Connect with us

Businessuite Markets

Businessuite 2017 Skin Index By Company – Caribbean

Published

on

Businessuite 2017 Skin Index -By Company Caribbean
2017 Rank Executive Company Skin Holdings 2016 US$ 2017 Skin Index
1 John W. Lee 138 Student Living Jamaica Limited 167,439,627 $6,262,840 40.40%
2 Douglas Stibel 138 Student Living Jamaica Limited 15,673,025 $586,227 3.78%
3 Oliver Clarke 1834 Investments Limited 434,557,600 $4,063,501 35.88%
4 Joseph Matalon 1834 Investments Limited 93,628,124 $875,506 7.73%
5 Christopher Barnes 1834 Investments Limited 5,308,834 $49,642 0.44%
6 Douglas R. Orane 1834 Investments Limited 1,053,553 $9,852 0.09%
7 Marcus James Access Financial Services Limited 120,220,534 $20,609,770 43.79%
8 Neville James Access Financial Services Limited 7,174,950 $1,230,023 2.61%
9 Christian Mouttet Agostini’s Limited 29,526,008 $81,921,818 42.80%
10 Anthony J. Agostini Agostini’s Limited 746,685 $2,071,726 1.08%
11 Rajesh Rajkumarsingh Agostini’s Limited 28,230 $78,326 0.04%
12 Joseph Esau Agostini’s Limited 10,000 $27,746 0.01%
13 Antonia Hugh AMG Packaging & Paper Co Ltd 32,351,718 $6,178,918 31.60%
14 George Hugh AMG Packaging & Paper Co Ltd 24,263,792 $4,634,190 23.70%
15 Mark Chin/Paul Chin AMG Packaging & Paper Co Ltd 24,263,792 $4,634,190 23.70%
16 Dr. Rolph N.S. Balgobin Angostura Holdings Limited 0 $0 0.00%
17 Robert Wong Angostura Holdings Limited 0 $0 0.00%
18 Romesh Singh Angostura Holdings Limited 0 $0 0.00%
19 Anthony N. Sabga ANSA Mc Al Limited 110,898,547 $1,168,573,955 62.94%
20 A. Norman Sabga ANSA Mc Al Limited 1,649,453 $17,380,821 0.94%
21 David B. Sabga ANSA Mc Al Limited 172,404 $1,816,677 0.10%
22 Andrew N. Sabga ANSA Mc Al Limited 122,858 $1,294,595 0.07%
23 Aneal Maharaj ANSA Mc Al Limited 21,202 $223,412 0.01%
24 Anthony N. Sabga ANSA Merchant Bank Limited 72,929,056 $463,397,478 85.19%
25 Gregory N. Hill ANSA Merchant Bank Limited 0 $0 0.00%
26 Trevor Edwards ANSA Merchant Bank Limited 0 $0 0.00%
27 Banks Holdings Limited 0 $0 0.00%
28 Rita Humphries-Lewin Barita Investments 339,975,664 $15,895,379 76.40%
29 John Minott Barita Investments 5,885,322 $275,165 1.32%
30 Karl Lewin Barita Investments 5,675,322 $265,347 1.28%
31 George W. Cooper Barita Investments 5,302,322 $247,907 1.19%
32 Ian A Mcnaughton Barita Investments 296,000 $13,839 0.07%
33 Peta Rose Hall Barita Investor only 11,188,814 $523,127 2.51%
34 Mustafa Turra Berger Paints Ltd 0 $0 0.00%
35 Directors’ Shareholding Berger Paints Trinidad Limited 0 $0 0.00%
36 Senior Management Berger Paints Trinidad Limited 0 $0 0.00%
37 BICO Industries Limited 0 $0 0.00%
38 Dahru Tanner Blue Power Group Limited 28,300,800 $6,615,943 50.09%
39 Ivan Berry C2W Music Limited 180,000,000 $490,922 45.00%
40 Derek Wilkie C2W Music Limited 80,000,000 $218,187 20.00%
41 Cable & Wireless (Barbados) Limited 0 $0 0.00%
42 Garfield H Sinclair Cable and Wireless Jamaica – FLOW 4,021,000 $25,067 0.02%
43 Steven Marston CAC 2000 Limited 67,462,522 $2,602,193 52.28%
44 Colin Roberts CAC 2000 Limited 27,355,291 $1,055,160 21.20%
45 Antony Hart Cargo Handlers Limited 11,324,264 $1,632,501 27.21%
46 Mark Hart Cargo Handlers Limited 10,991,198 $1,584,487 26.41%
47 Jane Fray Cargo Handlers Limited 10,991,198 $1,584,487 26.41%
48 Thersa Chin Cargo Handlers Limited 760,022 $109,564 1.83%
49 Alejandro Vares Caribbean Cement Co. 300 $79 0.00%
50 Scoops Un-Limited Limited Caribbean Cream Limited 121,141,801 $7,079,900 32.00%
51 Carol Clarke Webster Caribbean Cream Limited 58,521,764 $3,420,192 15.46%
