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Businessuite 2017 Skin Index US$Holdings – Jamaica

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2017 Businessuite Skin Index -US$ – Jamaica
2017 Rank Executive Company Skin Holdings 2016 US$
1 Michael Lee Chin National Commercial Bank Jamaica Ltd. 1,615,291,544 $629,350,715
2 Lascelles Chin Lasco Distributors Limited 2,668,889,040 $146,619,401
3 Lascelles Chin Lasco Manufacturing Limited 3,247,122,250 $126,514,543
4 Stephen B Facey Pan-Jamaican Investment Trust 433,878,694 $94,666,901
5 Paul Facey Pan-Jamaican Investment Trust 433,878,694 $94,666,901
6 Mark Hart Caribbean Producers Ja Ltd 880,000,000 $22,629,159
7 Marcus James Access Financial Services Limited 120,220,534 $20,609,770
8 Christopher Berry Mayberry Investments Ltd. 470,222,514 $20,152,917
9 Konrad Berry Mayberry Investments Ltd. 465,985,397 $19,971,321
10 Lascelles Chin Lasco Financial Services Limited 761,704,332 $18,459,444
11 Robert Levy Jamaica Broilers Group 152,376,620 $17,691,979
12 Rita Humphries-Lewin Barita Investments 339,975,664 $15,895,379
13 Ian Kent Levy Supreme Ventures 324,541,171 $13,403,477
14 Keith P. Duncan JMMB Group Ltd 101,144,376 $11,428,298
15 Donna Duncan-Scott JMMB Group Ltd 87,013,712 $9,831,675
16 Noel A. Lyon JMMB Group Ltd 84,061,652 $9,498,122
17 Patrick Hylton National Commercial Bank Jamaica Ltd. 18,799,058 $7,324,499
18 Scoops Un-Limited Limited Caribbean Cream Limited 121,141,801 $7,079,900
19 Paul Hoo Supreme Ventures 170,000,000 $7,020,962
20 Douglas R. Orane Gracekennedy Ltd. 21,358,272 $6,823,729
21 Dahru Tanner Blue Power Group Limited 28,300,800 $6,615,943
22 Derrick Cotterll Caribbean Flavours & Fragrances Ltd 67,457,330 $6,307,862
23 John W. Lee 138 Student Living Jamaica Limited 167,439,627 $6,262,840
24 Antonia Hugh AMG Packaging & Paper Co Ltd 32,351,718 $6,178,918
25 Richard Byles Sagicor Group Jamaica Limited 25,617,515 $5,789,043
26 Andrew Jackson Jetcon Corporation Limited 117,302,400 $5,484,411
27 Donovan Lewis Salada Foods Jamaica 81,447,767 $5,394,732
28 Stafford Burrowes Dolphin Cove Limited 45,367,938 $5,302,884
29 Oliver Townsend Knutsford Express Limited 33,526,664 $5,225,070
30 Derrick Cotterll Derrimon Trading Company Ltd 110,000,000 $4,714,408
31 Kingsley Cooper Pulse Invesments Ltd. 198,344,919 $4,636,755
32 George Hugh AMG Packaging & Paper Co Ltd 24,263,792 $4,634,190
33 Mark Chin/Paul Chin AMG Packaging & Paper Co Ltd 24,263,792 $4,634,190
34 Violet Helen Mahfood Jamaican Teas Limited 118,015,318 $4,460,175
35 Peter Bunting Proven Investments Limited 30,087,130 $4,337,348
36 Wayne Sutherland JMMB Group Ltd 38,050,860 $4,299,365
37 Oliver Clarke 1834 Investments Limited 434,557,600 $4,063,501
38 Anthony Copeland Knutsford Express Limited 23,926,664 $3,728,928
39 Dennis Smith (Gencorp Limited) ISP Finance Services Limited 54,517,500 $3,610,993
40 John Mahfood Jamaican Teas Limited 94,064,178 $3,554,985
41 Donald G. Wehby Gracekennedy Ltd. 10,929,855 $3,491,966
42 Carol Clarke Webster Caribbean Cream Limited 58,521,764 $3,420,192
43 Matthew G. Clarke Caribbean Cream Limited 58,221,764 $3,402,659
44 Christpher Clarke Caribbean Cream Limited 53,221,764 $3,110,444
45 Robert Chung (Sunfisher Corp) ISP Finance Services Limited 45,832,500 $3,035,738
46 Hugh Graham Paramount Trading (Jamaica) Ltd 123,396,684 $2,884,673
47 Donovan Perkins Sagicor Group Jamaica Limited 12,207,687 $2,758,692
48 Anthony Chang * Consolidated Bakeries (Jamaica) Ltd 155,675,286 $2,741,574
49 Gordon Townsend Knutsford Express Limited 17,526,664 $2,731,499
50 Steven Marston CAC 2000 Limited 67,462,522 $2,602,193
51 Ivan Carter Sagicor Group Jamaica Limited 9,076,673 $2,051,146
52 Christopher Levy Jamaica Broilers Group 16,844,106 $1,955,717
53 Natalia Gobin-Gunter Key Insurance Company Limited 88,405,445 $1,791,118
54 Sandra Masterton Key Insurance Company Limited 88,405,444 $1,791,118
55 Kayla Abrahams Key Insurance Company Limited 88,405,444 $1,791,118
56 Richard Evan Thwaites IronRock Insurance Company Limited 56,000,000 $1,745,500
57 Monique Cotterll Derrimon Trading Company Ltd 40,000,000 $1,714,330
58 Michelle Chong Honey Bun (1982) Limited 37,500,000 $1,709,460
59 Herbert Chong Honey Bun (1982) Limited 37,500,000 $1,709,460
60 Edward Charles Alexander tTech Limited 41,284,834 $1,705,054
