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Derrimon Trading Company Reporting Pre-Tax Loss For Six (6) Months Ended June 30, 2023 At $53.80M Compared To $77.83M Pre-Tax Profit In Corresponding Period.



Derrick Cotterell Chairman And Chief Executive Officer For Derrimon Trading Company Limited Has Released The Following Consolidated Statements Of Report To Stockholders Six (6) Months Ended June 30, 2023

The period reflects the inclusion of Spicy Hill Farms Limited and Arosa Limited along with the new Select Grocers location in Curatoe Hill, Clarendon.
The three (3) months consolidated results for Derrimon Trading Company Limited (DTL) reported revenue of $4.58 billion which is a $46.17 million reduction relative to the $4.62 billion reported for the corresponding three (3) months period in 2022.

Although there was a slight reduction in revenues for the period, a decline in commodity prices, foreign exchange rate stability and inventory management resulted in a 2.80% reduction in our cost of sales therefore, offsetting the negative impact of the decrease in revenue. These costs improvements pushed our gross profit to $1.15 billion, or a 4.85% increase compared to the $1.09 billion in the prior quarter.

Consolidated operating expenses for the three (3) months period was $728.81 million, representing a decrease of $267.04 million or 26.82% from the $995.85 million reported for the same period in 2022.

Significant cost savings were realized during the period as the prior period reflected costs incurred during the integration of Spicy Hill Farms Limited and Arosa Limited.

Finance cost for the three months was $326.69 million which was $235.76 million or 259.27% above the $90.93 million reported at the end of June 2022. The higher debt balance associated with the acquisitions as well as leases are the main reasons for the movements in finance cost that is being reported.

The consolidated profit before tax earned for this reporting period was $159.09 million, an increase of $27.68 million or 21.07% over the $131.41 million reported for the corresponding period in 2022. The Group’s consolidated net profit was $146.81 million, an increase of $33.74 million or 29.83% above the $113.08 million reported in the 2022 comparative period.

For the overall six (6) months period, revenue increased by 7.17% to a record of $9.50 billion as we reflected contributions from both Spicy Hill Limited and Arosa Limited. The reduction in cost of sales pushed gross profit up by 14.31% to $2.17 billion with group gross profit margins to 22.82%.

Total expenses remained flat at $1.63 billion which resulted in operating profit being reported at $675.63 million, an increase of 34.02%. Profit before tax decreased by 30.39% to $229.10 million with consolidated net profit at $199.32 million with earnings per share at $0.039.

The consolidated total assets was $16.70 billion compared to the $12.99 billion reported for the corresponding period in 2022. This growth was achieved by the significant rise in current assets to $8.82 billion mainly as a result of the entities acquired. Group cash and bank balances ended the period at $860.54 million with net cash at $594.56 million. Equity attributable to shareholders was $6.31 billion
relative to the $5.82 billion as the Group continued to grow its retained earnings.

Core Activity
For this second quarter ended June 2023, revenue generated from core activity (the distribution and retail arms of the business) was $3.04 billion representing an increase of $43.60 million or 1.46% when compared to the $2.99 billion reported for the similar reporting period in 2022.

The six (6) months result of the core activity recorded revenue of $6.33 billion which is an 8.79% increase when compared to the $5.82 billion earned in the corresponding period last year.

Gross profit from core activity for the second quarter was $752.91 million or $55.12 million (7.90%) more than the $697.79 million reported in the similar period in 2022. Gross profit from these divisions for the six (6) months period was $1.31 billion which represents a $152.00 million (13.12%) increase above the $1.16 billion reported for the similar period in 2022.

Operating Expenses For the second quarter ending June 30, 2023 was $420.95 million which was $335.28 million (44.34%) above the expenses incurred for the similar period in 2022. Operating Expenses for the six (6) months period was $1.06 billion which was $115.19 million (9.83%) below the $1.17 billion reported for the comparative period last year.

