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Businessuite 2017 Skin Index -By Company – Jamaica

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Businessuite 2017 Skin Index -By Company Jamaica
Executive Company Skin Holdings 2016 JA$ 2016 US$ 2017 Skin Index
John W. Lee 138 Student Living Jamaica Limited 167,439,627 $803,710,210 $6,262,840 40.40%
Douglas Stibel 138 Student Living Jamaica Limited 15,673,025 $75,230,520 $586,227 3.78%
Oliver Clarke 1834 Investments Limited 434,557,600 $521,469,120 $4,063,501 35.88%
Joseph Matalon 1834 Investments Limited 93,628,124 $112,353,749 $875,506 7.73%
Christopher Barnes 1834 Investments Limited 5,308,834 $6,370,601 $49,642 0.44%
Douglas R. Orane 1834 Investments Limited 1,053,553 $1,264,264 $9,852 0.09%
Marcus James Access Financial Services Limited 120,220,534 $2,644,851,748 $20,609,770 43.79%
Neville James Access Financial Services Limited 7,174,950 $157,848,900 $1,230,023 2.61%
Antonia Hugh AMG Packaging & Paper Co Ltd 32,351,718 $792,940,608 $6,178,918 31.60%
George Hugh AMG Packaging & Paper Co Ltd 24,263,792 $594,705,542 $4,634,190 23.70%
Mark Chin/Paul Chin AMG Packaging & Paper Co Ltd 24,263,792 $594,705,542 $4,634,190 23.70%
Rita Humphries-Lewin Barita Investments 339,975,664 $2,039,853,984 $15,895,379 76.40%
John Minott Barita Investments 5,885,322 $35,311,932 $275,165 1.32%
Karl Lewin Barita Investments 5,675,322 $34,051,932 $265,347 1.28%
George W. Cooper Barita Investments 5,302,322 $31,813,932 $247,907 1.19%
Ian A Mcnaughton Barita Investments 296,000 $1,776,000 $13,839 0.07%
Peta Rose Hall Barita Investor only 11,188,814 $67,132,884 $523,127 2.51%
Mustafa Turra Berger Paints Ltd 0 $0 $0 0.00%
Dahru Tanner Blue Power Group Limited 28,300,800 $849,024,000 $6,615,943 50.09%
Ivan Berry C2W Music Limited 180,000,000 $63,000,000 $490,922 45.00%
Derek Wilkie C2W Music Limited 80,000,000 $28,000,000 $218,187 20.00%
Garfield H Sinclair Cable and Wireless Jamaica – FLOW 4,021,000 $3,216,800 $25,067 0.02%
Steven Marston CAC 2000 Limited 67,462,522 $333,939,484 $2,602,193 52.28%
Colin Roberts CAC 2000 Limited 27,355,291 $135,408,690 $1,055,160 21.20%
Antony Hart Cargo Handlers Limited 11,324,264 $209,498,884 $1,632,501 27.21%
Mark Hart Cargo Handlers Limited 10,991,198 $203,337,163 $1,584,487 26.41%
Jane Fray Cargo Handlers Limited 10,991,198 $203,337,163 $1,584,487 26.41%
Thersa Chin Cargo Handlers Limited 760,022 $14,060,407 $109,564 1.83%
Alejandro Vares Caribbean Cement Co. 300 $10,185 $79 0.00%
Scoops Un-Limited Limited Caribbean Cream Limited 121,141,801 $908,563,508 $7,079,900 32.00%
Carol Clarke Webster Caribbean Cream Limited 58,521,764 $438,913,230 $3,420,192 15.46%
Matthew G. Clarke Caribbean Cream Limited 58,221,764 $436,663,230 $3,402,659 15.38%
Christpher Clarke Caribbean Cream Limited 53,221,764 $399,163,230 $3,110,444 14.06%
Derrick Cotterll Caribbean Flavours & Fragrances Ltd 67,457,330 $809,487,960 $6,307,862 75.02%
Ian C. Kelly Caribbean Flavours & Fragrances Ltd 2,322,814 $27,873,768 $217,204 2.58%
Anthony James Caribbean Flavours & Fragrances Ltd 820,700 $9,848,400 $76,743 0.91%
