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Businessuite 2019 Top Guyana CEO – Komal R. Samaroo Executive Chairman & President Demerara Distillers Ltd.



NR 2019 Businessuite 2019 Top 5 Guyana CEO’s by % change in US$ Profit after Tax US$000 US$000 %
2019 2018 Change
1 GY Komal R. Samaroo Demerara Distillers Ltd. $16,356 $12,591 129.90%
2 GY Nigel M. Baptiste Republic Bank Guyana Ltd. $15,635 $13,264 117.88%
3 GY Clifford Barrington Reis Banks DIH Ltd. $22,856 $20,551 111.22%
4 GY Richard Isava Guyana Bank for Trade & Industry Ltd. $7,225 $7,363 98.13%
5 GY Eton M. Chester Citizens Bank Guyana Inc. $3,005 $3,518 85.40%

Mr. Samaroo is the Executive Chairman of Demerara Distillers Limited (DDL), one of the leading rum producers of the Caribbean and the home of El Dorado Rum, in Guyana. He has been instrumental to the development of the region’s rum industry over the last 47 years, having held several key positions at DDL, including Managing Director and Vice President, International Marketing.

Mr. Samaroo also serves as Chairman of the Board of Directors of National Rums of Jamaica and Diamond Fire & General Insurance Inc. and Director of Demerara Bank Limited and the Institute of Private Enterprise Development Limited (IPED). His numerous awards include the Golden Arrow of Achievement awarded by the President of Guyana in 1993, for service of an exceptionally high standard, in the field of Financial Management and Business.

El Dorado Rum ED-50th-Anniv-33-YO-2

The Company

The core business of Demerara Distillers Limited for the three centuries has been Demerara Rum. In the 17th Century, every sugar plantation had its own small distillery and these, with the passage of time, were gradually consolidated into one distillery at Diamond on the East Bank of Demerara.

The Company’s alcoholic products especially its rums, including its flagship brand, the El Dorado 15 Year Old Special Reserve, and its other brands – the El Dorado 25 Year Old, the El Dorado 21 Year Old, the El Dorado 12 Year Old, the El Dorado Cask Aged 8 Year, the El Dorado 5 Year Old, the El Dorado Cask Aged 3 Year, the El Dorado Deluxe Silver Aged 6 Year – are well known in the Caribbean and International markets.

The Company is also a leading supplier of bulk rum to bottlers in Europe and North America and its Bulk Terminal ensures the most efficient service to customers.

Financial Performance

It is with great pleasure that I announce to shareholders that the 2018 financial year was another very successful year with excellent performance from our Group. Revenue, both local and international, continued to show encouraging growth while significant progress was made in key areas of diversification.

Our Group depends on international markets for a significant portion of its revenue. Hence, continued growth in the global economy is important for ongoing market expansion.

Global expansion, which has been growing in recent years, has reportedly weakened in 2018. According to The World Economic Outlook Update released by the International Monetary Fund in January 2019, in 2018, the global economic growth declined to 3.7%, slightly down from the 3.8% recorded in 2017. Further reduction has been forecasted for 2019.

In the meanwhile, the Group continues to pursue every opportunity to improve the level of international competitiveness. A study undertaken by the West Indies Rum and Spirits Producers Association has shown that the regional spirits industry faces significantly more bureaucratic red-tape, through archaic regulations, than the spirits industry in the developed world.

In the course of 2018 therefore, we have made representations at the national policy-making level and we are hopeful that a process of modernization of the regulatory framework for the spirits industry would be undertaken. This is necessary for DDL, as a local spirit producer, to be placed in a position to fairly compete with our counterparts regionally and internationally.

Locally, the Guyana economy was expected to grow by 3.4 percent in 2018, representing a significant improvement on the 2017 growth of 2.1 percent. Sugar production in the year was reported at 104,596 and projected to increase to 145,000 by 2021.

The downsizing of the local Sugar Industry has had negative impact on our Operations in 2018. Domestic molasses supply was inadequate to meet the Distillery’s production demands, based on orders from our longstanding customers. In order to meet this shortfall, therefore, our Operations had to resort to importing 14,000 tons of molasses with an attendant high logistics costs.