Finance cost for the three (3) months ending June 30, 2023, was $317.24 million which was $238.53 million (303.05%) above that reported for the similar quarter in 2022. Finance charges from core activities for the six (6) months period was $432.80 million which is up by $271.49 million (168.30%) from the $161.31 million reported in June 30, 2022.

For the three (3) months ended June 2023, pre-tax profit was $90.16 million representing a positive result when compared to the pre-tax loss of $16.12 million reported for the same period in 2022.

A pre-tax loss was recorded for the six (6) months period at $53.80 million compared to the $77.83 million pre-tax profit in the corresponding period.

Total Assets for the Company was at $13.09 billion or $3.98 billion (44%) more than the $9.11 billion reported for the similar period last year. The majority of this growth came from the growth in current assets, with cash closing at $240.91 million. Total liabilities stood at $7.60 billion as the company reduced payables and saw an increase in long-term debt. Equity closed the period at $5.49 billion.

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Elite Diagnostic Limited: Navigating Challenges and Seeking Growth



Harvey Levers Chief Executive Officer for Elite Diagnostic Limited has released its unaudited financial statements for the third quarter ended March 31, 2024. The results suggest that while the company has seen some financial improvements, it continues to face challenges in growing and stabilizing its business. delves into the company’s recent performance, the hurdles it faces, and the strategic initiatives management is undertaking to attract investors and secure a more stable future.

Financial Performance Overview

For the third quarter of 2024, Elite Diagnostic reported a revenue of $205.1 million, marking a modest 2% increase over the same period last year. This uptick in revenue by $2.9 million signifies a positive trend, albeit small. More notably, the company’s gross profit saw a significant rise of 10.4%, jumping from $135.5 million to $149.6 million. Operating profit experienced an impressive 44% increase, moving from $17.4 million to $24.9 million compared to the same period in the prior year.

One of the key highlights of the financial statement is the substantial improvement in net profit. The net profit for the quarter stood at $12.6 million, which represents a 110% increase from the $6.0 million reported in the comparative quarter of 2023. This boost was achieved despite a 26% increase in administrative expenses amounting to $20.4 million, which was effectively offset by a 53% reduction in depreciation expenses.

Assets and Liabilities

Elite Diagnostic’s total assets amounted to $1,033.0 million, slightly down from $1,053.1 million in the previous year. This decrease is attributed to the reduction in the book value of some fixed assets. On the liabilities front, the company saw a reduction from $577.1 million to $550.1 million, reflecting the ongoing reduction of long-term debt as per the scheduled repayments.

Strategic Initiatives and Challenges

The improved financial performance of Elite Diagnostic can be largely attributed to strategic measures implemented late last year aimed at reducing machine downtime. Machine downtime has been a critical issue for the company, affecting operational efficiency and customer service delivery. By addressing this issue, Elite Diagnostic has not only enhanced its operational performance but also improved its financial results.

However, the company still faces significant challenges. The 26% increase in administrative expenses indicates that operational costs remain a concern. Additionally, despite the reduction in depreciation expenses, managing the costs associated with maintaining and upgrading diagnostic equipment is a continuous challenge.

Elite Diagnostic has also historically struggled with stabilizing its business and achieving consistent growth. Market competition, economic fluctuations, and the high costs associated with advanced diagnostic technology are ongoing hurdles. The reduction in total assets, due to decreased book value of fixed assets, suggests a need for strategic asset management to avoid future devaluations.

Attracting Investors

To make the company more attractive to investors, management is focusing on several key areas:

Operational Efficiency: Continuing efforts to minimize machine downtime and optimize operational processes are critical. By ensuring high machine availability and reducing operational disruptions, Elite Diagnostic aims to enhance service reliability and customer satisfaction.

Cost Management: While administrative expenses have risen, the significant reduction in depreciation expenses shows a promising direction. Management needs to maintain a balance between necessary administrative costs and overall cost-efficiency to ensure sustainable profitability.