61 William A. McConnell IronRock Insurance Company Limited 54,500,000 $1,698,745
62 Winston Boothe Medical Disposables & Supplies Ltd 50,000,000 $1,636,406
63 Myrtis Boothe Medical Disposables & Supplies Ltd 50,000,000 $1,636,406
63 Kurt Boothe Medical Disposables & Supplies Ltd 50,000,000 $1,636,406
64 Nikeisha Boothe Medical Disposables & Supplies Ltd 50,000,000 $1,636,406
65 Charles “Douglas” Graham Palace Amusement 1,074,444 $1,632,639
66 Antony Hart Cargo Handlers Limited 11,324,264 $1,632,501
67 Mark Hart Cargo Handlers Limited 10,991,198 $1,584,487
68 Jane Fray Cargo Handlers Limited 10,991,198 $1,584,487
69 Gary Peart Mayberry Investments Ltd. 34,740,915 $1,488,935
70 Winston Hepburn Proven Investments Limited 10,200,000 $1,470,428
71 Charles. H. Johnston Jamaica Producers Group 17,510,498 $1,262,153
72 Neville James Access Financial Services Limited 7,174,950 $1,230,023
73 Dr. the Hon. M. McG. Hall Jamaica Producers Group 16,769,284 $1,208,727
74 Colin Roberts CAC 2000 Limited 27,355,291 $1,055,160
75 Nicholas Scott Eppley Limited 156,849 $898,340
76 Joseph Matalon 1834 Investments Limited 93,628,124 $875,506
77 Eileen Chin Lasco Distributors Limited 15,006,740 $824,418
78 Nigel Clarke Eppley Limited 142,631 $816,908
79 Garfield H Sinclair Proven Investments Limited 5,505,218 $793,630
80 Melanie Subratie Eppley Limited 136,020 $779,044
81 P.B. Scott Eppley Limited 136,020 $779,044
82 Peter Chin Lasco Distributors Limited 14,000,000 $769,111
83 Ian C. Kelly Derrimon Trading Company Ltd 15,743,459 $674,737
84 Frank A. R. James Gracekennedy Ltd. 2,010,153 $642,221
85 Norman Abraham Chen tTech Limited 15,391,566 $635,668
86 Gordon Christopher Reckord tTech Limited 15,263,795 $630,391
87 Eileen Chin Lasco Manufacturing Limited 16,000,000 $623,393
88 Rohan Miller Sagicor Group Jamaica Limited 2,595,465 $586,523
89 Douglas Stibel 138 Student Living Jamaica Limited 15,673,025 $586,227
90 Philip Armstrong Sagicor Group Jamaica Limited 2,547,982 $575,793
91 Winston Thomas Derrimon Trading Company Ltd 13,363,979 $572,757
92 Mark Chisholm Sagicor Group Jamaica Limited 2,391,853 $540,511
93 Peta Rose Hall Barita Investor only 11,188,814 $523,127
94 Michael Ranglin Gracekennedy Ltd. 1,568,097 $500,989
95 Richard Byles Sagicor Real Estate X Fund 5,389,505 $495,987
96 Ivan Berry C2W Music Limited 180,000,000 $490,922
97 Claudette Cook Jamaica Broilers Group 4,060,899 $471,498
98 Henry Graham Sweet Rier Abattoir & Supplis Company 15,035,009 $452,234
99 Mrs. K.A.J. Moss Jamaica Producers Group 6,060,078 $436,809
100 Ryan Mack Gracekennedy Ltd. 1,202,460 $384,173
101 Ian Parsard Jamaica Broilers Group 3,207,739 $372,441
102 Hugh O’Brian Allen tTech Limited 8,806,028 $363,687
103 Joseph Bogdanovich KLE Group Limited 23,168,835 $352,055
104 Garfield H Sinclair Kingston Properties Limited 4,164,407 $324,508
105  Jeffrey. McG. Hall Jamaica Producers Group 4,418,537 $318,487
106 John Minott Barita Investments 5,885,322 $275,165
107 J. A. Lester Spaulding Radio Jamaica 26,607,207 $269,535
108 Karl Lewin Barita Investments 5,675,322 $265,347
109 George W. Cooper Barita Investments 5,302,322 $247,907
110 Gary Matalon KLE Group Limited 16,073,628 $244,242
111 Charles Ross Sterling Investments Limited 1,892,790 $231,566
112 Derek Wilkie C2W Music Limited 80,000,000 $218,187
113 Peter Chin Lasco Manufacturing Limited 5,585,980 $217,641
114 Ian C. Kelly Caribbean Flavours & Fragrances Ltd 2,322,814 $217,204
115 Gordon V. Shirley Gracekennedy Ltd. 612,092 $195,557
116 A. Alex Balogun Lasco Distributors Limited 3,429,733 $188,417
117 Jacinth Hall-Tracey Lasco Financial Services Limited 7,346,198 $178,031
118 Stephen Shirley KLE Group Limited 10,111,500 $153,646
119 Valdence Gifford Sweet Rier Abattoir & Supplis Company 4,995,058 $150,245
120 Marilyn Burrowes Dolphin Cove Limited 1,000,008 $116,887
121 Thersa Chin Cargo Handlers Limited 760,022 $109,564
122 Primrose Smith ISP Finance Services Limited 1,500,000 $99,353
123 Marcelle Smart tTech Limited 2,370,399 $97,897
124 Anthony James Caribbean Flavours & Fragrances Ltd 820,700 $76,743
125 John Jackson Jetcon Corporation Limited 1,620,000 $75,742
126 Sharon Donaldson General Accident Insurance Co Ltd 3,377,956 $73,703
127 Radcliff Knibbs Paramount Trading (Jamaica) Ltd 3,053,605 $71,385
128 Patsy Latchman-Atterbury Scotia Group Jamaica 191,576 $54,862