Mark Hart Caribbean Producers Ja Ltd 880,000,000 $2,904,000,000 $22,629,159 80.00%
Marcus Steele Carreras Limited 0 $0 $0 0.00%
Anthony Chang * Consolidated Bakeries (Jamaica) Ltd 155,675,286 $351,826,146 $2,741,574 69.90%
Derrick Cotterll Derrimon Trading Company Ltd 110,000,000 $605,000,000 $4,714,408 40.24%
Monique Cotterll Derrimon Trading Company Ltd 40,000,000 $220,000,000 $1,714,330 14.63%
Ian C. Kelly Derrimon Trading Company Ltd 15,743,459 $86,589,025 $674,737 5.76%
Winston Thomas Derrimon Trading Company Ltd 13,363,979 $73,501,885 $572,757 4.89%
Stafford Burrowes Dolphin Cove Limited 45,367,938 $680,519,070 $5,302,884 11.56%
Marilyn Burrowes Dolphin Cove Limited 1,000,008 $15,000,120 $116,887 0.25%
Nicholas Scott Eppley Limited 156,849 $115,284,015 $898,340 19.70%
Nigel Clarke Eppley Limited 142,631 $104,833,785 $816,908 17.91%
Melanie Subratie Eppley Limited 136,020 $99,974,700 $779,044 17.08%
P.B. Scott Eppley Limited 136,020 $99,974,700 $779,044 17.08%
Sharon Donaldson General Accident Insurance Co Ltd 3,377,956 $9,458,277 $73,703 0.33%
Douglas R. Orane Gracekennedy Ltd. 21,358,272 $875,689,152 $6,823,729 6.45%
Donald G. Wehby Gracekennedy Ltd. 10,929,855 $448,124,055 $3,491,966 3.30%
Frank A. R. James Gracekennedy Ltd. 2,010,153 $82,416,273 $642,221 0.61%
Michael Ranglin Gracekennedy Ltd. 1,568,097 $64,291,977 $500,989 0.47%
Ryan Mack Gracekennedy Ltd. 1,202,460 $49,300,860 $384,173 1.49%
Gordon V. Shirley Gracekennedy Ltd. 612,092 $25,095,772 $195,557 0.18%
Michelle Chong Honey Bun (1982) Limited 37,500,000 $219,375,000 $1,709,460 39.79%
Herbert Chong Honey Bun (1982) Limited 37,500,000 $219,375,000 $1,709,460 39.79%
Richard Evan Thwaites IronRock Insurance Company Limited 56,000,000 $224,000,000 $1,745,500 26.17%
William A. McConnell IronRock Insurance Company Limited 54,500,000 $218,000,000 $1,698,745 25.47%
Wayne N. Hardie IronRock Insurance Company Limited 1,025,727 $4,102,908 $31,972 0.48%
Dennis Smith (Gencorp Limited) ISP Finance Services Limited 54,517,500 $463,398,750 $3,610,993 51.92%
Robert Chung (Sunfisher Corp) ISP Finance Services Limited 45,832,500 $389,576,250 $3,035,738 43.65%
Primrose Smith ISP Finance Services Limited 1,500,000 $12,750,000 $99,353 1.43%
Robert Levy Jamaica Broilers Group 152,376,620 $2,270,411,638 $17,691,979 12.71%
Christopher Levy Jamaica Broilers Group 16,844,106 $250,977,179 $1,955,717 1.40%
Claudette Cook Jamaica Broilers Group 4,060,899 $60,507,395 $471,498 0.34%
Ian Parsard Jamaica Broilers Group 3,207,739 $47,795,311 $372,441 0.27%
Charles. H. Johnston Jamaica Producers Group 17,510,498 $161,972,107 $1,262,153 9.36%
M. McG. Hall Jamaica Producers Group 16,769,284 $155,115,877 $1,208,727 8.97%
Mrs. K.A.J. Moss Jamaica Producers Group 6,060,078 $56,055,722 $436,809 3.24%
 Jeffrey. McG. Hall Jamaica Producers Group 4,418,537 $40,871,467 $318,487 2.36%
Robin Levy Jamaica Stock Exchange Ltd 50,000 $275,000 $2,143 0.04%
Marlene Street Forrest Jamaica Stock Exchange Ltd 30,000 $165,000 $1,286 0.02%
Violet Helen Mahfood Jamaican Teas Limited 118,015,318 $572,374,292 $4,460,175 34.98%
John Mahfood Jamaican Teas Limited 94,064,178 $456,211,263 $3,554,985 27.88%
