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Businessuite 2017 Skin Index By Executive – Caribbean

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

Businessuite Markets

FosRich Reports Operating Loss of $68.6M, EPS Drops to Negative $0.01

The operating loss generated for the period was $68.6 million, compared to the profit of $32.9 million reported for the prior reporting period resulting in loss per stock unit of $0.01 compared to a profit per stock unit of $0.01 at March 2024

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Cecil Foster Chief Executive Officer for FosRich Company Limited has released the following the unaudited results of FosRich for the three months ended 31 March 2025 and to report on the performance of FosRich.

Financial Highlights
• Revenues – $852.9 million compared to $859.8 million in the prior period.
• Gross profit – $305.6 million compared to $389.5 million in the prior period.
• Net (loss)/profit – ($68.6) million, compared to $33.0 million in the prior period.
• Earnings per stock unit – (-1) cent compared to 1 cent in the prior period.

Business Overview
FosRich is primarily a distributor of electrical, lighting, and solar energy products. FosRich aims to differentiate itself from its competitors in the Jamaican marketplace by providing a quality and cost effective service, and by collaborating with clients on technical solutions. FosRich partners with large global brands seeking local distribution such as Huawei, Philips Lighting, Victron Energy, Siemens, NEXANS and General Electric. FosRich has a staff complement of two hundred and forty (240) people across ten (10) locations in Kingston, Clarendon, Mandeville, and Montego Bay. FosRich also has a team of energy and electrical engineers who offer technical advice and install solar energy systems, solar water heaters and electrical panel boards.

Our current-quarter numbers continue to be affected by the substantial fall in PVC and solar panel cost on the world markets. What this meant for us, is that despite achieving higher sales volumes, because our price reductions are passed on to our customers, we have achieved lower total sales income on these important lines of business. In addition, we were also affected by the slowness in housing-starts locally, caused primarily by the considerable increase in interest rates in Jamaica in the current period when compared to the prior period. We have not yet begun to benefit from the recent reductions in interest rates.

More importantly, our current quarter was adversely affected by international problems in the shipping industry, that continue to be affected by developments related to the operation of the Panama Canal. This resulted in significant delays in shipment for both finished goods and raw material. Raw material delays significantly interrupted our manufacturing operation during the quarter, which limited our ability to keep the market supplied with these needed products.

With the recent developments in the USA market, our global partners, in seeking to broaden and deepen their relationships with their non-USA customers, have offered more favourable credit terms to us, which should provide measurable benefits, going forward.

Income Statement

Income
The company generated income for the first quarter of $852.9 million compared to $859.8 million in the prior reporting period. Gross profit for the first quarter of 2025 was $305.6 million compared to $389.5 million for the prior reporting period. The main revenue drivers were Electrical and Hardware lines of business.

Administration Expenses
Administration expenses for the year-to-date was $337.4 million, reflecting a 12% increase on March 2024’s $301.6. The increased costs were fuelled primarily by increased staff related costs for increased staffing, increased travelling and motor vehicle expenses, increased insurance costs due to increases both in policy renewal rates and exposure, increased security cost due to additional locations and increased depreciation due to additional fixed assets.

Finance Cost
Finance cost for the year-to-date was $44.2 million compared to $$55.7 million in the prior period.

Net Loss
The operating loss generated for the period was $68.6 million, compared to the profit of $32.9 million reported for the prior reporting period resulting in loss per stock unit of $0.01 compared to a profit per stock unit of $0.01 at March 2024

Balance Sheet

Inventories
Since the start of the year, there has been some run-off of inventories, primarily due to the shipping issues discussed above. The company continues to proactively manage inventory balances and the supply-chain, with a view to ensuring that inventory balances being carried are optimised, relative to the pace of sales, the time between the orders being made and when goods become available for sale, to avoid both overstocking and stock-outs. Monitoring is both at the individual product level and by product categories.

