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Businessuite 2017 Executive Skin Index – Jamaica



Businessuite 2017 Skin Index Jamaica
2017 Rank Executive Company Skin Holdings 2017 Skin Index
1 Mark Hart Caribbean Producers Ja Ltd 880,000,000 80.00%
2 Hugh Graham Paramount Trading (Jamaica) Ltd 123,396,684 80.00%
3 Lascelles Chin Lasco Manufacturing Limited 3,247,122,250 79.45%
4 Lascelles Chin Lasco Distributors Limited 2,668,889,040 79.07%
5 Donovan Lewis Salada Foods Jamaica 81,447,767 78.40%
6 Rita Humphries-Lewin Barita Investments 339,975,664 76.40%
7 Derrick Cotterll Caribbean Flavours & Fragrances Ltd 67,457,330 75.02%
8 Charles “Douglas” Graham Palace Amusement 1,074,444 74.77%
9 Kingsley Cooper Pulse Invesments Ltd. 198,344,919 72.98%
10 Anthony Chang * Consolidated Bakeries (Jamaica) Ltd 155,675,286 69.90%
11 Michael Lee Chin National Commercial Bank Jamaica Ltd. 1,615,291,544 65.48%
12 Lascelles Chin Lasco Financial Services Limited 761,704,332 62.02%
13 Andrew Jackson Jetcon Corporation Limited 117,302,400 60.31%
14 Steven Marston CAC 2000 Limited 67,462,522 52.28%
15 Dennis Smith (Gencorp Limited) ISP Finance Services Limited 54,517,500 51.92%
16 Dahru Tanner Blue Power Group Limited 28,300,800 50.09%
17 Ian Dear Margaritaville Caribbean Limited 25,000 50.00%
18 Ivan Berry C2W Music Limited 180,000,000 45.00%
19 Marcus James Access Financial Services Limited 120,220,534 43.79%
20 Robert Chung (Sunfisher Corp) ISP Finance Services Limited 45,832,500 43.65%
21 Stephen B Facey Pan-Jamaican Investment Trust 433,878,694 40.70%
22 Paul Facey Pan-Jamaican Investment Trust 433,878,694 40.70%
23 John W. Lee 138 Student Living Jamaica Limited 167,439,627 40.40%
24 Derrick Cotterll Derrimon Trading Company Ltd 110,000,000 40.24%
25 Michelle Chong Honey Bun (1982) Limited 37,500,000 39.79%
26 Herbert Chong Honey Bun (1982) Limited 37,500,000 39.79%
27 Christopher Berry Mayberry Investments Ltd. 470,222,514 39.15%
28 Edward Charles Alexander tTech Limited 41,284,834 38.95%
29 Konrad Berry Mayberry Investments Ltd. 465,985,397 38.79%
30 Oliver Clarke 1834 Investments Limited 434,557,600 35.88%
31 Violet Helen Mahfood Jamaican Teas Limited 118,015,318 34.98%
32 Oliver Townsend Knutsford Express Limited 33,526,664 33.53%
33 Scoops Un-Limited Limited Caribbean Cream Limited 121,141,801 32.00%
34 Antonia Hugh AMG Packaging & Paper Co Ltd 32,351,718 31.60%
35 John Mahfood Jamaican Teas Limited 94,064,178 27.88%
36 Antony Hart Cargo Handlers Limited 11,324,264 27.21%
37 Mark Hart Cargo Handlers Limited 10,991,198 26.41%
38 Jane Fray Cargo Handlers Limited 10,991,198 26.41%
39 Richard Evan Thwaites IronRock Insurance Company Limited 56,000,000 26.17%
40 William A. McConnell IronRock Insurance Company Limited 54,500,000 25.47%
41 Natalia Gobin-Gunter Key Insurance Company Limited 88,405,445 25.11%
42 Sandra Masterton Key Insurance Company Limited 88,405,444 25.11%
43 Kayla Abrahams Key Insurance Company Limited 88,405,444 25.11%
44 Anthony Copeland Knutsford Express Limited 23,926,664 23.93%
45 George Hugh AMG Packaging & Paper Co Ltd 24,263,792 23.70%
46 Mark Chin/Paul Chin AMG Packaging & Paper Co Ltd 24,263,792 23.70%
47 Joseph Bogdanovich KLE Group Limited 23,168,835 23.17%