Norman Russell Jamaican Teas Limited 300,000 $1,455,000 $11,338 0.09%
Andrew Jackson Jetcon Corporation Limited 117,302,400 $703,814,400 $5,484,411 60.31%
John Jackson Jetcon Corporation Limited 1,620,000 $9,720,000 $75,742 0.83%
Keith P. Duncan JMMB Group Ltd 101,144,376 $1,466,593,452 $11,428,298 6.20%
Donna Duncan-Scott JMMB Group Ltd 87,013,712 $1,261,698,824 $9,831,675 5.34%
Noel A. Lyon JMMB Group Ltd 84,061,652 $1,218,893,954 $9,498,122 5.16%
Wayne Sutherland JMMB Group Ltd 38,050,860 $551,737,470 $4,299,365 2.33%
Archibald Campbell JMMB Group Ltd 363,227 $5,266,792 $41,041 0.02%
Natalia Gobin-Gunter Key Insurance Company Limited 88,405,445 $229,854,157 $1,791,118 25.11%
Sandra Masterton Key Insurance Company Limited 88,405,444 $229,854,154 $1,791,118 25.11%
Kayla Abrahams Key Insurance Company Limited 88,405,444 $229,854,154 $1,791,118 25.11%
Garfield H Sinclair Kingston Properties Limited 4,164,407 $41,644,070 $324,508 2.59%
Kevin Richards Kingston Properties Limited 10,500 $105,000 $818 0.01%
Grantley Stephenson Kingston Wharves 331,369 $6,630,694 $51,669 0.02%
Joseph Bogdanovich KLE Group Limited 23,168,835 $45,179,228 $352,055 23.17%
Gary Matalon KLE Group Limited 16,073,628 $31,343,575 $244,242 16.07%
Stephen Shirley KLE Group Limited 10,111,500 $19,717,425 $153,646 10.11%
Oliver Townsend Knutsford Express Limited 33,526,664 $670,533,280 $5,225,070 33.53%
Anthony Copeland Knutsford Express Limited 23,926,664 $478,533,280 $3,728,928 23.93%
Gordon Townsend Knutsford Express Limited 17,526,664 $350,533,280 $2,731,499 17.53%
Lascelles Chin Lasco Distributors Limited 2,668,889,040 $18,815,667,732 $146,619,401 79.07%
Eileen Chin Lasco Distributors Limited 15,006,740 $105,797,517 $824,418 0.44%
Peter Chin Lasco Distributors Limited 14,000,000 $98,700,000 $769,111 0.41%
A. Alex Balogun Lasco Distributors Limited 3,429,733 $24,179,618 $188,417 0.10%
Lascelles Chin Lasco Financial Services Limited 761,704,332 $2,368,900,473 $18,459,444 62.02%
Jacinth Hall-Tracey Lasco Financial Services Limited 7,346,198 $22,846,676 $178,031 0.60%
Lascelles Chin Lasco Manufacturing Limited 3,247,122,250 $16,235,611,250 $126,514,543 79.45%
Eileen Chin Lasco Manufacturing Limited 16,000,000 $80,000,000 $623,393 0.39%
Peter Chin Lasco Manufacturing Limited 5,585,980 $27,929,900 $217,641 0.14%
Ian Dear Margaritaville Caribbean Limited 25,000 $137,000 $1,068 50.00%
Christopher Berry Mayberry Investments Ltd. 470,222,514 $2,586,223,827 $20,152,917 39.15%
Konrad Berry Mayberry Investments Ltd. 465,985,397 $2,562,919,684 $19,971,321 38.79%
Gary Peart Mayberry Investments Ltd. 34,740,915 $191,075,033 $1,488,935 2.89%
Winston Boothe Medical Disposables & Supplies Ltd 50,000,000 $210,000,000 $1,636,406 19.00%
Myrtis Boothe Medical Disposables & Supplies Ltd 50,000,000 $210,000,000 $1,636,406 19.00%
Kurt Boothe Medical Disposables & Supplies Ltd 50,000,000 $210,000,000 $1,636,406 19.00%
Nikeisha Boothe Medical Disposables & Supplies Ltd 50,000,000 $210,000,000 $1,636,406 19.00%
Michael Lee Chin National Commercial Bank Jamaica Ltd. 1,615,291,544 $80,764,577,200 $629,350,715 65.48%
