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Businessuite 2017 Skin Index -By US$ Holdings – Caribbean

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

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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.

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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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JSE launches Green Bond Plus Platform

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