48 Colin Roberts CAC 2000 Limited 27,355,291 21.20%
49 Derek Wilkie C2W Music Limited 80,000,000 20.00%
50 Nicholas Scott Eppley Limited 156,849 19.70%
51 Winston Boothe Medical Disposables & Supplies Ltd 50,000,000 19.00%
52 Myrtis Boothe Medical Disposables & Supplies Ltd 50,000,000 19.00%
53 Kurt Boothe Medical Disposables & Supplies Ltd 50,000,000 19.00%
54 Nikeisha Boothe Medical Disposables & Supplies Ltd 50,000,000 19.00%
55 Henry Graham Sweet Rier Abattoir & Supplis Company 15,035,009 18.44%
56 Nigel Clarke Eppley Limited 142,631 17.91%
57 Gordon Townsend Knutsford Express Limited 17,526,664 17.53%
58 Melanie Subratie Eppley Limited 136,020 17.08%
59 P.B. Scott Eppley Limited 136,020 17.08%
60 Gary Matalon KLE Group Limited 16,073,628 16.07%
61 Carol Clarke Webster Caribbean Cream Limited 58,521,764 15.46%
62 Matthew G. Clarke Caribbean Cream Limited 58,221,764 15.38%
63 Monique Cotterll Derrimon Trading Company Ltd 40,000,000 14.63%
63 Norman Abraham Chen tTech Limited 15,391,566 14.52%
64 Gordon Christopher Reckord tTech Limited 15,263,795 14.40%
65 Christpher Clarke Caribbean Cream Limited 53,221,764 14.06%
66 Robert Levy Jamaica Broilers Group 152,376,620 12.71%
67 Ian Kent Levy Supreme Ventures 324,541,171 12.31%
68 Stafford Burrowes Dolphin Cove Limited 45,367,938 11.56%
69 Stephen Shirley KLE Group Limited 10,111,500 10.11%
70 Charles. H. Johnston Jamaica Producers Group 17,510,498 9.36%
71 Dr. the Hon. M. McG. Hall Jamaica Producers Group 16,769,284 8.97%
72 Hugh O’Brian Allen tTech Limited 8,806,028 8.31%
73 Joseph Matalon 1834 Investments Limited 93,628,124 7.73%
74 J. A. Lester Spaulding Radio Jamaica 26,607,207 7.44%
75 Douglas R. Orane Gracekennedy Ltd. 21,358,272 6.45%
76 Paul Hoo Supreme Ventures 170,000,000 6.45%
77 Keith P. Duncan JMMB Group Ltd 101,144,376 6.20%
78 Valdence Gifford Sweet Rier Abattoir & Supplis Company 4,995,058 6.13%
79 Ian C. Kelly Derrimon Trading Company Ltd 15,743,459 5.76%
80 Peter Bunting Proven Investments Limited 30,087,130 5.45%
81 Donna Duncan-Scott JMMB Group Ltd 87,013,712 5.34%
82 Noel A. Lyon JMMB Group Ltd 84,061,652 5.16%
83 Winston Thomas Derrimon Trading Company Ltd 13,363,979 4.89%
84 Douglas Stibel 138 Student Living Jamaica Limited 15,673,025 3.78%
85 Charles Ross Sterling Investments Limited 1,892,790 3.39%
86 Donald G. Wehby Gracekennedy Ltd. 10,929,855 3.30%
87 Mrs. K.A.J. Moss Jamaica Producers Group 6,060,078 3.24%
88 Gary Peart Mayberry Investments Ltd. 34,740,915 2.89%
89 Neville James Access Financial Services Limited 7,174,950 2.61%
90 Garfield H Sinclair Kingston Properties Limited 4,164,407 2.59%
91 Ian C. Kelly Caribbean Flavours & Fragrances Ltd 2,322,814 2.58%
92 Peta Rose Hall Barita Investor only 11,188,814 2.51%
93  Jeffrey. McG. Hall Jamaica Producers Group 4,418,537 2.36%
94 Wayne Sutherland JMMB Group Ltd 38,050,860 2.33%
95 Marcelle Smart tTech Limited 2,370,399 2.24%
96 Radcliff Knibbs Paramount Trading (Jamaica) Ltd 3,053,605 1.98%
97 Winston Hepburn Proven Investments Limited 10,200,000 1.85%
98 Thersa Chin Cargo Handlers Limited 760,022 1.83%
99 Ryan Mack Gracekennedy Ltd. 1,202,460 1.49%
100 Primrose Smith ISP Finance Services Limited 1,500,000 1.43%