Patrick Hylton National Commercial Bank Jamaica Ltd. 18,799,058 $939,952,900 $7,324,499 0.76%
Dennis Cohen National Commercial Bank Jamaica Ltd. 86,480 $4,324,000 $33,694 0.00%
Charles Graham Palace Amusement 1,074,444 $209,516,580 $1,632,639 74.77%
Stephen B Facey Pan-Jamaican Investment Trust 433,878,694 $12,148,603,432 $94,666,901 40.70%
Paul Facey Pan-Jamaican Investment Trust 433,878,694 $12,148,603,432 $94,666,901 40.70%
Hugh Graham Paramount Trading (Jamaica) Ltd 123,396,684 $370,190,052 $2,884,673 80.00%
Radcliff Knibbs Paramount Trading (Jamaica) Ltd 3,053,605 $9,160,815 $71,385 1.98%
Peter Bunting Proven Investments Limited 30,087,130 $556,611,905 $4,337,348 5.45%
Winston Hepburn Proven Investments Limited 10,200,000 $188,700,000 $1,470,428 1.85%
Garfield H Sinclair Proven Investments Limited 5,505,218 $101,846,533 $793,630 1.00%
Kingsley Cooper Pulse Invesments Ltd. 198,344,919 $595,034,757 $4,636,755 72.98%
Romae Gordon Pulse Invesments Ltd. 1,635,279 $4,905,837 $38,228 0.60%
Safia Cooper Pulse Invesments Ltd. 1,079,422 $3,238,266 $25,234 0.40%
J. A. Lester Spaulding Radio Jamaica 26,607,207 $34,589,369 $269,535 7.44%
Christopher Barnes Radio Jamaica 4,307,000 $5,599,100 $43,630 1.20%
Gary Allen Radio Jamaica 361,228 $469,596 $3,659 0.10%
Richard Byles Sagicor Group Jamaica Limited 25,617,515 $742,907,935 $5,789,043 0.66%
Donovan Perkins Sagicor Group Jamaica Limited 12,207,687 $354,022,923 $2,758,692 0.31%
Ivan Carter Sagicor Group Jamaica Limited 9,076,673 $263,223,517 $2,051,146 0.23%
Rohan Miller Sagicor Group Jamaica Limited 2,595,465 $75,268,485 $586,523 0.07%
Philip Armstrong Sagicor Group Jamaica Limited 2,547,982 $73,891,478 $575,793 0.07%
Mark Chisholm Sagicor Group Jamaica Limited 2,391,853 $69,363,737 $540,511 0.06%
Richard Byles Sagicor Real Estate X Fund 5,389,505 $63,650,054 $495,987 0.24%
Rohan Miller Sagicor Real Estate X Fund 500,000 $5,905,000 $46,014 0.02%
Donovan Lewis Salada Foods Jamaica 81,447,767 $692,306,020 $5,394,732 78.40%
Patsy Latchman-Atterbury Scotia Group Jamaica 191,576 $7,040,418 $54,862 0.01%
Jacqueline Sharp Scotia Group Jamaica 190,010 $6,982,868 $54,413 0.01%
Horace (Craig) Mair Scotia Group Jamaica 24,741 $909,232 $7,085 0.00%
Lissant Mitchell Scotia Investments Jamaica 2,000 $66,800 $521 0.00%
Richard Pandohie Seprod Limited 200,000 $5,900,000 $45,975 0.04%
Charles Ross Sterling Investments Limited 1,892,790 $29,716,803 $231,566 3.39%
Ian Kent Levy Supreme Ventures 324,541,171 $1,720,068,206 $13,403,477 12.31%
Paul Hoo Supreme Ventures 170,000,000 $901,000,000 $7,020,962 6.45%
James Morrison Supreme Ventures 345,165 $1,829,375 $14,255 0.01%
Henry Graham Sweet Rier Abattoir & Supplis Company 15,035,009 $58,035,135 $452,234 18.44%
Valdence Gifford Sweet Rier Abattoir & Supplis Company 4,995,058 $19,280,924 $150,245 6.13%
Edward Charles Alexander tTech Limited 41,284,834 $218,809,620 $1,705,054 38.95%
Norman Abraham Chen tTech Limited 15,391,566 $81,575,300 $635,668 14.52%
Christopher Reckord tTech Limited 15,263,795 $80,898,114 $630,391 14.40%
Hugh O’Brian Allen tTech Limited 8,806,028 $46,671,948 $363,687 8.31%
Marcelle Smart tTech Limited 2,370,399 $12,563,115 $97,897 2.24%