52 Matthew G. Clarke Caribbean Cream Limited 58,221,764 $3,402,659 15.38%
53 Christpher Clarke Caribbean Cream Limited 53,221,764 $3,110,444 14.06%
54 Derrick Cotterll Caribbean Flavours & Fragrances Ltd 67,457,330 $6,307,862 75.02%
55 Ian C. Kelly Caribbean Flavours & Fragrances Ltd 2,322,814 $217,204 2.58%
56 Anthony James Caribbean Flavours & Fragrances Ltd 820,700 $76,743 0.91%
57 Mark Hart Caribbean Producers Ja Ltd 880,000,000 $22,629,159 80.00%
58 Marcus Steele Carreras Limited 0 $0 0.00%
59  R. Geoffrey Cave, Cave Shepherd & Company Limited 5,858,534 $10,252,435 32.02%
60 R. M. Cave Cave Shepherd & Company Limited 320,235 $560,411 1.75%
61  John M. B. Williams Cave Shepherd & Company Limited 56,602 $99,054 0.31%
62 Anthony Chang Consolidated Bakeries (Jamaica) Ltd 155,675,286 $2,741,574 69.90%
63 Derrick Cotterll Derrimon Trading Company Ltd 110,000,000 $4,714,408 40.24%
63 Monique Cotterll Derrimon Trading Company Ltd 40,000,000 $1,714,330 14.63%
64 Ian C. Kelly Derrimon Trading Company Ltd 15,743,459 $674,737 5.76%
65 Winston Thomas Derrimon Trading Company Ltd 13,363,979 $572,757 4.89%
66 Stafford Burrowes Dolphin Cove Limited 45,367,938 $5,302,884 11.56%
67 Marilyn Burrowes Dolphin Cove Limited 1,000,008 $116,887 0.25%
68 Nicholas Scott Eppley Limited 156,849 $898,340 19.70%
69 Nigel Clarke Eppley Limited 142,631 $816,908 17.91%
70 Melanie Subratie Eppley Limited 136,020 $779,044 17.08%
71 P.B. Scott Eppley Limited 136,020 $779,044 17.08%
72 Owned by Parent 91.67% First Caribbean International Bank Ltd 0 $0 0.00%
73 Sharon Christopher First Citizens Bank Limited 23,227 $128,742 0.01%
74 Jason Julien First Citizens Bank Limited 5,000 $27,714 0.00%
75 Richard Look Kin First Citizens Bank Limited 2,381 $13,197 0.00%
76 Karen Darbasie First Citizens Bank Limited 0 $0 0.00%
77 Anthony Isidore Smart First Citizens Bank Limited 0 $0 0.00%
78 Sharon Donaldson General Accident Insurance Co Ltd 3,377,956 $73,703 0.33%
79 William Putnam Goddard Enterprises Limited 502,027 $2,261,632 0.89%
80 Charles Herbert Goddard Enterprises Limited 159,097 $716,732 0.28%
81 Anthony Ali Goddard Enterprises Limited 18,141 $81,725 0.03%
82 Douglas R. Orane Gracekennedy Ltd. 21,358,272 $6,823,729 6.45%
83 Donald G. Wehby Gracekennedy Ltd. 10,929,855 $3,491,966 3.30%
84 Ryan Mack Gracekennedy Ltd. 1,202,460 $384,173 1.49%
85 Frank A. R. James Gracekennedy Ltd. 2,010,153 $642,221 0.61%
86 Michael Ranglin Gracekennedy Ltd. 1,568,097 $500,989 0.47%
87 Gordon V. Shirley Gracekennedy Ltd. 612,092 $195,557 0.18%
88 Arthur Lok Jack Guardian Holdings Limited 14,590,771 $29,246,740 6.29%
89 Peter Ganteaume Guardian Holdings Limited 645,000 $1,292,882 0.28%
90 Fé Lopez-Collymore Guardian Holdings Limited 291,913 $585,130 0.13%
91 Brent Ford Guardian Holdings Limited 268,417 $538,033 0.12%
92 Richard Espinet Guardian Holdings Limited 124,758 $250,073 0.05%
93 Ravi Tewari Guardian Holdings Limited 116,044 $232,607 0.05%
94 Anthony N. Sabga III Guardian Media Limited 9,035 $27,187 0.02%
95 Teresa White Guardian Media Limited 0 $0 0.00%
96 Larry Jerome Guardian Media Limited 0 $0 0.00%
97 Michelle Chong Honey Bun (1982) Limited 37,500,000 $1,709,460 39.79%
98 Herbert Chong Honey Bun (1982) Limited 37,500,000 $1,709,460 39.79%
99 Ingrid Innes Insurance Corporation of Barbados Ltd 23,979 $45,081 0.06%
100 Goulbourne Alleyne, Insurance Corporation of Barbados Ltd 7,985 $15,012 0.02%
101 R. John Wight Insurance Corporation of Barbados Ltd 0 $0 0.00%