101 Christopher Levy Jamaica Broilers Group 16,844,106 1.40%
102 John Minott Barita Investments 5,885,322 1.32%
103 Karl Lewin Barita Investments 5,675,322 1.28%
104 Christopher Barnes Radio Jamaica 4,307,000 1.20%
105 George W. Cooper Barita Investments 5,302,322 1.19%
106 Garfield H Sinclair Proven Investments Limited 5,505,218 1.00%
107 Anthony James Caribbean Flavours & Fragrances Ltd 820,700 0.91%
108 John Jackson Jetcon Corporation Limited 1,620,000 0.83%
109 Patrick Hylton National Commercial Bank Jamaica Ltd. 18,799,058 0.76%
110 Richard Byles Sagicor Group Jamaica Limited 25,617,515 0.66%
111 Frank A. R. James Gracekennedy Ltd. 2,010,153 0.61%
112 Romae Gordon Pulse Invesments Ltd. 1,635,279 0.60%
113 Jacinth Hall-Tracey Lasco Financial Services Limited 7,346,198 0.60%
114 Wayne N. Hardie IronRock Insurance Company Limited 1,025,727 0.48%
115 Michael Ranglin Gracekennedy Ltd. 1,568,097 0.47%
116 Eileen Chin Lasco Distributors Limited 15,006,740 0.44%
117 Christopher Barnes 1834 Investments Limited 5,308,834 0.44%
118 Peter Chin Lasco Distributors Limited 14,000,000 0.41%
119 Safia Cooper Pulse Invesments Ltd. 1,079,422 0.40%
120 Eileen Chin Lasco Manufacturing Limited 16,000,000 0.39%
121 Claudette Cook Jamaica Broilers Group 4,060,899 0.34%
122 Sharon Donaldson General Accident Insurance Co Ltd 3,377,956 0.33%
123 Donovan Perkins Sagicor Group Jamaica Limited 12,207,687 0.31%
124 Ian Parsard Jamaica Broilers Group 3,207,739 0.27%
125 Marilyn Burrowes Dolphin Cove Limited 1,000,008 0.25%
126 Richard Byles Sagicor Real Estate X Fund 5,389,505 0.24%
127 Ivan Carter Sagicor Group Jamaica Limited 9,076,673 0.23%
128 Gordon V. Shirley Gracekennedy Ltd. 612,092 0.18%
129 Peter Chin Lasco Manufacturing Limited 5,585,980 0.14%
130 A. Alex Balogun Lasco Distributors Limited 3,429,733 0.10%
131 Gary Allen Radio Jamaica 361,228 0.10%
132 Norman Russell Jamaican Teas Limited 300,000 0.09%
133 Douglas R. Orane 1834 Investments Limited 1,053,553 0.09%
134 Ian A Mcnaughton Barita Investments 296,000 0.07%
135 Rohan Miller Sagicor Group Jamaica Limited 2,595,465 0.07%
136 Philip Armstrong Sagicor Group Jamaica Limited 2,547,982 0.07%
137 Mark Chisholm Sagicor Group Jamaica Limited 2,391,853 0.06%
138 Richard Pandohie Seprod Limited 200,000 0.04%
139 Robin Levy Jamaica Stock Exchange Ltd 50,000 0.04%
140 Garfield H Sinclair Cable and Wireless Jamaica – FLOW 4,021,000 0.02%
141 Grantley Stephenson Kingston Wharves 331,369 0.02%
142 Rohan Miller Sagicor Real Estate X Fund 500,000 0.02%
143 Archibald Campbell JMMB Group Ltd 363,227 0.02%
144 Marlene Street Forrest Jamaica Stock Exchange Ltd 30,000 0.02%
145 James Morrison Supreme Ventures 345,165 0.01%
146 Kevin Richards Kingston Properties Limited 10,500 0.01%
147 Patsy Latchman-Atterbury Scotia Group Jamaica 191,576 0.01%
148 Jacqueline Sharp Scotia Group Jamaica 190,010 0.01%
149 Dennis Cohen National Commercial Bank Jamaica Ltd. 86,480 0.00%
150 Horace (Craig) Mair Scotia Group Jamaica 24,741 0.00%
151 Lissant Mitchell Scotia Investments Jamaica 2,000 0.00%
152 Alejandro Vares Caribbean Cement Co. 300 0.00%
153 Mustafa Turra Berger Paints Ltd 0 0.00%
154 Marcus Steele Carreras Limited 0 0.00%