During the year, we explored the option of bidding for the Enmore Sugar factory, but did not pursue this option, as the substantial costs associated with the requisite rehabilitation did not present a viable solution.

The future outlook for the newly emerging Oil and Gas sector continues to be very positive with increase in proven reserves and projected production. We anticipate that, if managed and monitored properly, this Sector will have an exponential impact on the economy of Guyana in the next few decades.

Results For 2018

The Group recorded its highest revenue ever in 2018. Total revenue for the year was $21.862 billion, an increase of $2.293 billion, or a 12% increase on the total revenue of $19.569 billion recorded in the previous year.

The Group Profit after Tax was $3.279 billion compared to $2.6 billion in 2017, an increase of $679 million, or 26%.

Group Profit before Tax for the year was $4.362 billion compared to $3.551 billion in the previous year, an increase of $811 million, or 23%.

Earnings per share were $4.26 compared to $3.38 the previous year.

For 2018, Shareholders Funds increased by 16%. Capital Expenditure totaling $2.187 billion, incurred during the year, was all financed by self-generated funds. Additionally, bank borrowing, in the form of loans and overdraft, was reduced by $1.437 billion from funds generated by the Group in the year.

The net debt to equity ratio at the end of the year improved from 0.13:1 in 2017 to 0.06:1 in 2018.


Distribution Services Ltd (DSL) increased its Profit before Tax to $404m, from the previous year Profit before Tax of $396m, representing an increase of 2%.  As reported last year, a new central distribution warehouse for this Subsidiary was being constructed at Plantation Great Diamond, East Bank Demerara for its wholesale business. It is expected that this project will be officially commissioned in March this year. DSL is currently developing a plan to modernize its retailing business to meet the expectations of its customers.

Despite an 8% growth in its gross revenue, Demerara Shipping Co. Ltd. (DSCL) recorded a decline in profit of 8% on account of increased expenditure on the wharf facilities and equipment maintenance. DSCL’s Profit before Tax for the year was $121m compared to $132m in the previous year.  DSCL has embarked on a phased program for the rehabilitation and modernization of its Office and Port Facilities.  In 2018, $40m was expended, in this regard, and $940m is projected for capital upgrades in 2019.

Tropical Orchard Products Company Ltd. (TOPCO) had a much- improved year, turning around its 2017 loss of $53m to a profit of $20m. TOPCO’s gross revenue for the year was $580m, an increase of 160% a significant portion of which was as a result of TOPCO’s continued commitment to supplying fresh juices to the National School Feeding Program.

Overseas subsidiaries contributed Profit before tax of $159m in the year compared to $210m the previous year. As a result of significant consolidation of the customer base for its bulk products, we have agreed to phase out the operations of Demerara Rum Co. and service these customers directly by the parent company.   The Group therefore, plans to fully liquidate Demerara Rum Co in 2019.


An Interim Dividend of $0.25 a share was paid in December 2018. The Directors have recommended a Final Dividend of $0.85 per share which, if approved by the Shareholders, at the upcoming Annual General Meeting, will result in a total dividend for the year of $1.10 per share. In the previous year, the dividend payment totaled $0.80 per share.

Capital Expenditure

During the year, we successfully completed the construction of the new Barrel Warehouse facility in order to increase our rum aging capacity by another 30,000 barrels. The Barrel Warehouse was commissioned on March 16, 2018 by the Honorable Minister of Foreign Affairs Mr. Carl Greenidge.

In October 2018, we commenced preparatory work for the construction of a new and modern Blending Plant. This Plant will utilize the latest digital technology to improve operational efficiency, reduce costs and will also replace the existing Blending Operations.  This new Blending Plant, which is estimated to cost $465m is expected to be completed by the end of June 2019.

In pursuance of our diversification strategy, the Group will also be focusing on expanding the operations of TOPCO. The first phase of the project is to expand and automate the extraction of pulp from local fruits. This project will expand market opportunity for local fruit farmers and create new incomegenerating opportunities for new entrants into the agricultural sector.

The second phase of the project entails the expansion and modernization of the packaging facility for the TOPCO range of juices. The project is designed to allow for flexibility in the range of products to cater for the domestic and regional market.