102 Richard Evan Thwaites IronRock Insurance Company Limited 56,000,000 $1,745,500 26.17%
103 William A. McConnell IronRock Insurance Company Limited 54,500,000 $1,698,745 25.47%
104 Wayne N. Hardie IronRock Insurance Company Limited 1,025,727 $31,972 0.48%
105 Dennis Smith (Gencorp Limited) ISP Finance Services Limited 54,517,500 $3,610,993 51.92%
106 Robert Chung (Sunfisher Corp) ISP Finance Services Limited 45,832,500 $3,035,738 43.65%
107 Primrose Smith ISP Finance Services Limited 1,500,000 $99,353 1.43%
108 Robert Levy Jamaica Broilers Group 152,376,620 $17,691,979 12.71%
109 Christopher Levy Jamaica Broilers Group 16,844,106 $1,955,717 1.40%
110 Claudette Cook Jamaica Broilers Group 4,060,899 $471,498 0.34%
111 Ian Parsard Jamaica Broilers Group 3,207,739 $372,441 0.27%
112 Charles. H. Johnston Jamaica Producers Group 17,510,498 $1,262,153 9.36%
113 M. McG. Hall Jamaica Producers Group 16,769,284 $1,208,727 8.97%
114 Mrs. K.A.J. Moss Jamaica Producers Group 6,060,078 $436,809 3.24%
115  Jeffrey. McG. Hall Jamaica Producers Group 4,418,537 $318,487 2.36%
116 Robin Levy Jamaica Stock Exchange Ltd 50,000 $2,143 0.04%
117 Marlene Street Forrest Jamaica Stock Exchange Ltd 30,000 $1,286 0.02%
118 Violet Helen Mahfood Jamaican Teas Limited 118,015,318 $4,460,175 34.98%
119 John Mahfood Jamaican Teas Limited 94,064,178 $3,554,985 27.88%
120 Norman Russell Jamaican Teas Limited 300,000 $11,338 0.09%
121 Andrew Jackson Jetcon Corporation Limited 117,302,400 $5,484,411 60.31%
122 John Jackson Jetcon Corporation Limited 1,620,000 $75,742 0.83%
123 Keith P. Duncan JMMB Group Ltd 101,144,376 $11,428,298 6.20%
124 Donna Duncan-Scott JMMB Group Ltd 87,013,712 $9,831,675 5.34%
125 Noel A. Lyon JMMB Group Ltd 84,061,652 $9,498,122 5.16%
126 Wayne Sutherland JMMB Group Ltd 38,050,860 $4,299,365 2.33%
127 Archibald Campbell JMMB Group Ltd 363,227 $41,041 0.02%
128 Natalia Gobin-Gunter Key Insurance Company Limited 88,405,445 $1,791,118 25.11%
129 Sandra Masterton Key Insurance Company Limited 88,405,444 $1,791,118 25.11%
130 Kayla Abrahams Key Insurance Company Limited 88,405,444 $1,791,118 25.11%
131 Garfield H Sinclair Kingston Properties Limited 4,164,407 $324,508 2.59%
132 Kevin Richards Kingston Properties Limited 10,500 $818 0.01%
133 Grantley Stephenson Kingston Wharves 331,369 $51,669 0.02%
134 Joseph Bogdanovich KLE Group Limited 23,168,835 $352,055 23.17%
135 Gary Matalon KLE Group Limited 16,073,628 $244,242 16.07%
136 Stephen Shirley KLE Group Limited 10,111,500 $153,646 10.11%
137 Oliver Townsend Knutsford Express Limited 33,526,664 $5,225,070 33.53%
138 Anthony Copeland Knutsford Express Limited 23,926,664 $3,728,928 23.93%
139 Gordon Townsend Knutsford Express Limited 17,526,664 $2,731,499 17.53%
140 Lascelles Chin Lasco Distributors Limited 2,668,889,040 $146,619,401 79.07%
141 Eileen Chin Lasco Distributors Limited 15,006,740 $824,418 0.44%
142 Peter Chin Lasco Distributors Limited 14,000,000 $769,111 0.41%
143 A. Alex Balogun Lasco Distributors Limited 3,429,733 $188,417 0.10%
144 Lascelles Chin Lasco Financial Services Limited 761,704,332 $18,459,444 62.02%
145 Jacinth Hall-Tracey Lasco Financial Services Limited 7,346,198 $178,031 0.60%
146 Lascelles Chin Lasco Manufacturing Limited 3,247,122,250 $126,514,543 79.45%
147 Eileen Chin Lasco Manufacturing Limited 16,000,000 $623,393 0.39%
148 Peter Chin Lasco Manufacturing Limited 5,585,980 $217,641 0.14%
149 Ian Dear Margaritaville Caribbean Limited 25,000 $1,068 50.00%
150 Elliot Gervase Warner Massy Holdings Limited 161,588 $1,331,439 0.17%