Receivables
We continue to actively manage trade receivables with an emphasis being placed on balances in the over 180-day bucket. We have implemented strategies to collect these funds as well as to ensure that the other buckets are managed. We have re-evaluated all credit relationships. Where necessary, credit limits have been reduced and credit periods shortened. For some inventory items, we have instituted seven (7) day credit or cash. Sixty-four (64%) of receivables are within the current to 60-day category, mirroring December 2024. Receivables also include advance payments made to foreign suppliers for the increasing levels of inventories required to support our sales strategy.

Trade Payables
Our trade payables are categorised by foreign purchases, local purchases and other goods and services. While we have concentrated primarily on the foreign payables, as the bulk of our inventories are sourced from overseas. we continue to manage payables, for the most part, within the terms given by our suppliers.

Non-current Liabilities
Non-current liabilities have reduced by $101 million due to the run-off and maturing of facilities. Liquidity At balance sheet date the excess of current assets over current liabilities amounted to $843 million (31 December 2024 – $1,012 million), with the current ratio being 1.36:1 compared to 1.43:1 in December 2024. It is expected that FosRich will continue to be able to generate sufficient cash to meet obligations when they fall due.

Shareholders’ Equity
Shareholders’ equity now stands at $1,930 million, compared to $1,999 million on 31 December 2024. On 31st March 2025 there were 5,266 shareholders, compared to the 5,318 on 31 December 2024.

Other Matters

  • New Activities Construction of our new FosRich Superstore & Corporate Offices at 76 Molynes Road is advanced, with completion date now projected to be Q3, 2025
  • We have halted our plans to enter the United States market, until further notice.
  • We continue to implement the specific strategies as outlined within our strategic plan, with a view to making the group more vertically integrated.
  • We are cognizant that despite the challenges ahead within our local operating space and the wider global space, we have the right talents and leadership to deliver on our plans for the ensuing period. We will continue to execute our plans to ensure that we remain competitive and deliver value solutions to our customers.

As we report on the performance of FosRich, we thank our shareholders, employees, customers, and other stakeholders for their support as we continue to expand our business and bring greater value to our various stakeholders.

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CAC 2000 Back to Profit in Q2 Despite J$56.1M YTD Loss

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Gia Abraham Chief Executive Officer for CAC 2000 Ltd. Has Released The Following Interim Financial Highlights For The Six Months Ended April 30, 2025

The first half of FY2025 has been a period of strategic recalibration and operational discipline for CAC 2000 Ltd. While the company remains in a year-to-date loss position of J$56.1M, we are encouraged by the return to profitability in Q2, where we recorded a net profit of J$2.5M. This turnaround from the Q1 loss of J$58.5M reflects the early impact of our cost containment efforts and renewed focus on execution.

Rather than viewing the current environment as a setback, we see it as a proving ground — one that has sharpened our priorities, strengthened our leadership, and positioned us to emerge more agile and focused.

Key Financial Highlights
Revenue and gross profit remained relatively stable, reflecting the resilience of our core business lines despite tighter liquidity and project delays. This consistency provides a strong platform for growth as we continue to streamline operations and improve margins.

Balance Sheet Position
Our balance sheet remains healthy, with a more than doubling of cash reserves and a growing equity base – a testament to prudent financial management and strategic capital allocation.

Cash Flow Analysis
We have made meaningful progress in cashflow management, reducing operating cash outflows by more than 50% and improving our net cash position by over J$56M year-over year.

Strategic Progress
• Q2 Turnaround as a Signal of Stability: Our Q2 profit demonstrates that the business is stabilizing and that our strategic actions are beginning to yield results.
• Liquidity and Balance Sheet Strength: We’ve more than doubled our cash position, giving us the flexibility to manage short-term obligations while investing in long-term growth.
• Leadership and Governance Enhancements: We are excited to welcome two new directors to our board, whose experience and insights will be instrumental in guiding our next phase of growth. • Clear, Focused Strategy: We are laser-focused on improving cash conversion cycles and enhancing margin performance through disciplined execution.
• Forward -Looking Confidence: We are confident that the foundation laid in the first half of the year positions us to deliver stronger results in the months ahead. • Operational Focus: We remain committed to improving receivables collection, optimizing inventory, and maintaining lean, efficient operations.

