Kevin G. Richards Chief Executive Officer Of Kingston Properties Limited (KPREIT) Has Released The Following Unaudited Financial Statements For The First Quarter Ended March 31, 2025

The Group delivered a robust performance for the first quarter of the year with solid growth in core operating revenues and net income. This positive performance reflects the strategic expansion of our investment property portfolio and effective property management, which have both contributed to higher rental rates and increased property values. We expanded our footprint in the United Kingdom (UK) market while constantly evaluating the existing portfolio for optimization opportunities. We have deployed cash resources into high yielding investment assets which is now driving improved operating results and we have officially commenced construction of our first greenfield warehouse project at Rosseau Road. Additionally, the Group’s successful efforts to re-let vacant spaces resulted in a 92% occupancy rate during the reporting period, being an 11% improvement on occupancy at the start of the year. We continue to benefit from a resilient tenant base which operates across a variety of industries including financial, warehousing and logistics, manufacturing, and government services.

INCOME STATEMENT

Group rental income was $1.38 million for the three months ending March 31, 2025, which represents a 24% increase over the same prior year period. The addition of 2530 Aztec West Business Park in the UK and Duke Street buildings in Jamaica, along with improved rental rates on some properties across the portfolio, are the primary factors impacting the year over year growth in rental income. Group operating expenses for 1Q2025, which includes administrative and property management expenses, increased to $583,539 compared to $389,089 in 2024. This increase is attributable to higher staff costs, increased professional fees associated with the expansion of the UK portfolio, as well as broker fees and the legal cost of letting vacant spaces in Jamaica and Cayman Islands.

Results of operating activities before other income of $799,769 for 1Q2025, reflects an 11% improvement over the $722,901 during the same prior year quarter. Additionally, having reclassified an asset for disposal, we recognised a fair value gain of $371,908 during the period, resulting in Group operating profits of $1.3 million for 1Q2025, which is slightly ahead of the same prior year period.

Net Finance Cost (NFC) amounted to $392,597 compared to $332,551 in 1Q2024 due to the growth in our debt portfolio, which funded the increase in assets under management. The Group continues to secure financing on favourable terms to take advantage of prime investment opportunities which improves our operating performance.

After adjusting for a reduction in deferred taxes liabilities, Profit after tax in 1Q2025 amounted to $1,001,437 million versus $946,357 for the first quarter of 2024, representing an increase of 6% YoY.

Funds from operations (FFO) for the first three months of the year moved to $519,851 compared to $336,081 for the same period in 2024, yielding growth in a key liquidity performance indicator, of approximately 55% YOY.

GROUP BALANCE SHEET

Following the 2H2024 acquisitions of the Duke Street properties and 2530 Aztec West along with improvements in the fair value of our assets at the end of FY2024, the Group acquired a second office building in Dorking Business Park, UK on March 31, 2025. Consequently, the value of investment assets grew by 26% YoY to $85.63 million versus the $67.99 million as of the corresponding date in 2024. Additionally, total assets under management grew by 24% to $88.38 million compared to $71.55 million last year. Cash holdings declined from $2.45 million in prior year to $1.35 million resulting from the deployment of cash into; the acquisition of income generating properties; upgrading existing assets and; mobilizing a greenfield development. During the first quarter of 2025, the Group commenced construction of the Rousseau Road warehouse complex, while we reclassified another property to asset held for sale, as the Group continues to optimise the portfolio for maximum returns and to access growth opportunities.

Total loans payable at the end of the reporting period amounted to $34.24 million, in comparison to $21.90 million in 2024. The increased loan balance, which is primarily collateralized bank financing, was deployed for the expansion of our operating asset base and property improvements. Our current loan portfolio is denominated both in United States and Jamaica dollars from our financial partners in Jamaica and the Cayman Islands. Despite the increase in total loans payable, the Group is relatively underleveraged, with total loans payable being 39% of total assets and debt to equity of 65%. We continue to maintain conservative debt ratios as part of our risk management strategy with options to refinance our debts when the market becomes more favourable.

