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Businessuite 2023 #1 Jamaica Main Market by US$ Profit after Tax – NCB Financial Group Ltd.

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1 year ago

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Businessuite 2023 #1 Jamaica Main Market by US$ Profit after Tax
JA JA JA JA JA JA US$000 US$000
2018 2019 2020 2021 2022 2023 Company 2022 2021
1 1 1 1 1 1 JA NCB Financial Group Ltd. $266,216 $129,445

I have the responsibility of stewarding a portion of your investment portfolio. It is a responsibility we take seriously, and we are grateful for your confidence and the privilege you have bestowed on us.

I am proud of NCB Financial Group’s financial performance within the context of ongoing global challenges. You can be confident that you are investing in a company that is built to last – with leaders expertly navigating the balance of strength and innovation.

We are fortifying the institution to withstand shocks while re-imagining and reengineering our business model for future growth. A well-run organisation is focused on long-term viability and sustainable returns.

“If you aren’t willing to own a stock for 10 years, don’t even think about owning it for 10 minutes.” ––– Warren Buffett

The NCB Financial Group continues to embody key characteristics of my wealth philosophy.
1. It is a high-quality business.
2. It is domiciled in strong long-term growth industries.

NCB has evolved from a predominantly Jamaica-based banking group into the NCB Financial Group – a full-service regional financial conglomerate, present in over 21 territories. The journey has not been without challenges, as the institution successfully navigated and emerged stronger following local and global financial crises.

In 2022, we also recognised NCB’s 185-year anniversary, with roots dating back to 1837 when the Colonial Bank of London, England established a presence in Jamaica. The journey since that time has included a series of mergers and acquisitions and the emergence from a colonial past into an indigenous institution with world class ambitions.

We acknowledge the full history as we pay homage to the customers and employees who contributed along the way. This year, we also celebrated 60 years of independence for Jamaica as well as Trinidad and Tobago – the countries where we currently have our largest presence.

As I reflect on these milestones, I continue to be energised about fulfilling our organisation’s purpose – Empowering People. Unlocking Dreams. Building Communities.

A well-performing financial institution has the unique opportunity to enable wealth creation for its shareholders, its customers and the countries in which it operates. What each NCB Financial Group shareholder owns is a stake in a company committed to building indigenous wealth in all the communities we serve.

For our shareholders, total long-term shareholder returns have been strong.
Our investment and mortgage solutions enable our clients to grow their wealth and create a legacy to pass on to the next generation.

Our insurance business enables clients to protect their health and property, which in turn plays a key role in preserving and transferring wealth.

For our business customers, our debt, public and private equity solutions, provide the necessary capital for business growth.

Owning businesses creates wealth for families and generates economic growth.

Through the launch of Lynk, our digital payments solution, we have laid a strong foundation for enhancing financial inclusion for the unbanked, and putting them on a path for wealth creation.

For the countries in which we operate, we have been a primary taxpayer. For the period October 2021 to August 2022, our tax payments were equivalent to 1.1% of the total tax revenue base of the Government of Jamaica and 0.5% of total tax revenues for the Government of Trinidad and Tobago.

Factories Corporation of Jamaica Morant Bay Urban Centre

In FY 2022, we collaborated with Factories Corporation of Jamaica on the Morant Bay Urban Centre. We provided debt and equity financing to facilitate this transformational project, which is estimated to provide over 3,000 jobs and revitalise the Morant Bay Community.

Through the foundations across the NCB Financial Group, we have donated over $2 billion and positively impacted the lives of over 250,000 citizens.

I believe that today we are as clear as we have ever been, in all 185 years of our existence, about our purpose. Every single action we take is deliberate and grounded in the prospect of empowering people, unlocking dreams and building communities. This recent period of social, political, and economic volatility and uncertainty is reshaping and redefining life and business.

While it continues to be unsettling for many, it has sharpened our focus and unearthed new opportunities. The ability to find such opportunities amid crisis is a skill we have honed and a mindset we have adopted along our journey.

I embrace the present with the knowledge that “In the middle of difficulty, there is opportunity. The bigger the difficulty, the bigger the opportunity.” – Albert Einstein.

With our 2024 aspiration to become a world-class Caribbean financial ecosystem in full focus, I take this opportunity to thank all shareholders and customers for their continued trust and confidence, and each employee for helping to steer the ship to the next destination.