Building Human Capacity

In order to support the growth in our business in an increasingly competitive environment, the Group continues to invest in staff

development.  Apart from our Cadetship and Management Trainee Programs, we have exposed several members of our Technical and Managerial staff to several relevant training programs conducted both locally and overseas.

The Group has also invested in KRONOS, an industry leading Human Capital Management System intended to help manage and provide

insights for Human Resource Management (HRM) within the organisation. With the implementation of KRONOS, there has been improved accessibility to electronically stored data captured in a timely manner for HRM, Payroll, Training, Talent Management and

Timekeeping all accommodated in one system. The intention of this System is to continuously improve on our operational efficiencies and provide accessible HR information for planning and management purposes.

Systems And Standards

Our production facilities and supporting systems have been ISO certified since 1995 and we have continuously improved our quality systems over the years. In July 2018, we successfully transitioned to the ISO 9001:2015 version of the Standard.

Additionally, our Distillery Operations was successful in its annual Hazard Analysis and Critical Control Points (HACCP) audit conducted by SGS; the Liquor Bottling Plant sustained its commendable performance in the annual Good Manufacturing Practices (GMP) audit; while our non-alcoholic Beverage Operation was successful in the Annual American Institute of Bakery (AIB) Food Safety audit as well as the Global Audit conducted by Pepsi Cola International.

Future Prospects

We are hopeful that domestic molasses production would increase in the next few years to fully meet our production requirements.

Consistent and reliable supply of basic raw materials is vital if we are to maintain and expand our markets. We will therefore, continue to meaningfully engage our suppliers to ensure the adequacy and sustainability of such basic raw materials.

In addition, we will explore all avenues to continuously improve our operational efficiencies through the use of modern technology as we seek to maintain global competitiveness in all areas of our business. We will maintain our focus on the sustained development of our brands in the international market, both in terms of increasing presence in existing markets as well as accessing new markets.

With the completion of our new DSL Distribution Warehouse in the first quarter of this year and with the expansion of TOPCO’s production capacity, we expect that by early next year, the Group’s Operations will be much more diversified.

There are other areas of diversification that are engaging the attention of the Group but decisions will only be made after the necessary feasibility has been completed.

The new investments being undertaken by the Group as well as the aggressive marketing activities being executed should keep the Group on a firm growth path for the coming years.

Komal Samaroo Chairman







Businessuite Women

Businessuite Power 50 Women in Jamaican Business for 2022



BUSINESSUITE Magazine’s  ranking of Jamaica’s leading businesswomen provides a unique opportunity to secure an insight into the professional lives and activity of some of the most interesting and inspiring women in Jamaica’s private sector today.

How we pick the Power 50

What qualities can adequately describe a woman of power and influence on a national level? She is often described as ambitious, driven, determined, creative, a confident leader and a risk-taker. She allows her passions to order her steps, her gifts and her talents to become her own personal calling card.

Powerful and influential women are thriving in their business lives across Jamaica and so the move by the BUSINESSUITE editorial team to select, based on the format created by FORTUNE magazine editors, the 50 most powerful and influential women was truly a daunting task.

As stated, the selection process for the BUSINESSUITE list of the ’50 Most Powerful and Influential Business Women’ is based on a general format created and used by the editorial team of FORTUNE Magazine. This includes:

1. The general size (Revenue, Profitability and Human Resource) and importance of the woman’s company in the Jamaican economy;
2. The health and direction of the company;
3. The arc of the woman’s career and;
4. Societal and cultural influence of the business as informed by key industry insiders and published information

It must however be noted that since BUSINESSUITE Magazine is not privy to the financial statements of some of the companies mentioned, this was not heavily factored into our final listing and placements. Readers are therefore invited to debate and discuss the names and placement of individuals.

They aren’t just successful executives, entrepreneurs, or administrators who are admired and respected within their own organisations, they are the voices that are heard across the industries in which their companies operate, even across corporate Jamaica as a whole.

The Presentation Event – October 2022
The awards will be given to 50 women business leaders who have achieved strong results in their respective fields. This will be the 1st edition of Businessuite Magazine’s Most Powerful Women Awards, to be held in October 2022. Details to come.