Businessuite Markets

Decline In Marketing Spend By Major Clients And Lower Than Normal Return From Carnival 2024, Impacts Main Event Q2 2024 Weak Performance.



Solomon Sharpe Chief Executive Officer For Main Event Entertainment Group Limited Has Released The Following Unaudited Financial Statements For The Quarter Ended April 30, 2024 (Q2).

Performance Highlights:
The company generated revenue of $418.575 million for the second quarter ended April 30, 2024. This represents a decline of $113.313 million or 21% for the quarter when compared to the second quarter of 2023.

For the half year, the company earned revenue of $986.327 million, a decline of $172.548 million or 15% relative to the corresponding period. The decline is the result of a lower performance in traditional revenue sources, caused by the changing landscape within the
entertainment sector, a decline in marketing spend by some of our major clients and a lower-than normal return from Carnival in Jamaica, 2024. The company’s revenue was also impacted by biennial events which contributed significantly to our revenue during the second quarter of the corresponding period.

Gross profit for the quarter was $198.064 million. Compared to the second quarter of 2023, this represents a decrease of $104.669 million 16%; while for the six months ended April 2024, gross profits fell by $101.457 million or 16% to $513.887 million.

Notably, the company has invested heavily in critical maintenance exercises to ensure the upkeep of its audio, visual, and lighting equipment, highlighting its commitment to quality and excellence.

These investments have temporarily impacted on gross margins, which fell to 47% for the quarter but will yield long-term benefits and ensure the company’s continued competitiveness.

Net profit for the second quarter was $20.016 million, a decline of 73% compared to the
corresponding 2023 quarter. At mid-year of the 2024, net profit of $120.271 million represents a decline $72.107 million or 37%.

Administrative and general expenses for the quarter were $133.414 million, a decrease of $55.734 million or 29% relative to $189.148 million last year, and $298.645 million for six months ended April 2024, down $34.656 million or 10% versus the corresponding period in 2023.

These results were driven by lower activity compared to the corresponding 2023 periods. Despite the overall decline in operating expenses, there were increases in key expense categories, namely security expense and staff costs resulting from increased staffing to support the company’s growth objectives, with a focus on enhancing its capabilities and driving innovation. Depreciation and amortisation charges increased by 61% and 203%, respectively, owing to significant capital investments, and right-of-use adjustments.
The increase in finance costs was driven by an increase in interest expense on right-of-use assets.

Taxation charges decreased by $12.470 million or 47% for the six months ended April 2024.
For the second quarter ended April 30, 2024, earnings per share declined to $0.07 from $0.25 per share in the corresponding period; a decrease of 73%. Earnings per share of $0.40 for the half year, represented a $0.25 per share or 37% decrease over the six months ended April 30, 2023.