Businessuite Markets

Sygnus Real Estate Finance Strategically Increases Stake In One Belmont From 70% To 86%

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Results of Operations

SRF continued the transition between its first and second investment life cycles with a number of key initiatives, namely:

  • Strategically increased its stake in the 9-storey One Belmont commercial tower asset from 70% to 86%;
  • Increased its investment in income generating third-party real estate investment notes (REINs) by 25.3% to J$2.30 billion; exited J$1.72 billion of investments;
  • Paid its first dividend of J$0.2012 per ordinary share in December 2024.

Primarily as a result of the increased stake in One Belmont, SRF generated a net profit for Q2 2025 versus a loss in the similar period last year, and a lower loss for 6 Months FY 2025 versus the similar period last year.

Book value per share increased 5.0% to J$24.05 compared to J$22.91 last year, given a J$372.06 million or 13.5% increase in retained earnings to J$3.13 billion as at the end of the period.

SRF continued to advance the ongoing execution of interior build-out works for some tenants of the One Belmont property, and the monetization of its partial exit from the One Belmont investment; and advancing the value creation process for the Mammee Bay hospitality asset in St. Ann and the Lakespen industrial asset in St. Catherine.

The Group remains dedicated to executing its strategy of unlocking value in real estate assets to enhance shareholder value.

For Q2 2025, total investment income or core revenues was J$152.25 million compared to negative J$24.35 million for the three months ended February 29, 2024 (“Q2 2024”). While total investment income or core revenues was J$26.59 million for 6 Month FY 2025 compared to negative J$55.31 million for the six months ended February 29, 2024 (“6 Month FY 2024”). This was primarily due to increased lease and other income, a gain on disposal of financial instruments of J$33.73 million, a gain on acquisition of shares in Joint Venture of J$162.20 million, and share of gain on joint ventures of J$39.26 million. The gain on acquisition of shares in Joint Venture resulted from SRF’s strategic decision to increase its exposure to the One Belmont commercial tower. On a net basis, SRF’s overall income from this asset was J$209.95 million for 6 Month FY 2025.

The weighted average fair value yield on REINs was 8.7% compared with 4.3% last year, with the weighted average yield on REINs measured at amortised cost being 14.4% vs 13.5% last year. The increases noted were due to the redeployment of capital into higher yielding real estate investment notes. The weighted average fair value yield on REINs is expected to improve significantly during the current financial year as SRF continues to substantially increase its exposure into third-party income-generating assets.