The awards are aimed at honouring remarkable Jamaican women who have made outstanding contributions to their organisations and set new standards of administration and performance across corporate Jamaica and the economy.

We will also be seeking to recognise and identifying Rising Stars and Women Abroad.

The Special Edition – October 2022
The event felicitates the most powerful women in Jamaican business and salutes the spirit of successful business women with a special issue of Businessuite Magazine ‘Most Powerful Women in Business” Jamaica Edition. Details to come

See also

The Top 40 Most Powerful and Influential Women in Jamaican Business for 2016.

Businessuite Power 50 Women in Jamaican Business for 2013

Businessuite Power 50 Women in Jamaican Business for 2012

Businessuite Magazine December 2014 Digital Edition

BUSINESSUITE Magazine October 2012 Digital Issue

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The 2022 Businessuite Skin Index



The Annual Businessuite Skin Index seeks to measure and gauge the extent to which Businessuite Caribbean Top 50 CEO’s who run Businessuite Top 50 & 100 Companies use their own money to buy stock in the company they are running and if they are managed by like-minded individuals who share a stake in the company.

Skin In The Game is a term coined by renowned investor Warren Buffett referring to a situation in which high-ranking executives and insiders uses their own money to buy stock in the company they are running.

“We like to see the people who run businesses showing confidence in them by committing their own capital. And directors are well aware their trading is closely watched by investors, so they often buy stock when they’re allowed to.”

The 2022 Index is based on the following:
Main Stock Exchange Last trading price for 2021
Central Bank US$ selling price as at 30/12/2021
Jamaica shareholdings based on December 2021 quarterly financials
Trinidad and Barbados shareholdings were not included this year as the changes in holdings are not as dynamic as Jamaica and have largely remained unchanged.
Where noted connected party holdings are included (more…)

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Anthony H. Ali, Goddard Enterprises Limited Businessuite 2021  #1 Caribbean Chief Executive Officer



Businessuite 2021  #1 Caribbean Chief Executive Officer- % change US$ Profit after Tax
CR CR CR US$000 US$000 2021
2019 2020 2021 Company Chief Executive Officer 2021/2020 2020/2019 % change
1 BB Goddard Enterprises Limited Anthony H. Ali $11,032 $2,067 433.85%

Anthony H. ALI, B.Sc. (Hons.), M.B.A.

Anthony H. Ali spent most of his career in Canada, where he worked in the areas of Operations, Sales, Marketing, Customer Allegiance and Strategic Planning for a number of Canadian and United States of America Fortune 500 companies.

Before joining Goddard Enterprises Limited in 2013 as Managing Director, Mr. Ali worked with SM Jaleel & Co. Ltd. in Trinidad and Tobago where he served as General Manager from 2010- 2013. Upon graduating from the University of Toronto in 1988 with a B.Sc. Honours Degree in Chemistry, Mr. Ali worked at National Silicates as a Research Chemist, and later as its Business Development Manager. He completed a post graduate degree in Executive Marketing at the University of Western Ontario in 1992 and several other Leadership and Management programmes.

In 1993, Mr. Ali was selected from 6,000 employees of Abitibi-Price Inc. to participate in a fellowship at McKinsey & Co. In 2005, he joined Thermo Fisher Scientific as Global Director of Operations and Customer Allegiance before moving to Enerworks Inc. where he served as Vice President of Sales, Marketing and Customer Allegiance.

Mr. Ali has served on several Boards in the Energy field and is currently a director of Electrical Industries Group Ltd. He is the co-author of several Publications

Goddard Enterprises Limited

Goddard Enterprises Limited (“the Company”) is incorporated under the Laws of Barbados.

The principal activities of the Company and its subsidiaries (together “the Group”) include airline, industrial and restaurant catering, ground handling services, general trading, meat and cocoa processing, printing and print brokering, baking, packaging, automobile and automotive parts sales, insurance, real estate, shipping agents and stevedoring, freighting services, manufacturing of aerosols and liquid detergents and investments. Associated companies are involved in airline, industrial and restaurant catering, ground handling services, general trading, beverage distribution, waste disposal, laundry services, research, development and manufacturing of natural biomaterials, petroleum industry services and property rentals.