151 Paula Rajkumarsingh Massy Holdings Limited 145,017 $1,194,898 0.15%
152 Angela Hamel-Smith Massy Holdings Limited 82,296 $678,095 0.08%
153 Robert Bermudez Massy Holdings Limited 27,849 $229,468 0.03%
154 Christopher Berry Mayberry Investments Ltd. 470,222,514 $20,152,917 39.15%
155 Konrad Berry Mayberry Investments Ltd. 465,985,397 $19,971,321 38.79%
156 Gary Peart Mayberry Investments Ltd. 34,740,915 $1,488,935 2.89%
157 Winston Boothe Medical Disposables & Supplies Ltd 50,000,000 $1,636,406 19.00%
158 Myrtis Boothe Medical Disposables & Supplies Ltd 50,000,000 $1,636,406 19.00%
159 Kurt Boothe Medical Disposables & Supplies Ltd 50,000,000 $1,636,406 19.00%
160 Nikeisha Boothe Medical Disposables & Supplies Ltd 50,000,000 $1,636,406 19.00%
161 Michael Lee Chin National Commercial Bank Jamaica Ltd. 1,615,291,544 $629,350,715 65.48%
162 Patrick Hylton National Commercial Bank Jamaica Ltd. 18,799,058 $7,324,499 0.76%
163 Dennis Cohen National Commercial Bank Jamaica Ltd. 86,480 $33,694 0.00%
164 Jerry Hospedales National Enterprises Limited 8,410 $14,192 0.00%
165 Ross Alexander National Enterprises Limited 2,000 $3,375 0.00%
166 Terrance Clarke National Enterprises Limited 0 $0 0.00%
167 John Lum Young One Caribbean Media Limited 170,500 $537,633 0.26%
168 Rashidan Bolai One Caribbean Media Limited 40,000 $126,131 0.06%
169 Dawn Thomas One Caribbean Media Limited 2,000 $6,307 0.00%
170 Faarees Hosein One Caribbean Media Limited 0 $0 0.00%
171 Anthony Shaw One Caribbean Media Limited 0 $0 0.00%
172 Charles Graham Palace Amusement 1,074,444 $1,632,639 74.77%
173 Stephen B Facey Pan-Jamaican Investment Trust 433,878,694 $94,666,901 40.70%
174 Paul Facey Pan-Jamaican Investment Trust 433,878,694 $94,666,901 40.70%
175 Hugh Graham Paramount Trading (Jamaica) Ltd 123,396,684 $2,884,673 80.00%
176 Radcliff Knibbs Paramount Trading (Jamaica) Ltd 3,053,605 $71,385 1.98%
177 Harold Ragbir PLIPDECO Limited 4,046 $2,372 0.01%
178 Ernest Ashley Taylor PLIPDECO Limited 4,000 $2,345 0.01%
179 Ian R. H. Atherly PLIPDECO Limited 0 $0 0.00%
180 Haroon Fyzool Awardy PLIPDECO Limited 0 $0 0.00%
181 Christian E. Mouttet Prestige Holdings Limited 42,685,422 $74,401,376 68.28%
182 Angela Sobrian Prestige Holdings Limited 136,512 $237,943 0.22%
183 Charles R. Pashley Prestige Holdings Limited 110,000 $191,732 0.18%
184 Anthony Martins Prestige Holdings Limited 79,996 $139,434 0.13%
185 Peter Bunting Proven Investments Limited 30,087,130 $4,337,348 5.45%
186 Winston Hepburn Proven Investments Limited 10,200,000 $1,470,428 1.85%
187 Garfield H Sinclair Proven Investments Limited 5,505,218 $793,630 1.00%
188 Kingsley Cooper Pulse Invesments Ltd. 198,344,919 $4,636,755 72.98%
189 Romae Gordon Pulse Invesments Ltd. 1,635,279 $38,228 0.60%
190 Safia Cooper Pulse Invesments Ltd. 1,079,422 $25,234 0.40%
191 J. A. Lester Spaulding Radio Jamaica 26,607,207 $269,535 7.44%
192 Christopher Barnes Radio Jamaica 4,307,000 $43,630 1.20%
193 Gary Allen Radio Jamaica 361,228 $3,659 0.10%
194 Parasram Heerah Readymix (West Indies) Limited 5,645 $9,830 0.05%
195 Malcolm Sooknanan Readymix (West Indies) Limited 0 $0 0.00%
196 Nigel Edwards Readymix (West Indies) Limited 0 $0 0.00%
197 Andres Peña Readymix (West Indies) Limited 0 $0 0.00%
198 Nigel M. Baptiste Republic Financial Holdings Limited 17,070 $293,313 0.01%
199 Parasram Salickram Republic Financial Holdings Limited 10,183 $174,974 0.01%
200 Anthony C. Subero Republic Financial Holdings Limited 9,294 $159,699 0.01%