The weighted average cost of debt was 9.0% compared with 7.6% last year. This result was due to a higher interest rate environment as well as SRF securing longer duration debt. One of the tranches of SRF’s 2024 capital raise has a variable interest rate structure, which becomes effective after the first year which SRF expects to benefit from as market interest rates move downwards.

The share of gain on joint ventures amounted to J$15.63 million for the quarter ending February 28, 2025, compared to a nominal loss of J$0.51 million last year, while the share of gain on joint ventures was J$39.26 million for 6 Month FY 2025 compared to a loss of J$0.81 million last year. This was mainly driven by SRF’s increased ownership stake of 86% of the Audere Holdings Limited joint venture and SRF’s 71.0% ownership in the newly formed joint venture company referred to as 5658 LMR Limited, whose underlying assets are two (2) resort villa properties located in Ocho Rios, Saint Ann.

SRF’s total investment income consisted of various activities aimed at unlocking value from its real estate investment portfolio, namely: interest income, lease income and commitment fees related to REINs; gain or loss on property investments or on exited real estate assets; and share of gain or loss on its joint venture investments.

Due to the nature of its business model, SRF may experience fluctuations or “lumpiness” in total investment income and net profits during interim reporting periods, which usually stabilizes by the end of each financial year, as evidenced by the FYE Aug 2024 results relative to the interim quarterly performance. The Group uses independent appraisers to value its investment assets annually. All investment properties are USD investment assets which are converted to JMD for financial reporting purposes. SRF’s key strategic assets are held via wholly owned subsidiaries or joint ventures.

For the three months ended February 28, 2025, net investment income or core earnings was J$66.75 million versus negative J$113.22 million last year. While for the six months ended February 28, 2025, net investment income or core earnings was negative J$160.21 million versus negative J$228.10 million last year. The increase recorded during the quarter was mainly attributable to SRF’s gain on its acquisition of additional shares in Audere Holdings Limited, increasing its stake in the joint venture from 70% to 86%. For FYE August 2024, SRF generated J$508.50 million in net investment income.

Net profit for Q2 2025 amounted to J$38.24 million relative to a loss of J$187.15 million last year, while net loss for 6 Month FY 2025 amounted to J$197.45 million vs a loss of J$320.13 million in the corresponding period last year. The improvement for both periods was mainly due to gains on investments executed during the quarter. SRF generated an average annual return on equity (ROE) of 19.1% over the past five years of its first investment life cycle through the end August 2024.

Basic earnings per share (EPS) was J$0.12 for Q2 2025 relative to negative J$0.57 last year, while diluted EPS was identical to basic compared to negative J$0.53 last year.

Basic earnings per share (EPS) was negative J$0.60 for 6 Month FY 2025 relative to negative J$0.98 last year, while diluted EPS was identical to basic compared to negative J$0.91 last year.

Similarly, basic core earnings or net investment income per share (NIIPS) was J$0.20 for Q2 2025, compared with negative J$0.35 last year. For 6 Month FY 2025, basic core earnings or net investment income per share (NIIPS) was negative J$0.49, compared with negative J$0.70 last year.

Dr. Ike Johnson Director Sygnus Real Estate Finance Limited 

For More Information on Sygnus Real Estate Finance Limited (SRF) Unaudited Financial Statements Quarter Ended February 28, 2025(Q2-2025) CLICK HERE

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Express Catering’s Outlook Is For An Excellent Summer Season

The winter season is now ending but the outlook is for an excellent summer season and we are ready to serve our many patrons.

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Ian Dear CEO and Director Of Express Catering Limited (ECL) Has Released The Following Third Quarter Interim Report On The Operations Of The Company For Fiscal 2025. The Report Is For The Quarter And Nine Months Ending February 28, 2025.

Total passengers accessing the post security departure lounge of the Sangster International Airport during the Third Quarter was 652,656. This generated revenue of US$7.43 million for a spend rate per passenger of US11.38.

For the similar Quarter in the prior year, 705,116 passengers accessed the departure lounge. Total revenue of US$7.04 million was earned at a spend rate per passenger of US$10.05.