Total Equity increased by 8% year on year, moving from $$48.82 million in 2024 to $52.81 million in 2025. The increase in equity was driven by improvements in our property values at the end of financial year 2024 and higher net profits generated in first quarter of 2025, resulting in a book value per share of US$0.0597 (J$9.46) compared to US$0.0552 (J$8.54) in 2024.

SUMMARY AND OUTLOOK

Our strategy to seek out risk-adjusted, value-add assets continues to bear fruit as demonstrated by our compounded annual growth rate of net profits and book value per share over the last six years of 6.1% and 7.3%, respectively. Our acquisition of Building 4, Dorking Business Park at the end of the quarter will continue to boost the Group’s performance this year with increased rental revenue and the potential benefit of currency diversification. Geographic flexibility will remain a core focus of our strategy, and we will actively explore commercial property opportunities in locations that satisfy our core strategic imperatives of stable democracies, strong property law rules, freely convertible currencies and competitive yields. Although the US Fed, at its last meeting, held interest rates steady, the Bank of England reduced interest rates, and we believe this is a positive sign for UK real estate.

Our first solo greenfield project in Jamaica located on Rousseau Road in Kingston, continues in earnest and we expect the 14 mini-warehouse units to be ready for leasing in January 2026. We will also continue our strategy of monetizing mature assets in our portfolio and deploying the proceeds from those transactions into acquiring larger, higher-yielding assets with diverse tenant bases to strengthen the Group’s resilience and grow core earnings.

In tandem with our operational initiatives, we remain deeply committed to community engagement and sustainability. More of our properties are being equipped with energy-efficient and waste-reduction systems as we work toward achieving fully green operations across our portfolio.

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Q1 Performance (January-March 2025)

This report presents the consolidated financial statements for Seprod Limited for the three (3) months ended 31 March 2025 (Q1), it provides a comprehensive overview of the company’s financial position, performance, and cash flows. The data is presented in Jamaica dollars and is unaudited. The analysis covers Q1 performance with a comparison to the same period in 2024.
Richard Pandohie  Group Chief Executive Officer Seprod Group of Companies

Revenue and Profitability Analysis:

 Total revenue for Q1 2025 was $37.7 billion, representing a 31.9% increase from $28.6 billion in Q1 2024.

 Direct expenses increased proportionately from $21.1 billion to $27.6 billion in 2025, resulting in a gross profit of $10.1 billion (2024: $75 billion).

 The gross profit margin improved to 26.7% in Q1 2025 from 26.2% in Q1 2024, indicative of management striving for effective cost control despite rising expenses.

 Operating profit remained consistent with the prior year, ending the quarter at $2.4 billion.

 Finance costs increased significantly to $1.15 billion due to higher debt level used to finance strategic acquisitions.

 Profit before taxation stood at $1.36 billion, a decrease of 22% from the 2024 comparative period.

 After accounting for taxation, the net profit from continuing operations was $867 million, a decline from $1.23 billion in Q1 2024, attributed mainly to increased finance costs.

Asset and Equity Analysis:

 Total assets increased from $103.1 billion as of March 2024, to $133.4 billion as of March 2025, an increase of 29.4%.

 Total liabilities increased from $62.8 billion to $85.7 billion, reflecting higher current and long-term liabilities.

 Total equity attributable to shareholders increased to $30.2 billion.

 No dividends were declared in Q1, but this was a timing issue, as the Board approved a dividend of $0.605 per share at a meeting held on April 2025, which is the same as the amount paid in Q1 2024 ($440 million). The company is expected to maintain its strong dividend payout ratio in 2025.

 Cash used in investing activities was $618 million, up from $440 million in prior year. This was mainly for capital expenditure. The revenue growth was strong at 31.9% but this did not flow all the way to the bottom-line due to cost pressure, particularly in finance costs used to realize the Group’s substantial acquisition activities as we build out a regional distribution platform.

