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Businessuite 2017 Top JAMAICA CEO Junior Market – Dr. David Lowe Chief Executive Officer of Caribbean Producers (Jamaica) Limited

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LC$000 US$000 LC$000 US$000 %
Chief Executive Officer Company 2016/17 2016/17 2015/16 2015/16 change
Dr. David Lowe Caribbean Producers Jamaica Limited $2,589 $1,051 146.34%

Dr. David Lowe was appointed Chief Executive Officer of Caribbean Producers (Jamaica) Limited in June 2016. He originally joined CPJ as the Vice President of Marketing and Retail Sales before being promoted to Chief Revenue Officer. Dr. Lowe makes day-to-day management decisions to lead the financial, operational and strategic operations of the company. Previously, Dr. Lowe has held distinguished positions in investment banking, management consulting and government. He currently serves as a board member of the National Health Fund and Chairman of the Western Region Health Authority (WRHA) and the National Compliance Regulatory Authority (NCRA). Dr. Lowe received his Ph.D in Corporate Finance from the Manchester Business School, University of Manchester, UK.

Caribbean producers (Jamaica) limited: A proud History This year, the company celebrates its 23rd year of service to its hospitality and retail trade customers. CPJ is the purveyor of choice for food, non-food, beverages, wine and spirits as well as the leading manufacturer of meats & juices sold both locally and throughout the Caribbean. Company headquarters are located in Montego Freeport, St. James. This main hub of the distribution and manufacturing sector of the business encompasses 125,000 sq. ft. of refrigerated and dry warehouse, office and manufacturing space. In addition, there are an additional 20,000 sq. ft. of satellite warehouses, including a private bonded warehouse. CPJ has been manufacturing juice concentrate and slush specifically for the hotel industry since 1999, expanding to retail trade under the Cariburst® brand thirteen years later.

The company listed on the Jamaica Junior Stock Exchange (JSE) on July 20th, 2011, in line with its vision to expand into new ventures and markets. In 2012, CPJ opened CPJ Market, Deli and CRU Bar + Kitchen in Kingston. CPJ began processing and distributing its own branded meat products including hamburgers, sausages, bacon and ready-to cook pork products in 2013. In 2014, the company formed CPJ St. Lucia, a joint venture with the Duboulay family, former owners of the Duboulay Bottling Company. CPJ St. Lucia began operating a 25,000 sq. ft. warehouse in Castries as a food service distributor, selling products, including produce, primarily to the St. Lucian tourism sector.

Today, CPJ exclusively distributes internationally renowned wine and spirit brands, such as Rémy Cointreau, Yellow Tail, Concha y Toro, Francis Ford Coppola and Jackson Family Wines, Jack Daniels, Patron, and the full range of Bacardi products including Grey Goose and Dewar’s
White Label. In the beverages category, CPJ distributes premium beverages Bellot and Fiji Water island-wide. Lifespan water, exclusively distributed by CPJ, has been well-received in local trade, gaining significant market share. Kerrygold is a key food brand for CPJ, as its cheese and butter products build a strong reputation in the cold box of retail trade.

YtD Results Gross operating revenues for on and offshore operations combined grew by US$4.2M (4.4%) from US$94.1M to US$98.3M. The increase in cost of operating revenue was significantly less by US$2.2M (3.1%), which resulted in a notable growth of US$2.0M (8.1%) in gross profit. The increase in gross profit is dueto greater market share in key product categories and a better pricing strategy implemented in a stable economy.

CPJ has employed various cost-control strategies across all business segments with positive outcomes. Gains in operational efficiencies resulted in marked improvements in supply chain and warehousing practices. There was a notable reduction of US$ 0.2M (1.0%) in selling and administrative expenses from last year, decreasing from US$20.2M to US$20.0M. This positive trend was offset by an increase in depreciation of US$0.2M, due to additions to capital assets required for operational efficiency. Operating profit increased by US$2.1M (80.9%) when compared to the previous fiscal year, ending at US$4.6M. Financial cost decreased by US$0.09M (5.0%), primarily as a result of focused treasury management onshore. The company completed its sixth year listed on the Jamaica Junior Stock Exchange and as such, is now liable for corporate income taxes. Accordingly, a tax provision of US$0.27M was recorded. The net profit of the company increased from US$1.1M to US$2.6M, a 146% increase compared to the corresponding period last year.