Outlook
While challenges remain, our Q2 performance demonstrates that CAC 2000 is moving in the right direction. With a sharpened strategy, a strengthened leadership team, and a renewed sense of purpose, we are confident in our ability to build on this momentum and deliver long-term value to our shareholders and stakeholders.

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PROVEN Group Reporting Net Profit Of US$2.6 Million For Financial Year March 2025

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The Board of Directors for PROVEN Group have released the following Unaudited Financial Statements for year ended March 2025

Net Revenue:

PROVEN Group Limited reported net revenue of US$55 million for the year ended March 31, 2025, on par with that earned in the same period last year. The reduction in net interest income which was primarily due to the tightening of spreads from the repricing of the Group’s publicly issued notes at higher rates, was offset by improvements in fee income and gross profits from manufacturing operations.

Net Profit:

The Group recorded net profit attributable to owners of US$2.6 million for the financial year. This was driven by operating profit of US$1.2 million, and a share of profit from associates of US$5.6 million, a decline from US$15.6 million in the prior corresponding period, which included an extraordinary gain from JMMB Group’s share of profit of Sagicor Financial’s gain on the acquisition of ivari. The profits for the nine months translated to an earnings per share of US$0.0032.

REVENUE BREAKDOWN:

Net Interest Income (NII): Net interest income for the financial year was US$16.1 million, down 8.9% from US$17.7 million in the prior year. The decrease is primarily due to the higher refinancing rates on the Group’s debt, which offset the widening of spreads on the wealth management portfolio. The Group anticipates a gradual reduction in funding costs over the short to medium term due to expected macroeconomic stability and lower interest rates.

Fees & Commissions:
Fees and commissions for the financial year grew by 20.7% to US$11.4 million, compared to the same period last year. This increase was driven by the recovery in trading volumes and commission-driven activities within the wealth segment, particularly in equity trading and investment banking fees.

Fund Management Income: Fund management income grew by 11.6% to US$4.3 million for the financial year, compared to the US$3.8 million in the prior period. With continued recovery in asset prices and growth in the Group’s asset management platform, income is projected to continue to grow into the new financial year. The Group’s managed funds include the PROVEN Select Unit Trust Funds, PROVEN Plus Managed Portfolios, PROVEN Rock Individual Retirement Accounts, the Heritage Education Savings Plan, and various Pension Funds. New offshore mutual funds are planned for distribution across the Group’s wealth management companies.

Property Sales: Property sales were recorded at US$10.2 million, which was below expenses of US$11.3 million, resulting in a loss of US$1.1 million from recurring property expenses. Proven Properties is focused on completing two major development projects: Sol Harbour in Ocho Rios and Bahari in Runaway Bay, both in Jamaica, which are expected to be finished in the 2025/26 financial year. The Division is also expanding its industrial real estate portfolio with the Aashgo warehouses in Grand Cayman and the planned development of Kingston Gateway Warehouses in Jamaica.

Manufacturing Operations: Gross profit from manufacturing operations increased by 8.8% to US$18.4 million, up from US$16.9 million in the prior year. A decline in commodity prices facilitated a 5% reduction in Pinnacle’s livestock feed prices, while still allowing for improved margins. Roberts Manufacturing is targeting revenue diversification via the pursuit of additional export sales in the region.

Net fair value adjustments and realised gains: The reduced gains on the revaluation of the Group’s property portfolio led to a decline of net fair value adjustments from US$2.4 million in the prior year to US$1.2 million for the current period.

Share of Results of Associates: The share of results from associates was US$5.6 million reflecting a 63.8% decline from the previous year. This decrease arose primarily from a reduction in the results of the JMMB Group which reported extraordinarily strong results in the corresponding prior period from a significant gain from their share of profit of Sagicor Financial’s gain on the acquisition of ivari.

OPERATING EXPENSES:

Total Operating Expenses: Operating expenses declined by 4.2% to US$53.9 million. Lower staff costs compared to the same period last year, is the result of the restructuring and consolidation exercise executed in the prior period.