The significant increase in assets reflects our increased scale and positions us for continued future growth. Management is very focused on strategies to increase productivity, enhance operating efficiency and reduce finance costs. Our base is strong and the growth trajectory will continue to be positive. We are confident that the bottom-line will begin to reflect the strong top-line in short order. We thank you for your support.

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Anne Chang Chief Executive Officer of Fontana Limited has released the following unaudited financial statements for the third quarter ended March 31, 2025, which were prepared in accordance with IFRS Accounting Standards.

Income Statement

Revenue for the quarter was $2.2 billion, representing an increase of 15.3% over the $1.9 billion for the corresponding quarter of the previous year.

Profit before tax grew by 13.6%, closing the quarter at $122.4 million compared to the $107.7 million earned last year. Cost of sales increased by 15.4% in line with the sales growth, as gross margins for Q3 remained constant at 37.4%.

Gross profit for the quarter was $835.9 million, an increase of 15.2% over the $725.7 million earned in the previous year. Operating expenses for the quarter stood at $687.7 million compared to $607.2 million last year, reflecting an increase of 13.3%. This increase was mainly driven by staffing costs as the Monarch acquisition added team members in mid-March in preparation for the phased opening of the 4 new locations. The first Monarch location to transition to a new Fontana Pharmacy in Tropical Plaza opened at the end of March. Through effective and efficient management, the rate of growth in gross profit is outpacing expense growth. Operating profit grew by 25%, closing the quarter at $148.1 million versus $118.5 million last year.

Finance costs grew 38.4%, moving from $45.5 million in Q3 last year to $63 million this quarter, mainly attributable to foreign exchange losses on the lease liability (IFRS16) as well as accrued loan interest on the new bond used to finance the Monarch acquisition. Other income increased to $37.2 million, up 7.2% compared to $34.8 million for the corresponding period last year as we continue to roll out new initiatives.

EBITDA grew 11.9% to $570.8 million, up from $510.2 million last year.

A provision for corporate income taxes of $19.6 million was made for this quarter. This resulted in a net profit for the quarter of $102.8 million or 10.6% more than that reported for the corresponding quarter last year. Earnings per share moved from $0.07 last year to $0.08 for Q3 this year.

Balance Sheet

Total assets at the end of the quarter stood at $6.9 billion or 21.8% above the $5.7 billion recorded in the same period last year. This increase resulted primarily from increases in inventory, fixed assets and goodwill due to the acquisition of the Monarch chain of pharmacies, which was financed by a second bond issue of J$650 million. Cash and cash equivalents remain strong at $1.7 billion, up 15% from the previous year. Shareholders’ equity grew 9.7% to $3.1 billion, up from $2.8 billion in the prior corresponding quarter.

Outlook

During this quarter, we continued the implementation of our new integrated POS system for our pharmacy department as well as additional modules of our new HR software coupled with payroll integrations which will result in improved efficiencies in our operations. We executed our due diligence exercise for the Monarch acquisition proficiently and were able to open the first of the four stores on March 28th , 2025. CEO, Anne Chang stated ‘we are excited about the additional four locations from the Monarch acquisition and have spent the last several weeks renovating and re-stocking the stores with a wide array of new products. We have now re-opened 3 of the stores (Barbican Loshusan, Portmore Sovereign, Tropical Plaza) and are making the necessary changes to open the 4th store at Sovereign Centre shortly. This will expand our reach and allow us to serve more customers at their convenience.’

During the quarter, we also concluded preparations for the launch of our luxury brand cosmetics concept – Ora by Fontana. Through this concept, we are the exclusive retailer of Fenty cosmetic products in Jamaica as well as popular luxury perfumes. The brands were successfully launched in Kingston and Montego Bay in early April, and customer response has been overwhelmingly positive. We anticipate that with these initiatives, we will continue to grow our customer base, increase revenues and further strengthen the Fontana brand in the market.