Despite the decline in passenger totals, total revenue and spend rate improved. The improvement in spend rate is particularly important as the increase was significant and is a result of the strategic measures that the company has been implementing over time.

Net profit earned for the Quarter was US$1.77 million for an EPS of 0.108 US Cents per share. This is compared to a net profit of US$1.06 million for an EPS of 0.065 US Cents for the similar period in the prior year.

For the nine months to date, the passenger total was 1.80 million. This generated revenue of US$18.89 million for a spend per passenger rate of US$10.49. The metrics for the similar nine months in the prior year were passenger total of 1.96 million passengers, revenue of US$18.67 million and spend rate of US$9.53.

Net profit for the nine months was US$3.22 million for an EPS of 0.197 US Cents. Net profit earned for the similar period in the prior year was US$2.09 million, for an EPS of 0.127 US Cents. Dividend declared and paid for the fiscal year to date was just over US$1.00 million.

Of all the cost categories, Cost of Sales (COS) continues to be our best area of savings for the Quarter and year-to-date positions.  This category registered just under seven percentage points improvement for the Quarter and just under five percentage points improvement for the nine months. The improvement was a combination of price increases, better portion controls, as well as improved supply chain agreements. The team intends to build on the trend for the rest of the year.

Savings were also recorded in Salaries and Wages, in line with the previously stated intention to better utilize this resource. There was also a shift in cost allocation from property rental expenses to lease amortization, in line with the increase in Lease Obligation under IFRS 16 rules. The team continues to review all cost categories for additional savings.

The winter season is now ending but the outlook is for an excellent summer season and we are ready to serve our many patrons.

For More Information CLICK HERE

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Knutsford Express Charts Strategic Course Amid Profit Decline and Operational Investments​

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Knutsford Express Services Limited (KEX) has released its unaudited financial statements for the third quarter ended February 28, 2025, revealing a nuanced financial landscape. While the company experienced a modest revenue uptick, net profits have seen a significant decline, prompting strategic shifts in operations and investments.​

Financial Performance Overview

For the third quarter, KEX reported revenues of J$593 million, marking a 4.8% increase from J$566 million in the same period last year. Over the nine-month period, revenues rose by 7.3%, reaching J$1.643 billion compared to J$1.531 billion previously.

Despite these gains, net profit for the quarter plummeted by 54.9% to J$49 million, down from J$111 million in 2024. The nine-month net profit also declined by 36.8%, settling at J$170 million from J$269 million in the comparative period.​

The company attributes the profit downturn to lingering effects of subdued passenger arrival numbers in Jamaica. Additionally, increased administrative expenses, particularly in staff costs, have impacted profitability. In the first quarter of 2025, administrative expenses rose to J$520 million, affecting net profits despite a revenue increase to J$592 million.

Strategic Investments and Operational Enhancements

In response to these challenges, KEX is investing heavily in fleet expansion and digital transformation. The company plans to inject J$500 million over the next three years to upgrade its bus fleet and implement advanced digital systems . This includes the introduction of airport-style departure gateways and digital ticket-checking kiosks, aimed at enhancing operational efficiency and customer experience.​

The Drax Hall depot in St. Ann has become a focal point for these innovations, serving as a prototype for the new passenger processing model. CEO Oliver Townsend emphasized the importance of these investments, stating, “We’re redoubling our investments and efforts on the core business and on initiatives that will improve our customer’s satisfaction”

Service Portfolio Adjustments

KEX is also refining its service offerings to align with market demands. The company announced the discontinuation of its international shipping and e-commerce service effective October 7, 2024, due to a 10% decline in revenue from overseas courier services . This strategic move allows KEX to focus on its core transportation and local courier services, which continue to be significant revenue streams.

Outlook

Despite current profitability challenges, KEX maintains a strong asset base, which grew by over 10.7% in the third quarter, reaching J$2.113 billion from J$1.926 billion the previous year. The company’s commitment to enhancing operational efficiency and customer satisfaction positions it for potential recovery and growth as market conditions improve.​

Conclusion

Knutsford Express is navigating a complex financial environment with strategic investments in infrastructure and technology. By focusing on core services and operational excellence, the company aims to bolster its market position and return to robust profitability in the coming periods.