201 Ronald F. deC. Harford Republic Financial Holdings Limited 4,574 $78,595 0.00%
202 Dodrige Miller Sagicor Financial Corporation 1,707,967 $1,716,507 0.56%
203 Richard Kellman Sagicor Financial Corporation 421,576 $423,684 0.14%
204 Stephen McNamara Sagicor Financial Corporation 23,993 $24,113 0.01%
205 Richard Byles Sagicor Group Jamaica Limited 25,617,515 $5,789,043 0.66%
206 Donovan Perkins Sagicor Group Jamaica Limited 12,207,687 $2,758,692 0.31%
207 Ivan Carter Sagicor Group Jamaica Limited 9,076,673 $2,051,146 0.23%
208 Rohan Miller Sagicor Group Jamaica Limited 2,595,465 $586,523 0.07%
209 Philip Armstrong Sagicor Group Jamaica Limited 2,547,982 $575,793 0.07%
210 Mark Chisholm Sagicor Group Jamaica Limited 2,391,853 $540,511 0.06%
211 Richard Byles Sagicor Real Estate X Fund 5,389,505 $495,987 0.24%
212 Rohan Miller Sagicor Real Estate X Fund 500,000 $46,014 0.02%
213 Donovan Lewis Salada Foods Jamaica 81,447,767 $5,394,732 78.40%
214 Patsy Latchman-Atterbury Scotia Group Jamaica 191,576 $54,862 0.01%
215 Jacqueline Sharp Scotia Group Jamaica 190,010 $54,413 0.01%
216 Horace (Craig) Mair Scotia Group Jamaica 24,741 $7,085 0.00%
217 Lissant Mitchell Scotia Investments Jamaica 2,000 $521 0.00%
218 Reshard Mohammed Scotiabank Trinidad & Tobago Limited 2,076 $19,356 0.00%
219 Anya M. Schnoor Scotiabank Trinidad & Tobago Limited 500 $4,662 0.00%
220 Tricia De La Rosa-Camacho Scotiabank Trinidad & Tobago Limited 0 $0 0.00%
221 Brendan King Scotiabank Trinidad & Tobago Limited 0 $0 0.00%
222 Richard Pandohie Seprod Limited 200,000 $45,975 0.04%
223 Charles Ross Sterling Investments Limited 1,892,790 $231,566 3.39%
224 Ian Kent Levy Supreme Ventures 324,541,171 $13,403,477 12.31%
225 Paul Hoo Supreme Ventures 170,000,000 $7,020,962 6.45%
226 James Morrison Supreme Ventures 345,165 $14,255 0.01%
227 Henry Graham Sweet Rier Abattoir & Supplis Company 15,035,009 $452,234 18.44%
228 Valdence Gifford Sweet Rier Abattoir & Supplis Company 4,995,058 $150,245 6.13%
229 Ranjit R Jeewan The West Indian Tobacco Company Ltd 28,000 $563,203 0.03%
230 Jean-Pierre S du Coudray The West Indian Tobacco Company Ltd 14,219 $286,007 0.02%
231 Solmer Thom The West Indian Tobacco Company Ltd 50 $1,006 0.00%
232 Anthony E Phillip The West Indian Tobacco Company Ltd 0 $0 0.00%
233 Anand Ragbir Trinidad and Tobago NGL Limited 28,238 $93,964 0.02%
234 Gerry C. Brooks Trinidad and Tobago NGL Limited 10,694 $35,585 0.01%
235 Andrew Jupiter Trinidad and Tobago NGL Limited 9,078 $30,208 0.01%
236 Sheldon K. Sylvester Trinidad and Tobago NGL Limited 0 $0 0.00%
237 Wilfred Espinet Trinidad Cement Limited 10,285,195 $7,170,904 2.75%
238 Parasram Heerah Trinidad Cement Limited 1,735,277 $1,209,846 0.46%
239 Jinda Maharaj Trinidad Cement Limited 1,071,532 $747,079 0.29%
240 José Luis Seijo González Trinidad Cement Limited 0 $0 0.00%
241 Edward Charles Alexander tTech Limited 41,284,834 $1,705,054 38.95%
242 Norman Abraham Chen tTech Limited 15,391,566 $635,668 14.52%
243 Christopher Reckord tTech Limited 15,263,795 $630,391 14.40%
244 Hugh O’Brian Allen tTech Limited 8,806,028 $363,687 8.31%
245 Marcelle Smart tTech Limited 2,370,399 $97,897 2.24%
246 Roxane E. de Freitas Unilever Caribbean Limited 1,000 $9,482 0.00%
247 Pablo Garrido Unilever Caribbean Limited 0 $0 0.00%
248 Lucy Walsh Unilever Caribbean Limited 0 $0 0.00%
249 Mark Beepath Unilever Caribbean Limited 0 $0 0.00%
250 Christopher D. Bynoe West India Biscuit Company Limited 0 $0 0.00%
251 Adrian Padmore West India Biscuit Company Limited 0 $0 0.00%