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A. Norman Sabga Chairman ANSA Merchant Bank Limited Has Released The Following Unaudited Interim Financial Statements For The Quarter Ended March 31st, 2025

ANSA Merchant Bank Group earned net operating income of $114 million in the first quarter to March 2025, 4.2% lower than the prior year’s comparative $119 million. Earnings per share decreased by 37% from $0.46 in 2024 to $0.29 for the three months ended 31st March 2025. Total assets increased by 2.6% over the prior year end to $10.2 billion, while satisfying all regulatory capital requirements.

The Banking Segment, comprising ANSA Merchant Bank Limited, ANSA Merchant Bank (Barbados) Limited, ANSA Bank Limited and ANSA Wealth Management Limited, earned net operating income of $68 million (Q1 2024: $84 million) and profit before tax of $4.6 million (Q1 2024: $36.1 million). The results were negatively affected by volatility in the international investment markets. Notwithstanding this, the Banking Segment continues to see growth in both our Retail and Merchant banking businesses. We continue to focus on investing, integrating and streamlining our businesses to be more efficient to better serve our customers in both our retail and commercial banking divisions.

The Insurance Segment, comprising TATIL, TATIL Life, COLFIRE and Trident, earned net operating income of $61.3 million (Q1 2024: $60.0 million) for the first quarter and profit before taxes of $21.6 million (Q1 2024 $14.6 million), an improvement of 48%, notwithstanding the Reinsurance subsidiary (TATIL RE) being affected by volatility in the international investment markets. Year-on-year, this segment has experienced growth in its core business across both P&C and Life Insurance lines and continues to show improvements in underwriting profitability in both P&C and Life businesses. This improved performance has been achieved notwithstanding the competitive environment of the businesses together with claims inflation, particularly in the cost of replacement parts in the motor line of business.

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A. Norman Sabga Chairman ANSA McAL Limited Has Released The Following unaudited Consolidated Financial Statements For The Quarter Ended March 31st, 2025

In Q1 2025, the Group delivered strong top-line growth, with revenue increasing by 10% year-over-year to TT$1,808 million. Net cash flows from operating activities also increased significantly—by 81% to TT$244 million—underscoring the strong operational health of our business and our ability to generate cash efficiently. Group Profit Before Tax (PBT) stood at TT$93 million, a 46% decline compared to the prior year. Earnings Per Share (EPS) decreased by 49% to TT$0.31. Adjusted EBITDA declined modestly by 6% to TT$278 million.

These reductions are largely attributable to increased interest expenses, as well as amortisation and depreciation related to the BLEACHTECH LLC acquisition—charges not present in the prior year. Our gearing ratio improved to 27.7%, down from 28.4% as at December 2024.

Operationally, a historically harsh North American winter impacted the demand for bleach for water treatment. It also led to frozen pipes at the bleach plant which affected plant uptime. We decided to seize the opportunity to undertake strategic and significant capacity-building upgrades to BLEACHTECH LLC’s facilities, ahead of the peak summer demand. Consistent with the Group’s decision to reinvest earnings in future growth, these enhancements are expected to significantly strengthen our U.S. market position and drive meaningful growth through the remainder of 2025 and beyond.

Our Financial Services Sector was affected by non-cash mark-to-market losses on investment portfolios and a soft investment banking climate. Despite these headwinds, our Banking division remains focused on redefining the retail and commercial experience through innovation and disciplined growth. Meanwhile, the Insurance segment recorded growth across Life, Property and Casualty portfolios, achieving improved underwriting profitability despite competitive pressures and claims inflation.

As we plan for the remainder of the year, we are confident in the Group’s long-term growth trajectory. Our pipeline of inorganic opportunities—diverse in scale, scope, and geography—remains robust. Our growth-oriented investment strategy will further reinforce our leadership in core sectors such as Beverage, Bleach, and Banking. We are poised to deliver our 2X strategy, which will position the Group for high-quality sustained growth for the benefit of all our stakeholders.

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