With our continued partnership, I am excited about what is to come.

Hon. Michael Lee-Chin, OJ
Chairman

For More Information CLICK THIS LINK

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The Businessuite 2024 Caribbean Top 50 & 100 Editorial: Preparing For A New Caribbean Reality

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2 weeks ago

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December 7, 2024

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In the face of rapid economic, demographic, and technological shifts, Caribbean business leaders today navigate an environment marked by both promising growth opportunities and unprecedented challenges. From the pressing demands of Environmental, Social, and Governance (ESG) imperatives to the dual-edged influence of Artificial Intelligence (AI), the scope of leadership has expanded dramatically.

The declining birth rate and population growth across the region highlight an urgent demographic challenge. With aging populations, high emigration, and shifting family structures, the region faces a shrinking labour pool and a gradual transformation in consumer demand. Business leaders must re-evaluate strategies, invest in automation, attract talent creatively, and engage policymakers to build a resilient future.

Additionally, the adoption of advanced technologies, particularly AI, brings competitive advantages but also new cybersecurity risks that require robust protections and forward-thinking regulation. These pressures demand that companies adapt and safeguard their operations while responsibly implementing AI to build trust and ensure long-term sustainability.

This edition of Businessuite Top 100 delves into these critical issues with insights and actionable strategies, from innovative ESG practices to future-proofing operations amid demographic shifts and technological advancements. With contributions from top Caribbean firms, we explore how businesses can lead effectively in an era of constant change, underscoring the resilience, adaptability, and forward vision that the Caribbean’s business landscape needs now more than ever.

Businessuite remains committed to supporting Caribbean business leaders as they shape sustainable growth and inclusive prosperity for the region.

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The Businessuite 2024 Caribbean Top 50 & 100 and the Ranking Methodology

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2 weeks ago

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December 7, 2024

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The Businessuite Caribbean Top 50 & 100 Companies ranking methodology and annual coverage aim to provide a structured view of the financial standing and influence of Caribbean businesses on a global scale.

This editorial introduction highlights the growing trend of Caribbean companies aiming for international expansion beyond the CARICOM market—a strategic move noted among major companies like GraceKennedy, Massy Group, and Goddard Enterprises. These companies are increasingly pursuing growth in markets like the USA, Canada, Latin America, and even parts of Africa and Europe, setting their ambitions beyond regional limitations.

The Businessuite Caribbean Top 100 rankings prioritize companies by annual revenue in US dollars, which allows for better comparison with Fortune and Forbes rankings. This method enables investors and business leaders to assess Caribbean companies against global corporations, despite the size disparity.

For instance, Massy Holdings Limited, leading the Caribbean list with about US$2.1 billion, would rank far below the smallest company on the Fortune 500, but still showcases substantial Caribbean corporate potential.

Beyond revenues, other financial indicators such as post-tax profit and market capitalization are also considered in the rankings. This multi-dimensional approach, modelled after established rankings like those by Fortune, reflects Businessuite’ s commitment to providing a credible benchmark for Caribbean companies, helping regional businesses to measure their growth and positioning globally.

Additionally, Businessuite has extended its publication footprint through digital channels, reaching investors and executives interested in Caribbean investment opportunities
.
For more on Businessuite’ s insights into Caribbean corporate performance, visit the official site at BusinessuiteOnline.com

 

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Businessuite 2023 Top 100 Caribbean Companies – US$ Revenue  