CPJ’s financial position has strengthened compared to the previous fiscal year. Favourable movement can be attributed to the reduction of short-term loans and short-term promissory notes of US$2.6M (51.0%) and US$0.7M (13.1%) respectively. Conversely, this positive trend was offset by a reduction in cash and cash equivalent of US$1.2M (31.0%) and slight increases of US$0.7M (6%) and US$0.4M (1%) in accounts receivable and inventory, respectively. Total assets decreased by US$1.2M (2.2%) from US$55.8M to US$54.6M. Total liabilities decreased by US$3.8M (10.6%). Non-current assets decreased by US$1.1M (7.9%) due to the disposal of fully depreciated assets in property, plant and equipment.

Extracted from Caribbean Producers (Jamaica) Limited 2017 Annual Report
To view full report click HERE

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Caribbean Producers Jamaica Limited (CPJ) made a near-250 per cent turnaround in the first quarter ending September, having turned a US$315,650 loss into a profit of US$463,346. CEO David Lowe, who was handed the helm of the company 18 months ago, sees the results as a vindication of the ongoing restructuring programme that he has been insistent would pay off for the Montego Bay-based business. The results continue to build on the company’s full-year results, ending June, 2017, when CPJ saw a marginal uptick in profit from US$2.52 million from US$2.59 million.”The restructuring of the business, which began at the start of my first year as CEO, in July 2016, resulted in a strong profit recovery. The restructuring was part of a business transformation to achieve greater efficiency and growth in the future,” Lowe said on Wednesday.

http://jamaica-gleaner.com/article/business/20171208/lowe-takes-bow-cpj-profit-trends-north

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CAC 2000 Reporting A 41% Improvement In Net Income For Period Ending July 31, 2024.

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Gia Abraham Chief Executive Officer for CAC 2000 has released the following Unaudited Third Quarter results for period ending July 31, 2024

The Results:
Year -to-date we saw an increase of 18% in Sales for the period ending July 31, 2024, over the same period last year ($752,812,566 vs. $637,763,300), along with a 41% or $28,980,191 improvement in our net income. We continue to contain our overall operating expenses by 1.8% or $4,416,661 over the same period last year.

Whilst we are still experiencing longer shipment times due to the movement of manufacturing to China, we have been able to realize a reduction in our inventory days from 398 days to 300 days, in our debtor days from 225 to 206 days, as well as a decrease in our creditor days from 108 days to 77 days over the same period last year.

Retail Update
We continue to utilize our retail store located at 3U Village Plaza to improve the delivery of product offerings and services to our customers, while building the Team in Montego Bay, which is becoming the hub for the projects we are presently executing on that side of the island. As a company we are encouraged by this positive trajectory.

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PBS Expects 2024 Revenue, EBITDA And Profitability To Closely Align With Full Year Budgetary Expectations.

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Pedro M. París C. Director and Group CEO For Productive Business Solutions Limited Has Released The Following Unaudited Interim Report For Q1 2024

Q1 2024 Financial Performance Overview
In the first quarter of 2024, Productive Business Solutions (PBS) reported revenues of US$65.9 million, a decrease of US$21.6 million compared to the same period in 2023.

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the quarter was US$8.5 million, down from US$10.2 million in the first quarter of the previous year.

Additionally, our Profit After Tax (PAT) for the first quarter was US$0.4 million, as compared to US$1.7 million during the corresponding period in 2023.

Notably, our first quarter results in 2023 were impacted by a large transaction in which PBS provided laptops to the government in El Salvador. The transaction
produced a significant revenue contribution to PBS in that period but carried a lower than-average gross margin. As a result, PBS recorded higher gross profit in in Q1 2024 relative to Q1 2023 despite a reduction in revenue. PBS’ gross margin for the first quarter of 2024 improved to 35.5% from 26.5%, which is more representative of our business without the influence of any large, non-recurring sales.

Historically, the fourth quarter represents the strongest financial period for PBS, while the first quarter typically exhibits the lowest earnings. Our performance in Q1 2024 reflects this seasonal trend.

Strategic Acquisition Announcement
We are delighted to share a significant milestone in our company’s journey. During this quarter, we successfully initiated the strategic acquisition of Xerox operations in Ecuador and Peru and expect to close the transaction by the end of the second quarter of 2024. This acquisition is a testament to our commitment to expanding our market presence and enhancing our service offerings in the Latin American region.

The integration of Xerox operations in these key markets strengthens our capabilities in delivering expanded product/service and industry-leading solutions to a broader client base and offers a deeper Latin American footprint for our regional and global customers. We expect that this transaction will close in the coming months subject to regulatory approvals.

