, we have significantly strengthened its operations and expanded its market reach. Key marked its 40th anniversary in 2022 and has built a reputation for reliability and excellence over the decades. We are dedicated to preserving that legacy while driving future growth for the business.”

GraceKennedy Group CEO, Frank James, noted that the move supports GK’s Vision, which includes a focus on expanding and enhancing the Group’s financial services and delivering strong shareholder returns.

“GKFG’s bid to acquire full ownership of Key underscores GK’s commitment to maximizing stakeholder value. The transaction is expected to unlock operational efficiencies, drive synergies, and enhance customer service, solidifying Key Insurance’s role within our Group.”

Key Insurance is currently listed on the Main Market of the Jamaica Stock Exchange (JSE).

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