The company’s total assets fell by $33.342 million or 3% to $1,219.929 million, compared to $1,253.271 million at April 30, 2023. Receivables decreased by $124.754 million or 29%, partly because of our reclassification of deposits on fixed assets now capitalised.

Loans decreased by $23.869 million or 30%, while Payables decreased by $35.533 million or 15% because of lower operating activities when compared to the six months ended April 30, 2023.

Shareholder’s equity stands at $932.678 million as at April 30, 2024, an increase of $69.303 million or 8% compared to the prior year.

Overall, the company has demonstrated its resilience and ability to navigate challenging times and remains poised for future growth and success.

For More Information CLICK HERE

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Businessuite Markets

Visual Vibe Main Driver Of Revenue And Profitability For iCreate Group



Tyrone Wilson Chairman President & CEO for iCreate Limited (the Group) has released the following consolidated unaudited results for the quarter, ended March 31, 2024.


During the first quarter, the Group remained focused on streamlining the operations of all business units to achieve greater operational efficiency and improved governance and internal controls. The Group also made progress in developing its new business line, indoor digital advertising. We have partnered with some key locations and will continue to focus on building this segment.

There was a major focus on addressing the issues that were cited by the Regulatory and Market Oversight Division (RMOD) of the Jamaica Stock Exchange resulting in the Company’s suspension from trading. Based on the feedback received on the information we have submitted to the RMOD, we believe we have complied with the requirements of RMOD and based on their feedback we expect that trading in our stock will resume by the end of the second quarter.

iCreate Limited ‘the Company’ also successfully repaid the Sagicor Investments bond and consequently had the receivership discharged as at January 31, 2024.

The Group achieved consolidated revenues of $32.9 million, representing an increase of $6.9 million (26.8%) over the comparative 2023 first quarter. The main driver of revenue for the period is our Digital Out-Of-Home (DOOH) advertising business segment, which continues to show an average revenue increase of 10% each quarter when compared to the corresponding period in 2023.

The Group recorded profit before tax of $0.3 million for the first quarter, which is an improvement over the $11.8 million loss before tax over the same period of 2023.

Our acquisition of Visual Limited ‘Visual Vibe’ is showing immediate results for the Group. Visual Vibe delivered $14.0 million in profit before tax which is an increase of $9.0 million (178.7%) over the corresponding period in 2023.

In addition to revenue growth, profitability was also achieved through reduction in expenses in the first quarter. The Group’s administrative expenses increased by $1.8M (10.4%) over the first quarter in 2023, however, this includes the consolidation of Visual Limited, which was not included in the first quarter of 2023. Expenses trended down across the Group during the first quarter as we continue to streamline our operations.

Balance Sheet
As at March 31, 2024, the Group’s Total Assets were $712.1 million, which is $18.7 million (2.6%) below the $730.8 million at the comparable period in 2023.
Total liabilities were $168.6 million, which is a reduction of $98.9 million, following the closing of the Visual Vibe acquisition in May 2023.

iCreate Institute is undergoing a transformational plan which involves reviewing our academic programs due to the fast-changing nature of technology. This too, is the same for GetPAID.

The Group remains focused on growth in revenue and cash flows from all member companies and simultaneously streamlining and strengthening our internal processes and investing in our team to realise our strategic objectives while strengthening the brands.
Our other business divisions/subsidiaries iCreate Institute and GetPaid Group Limited ‘GetPAID’ experienced a slowdown for the period.

iCreate Institute is undergoing a transformational plan which involves reviewing our academic programs due to the fast-changing nature of technology. This too, is the same for GetPAID. However, we have new partnerships on the horizon that will enable us to quickly move towards achieving these objectives.

For More Information CLICK HERE


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Businessuite Markets

OMNI Industries Limited’s Successful Listing On The Jamaica Stock Exchange



OMNI Industries Limited (OMNI) successfully listed on the Jamaica Stock Exchange (JSE) Junior Market and began trading under the symbol OMNI, on Tuesday, June 11, 2024. OMNI’s listing brings the total number of securities listed on the Junior Market to 47 and the total number of companies listed on the JSE to 104, altogether representing 153 securities. OMNI is the first listing on the Junior Market since the beginning of the year and comes at a time when the JSE is celebrating its 55th Anniversary, moved to T+1 and extended the market’s trading hours by 1 ½ hours, which allows a quicker settlement cycle for investors and more time to transact in the market.