Customer Service: Maintaining a high standard of customer service delivery remains a top priority. Superior customer service can differentiate Elite Diagnostic from competitors and foster customer loyalty, which is essential for long-term growth.

Debt Reduction: The ongoing reduction of long-term debt is a positive sign for potential investors, indicating prudent financial management and a focus on strengthening the company’s balance sheet.

Innovation and Technology: Investing in the latest diagnostic technologies and ensuring their optimal functioning can position Elite Diagnostic as a leader in the field. This requires a strategic approach to capital expenditures and continuous innovation.

Elite Diagnostic Limited has shown commendable improvement in its financial performance for the third quarter of 2024. Despite the ongoing challenges, the company’s strategic initiatives to reduce machine downtime and focus on customer service are yielding positive results. By addressing operational inefficiencies and managing costs effectively, Elite Diagnostic is working towards becoming a more attractive proposition for investors. The road ahead may be challenging, but with continued focus on strategic priorities, the company can aim for sustainable growth and stability in the competitive diagnostic industry.

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Jetcon Corporation Shifting Focus Towards Sale Of New Cars With BAIC Brand, In Line With Banks Financing Preference.



Andrew Jackson Executive Chairman Jetcon Corporation Limited (JETCON) – has released the following Unaudited Financial Statements for First Quarter ended March 31 2024.

Jetcon Corporation ended the first quarter of 2024 cutting net losses almost in half compared to the same period in 2023, at $0.89m compared with $1.76m last year.

Cost of Sales decreased 37 percent, to $112m from $154m last year.

Earnings per share total 0.15 cents, down from 0.30 cents last year.

On the balance sheet Inventories total $400 million, which includes used and new vehicles, and solar products, while receivables total $97 million and includes deposits on purchases of imports.

Banks continue to give more favourable lending rates towards the purchase of new cars than used cars, and this is reflected in the continuing stagnation of used car sales. We are therefore shifting focus towards the sale of new cars with the BAIC brand, and we have received positive feedback thus far with the models. Resources will be increasingly transferred from used sales to new sales as new sales pick up.

Similarly, solar product sales continue to be positive, and combined with new car sales, we expect this will form the bulk of revenue in the next 12 months, with much higher profit margins than that of used car sales.

Our Audited Financials for the year ended 2023 will be posted within the next two weeks, and the Board and management regret their lengthy delay. We would like to thank shareholders, management, staff and customers for their continued support.

For More Information CLICK HERE

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Seprod Group Reporting Reduced Net Profits For Year and Quarter-to-Date Performance



Richard Pandohie Chief Executive Officer for Seprod Group Limited has released the following summary Interim Report to Stockholders from their 1st Quarter Unaudited Financial Statements

Seprod Group Limited (Q1 2024)
Year and Quarter-to-Date Performance (January-March 2024) Revenues:

• Total Revenue: $28.59 billion, up by $1.53 billion (6%) from Q1 2023.
• Gross Profit: $9.48 billion, up by $1.14 billion (13%) from Q1 2023.
• Net Profit: $1.20 billion, down by $152 million (11%) from Q1 2023.

Comments on Performance:

Revenue Drivers:

• Margarine Production: Normalized post-plant upgrade; aggressive market share recovery underway.
• Juice and Dairy Beverages: Demand exceeds capacity; new production capacity to be added later this year.
• Export Sales: Increased by 27%.
• Bryden Group Premium Beverages: Revenue negatively impacted by a short carnival season in Trinidad and Tobago.

Net Profit Factors:

• Interest Expense: Increased due to higher interest rates.
• Effective Tax Rate: Higher in Bryden Group due to business mix changes and expired benefits.
• Dairy Farm Costs: Increased significantly due to drought in Jamaica.
• Pharmaceutical Business: Supply chain challenges.
• Cost Increases: Insurance, interest rates, security, transportation, etc., have eroded profit margins.

The company continues to focus on creating sustainable shareholder value through regional platform expansion and investment in talented, motivated personnel.