For More Information CLICK HERE

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One on One Educational Services remains focused on strengthening One Academy

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Michael Bernard Chairman One on One Educational Services Limited has released the following unaudited financial statements for the 2nd quarter ended February 29, 2025.

Statement of Comprehensive Income Summary: 

Over the six months ending February 2025, company revenue was J$169.9 million, up from J$111.4 million for the six months ended February 2024. This represents a 52.5% increase over the comparative period, primarily due to the expansion of One Academy, which provides personalized educational solutions for schools, teachers and students. Additionally, the company retained its core annual recurring business from existing contracts, further strengthening revenue growth.

For the second quarter of 2025, revenue reached J$78.0 million, reflecting a 37.6% increase over the same period in the prior year. This growth was attributed to the expansion of One Academy and its ability to deliver personalized solutions through advanced technology, enhancing the accessibility and effectiveness of digital education.

Direct costs for the second quarter amounted to J$22.5 million, an increase of J$4.5 million compared to the previous year. This resulted in a gross profit of J$55.5 million, up 43.5% yearover-year. The increase in direct costs was primarily driven by expenditures related to One Academy’s live streaming of classes across the island  from the company’s central studio. Over the six-month period, direct costs also saw a 45.3% uptick due to one off investments in hosting infrastructure services and the installation of equipment and accessories to facilitate One Academy’s implementation of live classes. While these expenses have contributed to short-term cost increases, they are a strategic investment aimed at driving long-term value creation.

Administrative and selling expenses decreased by J$24.2 million, or 21.5%, over the six-month period, while the second quarter recorded a 19% decline over the comparable 2024 quarter. This reflects the benefits of cost-cutting initiatives aimed at improving operational efficiencies and financial discipline.

A taxation charge of J$226 thousand was recognized for the second quarter, primarily due to deferred taxation, bringing the six-month tax charge to J$894 thousand. The quarter closed with a net profit of J$7.2 million, a significant improvement compared to the net loss of J$19.9 million recorded in the same quarter last year. For the six-month period, net profit reached J$18.4 million, a strong turnaround from the J$41.4 million net loss over the comparative period.

Statement of Financial Position Summary:

Total assets grew to J$662.6 million at the end of the six-month period, reflecting an 8.2% increase from J$612.3 million in the prior year. This growth was primarily driven by investments in non-current assets, particularly the development of intangible assets. Total equity also strengthened, rising to J$423.4 million from J$362.6 million, supported by the company’s improved financial performance. This shift has allowed the company to move from an accumulated deficit of J$51 million to an accumulated surplus of J$9.5 million compared to the previous year. While, total liabilities reduced marginally by 3% year over year.

Statement of Cash Flow Summary:

The cash flow summary for the second quarter of 2025 highlights a substantial improvement in financial performance compared to the same period in 2024. Operating activities generated J$121.5 million in cash flow, while investing activities had reduced outflows. Additionally, financing activities reflected the company’s efforts to pay down loan obligations. These factors contributed to a net cash increase of J$66.7 million, leading to a stronger closing cash balance of J$110.0 million. This improvement underscores the company’s enhanced cash flow management and liquidity position.

During the quarter, the company remained focused on strengthening its One Academy suite of product offerings. This included the continued live streaming of lessons into high schools in Jamaica. Furthermore, the company leveraged its personalized solutions by developing a testing mechanism that allows schools to assess student performance effectively. This solution empowers schools with comprehensive student assessments, enabling the creation of targeted intervention strategies to improve learning outcomes.

In addition, investments continued in enhancing software architecture, particularly the further development of the integrated Education Management Information System (EMIS) and Learning Management System (LMS). These strategic initiatives reinforce the company’s commitment to advancing education delivery through technology, fostering impactful and accessible learning solutions.

These results reflect the company’s commitment to financial sustainability and operational efficiency while positioning itself for continued expansion and long-term success

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