Dr. Marlene Street Forrest, Managing Director of the JSE

Dr. Marlene Street Forrest, Managing Director of the JSE, stated, “This augur well for the economy and for wealth creation and for long-term investment. Despite the challenging times, OMNI’s 500,000,000 Ordinary Shares were oversubscribed. Its Initial Public Offer (IPO) allowed the Company to raise capital of $500m and to add 2,686 investors to its register of shareholders. Including the $500 million raised by OMNI, the total capital raised by the companies listed on the Junior Market now amounts to just over $21 billion. With OMNI’s market capitalization of $2.5B, the overall market capitalization of the Junior Market now stands at $143 billion, and the overall market capitalization of the combined markets to $1.82 Trillion.

On its first day of trading, the availability of OMNI’s shares on the Junior Market was met with high demand and brought enthusiastic applause from the audience, when they were informed during the listing ceremony that trading of OMNI’s shares had to be halted due to the vigorous demand for the stock and an increase in price which triggered the JSE’s Circuit Breaker Rule. The JSE’s Circuit Breaker Rule is activated when a stock’s price rises above 15% or falls below 15% of its price during the trading day. OMNI began trading at a list price of $1.00 and increased to $1.30 at the end of its first trading day, on Tuesday. This represents an increase of 30% increase in the stock price.

The total capital raised by the companies listed on the Junior Market now amounts to just over $21 billion. With OMNI’s market capitalization of $2.5B, the overall market capitalization of the Junior Market now stands at $143 billion, and the overall market capitalization of the combined markets to $1.82 Trillion.

In continuing her remarks Dr. Street Forrest stated that data suggests that most of the companies listed on the Junior Market have grown, have served their investors well and have sparked growth in the economy. “ I have no doubt that with the listing of OMNI, the trend will continue,” said Dr Street Forrest.

“Omni is now well poised to enjoy the many benefits of a listed company. High on the list are the raising of the company’s profile, the improvement in corporate governance standards and the additional capital to build the brand. This is possible via an Exchange that is focused on keen regulatory oversight, encouraging good corporate governance and one that provides the infrastructure for new products and services,” continued Dr. Street Forrest.

Mr. Patrick Kumst, OMNI’s Managing Director, said, “Looking ahead, our strategic vision is clear. We plan to modernize our operations by upgrading our existing equipment and investing in new more efficient machines. This is not only to enhance our production capacity but also to drive operational efficiencies and cost savings. We are also committed to expanding our product offerings and exploring new markets in the Region. Innovation and operational excellence are at the heart of our journey.”

Mr. Von White, OMNI’s Chairman, revealed that he had been working with the Company since 1986, over 38 Years. He offered special thanks to his Board of Directors for having guided OMNI to its successful listing on the Exchange. He offered several assurances to the investors, “OMNI as a publicly listed company believes in being socially responsible. “This is part of our Corporate DNA. We have a strong commitment to leave a positive legacy in the communities we serve and, in the environment, whether adopting more environmentally friendly ways of production, managing waste, or giving back, OMNI will continue its efforts to make a difference in the world beyond just number,” said Mr. White.

Mr. Alex Johnson, Manager of Origination and Structuring at NCB Capital Markets Limited, the Lead Broker & Arranger for OMNI offer, said that their achievement is not just a milestone for OMNI but a significant event for the entire capital markets in Jamaica. “This combined IPO and Offer for Sale for $500m stands as a testament to the strength and resilience of our financial markets and the unwavering confidence investors have in the future of Jamaican enterprises,” said Mr. Johnson.