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1 year ago

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October 15, 2023

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Businessuite 2023 Top 100 Caribbean Companies – US$  Revenue       
US$000 US$000
2023 Company 2022 2021
1 TT Massy Holdings Limited $1,824,063 $1,653,484
2 TT Guardian Holdings Limited $1,068,271 $1,041,146
3 JA NCB Financial Group Ltd. $997,548 $780,871
4 TT ANSA Mc Al Limited $962,452 $887,023
5 JA GraceKennedy Limited $953,105 $833,773
6 TT Republic Financial Holdings Limited $900,276 $862,188
7 JA Sagicor Group Jamaica Limited $647,516 $661,298
8 JA Jamaica Broilers Group Limited $609,247 $479,660
9 TT Agostini’s Limited $604,219 $536,127
10 BB First Caribbean International Limited $599,280 $543,052
11 JA Seprod Limited $523,017 $282,954
12 BB Goddard Enterprises Limited $484,416 $378,583
13 JA Supreme Ventures Limited $339,186 $283,530
14 TT First Citizens Group Limited $315,429 $318,201
15 JA Productive Business Solutions Limited $311,997 $223,997
16 TT Trinidad Cement Limited $304,016 $281,801
17 JA Scotia Group Jamaica Ltd. $285,363 $243,780
18 TT Scotiabank Trinidad & Tobago Limited $279,948 $257,089
19 JA Wisynco Group Limited $260,368 $205,148
20 JA JMMB Group Limited $240,488 $176,396
21 JA Jamaica Producers Group Limited $193,387 $161,330
22 GY Banks DIH Ltd. $190,431 $179,335
23 EC  The West Indies Oil Company Ltd. $181,450 $123,036
24 JA Caribbean Cement Company Limited $172,289 $153,717
25 TT Prestige Holdings Limited $162,997 $105,811
26 JA Lasco Distributors Limited $155,619 $130,802
26 TT Angostura Holdings Limited $151,904 $136,939
27 GY Demerara Distillers Ltd. (Group) $150,868 $138,271
28 EC St. Lucia Electricity Services Ltd. $147,634 $109,179
29 JA Derrimon Trading Company Limited $122,831 $114,416
30 JA Caribbean Producers Jamaica Ltd. $119,960 $58,178
31 JA Carreras Limited $108,195 $101,586
32 TT The West Indian Tobacco Company Limited $106,798 $126,635
33 TT ANSA Merchant Bank Limited (Group) $106,335 $171,745
34 JA General Accident Insurance Co Ja $100,785 $90,011
35 EC Grenada Electricity Services Limited $88,601 $66,027
36 JA Future Energy Source Company $84,494 $37,764
37 TT National Flour Mills Limited $78,585 $65,624
38 GY Republic Bank Guyana Ltd. $65,024 $59,504
39 JA Transjamaican Highway Limited $65,006 $52,755
40 JA Lasco Manufacturing Limited $63,223 $52,990
41 JA Kingston Wharves Limited $63,191 $55,929
42 JA Barita Investments Limited $59,692 $52,333
43 EC S. L. Horsford & Co Ltd. $54,629 $48,501
44 TT PLIPDECO Limited $53,667 $47,567
45 TT One Caribbean Media Limited $48,400 $45,715
46 JA Mayberry Investments Limited $46,423 $28,923
47 JA Proven Investments Jamaica Limited $45,971 $29,498
48 TT National Enterprises Limited $45,157 $4,945
49 JA Fontana Limited $42,297 $33,219
50 EC Dominica Electricity Services $41,567 $34,092
51 EC St. Kitts Nevis Anguilla Trading & Development Company $40,298 $42,856
52 TT Unilever Caribbean Limited $37,780 $34,649
53 JA Mayberry Jamaican Equities Limited $36,317 $18,465
54 JA Radio Jamaica Limited $36,252 $36,825
55 BB Insurance Corporation Of B’DOS Limited $36,092 $52,196
56 BB West India Biscuit Compant Limited $33,545 $30,712
57 GY Guyana Bank for Trade & Industry Ltd. $32,302 $27,787
58 GY Demerara Bank Limited $30,279 $27,104
59 EC East Caribbean Financial Holding Company $29,691 $27,271