Businessuite Markets

Illicit Trade Continues To Affect Carreras Limited, A Major Risk To All Stakeholders.

Published

on

Revenue grew 3% to $16.2 billion, an increase of $0.5 billion compared to the corresponding period last year. While gross profit was flat compared to last year, it should be noted that the results also reflect the company’s investment of $231 million in a new customer management system.

This is a one-off and timely expense to modernize our customer service functions, which we anticipate will yield future efficiencies and savings.

Net profit was J$3.6 billion, a decline of J$0.4 billion when compared to the previous year. Basic earnings per stock unit for the year were J$0.749 (2022: J$0.839) and we were able to pay a total dividend over the financial year of $0.78 per share.

As the global environment continues its recovery from the effects of the COVID-19 pandemic, our business continues to experience price volatility in the prices of key components and logistics, the cost of which have been absorbed so far.

We have also prioritized investment in the transformation of our brands to ensure our consumers receive the highest quality and innovative products. We are also striving to improve our Route to Market model to ensure that we deliver our products to our customers and consumers in the most efficient and cost-effective manner.

The illicit trade continues to affect our industry and is a major risk to all stakeholders. We are committed to improving the legal tobacco landscape and will continue to drive awareness of the various issues caused by the illicit trade through engagement with the government and its agencies and private sector stakeholders.

We remain grateful to our consumers, customers, dedicated team members, business partners and shareholders for their continued and unwavering support.

Shareholders will note the release on May 30, 2023, of the audited financial statements for Carreras Limited for the year ended March 31, 2023. This brief commentary on our financial performance should be read together with those results which can be found on the website of the Jamaica Stock Exchange and on our website at www.carrerasltd.com.

Continue Reading

Auto

Jetcon Corporation Q1 Revenue And Profit Continues Downward Trend As Increases In Interest Rates Stifle Motor Vehicle Sales.

Published

on

Andrew Jackson Managing Director Of Jetcon Corporation Limited Has Released The Following Report To Shareholders For The First Quarter Ending March 2023

The board decided to release our first quarter results while we await the audit of the 2022 full year results which is not expected to deviate materially from the figures show for 2022 in the interim results.

The delay in releasing the audited 2022 results is regretted and it is expected that they will be released by June. In the meantime, the interim results should help investors to get a better picture of developments within the company.

Motor vehicle sales have slipped compared with the first quarter of 2022, and continues into April 2023 as well, however, we have seen positive development with monthly sales increasing month over month for 2023.

Revenues are however, down 29 percent compared to the first quarter in 2022. Gross profits fell by 35 percent, and net profits decreased from $10.2m to a small loss of $1.8m.

While prices of vehicles and shipping have stabilized somewhat, the increase in interest rates have stifled motor vehicle sales, however with the reduction of inflation and a fall in interest rates on Bank of Jamaica CDs and Government of Jamaica Treasury bill rates augur well for interest rates returning to more normal levels soon.

We expect sales to recover as the year progresses. We have sold the majority of our stock of electric vehicles (EVs) and expanded our range to include another brand of EV and have more developments in the pipeline which will be disclosed when they become more concrete.

For more information CLICK HERE

Continue Reading

Businessuite Markets

Spur Tree Spices Jamaica Banking On Strategic Investments As It Transitions From A Sauces And Seasonings Provider To A Fully Equipped Food Company.

Published

on

Albert Bailey Chief Executive Officer Of Spur Tree Spices Jamaica Limited Has Released The Following Report To Shareholders For First Quarter Ended March 31, 2023.

The Company’s performance in the first quarter is very positive and sets the tone for a successful year ahead as we continue with our strategic plan of transitioning from a sauces and seasonings provider to a fully equipped food company.

Revenue
While the environment continues to be challenging in several ways, we had a remarkable performance for the period under consideration and are pleased to report a 62% increase in revenue over the previous year’s quarter which had also grown by an impressive 40% – a clear demonstration of the success of our aggressive and agile revenue growth strategy.

Another key element of our core strategy continues to be increasing our footprint by creating new customer segments and to capitalise on new and emerging opportunities in both the local and international markets which has also contributed to the additional revenue for the period.

In addition to revenue from our acquisition investments, we continue to build out our footprint into new territories and establish partnerships in key markets.

Cost of Sales
Cost of Sales for the period increased from 62.45% of sales for the similar period of 2022 to 67.6% of sales for the current period. The increase in Cost of Sales was driven by the consolidation of newly acquired subsidiaries and cost increases primarily in raw material inputs in the holding company.

While there has been a gradual reduction in freight rates on a global scale, we have continued to prioritize the sourcing of at least 90% of our raw materials from local suppliers. Due to the high inflationary climate, there has been an increase in costs of up to 30% of some local raw materials. As such we continue to strategize with our local partners to find ways to gain efficiencies and reduce costs over the medium-long term while leveraging economies of scale gained from business growth. We also continue to build capacity to store and process raw materials to be able to take advantage of any market excesses.