Source Jamaica Stock Exchange

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VM Investments Dumps 30% Stake In Carilend, Acquires 100% of Republic Funds Barbados



Rezworth Burchenson Chief Executive Officer VM Investments Limited (VMIL) Has Released The Following Unaudited Consolidated Financial Statements For The First Quarter Ended March 31, 2024

First Quarter Financial Overview: March 2024
For the first quarter of 2024, VMIL’s Total Operating Revenue was $911.93 million in comparison to $439.52 million in the prior year, representing an increase of 107.49%.
Net income also increased from $19.92 million in Q1-2023 to $510.21 million.
Net interest income totalled $31.40 million, a decline when compared to $91.63 million reported in the prior year due to our deliberate capital management policy to contain the growth of our repo portfolio, but also compression of spreads due to the tight monetary policy of higher interest rates.

Lower investor confidence and reduced market participation negatively impacted Fees & Commission, which declined to $181.54 million.

Gains from investment activities were primarily boosted by the sale of our equity interest in Carilend, during the review period. VMIL took the strategic decision to liquidate our holdings and to redeploy capital to other ventures.

For the review quarter, expenses grew by 5.76% to $470.39 million against the backdrop of our prudent cost-containment measures.

Our Share of Associate’s Profit for the quarter was lower at $14.69 million.
Profit Before Tax amounted to $456.23 million which translated to net earnings of $510.21 million for the quarter, the highest quarterly profit in the history of VMIL.

Assets Under Management
Our on-balance sheet assets were higher at $30.19 billion, showing an increase of 4%. This was predominately driven by increases in the value of our resale agreements, loan balance and investment in associates of $1.76 billion and $5.21 billion and $1.72 billion respectively. The increase was however tempered by a reduction in net investments in finance leases along with lower cash balance and PP&E figures.

VM Wealth Management (VMWM), continued to manage clients’ funds on a non-recourse basis under management agreements, which saw total off-balance sheet assets of $33.91 billion versus $33.68 billion as at March 2023.

We are pleased that our Unit Trust portfolios have been performing well this year, with the Global Equity and Classic Income Funds generating YTD market-leading returns of 6.69% and 1.77%, respectively in the quarter.

We prudently maintained a capital to assets ratio in excess of the 8% minimum requirement. At the end of Q1, the capital to total assets ratio was 15.02%.

Gain on sale of VMIL’s 30% stake in Carilend
In the first quarter of the financial year, VMIL made significant strides in executing strategic initiatives geared at promoting sustainable growth. One of these included the sale of VMIL’s 30% stake in Carilend Caribbean Holdings Limited in March 2024. Carilend, which was acquired in 2019, is a fintech company that services the Caribbean region, offering a digital lending platform. The shareholding in Carilend was acquired by the VM Financial Group and this transaction had a positive impact on the gains from investment activities.

VMIL Completed 100% Acquisition of Republic Funds Barbados
VM Investments Limited (VMIL) officially acquired 100% ownership of Republic Bank (Barbados) Limited’s shares in Republic Funds (Barbados) Incorporated (RFI) on January 19th, 2024. Following this acquisition, VM Wealth Management Ltd., VMIL’s major subsidiary, took over the administration of the mutual funds previously managed by RFI and changed the names of the mutual funds as follows:

Former Name                                         New Name
Republic Capital Growth Fund:                VM Wealth Capital Growth Fund
Republic Income Fund:                              VM Wealth Income Fund
Republic Property Fund:                            VM Wealth Property Fund

Operating under the new name VM Wealth Funds Limited, the Barbados branch, led by Country Manager Sean Yearwood, now oversees the rebranded mutual funds and is committed to enhancing financial literacy and investment proficiency among Barbadians and the broader Caribbean populace.

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Tropical Battery To Deleverage Balance Sheet Through APO, Enhance Financial Stability And Reduce Interest Costs.