BALANCE SHEET HIGHLIGHTS:

Total Assets: The Group’s total assets increased by a modest 1% year-over-year to US$1.11 billion at March 31, 2025, this reflects significant portfolio reallocation rather than net growth. The 7.8% increase in our investment portfolio and 52.8% growth in property development in progress – driven by our Sol Harbour and Bahari projects – were substantially offset by a strategic deployment of cash reserves, which declined by US$74.2 million, and a US$10 million reduction in trade receivables. This asset mix shift reflects our active investment strategy and commitment to major development projects. Off-balance sheet managed assets expanded to US$685 million.

Shareholders’ Equity: Equity attributable to shareholders grew by 4.1% to US$113 million at March 31, 2025, up from US$108.5 million at the beginning of the financial year. Retained earnings increased by 8.4% from US$13.0 million at March 31, 2024 to US$14.1 million at March 31, 2025.

Dividend Consideration: The Board of Directors has approved a final dividend payment of US$0.0010 per share to be paid to all ordinary shareholders on record as of June 18, 2025, on July 2, 2025. This brings the total amount declared for the financial year ended March 31, 2025, to US$0.0040 per share which represents a tax-free dividend yield of 3.40% based on the average share price of US$0.1176 for the financial year.

PROVEN Group Limited (the “Company”) is incorporated in Saint Lucia under the International Business Companies Act. The Company is domiciled in Saint Lucia, with registered office at 20 Micoud Street, Castries, Saint Lucia. The primary activities of the Company are the holding of tradable securities for investment purposes and holding other investments.

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EduFocal Faces Equity Deficit of $135M Amid $314M in Accumulated Losses

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Gordon Swaby Chief Executive Officer of EduFocal Group (“LEARN”) has released the following unaudited condensed consolidated financial statements for the first quarter ended March 31, 2025.

For the three months ended March 31, 2025, the Group generated revenue of $29.97 million, which remained relatively flat compared to the $30.01 million earned in Q1 2024. This consistency aligns with the Group’s strategic shift toward more predictable recurring revenue streams. Notably, the team has continued to invest heavily in Amigo, a new initiative designed to drive scalable recurring income through a modernized business model.

Operating profit for the first quarter of 2025 amounted to $5.61 million, compared to an operating loss of $12.59 million in Q1 2024. This performance is largely attributed to effective cost-containment strategies and the streamlining of operations.

Administrative expenses totalled $12.88 million, a 62% reduction from the $34.16 million recorded in the prior year’s corresponding period. This drop is aligned with the Group’s internal restructuring and cost-efficiency initiatives.

The Group reported a net loss of $1.34 million, significantly narrowed compared to $20.87 million in Q1 2024. The reduction in losses was achieved despite finance costs of $6.95 million, which continue to weigh on performance.

Amigo, in particular, is extremely important to our future, and we have invested heavily in its development. Early feedback from potential customers about Amigo has been extremely positive, and we anticipate immediate opportunities to leverage this software beyond Jamaica. This investment underscores our commitment to driving top and bottom-line growth through innovative educational solutions.

Performance of Divisions

The Learn division continues to concentrate on the expansion of its market presence globally, aligning with the Group’s strategic objectives for growth and market penetration. With the closure of Academy and the acquisition of Clever School Teacher (CST), EduFocal Nigeria and EduFocal Africa, the division remains committed to widening the group’s footprint in these territories.

The Group is confident in its strategic plan to revitalize its financial outcomes. The Management team is actively addressing these challenges, to mitigate any further associated risks, which will in turn steer the division to sustained growth and profitability.

While the Group continues to operate at a net loss, the significant improvements in EBITDA, cost control, and operating margins are promising indicators of recovery. The management team remains confident in its strategic plan to return to profitability, emphasizing disciplined execution, increased software adoption, and regional expansion.

Financial Position

As at March 31, 2025, total assets stood at $235.41 million, an increase from $228.68 million as at March 31, 2024. The increase reflects stronger receivables and the continued capitalization of software development costs.