Gross Profit
Gross Profit increased from $89.9M Q1 of 2022 to $124.9M Q1 of 2023 which represents a 39% increase year on year. While our overall gross profit improved, the margins were lower than those achieved for the similar period 2022 due to the cost challenges highlighted above. We anticipate that our gross margins will gradually recover as cost gains are achieved through the
initiatives discussed above and the expansion of our product lines.

Net Profit Attributed to shareholders
The Company recorded a 62% increase in overall revenue. However, due to increased cost of sales and expenses, highlighted above, Net Profit dipped slightly to J$42m. Further context of these results should also consider that the performance in March 2022 yielded an outstanding net profit increase from J$17.5M to J$50.8M – a 194% improvement year on year.

Outlook
Based on all the strategic investments made, 2023 is poised to be a very successful year for Spur Tree Spices Jamaica. The first quarter provides a good indication of the foundation laid which we will build on for the solid growth and value creation for our valued shareholders.

For more information CLICK HERE

Continue Reading

Businessuite Markets

PanJam Investment Negatively Impacted By Sagicor Group’s Implemented International Financial Reporting Standards – Insurance Contracts

Published

on

Stephen B. Facey, Chairman of PanJam Investment Limited (“PanJam”) has released the following Interim Report to Stockholders For the three months ended 31 March 2023.

Highlights
• In line with International Accounting Standards Board issued standards, effective 1 January 2023, Sagicor Group Jamaica (“Sagicor”) implemented International Financial Reporting Standards (“IFRS”) 17 – Insurance Contracts, which fundamentally changed the way it accounts for insurance contracts. The adoption of this new accounting standard has had a material impact on the presentation and calculation of Sagicor’s results, but not its underlying strategy or long-term value. It also required a restatement of Sagicor’s prior year’s financial statements. As a 30.2% shareholder of Sagicor, PanJam’s share of the effects of IFRS 17 are reflected in our 2023 financial statements and our restated 2022 financial statements.

• Net loss attributable to shareholders of $11.1 million for the quarter (restated 2022: net loss of $323.8 million)

• Loss per stock unit for the quarter of $0.01 (restated 2022 loss: $0.31)

• Book value per stock unit of $39.83 at 31 March 2023 (restated at 31 March 2022: $37.73)

• Ordinary dividend per stock unit declared/paid during the quarter of $0.225 (2022: $0.635)

Income Statement

Net loss attributable to owners for the three months ended 31 March 2023 amounted to $11.1 million, compared to the restated loss of $323.8 million recorded for the same period in 2022.

Loss per stock unit for the quarter was $0.01 compared to the restated 2022 loss per stock unit of $0.31.

Income from our core operations increased by 31.5 per cent when compared to the prior year, driven primarily by $448.1 million of income from the ROK Hotel Kingston, Tapestry Collection by Hilton.

Investments generated income of $10.1 million (restated 2022: $236.9 million) from interest income and foreign exchange gains, which were largely offset by unrealized losses on trading equities.

Property income continued its steady performance, increasing by 3.7 per cent to $522.1 million due to annual rental rate adjustments and revaluation gains.

Operating expenses totaled $1.4 billion, more than double the amount in the first quarter of 2022. While inflationary pressure on wages and direct property costs negatively impacted our performance, PanJam incurred one-off professional fees related to its amalgamation with Jamaica Producers Group Limited (“Jamaica Producers”).

Finance costs increased by 14.8 per cent to $277.1 million (restated 2022: $241.4 million) due to higher average interest rates and a marginal increase in debt principal.

Associated Companies
PanJam’s associated companies include our 30.2% investment in Sagicor. We also hold minority positions in a number of diverse private entities across the adventure tourism, business process outsourcing, hospitality, micro-lending and office rental sectors.

For the first three months of 2023, our share of results of associated companies amounted to $673.2 million, increasing by $905.0 million when compared to the same period in 2022 due to improved year-over-year performance from all of our associates, particularly Sagicor. However, it is important to note that PanJam’s share of results of associated companies for the first quarter of 2022 was restated in line with Sagicor’s adoption of IFRS 17, decreasing by $1.4 billion to a loss of $231.8 million.

As a significant shareholder in Sagicor, we welcome the greater transparency and comparability that IFRS 17 will bring to financial reporting throughout the insurance industry. We remain confident in the long-term prospects of Sagicor and its ability to create value for our shareholders, and will continue to monitor the impact of this new accounting standard.

Balance Sheet
Total assets at 31 March 2023 amounted to $58.4 billion compared to the restated $56.0 billion at 31 March 2022.

Stockholders’ equity as at 31 March 2023 totalled $42.3 billion, 5.7 per cent higher than the restated 31 March 2022 balance of $40.0 billion. This equates to a 31 March 2023 book value per stock unit of $39.83 (restated 31 March 2022: $37.73).