PBS expects to file its Audited Financial Statements for 2023 by June 30, 2024. The audit has been delayed as a result of accounting corrections which impact revenue, cost of goods sold, and contract assets primarily in periods before 2023.

Outlook

Our company’s pipeline of sales opportunities for the remainder of the year is strong.
We expect PBS’ 2024 revenue, EBITDA and profitability to closely align with our full year budgetary expectations.

PBS connects the largest enterprise software companies in the world to the leading firms and governments in our region. Our business is increasingly diversified by country, customer and supplier. Moreover, our growth reflects the enduring longterm trends of digital transformation to meet the needs of businesses and consumers. As we look ahead, we expect PBS to continue its trajectory of profitable growth.

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Main Event Entertainment Group Reporting 14% Drop In Nine Months Gross Profits

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Solomon Sharpe,  Chief Executive Officer for Main Event Entertainment Group Limited is reporting that the company recorded revenues of $440.064 million for the three months ended 31 July 2024 relative to the $428.056 million earned in the same period in 2023. This represents an increase of $12.007 million or 3% over the corresponding period of 2023. Despite the improvement in our year-over-year third quarter performance, the company saw a decrease of 10% to $1,426.391 million in its revenues year-to-date relative to the corresponding period in 2023 of $1.586.931 million.

Gross profit for the quarter was $205.678 million. Compared to the third quarter of 2023, this represents a decrease of $18.081 million or 8%; while for the nine months ended 31 July 2024, gross profits fell by $119.538 million or 14% to $719.565 million. Gross margins also fell for the quarter and the nine months results to 47% and 50% from 50% and 53%, respectively. The decline in gross margin is attributable to sales distribution with lower margins and maintenance exercises which were undertaken earlier in the year.

Despite the improvements in our third quarter results, the impact from the second quarter results continues to be shown in the year-to-date totals.

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Limners and Bards Make Big Bets On Management Of Talent And Content

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Kimala Bennett  Chief Executive Officer  for Limners and Bards Limited (The LAB) has released the following report to Shareholders of its unaudited financial statements for the nine months ended July 31, 2024, which have been prepared in accordance with International Financial Reporting Standards (IFRS).The consolidated results include the subsidiary Scope Caribbean Limited (Scope) whose principal business is the scouting, placement and management of talent while expanding and maintaining a database of quality talent.

The LAB achieved higher net profits compared to the corresponding period last year, with net profit reaching $83.5 million, a 46.7% increase over the comparable period. This growth was driven by our strong emphasis on the Agency Segment of the business for this quarter, as we continued to build brands. While revenues were down compared to the prior period, the company implemented cost containment measures, resulting in an 18% reduction in administrative expenses.

Shareholders’ equity grew to $681.4 million, up from $597.5 million or 14.0% over the corresponding period last year. We maintained a strong balance sheet, with an improved cash position over the period. Additionally, our asset base increased as we reinvested in the business, upgrading film studio facilities.

Revenue for the nine months ended July 31, 2024, was $752.7 million, down 17.6% relative to the prior period. This decline was primarily attributable to a reduction in Media during the period. Notwithstanding this, the Agency segment outperformed the comparable period. The revenue achieved was derived from the company’s core business lines: Media totalling $407.6 million, followed by Production with $190.5 million and Agency with $154.6 million.

Gross Profit for the nine months was $284.5 million, down 9.6% when compared to the corresponding period. Administrative expenses were also lower when compared to the comparable period. Administrative, selling and distribution expenses decreased by $47.5 million or 18% in comparison to the corresponding period last year. These decreases are primarily due to reduction in contractor and staff cost.

The consolidated Balance Sheet saw total assets increasing by $161.2 million or 17.1% to $1.1 Billion compared to $941.2 million in the corresponding period. This increase in assets is driven by building and film studio facilities improvement and purchases of new production equipment to facilitate future growth.

Current Assets amounted to $846.7 million, increasing by $59.9 million over the prior year.

Cash and cash equivalent increased by $25.5 million over the corresponding period last year. Management continues to maintain tight monitoring and control over receivables

Outlook
As the LAB continues to grow and diversify, our strategic initiatives are positioning us to capitalize on the booming global film industry and the increasing demand for fresh, international content.