60 EC Republic Bank (Grenada) Limited $25,499 $24,169
61 TT Trinidad and Tobago NGL Limited $24,820 $28,881
62 EC St. Kitts-Nevis-Anguilla National Bank Ltd. $23,418 $22,971
63 EC Grenada Co-operative Bank Ltd. $23,220 $21,265
64 GY Sterling Products Limited $22,800 $20,046
65 TT LJ Williams Limited $22,536 $22,483
66 JA FosRich Company Limited $22,492 $15,160
67 JA Berger Paints Jamaica Limited $21,977 $20,041
68 GY Citizens Bank Guyana Inc. $21,796 $18,034
69 EC Bank of St. Vincent and the Grenadines $20,158 $18,811
70 JA Honey Bun (1982) Limited $19,693 $13,833
71 JA Everything Fresh Limited $17,597 $10,412
72 JA Tropical Battery Company Limited $17,506 $12,877
73 TT Guardian Media Limited $17,373 $15,559
74 JA Lasco Financial Services Limited $16,750 $14,785
75 JA Jamaican Teas Limited $16,464 $14,638
76 JA Victoria Mutual Investments Limited – Group $15,918 $11,968
77 JA PanJam Investment Limited $15,677 $27,716
78 BB Cave Shepherd & Company Limited $15,536 $13,833
79 JA Dolphin Cove Limited $15,114 $7,640
80 JA Wigton Windfarm Limited $14,793 $13,213
81 JA Key Insurnace Company Limited $14,787 $12,347
82 JA Express Catering Limited $14,241 $4,412
83 JA Caribbean Cream Limited $13,907 $12,059
84 JA Access Financial Services Ltd. Group $13,193 $11,729
85 JA Stationery & Office Supplies Limited $11,657 $7,253
86 TT Endeavour Holdings Limited $11,621 $12,586
87 JA Paramount Trading (Jamaica) Limited $11,449 $9,269
88 JA Mailpac Group Limited $11,246 $11,734
89 JA Lumber Depot Limited $10,495 $9,216
90 JA Main Event Entertainment Group Ltd $10,329 $4,890
91 JA Sygnus Credit Investments Limited – Group $9,773 $11,125
92 JA First Rock Real Estate Investments Limited $9,359 $5,300
93 JA Consolidated Bakeries Jamaica Limited $9,111 $6,962
94 JA The Limners and Bards Limited $8,967 $7,913
95 JA Salada Foods Jamaica Limited $8,912 $7,671
96 JA 138 Student Living Jamaica Limited $7,908 $5,243
97 JA Jamaica Stock Exchange Limited $7,566 $6,435
98 JA Knutsford Express Limited $7,426 $4,058
99 JA CAC 2000 Limited $7,407 $6,744
100 JA IronRock Insurance Company Limited $7,363 $5,682
101 JA Spur Tree Spices Jamaica Limited $6,858 $5,543
102 JA AMG Packaging & Paper Company $6,640 $4,552
103 JA Indies Pharma Jamaica Limited $6,250 $5,460
104 JA Pulse Investments Limited $6,205 $5,204
105 JA Portland JSX Limited $5,584 $3,067
106 JA Image Plus Consultants Limited $5,184
107 JA Caribbean Flavours & Fragrances Ltd $5,149 $4,344
108 JA Dolla Financial Services Limited $4,933 $2,444
109 JA Regency Petroleum Co. Limited $4,542
110 JA Sygnus Real Estate Finance Limited – Group $4,425 $6,940
111 JA Palace Amusement Company (1921) Limited $4,328 $682
112 JA Elite Diagnostic Limited $4,162 $3,268
113 JA Blue Power Group Limited $3,510 $3,443
114 JA Kingston Properties Limited – Group $3,481 $3,133
115 JA Caribbean Assurance Brokers Limited $3,374 $2,986
116 JA Stanley Motta Limited $3,330 $3,176
117 JA JFP Limited $3,177 $1,507
118 JA Cargo Handlers Limited $3,150 $2,175
119 JA Eppley Limited $2,923 $2,493
120 JA ISP Financial Services Limited $2,876 $2,799
121 JA Magaritaville Ltd $2,618 $48
122 JA Ttech Limited $2,495 $2,529
123 JA One On One Educatinal Services Limited $1,780 $1,733
124 TT CinemaONE Limited $1,433 $308
125 JA Edufocal Limited $1,250 $1,194
126 JA GWEST Corporation Limited $975 $729
127 JA Sterling Investments Limited $830 $1,892