The Group’s non-current assets totalled $163.74 million, primarily comprising intangible assets of $162.77 million and property, plant and equipment of $968,765. Current assets amounted to $71.68 million, with receivables and prepayments of $34 million, a director’s account of $36.76 million, and cash of $914,348.

However, the Group continues to operate with a capital deficiency, with shareholders’ equity showing a deficit of $134.85 million, driven by accumulated losses of $314.16 million. Long-term borrowings stood at $153.49 million, while current liabilities totalled $216.78 million, largely due to accounts payable of $127.69 million and the current portion of long-term loans amounting to $90.36 million.

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Tropical Battery Q2 FY2025 Demonstrated Resilient Financial Performance Across Group

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Alexander Melville Chief Executive Officer Tropical Battery Company Limited (TROPICAL) has released the following Interim Financial Statements For The Second Quarter Ended March 31, 2025

The second quarter of FY2025 represents a defining chapter in Tropical Battery’s transformation into a multi-market, diversified energy solutions group. With operations spanning Jamaica, the Dominican Republic, and the United States, and products shipping to over 35 countries, we continue to scale a resilient and future-facing platform that aligns with global megatrends in energy storage, electrification, renewable energy, and mobility. We have delivered solid operating results while executing key elements of our long-term strategic plan, against a favourable macroeconomic backdrop, marked by stabilising inflation, a return to growth-oriented monetary policy, and strong investor appetite for energy transition assets.

We continue to benefit from diversified revenue streams and scalable infrastructure. Rose Batteries (USA), Kaya Energy (Dominican Republic and Jamaica), and Tropical Mobility are now fully integrated and operationally aligned. These businesses give us direct exposure to energy storage systems, solar EPC services, and electric vehicle supply chains—markets projected to grow at 20%+ CAGR over the next decade (Straits Research, 2024; IEA, 2024).

Our U.S. operations provide access to the world’s largest energy storage market. At the same time, the Dominican Republic, six times the size of Jamaica by GDP, offers a rapidly expanding base of commercial and industrial customers. These strategic positions allow us to scale quickly while limiting overexposure to any single geography.

The second quarter of FY2025 demonstrated a resilient financial performance across Tropical Battery Group, with key metrics reflecting operational discipline and improved commercial execution. Gross operating revenue totalled J$1.63 billion, representing a 5.1% year-over-year increase compared to the J$1.55 billion posted in Q2 FY2024. On a year-to-date basis, revenue rose 34%, underscoring the strength of our core battery and energy businesses, alongside the contributions from new and recently integrated subsidiaries.

A key highlight for the quarter was the continued improvement in gross profit margins, which rose to 34.8%, up from 30.9% in Q1 FY2025 and 31.5% in Q2 FY2024. This reflects the successful implementation of strategic pricing actions, supplier cost recovery, and process corrections initiated in late Q1. These efforts helped to fully offset the impact of increased input costs and restored margins to target levels. Gross profit for the period stood at J$567 million, a 15.9% improvement over the prior year.

Operating expenses increased to J$428 million, compared to J$305 million in Q2 FY2024, reflecting one-time APO marketing expenses, investments in new talent management to help grow revenue in the United States, the continued expansion of group operations and the complete consolidation of Rose Batteries and Kaya Energy Group. These investments in integration, staffing, and infrastructure are essential for scaling our platforms in the U.S., Dominican Republic, and Jamaica, and are expected to yield further efficiencies in subsequent quarters.

Finance costs rose to J$132 million, a 30% year-over-year increase, driven by the full-quarter impact of the bridge loan facility used to acquire Rose Batteries. This was partially offset by J$26 million in finance income, which brought total net finance costs to J$106 million. As a result, while operating profitability remained substantial, bottom-line profit for the quarter was modest, with net profit of J$2.78 million. Nonetheless, this marks a significant turnaround from the Q1 net loss of J$96.2 million, validating the underlying health of the business and the one-off nature of prior period adjustments.

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