Outlook
Effective 1 April 2023, PanJam and Jamaica Producers successfully completed their amalgamation process, which was approved by the shareholders of both companies on 22 December 2022. Pursuant to the terms of the amalgamation agreement, Jamaica Producers transferred its material businesses to PanJam in exchange for Jamaica Producers receiving a 34.5% ownership stake in the amalgamated enterprise, renamed Pan Jamaica Group Limited (“Pan Jamaica Group”).

We are excited to welcome members of the Jamaica Producers team as we embark on a new journey together as the Pan Jamaica Group family. With the amalgamation complete, we look forward to blending our strengths, experiences, and passion to create unparalleled value and impact. Here’s to a future of collaborative success and continued growth!

Joanna Banks, President of Pan Jamaica Group, will be appointed Executive Vice President, Strategy and Business Development of Sagicor with effect from 17 July 2023, and will simultaneously demit the office of President of Pan Jamaica Group. We thank Joanna for her steadfast commitment and her leadership during this significant time, and wish her every success in this new role. We are confident that she will be an excellent addition to Sagicor’s senior leadership team and look forward to continuing to work with her in that capacity.

For More Information CLICK HERE

Continue Reading

Businessuite Markets

Wisynco Recorded Net Profits Attributable To Stockholders Of $1.2B, Or 31cents Per Stock Unit For The 3rd Quarter.

Published

on

Andrew Mahfood, Chief Executive Officer For Wisynco Group Limited (Wisynco) Has Released The Following Interim Report To Stockholders For The Third Quarter Ended March 31, 2023.

Revenues for the quarter of $12.0 billion represent an increase of 23.4% above the $9.7 billion achieved in the corresponding quarter of the previous year and, notably, is the second continuous quarter that the company has recorded sales of $12.0 billion.

“We have resolved some of the production challenges faced in the 2nd quarter and are seeing increased production to meet the increasing demand.”

The capital program mentioned below will contribute to bringing stability and expansion to our production capacity as demand in all channels continues to be favorable.

While the Gross Profit of $4.1 billion of the current quarter is the same as the preceding quarter, this represents a 32.2% increase to the $3.1 billion of the prior year’s quarter.

Similarly, Gross Profit Margin at 34.6% this quarter is higher than the 32.3% for the
same quarter last year, but below our expectation due to production output being lower than projected which impacted our product mix.

Selling, Distribution & Administrative expenses (SD&A) for the quarter totaled $2.7 billion or 30.0% more than the $2.1 billion for the corresponding quarter of the prior year in line with increased growth and revenue. Our SD&A expense to sales ratio was 22.5% for the quarter, compared to 21.3% in the prior year. The increase can be attributed to additional Marketing and Promotional costs and inflationary increases in other variable expenses.

Profit before Taxation for the quarter was $1.57 billion, an increase of 43% over the $1.10 billion of the comparative quarter for the prior year.

After provision for taxes, Wisynco recorded Net Profits Attributable to Stockholders of $1.2 billion, or 31c per stock unit for the quarter, which was 38.6% greater than the $831 million or 22c per stock unit earned for the prior year.

Our Balance Sheet remains strong with a current ratio of 3.7 compared to 2.8 for last year’s quarter. This improvement is due to an injection of funds from our borrowing facilities, partly offset by increases in our inventories, reduction in our payables, and purchases of capital assets per our expansion plan. Inventories remain on the high side as production output was lower than projected in January and February. Management expects these inventories to normalize within the next few months.

Capital expansion activities are well underway, the benefits of which should be realized midway through Fiscal Year 2024. We are excited and optimistic to be embarking on the largest capital expansion ever undertaken by Wisynco. The flexibility and increased output resulting from this expansion program will ensure we meet the current demands of local and export markets and pave the way for additional capacity for growth and future innovations in our varied product lines.

From a sustainability point of view, we continue to be a primary contributor financially, and in the areas of strategy and governance, to Recycle Partners of Jamaica (RPJ), an organization responsible for polyethylene terephthalate (PETE) recycling nationally. We are seeing improvements to the RPJ average collection rate and will continue efforts to support this organization in its mission to reduce plastic in the environment. Additionally, we continue to focus on areas of water and energy conservation in our own production and operational processes, as a means to reducing our impact on our environs.

Socially, we launched our WATA Wednesdays School Tour during the quarter, which is a program aimed at educating our youth on the benefits of staying healthy and hydrated. We also participated, through our energy drink brand BOOM in conjunction with Food for the Poor in the latter’s “Build Back the Love for Jamaica” campaign as we continue to contribute to building homes for the homeless. The company has further committed to building an additional 10 homes for 2023 which brings our total from 2020 to 30 homes through Food for the Poor.

Internally, the company continued its staff engagement exercises by hosting a leadership forum for all Wisynco Leaders, as well as a Women’s Day Luncheon to celebrate the dedication and commitment of the women of Wisynco.

For More Information CLICK HERE

Continue Reading

Trending

1
0
Would love your thoughts, please comment.x
()
x