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Businessuite 2023 #1 Caribbean Company by US$ Profit after Tax – National Enterprises Limited

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1 year ago

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October 15, 2023

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Businessuite 2023  #1 Caribbean Company By            US$ Profit after Tax
US$000 US$000
2023 Company 2022 2021
1 TT National Enterprises Limited $292,000 -$40,183

National Enterprises Limited (NEL) is an investment holding company incorporated on August 27, 1999 by the Government of the Republic of Trinidad and Tobago. NEL was formed to consolidate the Government’s shareholding in selected State Enterprises and facilitate public offerings on the Trinidad and Tobago Stock Exchange.

NEL has invested in industries that drive the economy of Trinidad and Tobago: natural gas and energy-based manufacturing, telecommunications, power generation, and the marketing and manufacturing of basic foods.

NEL holds significant shareholding in the following companies:

• NGC NGL Company Limited (NGC NGL);
• NGC Trinidad and Tobago LNG Limited (NGC LNG);
• Telecommunications Services of Trinidad and Tobago Limited (TSTT);
• Trinidad Nitrogen Co. Limited (TRINGEN);
• National Flour Mills Limited (NFM);
• NEL Power Holdings Limited (NPHL); and
• Pan West Engineers and Constructors, LLC (Pan West).

Through NEL, individual and corporate investors can share in the financial stability and staying power of these enterprises. Today, over 5,000 citizens who will continue to benefit from our consistent dividend payments own 100 million of the 600 million issued shares in NEL.

As of September 30, 2022, the fair market value of National Enterprises Limited’s (NEL) equity investments in subsidiaries, joint ventures and associate companies based on IFRS 9, was TT$3.42 Billion, an increase of 92% compared to the $1.78 Billion as of March 31, 2021, the last reporting date.

NEL’s Financial Position
For the financial period ended September 30, 2022 (FY2022), NEL recorded a net profit of $1.98 Billion, an increase of over $2 Billion as compared to the previous financial year (FY2021), where NEL recorded a loss of $270 Million.

NEL’s increased net profit over the eighteen-month financial period ended September 30, 2022 includes the unrealized fair value gain of $1.7 Billion from NEL’s portfolio companies in the energy sector.

NEL Power Holdings increased by $21.3 Million or 19.7% over its value as of March 31, 2021. This was offset by declines in the fair values of Telecommunications Services of Trinidad and Tobago Limited (TSTT) and National Flour Mills Limited (NFM).

NEL also registered an operating profit of $297 Million in FY2022 versus the $28 Million recorded in financial year ended March 31 2021 (FY2021).

Management has continued with prudent cost management practices while pursuing operational efficiencies. Operating expenses in FY22 have remained consistent at $8.8 Million for the eighteen-month period compared to $4.99 Million for the twelve-month FY2021.

Charles Maynard
General Manager National Enterprises Limited

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Businessuite 2023  #1  Trinidad and Tobago Company by US$ Profit after Tax – National Enterprises Limited

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Businessuite 2023 #1 Caribbean Company By US$ Revenue  – Massy Holdings Limited

Published

1 year ago

on

October 15, 2023

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Businessuite 2023 #1 Caribbean Company by US$  Revenue  
US$000 US$000
2023 Company 2022 2021
1 TT Massy Holdings Limited $1,824,063 $1,653,484

2022 was the 99th year of operations for the Massy Group of Companies, formerly Neal & Massy. Given the tumultuous environment in the world today, coupled with the success the Group has experienced in focusing on its three main Portfolios and success in international expansion, we have created a new vision for the Massy Group as it approaches 100 years of operations:

“A Global Force For Good, An Investment Holding Company with a Caribbean Heart”

Several developments have inspired this new vision. First, we are called to expand our sphere of influence beyond the Caribbean Basin. We recognise that our Purpose and Values resonate with people from diverse backgrounds, religions, and races.

The Group has never been more profitable and our Balance Sheet has never been stronger.

Operating Profit from Business Units grew by 25 percent from TT$961 million (US$143 million) in FY2021 to TT$1.2 billion (US$178 million) in FY2022.

Profit Before Tax (PBT) from Continuing Operations grew by 11 percent from FY 2021 to FY 2022; growth was impacted by the underperformance of the overseas cash investments held by the Group in FY2022 compared to the significant gains produced in those investments in FY 2021.
The Group’s Debt to Equity is down to 25 percent and in addition to its TT$1.2 billion in cash at the end of the year, the Group has US$176 million invested overseas to fund acquisitions and growth initiatives.

The Group’s governance has been strengthened with the creation of Portfolio Boards of Directors with Independent Directors and with increased autonomy and decision-making being implemented throughout our operations.

Mr. E. Gervase Warner, President &
Group CEO
Massy Group of Companies

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Businessuite 2023 #1 Trinidad and Tobago Company by US$ Revenue –  Massy Holdings Limited

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