The Group operates throughout the Caribbean and North, Central and South America.

The Company is a limited liability company domiciled in Barbados with its registered office located at the Top Floor, The Goddard Building, Haggatt Hall, St. Michael, BB11059, Barbados. The Company is listed on the Barbados Stock Exchange.
2020 Year In Review

Year In Review

Following on from strong growth in 2018 with Gross Domestic Product (“GDP”) growth of 2.9%, the global economy started to show signs of slowing down in 2019 with GDP declining to 2.3%. Global economic growth recorded its weakest pace since the global financial crisis a decade ago. Other factors which contributed to the economic uncertainty included a government shutdown in the United States of America, the departure of the United Kingdom from the European Union and changes in monetary policy in major economies. Unfortunately, starting in December 2019 and proliferating globally by February 2020, a new coronavirus, COVID-19, became a global pandemic which changed everything.

The impact of the pandemic was immediate and dramatic. Airline flights worldwide drastically dropped to 5% of the pre-COVID-19 volumes as countries shut their borders and businesses to halt the spread of the virus and protect their populations. Each business within the GEL Group was impacted. Our Airline and Industrial Catering services were abruptly halted. Our retail locations were closed. Each of the Group’s Manufacturing companies closed, albeit temporarily, as most were allowed to re-open with restricted operating parameters to ensure that local Government protocols were implemented and consistently enforced. GEL immediately took the necessary steps to preserve cash, maintain operations and restructure where necessary. As difficult as it was, we were forced to sever approximately 2,500 employees across the Group.

The Catering and Ground Handling Division was the hardest hit, posting a loss, before non-controlling interests and taxation, of $12.9 million for the fiscal year ended 30 September 2020. Both our Manufacturing and Automotive, Building Supplies and Services (“ABSS”) Divisions performed well by year-end. The Manufacturing Division came close to its budget for the year as some businesses were able to record additional business while others were negatively affected due to the shutdowns and a depressed tourism sector. The ABSS Division experienced mixed results as most of its service, cargo and tourism-related businesses were negatively impacted.

For the financial year ended 30 September 2020, the Group’s revenue decreased by 4.9% below the prior year to $826.1 million. This corresponded to a decrease in Gross Profit to $308.9 million or 37.4% when expressed as a percentage of sales, which was 15.6% below the prior year. Gross Profit was heavily impacted by the loss of catering business due to border closure for prolonged periods following the onset of the pandemic. We still view this result as a significant accomplishment, in the circumstances, considering that our Catering and Ground Handling Division is usually our largest contributor to Gross Profit, and given too, the dramatically reduced airline catering with flights having only returned to approximately 15% of their pre-COVID-19 volumes at the time of writing.

Our selling, marketing and administrative expenses were 3.9% below 2019 or $310.8 million in 2020 compared with $323.4 million in 2019. This dramatic reduction was driven by cost-cutting initiatives undertaken to preserve cash, including lay-offs at each operation, unfortunate redundancies and business re-engineering strategies to reflect the operational realities of reduced sales and revenue. Most of the re-engineering took place in the Catering and Ground Handling Division.

Expense reduction was also achieved in advertising and promotion and travel while all discretionary spending was put on hold from March 2020.

Operating Profit fell to $4.5 million in 2020 compared with $48.5 million in 2019, a 90.8% reduction. This was heavily influenced by one-time severance costs of $16.0 million. The Operating Loss recorded in the Catering and Ground Handling Division was mainly due to the airlines being grounded as a consequence of the global pandemic. The Operating Profit of the ABSS Division was reduced by $1.9 million in comparison with the prior year. This reduction was attributed to the closure of our auto dealerships during the lockdown period as well as reduced cargo trading across the region.

Other gains/(losses) – net decreased by 45.4% from $15.9 million to $8.7 million when compared with the prior year. Included in this year’s figure is $6.5 million for impairment of intangible assets and the write-down of investment in Associated Companies. The amount in 2019 included insurance refunds and a gain on disposal of an Associated Company. Our share of Income from Associated Companies increased by $1.2 million from $9.9 million in 2019 to $11.1 million in 2020.