We have successfully completed filming our first feature film, “Love Offside,” a sports romantic comedy that showcases the vibrant culture and dynamic talent of Jamaica. The film, features an impressive cast and has now entered the editing phase is slated for a February 2025 release, perfectly timed to meet the growing appetite for diverse and engaging content.

The global film market is experiencing a significant surge, with demand for international content at an all-time high. Industry reports indicate that streaming services and traditional distributors alike are increasingly seeking diverse narratives that resonate with a global audience. This trend presents a significant opportunity for the LAB, as “Love Offside” is poised to attract viewers with its unique storyline and cultural richness. Over the next 12 months, the Company plans to produce three films and three web series.

We are pleased to announce that our Chief Operations Officer (COO) and Head of Production, Tashara Lee Johnson, recently represented us at the MIP Africa Content Market in South Africa as a part of the Jamaican delegation organized by JAMPRO, a premier event in the global film industry. This market is a critical platform for forging connections, understanding market trends, and securing partnerships that will enhance our film’s reach and profitability.

In parallel, our agency arm is gearing up for our regional expansion strategy, where we will engage with various businesses and explore strategic partnerships across the Caribbean. Our goal is to solidify our presence in these markets, leveraging the region’s growing influence in the global media landscape.

Our commitment remains steadfast in delivering value to our shareholders by expanding our content portfolio, exploring new markets, and forging strategic alliances that will drive growth and profitability. The steps we are currently taking are designed to position the LAB at the forefront of a rapidly evolving industry, ensuring we capitalize on the opportunities presented by the global demand for fresh, compelling content.

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Trinidad and Tobago NGL’s Investment In Phoenix Park Gas Processors Delivers Robust Revenue and Profit Performance For Six Months Of 2024

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Dr. Joseph Ishmael Khan, Chairman Trinidad and Tobago NGL Limited has released the following Condensed Interim Financial Statements For The Six Months Ended 30 June 2024.

Trinidad and Tobago NGL Limited delivered a robust performance for the first half of 2024, posting a profit after tax of TT$46.7 million. This represents an outstanding turnaround from the corresponding 2023 period, where a loss of TT$2.8 million was recorded and signifies an impressive year-on-year improvement of TT$49.5 million.

Earnings per share reached TT$0.30, a substantial recovery from the loss per share of TT$0.02 for the same period in 2023.

The driving force behind TTNGL’s strong performance was the enhanced profitability of its investment in Phoenix Park Gas Processors Limited (PPGPL). This achievement was principally due to increased production of natural gas liquids (NGL), higher sales volumes, and improved NGL prices at Mont Belvieu.

Enhanced NGL production was facilitated by a 4.4% increase in natural gas volumes processed at Point Lisas in the first half of 2024 compared to 2023. Moreover, the gas stream’s NGL content saw a significant rise of 15.5% over the previous year, a result of deliberate efforts by The National Gas Company of Trinidad and Tobago Limited to enrich gas supplies. As a result, NGL production from gas processing increased notably, even when accounting for the extended plant downtime experienced in the first half of 2023.

Additionally, NGL volumes delivered from Atlantic LNG also increased by 3.2%, over the comparative period in 2023.

NGL prices rose by 11.5% compared to the same period in 2023, driven mainly by increased global demand and strategic positioning by market participants for future arbitrage opportunities.

The combination of higher NGL production and increased sales revenues, supported by improved NGL product prices, underscores PPGPL’s strong operational safety and its market leadership as the preferred NGL marketer locally and regionally.

Moreover, PPGPL has maintained high levels of operational efficiency within its processing plants, complemented by a strong commitment to safe operations and effective cost management.

During the first half of the year, Phoenix Park Trinidad and Tobago Energy Holdings Limited (PPTTEHL), PPGPL’s North American subsidiary, also delivered strong performance. PPTTEHL experienced significant trading volumes and benefited from improved margins on its sales contracts.
We anticipate continued earnings growth from this business segment moving forward.

TTNGL’s cash position at the end of June 2024 remained strong at TT$139.1 million, up from TT$113.0 million in 2023, reflecting the Company’s solid liquidity. TTNGL continues to explore all options to address its accumulated deficit and move towards a position where it can resume dividend distributions to shareholders.

Outlook
As we look ahead, we remain ever – optimistic about the positive price forecasts, while PPGPL continues to monitor market uncertainties and implement value-added strategies. PPGPL is unwavering in its commitment to strategic growth, prioritising the following: safe operations; high plant reliability and availability; meeting customer needs and sustaining market presence across all territories. These efforts are critical to delivering long-term shareholder value.

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