129 Jacqueline Sharp Scotia Group Jamaica 190,010 $54,413
130 Grantley Stephenson Kingston Wharves 331,369 $51,669
131 Christopher Barnes 1834 Investments Limited 5,308,834 $49,642
132 Rohan Miller Sagicor Real Estate X Fund 500,000 $46,014
133 Richard Pandohie Seprod Limited 200,000 $45,975
134 Christopher Barnes Radio Jamaica 4,307,000 $43,630
135 Archibald Campbell JMMB Group Ltd 363,227 $41,041
136 Romae Gordon Pulse Invesments Ltd. 1,635,279 $38,228
137 Dennis Cohen National Commercial Bank Jamaica Ltd. 86,480 $33,694
138 Wayne N. Hardie IronRock Insurance Company Limited 1,025,727 $31,972
139 Safia Cooper Pulse Invesments Ltd. 1,079,422 $25,234
140 Garfield H Sinclair Cable and Wireless Jamaica – FLOW 4,021,000 $25,067
141 James Morrison Supreme Ventures 345,165 $14,255
142 Ian A Mcnaughton Barita Investments 296,000 $13,839
143 Norman Russell Jamaican Teas Limited 300,000 $11,338
144 Douglas R. Orane 1834 Investments Limited 1,053,553 $9,852
145 Horace (Craig) Mair Scotia Group Jamaica 24,741 $7,085
146 Gary Allen Radio Jamaica 361,228 $3,659
147 Robin Levy Jamaica Stock Exchange Ltd 50,000 $2,143
148 Marlene Street Forrest Jamaica Stock Exchange Ltd 30,000 $1,286
149 Ian Dear Margaritaville Caribbean Limited 25,000 $1,068
150 Kevin Richards Kingston Properties Limited 10,500 $818
151 Lissant Mitchell Scotia Investments Jamaica 2,000 $521
152 Alejandro Vares Caribbean Cement Co. 300 $79
153 Mustafa Turra Berger Paints Ltd 0 $0
154 Marcus Steele Carreras Limited 0 $0

Businessuite Markets

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

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Results of Operations

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Dr. Ike Johnson Director Sygnus Real Estate Finance Limited 

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

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Express Catering’s Outlook Is For An Excellent Summer Season

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

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

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

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

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

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

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

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

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

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

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

For More Information CLICK HERE

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

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

Financial Performance Overview

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

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

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

Strategic Investments and Operational Enhancements

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

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

Service Portfolio Adjustments

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

Outlook

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

Conclusion

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

For More Information CLICK HERE

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One on One Educational Services remains focused on strengthening One Academy

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

Statement of Comprehensive Income Summary: 

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

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

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

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

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

Statement of Financial Position Summary:

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

Statement of Cash Flow Summary:

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

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

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

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

For More Information CLICK HERE

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JSE launches Green Bond Plus Platform

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