Income from our 50:50 joint venture, Caribbean Distribution Partners Limited (“CDP”), increased by $0.5 million. This joint venture performed well, despite the closure of retail grocery outlets in most countries where CDP has a presence and a significant decrease in the hotel and restaurant businesses which we service. The fact that food and beverage businesses were deemed essential shortly after the lockdown also supported this result.

Extracted from Directors Report

Mr. Anthony Ali, Managing Director
Goddard Enterprises Limited

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Businessuite 2021 Top 50 Caribbean Chief Executive Officers



Businessuite 2021 Top 50 Caribbean Chief Executive Officers – % change US$ Profit after Tax
CR CR CR US$000 US$000 2021
2019 2020 2021 Company Chief Executive Officer 2021/2020 2020/2019 % change
1 BB Goddard Enterprises Limited Anthony H. Ali $11,032 $2,067 433.85%
2 TT National Flour Mills Limited Kelvin Mahabir $3,501 $915 282.47%
3 JA First Rock Capital Holdings Limited Ryan Reid $2,604 $693 275.76%
4 JA Stanley Motta Limited Melanie Subratie $5,946 $2,122 180.23%
5 JA Seprod Limited Richard Pandohie $20,133 $7,342 174.22%
4 20 6 JA Pulse Investments Limited Kingsley Cooper $10,298 $6,339 62.45%
7 JA Caribbean Cement Company Limited Peter Donkersloot Ponce $22,409 $14,209 57.71%
8 JA Portland JSX Limited Michael Lee-Chin $2,116 $1,345 57.32%
8 1 9 JA Barita Investments Limited Paula Barclay $19,338 $12,920 49.68%
60 32 10 JA Indies Pharma Jamaica Limited Dr. Guna Muppuri $1,454 $988 47.19%
24 14 11 JA Jamaica Producers Group Limited Jeffrey Hall $26,200 $20,608 27.14%
12 JA GraceKennedy Limited Don Wehby $48,068 $38,470 24.95%
13 JA Wigton Windfarm Limited Earl Barrett $4,646 $3,723 24.78%
14 JA The Limners and Bards Limited Kimala Bennett $891 $715 24.62%
15 JA Sterling Investments Limited Charles Ross $942 $763 23.44%
33 26 16 GY Banks DIH Ltd. Clifford Barrington Reis $29,558 $25,798 14.57%
17 JA Lasco Distributors Limited Hon. Lascelles Chin, $5,088 $4,509 12.84%
34 15 18 TT Guardian Holdings Limited Ravi Tewari $116,157 $105,032 10.59%
11 23 19 JA FosRich Company Limited Cecil Foster $881 $806 9.31%
59 9 20 GY Citizens Bank Guyana Inc. Eton M. Chester $5,075 $4,722 7.47%
46 25 21 TT Agostini’s Limited Anthony Agostini $25,216 $24,314 3.71%
25 30 22 GY Republic Bank Guyana Ltd. Nigel M. Baptiste $17,217 $16,803 2.47%
38 7 23 JA JMMB Group Limited Keith Duncan $54,108 $53,304 1.51%
19 22 24 GY Demerara Distillers Ltd. Komal R. Samaroo $18,716 $18,716 0.00%

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NCB Financial Group Ltd Businessuite 2021 #1 Caribbean Company – US$ Profit after Tax



Businessuite 2021 Top 100 Caribbean Companies –    US$ Profit after Tax
CR CR CR CR CR US$000 US$000
2017 2018 2019 2020 2021 Company 2021/2020 2020/2019
4 2 1 2 1 JA NCB Financial Group Ltd. $188,457 $235,083

NCB Financial Group Limited (“NCBFG”) is the financial holding company of the Group, incorporated in April 2016. NCBFG has roots that trace as far back
as 1837 and remains the largest and most profitable financial services provider in Jamaica. The Group comprises of National Commercial Bank Jamaica Limited (NCBJ) and its subsidiaries, Clarien Group Limited (Clarien) and its subsidiaries and NCB Global Holdings Limited- majority owner of Guardian Holdings Limited (GHL) and its subsidiaries. NCBFG is proud to be a regional entity with presence in 21 territories in the English and Dutch Caribbean as well as in the United Kingdom.