For More Information CLICK HERE

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Mailpac Group Tags MyCart Express Assimilation For Enhanced Revenue And Operational Efficiencies To Turn Things Around



Khary Robinson Executive Chairman Mailpac Group Limited has released the following Directors’ Report To Shareholders for the quarter ended March 31, 2024.


Mailpac Group Limited (“Mailpac” or the “Company”) presents its unaudited financial statements for the quarter ended March 31, 2024.

Throughout the quarter, Mailpac focused on closing on the acquisition of MyCart, a significant step in entrenching the business as the leader in e-commerce fulfillment in Jamaica. Not only will the transaction significantly expand market share and improve service delivery, but the brands in the group are now better positioned to meet the goals and needs of their respective target markets. Additionally, despite increased competition and external factors impacting efficiencies, our financial performance for the reviewed period was commendable.

Financial Performance:

In Q1 2024, Mailpac’s revenue came in at $368.5 million, down by 7.8% from the previous year mainly because of the reduction in Mailpac Local and commissions from the marketplace platform at Aeropost.

Despite the reduction, Gross profit for Q1 was $197.9 million, up by 3.6% compared to the previous year.

Operating expenses in Q1 totaled $130.8 million, a 13.6% increase year-over-year, mainly due to strategic investments in business growth and data protection remediation efforts.

Net profit for Q1 decreased by 16.7% to $50.1 million.

We anticipate profitability improvements in 2024 through customer base expansion and overhead cost reductions due to strategic enhancements and shared key operations between Mailpac and MyCart Express.

Financial Position:

At the end of Q1 2024, Mailpac’s Total Assets were valued at $626.3 million, with a cash position of $156.2 million.

Shareholder’s Equity stood at $537.9 million.


With the completion of the acquisition of MyCart Express at the end of March 2024, we are optimistic about the expected synergistic benefits, enhanced revenue streams, operational efficiencies and increased shareholder value from Q2 onwards.

We are confident that the decision to bring both brands under the same umbrella will position Mailpac for continued growth, industry leadership and success in e-commerce.

For More Information CLICK HERE

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Agostini’s Directors Approve Interim Dividend of 40c per share



Christian E. Mouttet Chairman For Agostini’s Limited has released the following Unaudited Half-year Summary Consolidated Results for Agostini’s to March 31, 2024

The Agostini’s Group maintained a consistent financial performance during the First Half of the 2024 Financial Year.

Revenue increased 7%, reaching $2.57 billion, and operating profit improved marginally to $269 million.

Profit attributable to shareholders, excluding the one-off, non-cash Net Gain on Acquisition, decreased by 6% from $l30 million to $122 million, largely as a result of some non-recurring gains recorded in the previous year, including the profit from the divestment of the Agostini’s contracting division.

Earnings per Share for the first six months were $1.76 versus $1.88 in the prior year without the net gain ($3.93 inclusive of the gain).

Our Consumer Products and Energy & Industrial segments continued to perform well during the period, however, Pharmaceutical & Health Care lagged in profitability in the Second Quarter. This was partially due to supply chain disruptions as well as softer conditions in some regional markets, both of which we are working to improve in the Second Half.

At the end of April, the Group formed a strategic alliance with Linda’s Bakery acquiring 14 of their retail outlets, through our SuperPharm retail subsidiary. This acquisition facilitates our efforts to expand our Presto brand of freshness and convenience across Trinidad & Tobago.

We are in the process of structuring our Pharmaceutical & Health Care and Consumer Products segments to take advantage of our regional position, which has stemmed from our acquisitions in recent years, and this should be completed by the end of the financial year.

We expect to reap the benefits of this now and in the future and remain confident in our strategy for long-term sustainable growth

Based on our Half-year results, the Directors have approved an interim dividend of 40c per share, similar to the prior year. The dividend will be paid on June 28, 2024, to members on the register on June 3, 2024. Our share register will be closed on June 4 and 5, 2024.

For more information CLICK HERE (more…)

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