Alexander Melville Chief Executive Officer Tropical Battery Company Limited Has Released The Following Interim Report For 2nd Quarter 2024

Tropical Battery Company Limited experienced a remarkable period of growth in Q2 FY2024, marked by substantial revenue and gross profit increases. This success is primarily attributed to strategic acquisitions, including Rose Batteries in Silicon Valley, California, and Kaya Energy Group, acquired in Q3 FY2023.
The Rose Batteries team’s strength was further enhanced by adding key personnel, including Katey Daniel as the new Customer Success Manager and Noelle Machado as the Procurement Manager, who have made significant positive impacts. Wouter Potman, Rose’s recent Project Management hire, has also made substantial improvements in professionally documenting the status of the development pipeline, reinforcing the effectiveness of the project management strategies.
KAYA Energy successfully navigated public relations challenges and regulatory uncertainties in the renewable energy sector to close several vital deals north of $250 million for the quarter.

Financial Review
The statement of financial position as of March 31, 2024, illustrates a dynamic period of growth fuelled by strategic acquisitions and significant capital investments. The acquisition of substantial new assets and the expansion into new facilities have poised the company for continued success in its market sector. Moreover, the planned deleveraging through an Additional Public Offering indicates a proactive approach to managing increased debt levels, aiming to optimise the financial structure and enhance shareholder value. The overall economic health of Tropical Battery is robust, with strong liquidity and asset bases that provide a solid foundation for future growth and profitability.

Revenue and Gross Profit
During Q2 FY2024, Tropical Battery’s gross operating revenue increased, climbing from $700 million in Q2 FY2023 to $1.5 billion in the current fiscal year, representing a surge of approximately 121%. This significant rise is directly linked to the company’s recent acquisitions, which expanded its market presence and operational scale. The gross profit also reflected this positive trend, increasing from $223 million to $489 million, translating to a growth of 119%. These figures underscore the successful integration of the new acquisitions and suggest an effective management strategy for leveraging new assets to enhance overall profitability.

Expenses and Operating Profit
During the fiscal period, we witnessed notable increases in specific expense categories. Non-recurring acquisition-related costs amounted to $77 million, reflecting the one-time cost of the recent acquisitions. Additionally, administration, marketing, and selling expenses rose from $161 million to $305 million, an increase of 90%. This escalation is due to the expanded operations and the need to support a larger organisational structure post-acquisition.
Despite these increased outlays, operating profit improved significantly by 71%, from $62 million in Q2 FY2023 to $107 million in Q2 FY2024, indicating effective cost management relative to the increased revenue. Furthermore, if we add back the one-time nonrecurring acquisition-related cost of $77 million, the increase in operating profit would be significantly higher.

Finance Costs and Net Profit
Finance costs presented a challenge, escalating by 526% from $16 million to $102 million. This rise was partially offset by increased finance income, which increased from $11 million to $38 million. Net finance costs after adjustments stood at $64 million. These costs notably impacted profit before taxation, which decreased from $50 million to $27 million.

Strategic Financial Planning
Tropical Battery plans to deleverage its balance sheet through an Additional Public Offering (APO) to enhance financial stability and reduce interest costs. This offering is set to raise significant capital and pay down existing debt substantially, which is expected to lower interest costs moving forward and contribute positively to the company’s financial health.

Company Outlook
Tropical Battery Company Limited’s strategic financial decisions have dramatically transformed its landscape over the last six months. The investment in acquisitions and capital expenditures, supported by substantial financing activities, has set the stage for expanded operations and potential revenue growth.
To achieve greater cohesion across the markets we serve — Jamaica, the Dominican Republic, and the United States — we plan to capitalise on the synergies among Tropical Battery, Kaya Energy, and Rose Batteries. This strategy is designed to expand growth opportunities and realise cost efficiencies throughout the group. By synchronising our operations, strengthening our market presence, and leveraging our brand advantages, we aim to develop a unified group strategy that enhances efficiency and increases profitability.

Our approach includes thoroughly reviewing and integrating systems and processes to ensure smooth coordination among the three companies. This alignment is expected to enhance our return on capital employed, drawing on the combined strengths of these distinguished brands to foster growth, drive innovation, and deliver exceptional customer service.

The planned APO represents a proactive strategy to optimise the financial structure and support sustainable development. The strategic benefits of these acquisitions and financial strategies are expected to materialise over the coming periods, potentially leading to enhanced economic performance.

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