We are accelerating our
transformation to ensure we
are well positioned for the future…”

This financial year, we, along with the rest of the world, were forced to contend with the COVID-19 pandemic, which continues to be unprecedented in its global reach and impact.

I am extremely proud of the commendable financial performance recorded by the Group, and how as an organisation we have demonstrated resilience, particularly with the acceleration of digital initiatives and delivery of new solutions to meet the changing needs of our customers.

I remain extremely optimistic about the future of the NCB Financial Group. Optimism is a deliberate choice and mindset, and a fundamental source of fuel for anyone navigating a personal or professional challenge. Helen Keller also noted the importance of optimism, saying, “optimism is the faith that leads to achievement. Nothing can be done without hope and confidence.”

The COVID-19 pandemic underscores the importance of adaptation, innovation, change and transformation.

These principles have always been a part of our organisation as we evolved into a leading financial services Group in the Caribbean. As I contemplate the challenges that we face in the region, I am reminded that life is not linear; you have ups and downs. It’s how you deal with the troughs that defines you. That said, there is not a period in history in which I would prefer to be alive. Like Albert Einstein, I embrace the present with the knowledge that, “in the middle of difficulty, there is opportunity. The bigger the difficulty, the bigger the opportunity.” Opportunities allow us to overcome challenges, resulting in growth, resilience and strength.

I am encouraged by the opportunities that have been unearthed so far, some of which include:
• Young entrepreneurs have been taking advantage of digital technology to conduct e-commerce using mobile devices
• The acceleration of remote work produced a global marketplace for talent, allowing citizens in the countries that we serve to access jobs around the globe
• Streaming platforms presented an opportunity to expand our creative industry by allowing those with limited resources to produce content for global distribution.
• An increase in the volume of retailers establishing their presence online to be able to expand their reach to local and overseas-based customers.

We have also seen local entrepreneurs pivoting their business models. Local companies have started to produce masks and personal protective equipment, and offer sanitisation and delivery services. Each of these shifts creates an opportunity for us to serve our clients by providing the financial solutions that will enable them to capitalise on opportunities and pursue their dreams. Our role of being in the lives of our customers every step of the way remains unaltered.

I remain optimistic, and encourage you to do the same. This is the first step in building the resilience to withstand the ongoing uncertainty and disruption
worldwide. We are accelerating our transformation to ensure we are well positioned for the future to meet the shifting and growing needs of our customers. We remain committed to becoming a world-class Caribbean financial ecosystem by 2024, and will continue to focus on adding value in all that we do. We are deeply grateful for the opportunity to continue to serve each stakeholder, and we look forward to rising together above the challenges that are masking incredible opportunities.

Financial Performance
Within the context of the pandemic’s devastating impact on the regional and global economies, the Group recorded a solid performance for the financial year. NCB Financial Group Limited reported consolidated net profit of $26.9 billion and net profit attributable to stockholders of the parent of $19.1 billion, a 36% or $10.8 billion decrease when compared to the restated prior year.

It should be noted the 2020 financial performance includes a full year of GHL’s results as opposed to only five months in the 2019 financial year. Additionally, the prior year’s results included one-off gains totalling $8.2 billion, comprising $3.3 billion from the disposal of an associate, $2.3 billion from the revaluation of our interest in GHL and $2.6 billion from the disposal of a subsidiary.

On a normalised basis excluding these one-off gains, the profit attributable to stockholders of the parent would have declined by $2.5 billion or 12% from the prior year. Our asset base increased by 11% or $184.0 billion to $1.8 trillion primarily due to increases in investment securities, net loans and amounts due from banks. However, the growth in the asset base coupled with lower net profits resulted in return on average assets of 1.57% compared to 2.40% in the prior financial year.

Equity attributable to shareholders of the company increased by 6% or $8.5 billion to $156.1 billion with return on average equity of 12.57% (2019:

Extracted from Chairman Report to shareholders

Michael Lee-Chin
Chairman of the Board

NCBFG is listed on both the Jamaica and Trinidad & Tobago Stock Exchanges. More details on the Company may be found on the website at

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