Christian E. Mouttet Chairman for Prestige Holdings has released the following Consolidated Unaudited Results for the Three Months Ended 29 February 2024

I am pleased to report that Prestige Holdings enjoyed a strong performance for the First Quarter of fiscal 2024. Group sales increased by 10% to $341 million from $309 million in the prior year, which resulted in a Profit Before Tax of $15.3 million compared to a profit of $11.6 million for the same period in 2023, a 32% increase. Profit After Tax, attributable to shareholders, increased by 25% from $7.8 million to $9.8 million. Cash flow from operations was $26.9 million and we ended the quarter with $100 million in cash having reduced total borrowings by $5.8 million. During the period we remodelled 2 restaurants and ended the period with 134 restaurants.

All brands posted solid performances during the quarter, with our Subway and Pizza Hut results driven by improved operations, efficiencies and strong demand for our innovative menu items and value offerings. Top line sales were impacted by the opening of five new Starbucks restaurants at Brentwood, Aranguez, O’Meara, St. Augustine and Amazonia Mall, Guyana, when compared to the First Quarter of 2023.

I am extremely pleased to report that KFC recently achieved a significant milestone of serving 150,000 Harvest Meals. The Harvest Meal Programme, which has been active for two years, is designed to provide unsold KFC food to participating NGOs in Trinidad and Tobago. This unsold food is carefully packaged and transported, following accepted global food safety protocols, and is then repurposed into delicious meals and served to the less fortunate. We are very happy to have the opportunity to positively impact the communities in which we operate by partnering with NGOs to provide meals to those in need.

As mentioned in my previous report, significant investment is planned in this financial year for new store development, including Guyana, as well as the remodelling of existing assets in Trinidad and Tobago. We expect these developments, as well as our continued brand initiatives, to continue to deliver positive results.
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GraceKennedy Limited’s recent acquisition of an increased stake in Spur Tree Spices (Jamaica) Limited has positioned it as the second-largest shareholder in the company. With an estimated 338,410,375 shares now under its belt, based on Spur Tree’s issued share count of 1,676,959,244 ordinary shares, GraceKennedy solidifies its influence in Jamaica’s culinary landscape.

Continued Expansion through M&A

This transaction marks the latest in GraceKennedy’s series of mergers and acquisitions (M&A) activities, reflecting the company’s aggressive growth strategy. Following its acquisitions of Scotia Insurance Caribbean Limited and Unibev Limited in 2023, as well as doubling its interest in Catherine’s Peak Bottling Company Limited to 70% in February 2023, GraceKennedy demonstrates its commitment to diversification and market expansion.

Spur Tree’s Strategic Evolution

Meanwhile, Spur Tree Spices is undergoing a strategic transformation, expanding beyond spices and seasonings to become a full-fledged food brand. With plans to launch more than two dozen new products on May 1 and a brand refresh to reflect its new focus, Spur Tree is poised for a significant market repositioning.

Diversification and Innovation

In the upcoming quarter, Spur Tree Spices is set to unveil an array of innovative products, including their much-anticipated line of dried spices. This strategic move represents the company’s foray into new categories and a substantial expansion of its product offerings. By diversifying its portfolio, Spur Tree aims to capture a broader consumer base and solidify its position as a leading player in the culinary industry.

Implications of the Acquisition

GraceKennedy’s increased stake in Spur Tree Spices not only strengthens its position in the spice market but also opens doors for collaboration and synergies between the two entities. As GraceKennedy continues to expand its presence through strategic acquisitions, it can leverage Spur Tree’s innovative product line-up to bolster its offerings and tap into new market segments.

GraceKennedy Limited’s acquisition of a significant stake in Spur Tree Spices marks a strategic milestone for both companies. With GraceKennedy’s growing influence and Spur Tree’s strategic evolution, the stage is set for a dynamic partnership that promises innovation, growth, and market leadership. As they navigate the evolving landscape of Jamaica’s culinary industry, GraceKennedy and Spur Tree Spices are poised to redefine the future of food, one spice at a time.

MFS Capital Partners (MFS), has announced that it has successfully completed the 100% acquisition of Microfinancing Solutions Limited. The transaction, which was first announced at the end of 2022, was finalised in time for the close of MFS CAP’s third quarter on March 31, 2024. This transaction marks the first major deal executed since the company was acquired in 2022 and subsequently renamed.  Microfinancing Solutions is now the flagship operating entity in the company’s portfolio.

Microfinancing Solutions is a Kingston-based money services company that began operations in 2010 as a microlender. Since then, it has expanded its operations into other areas of finance, including FX trading, remittances, bill payment services and private credit. Furthermore, the company has gone on to take equity positions in several other entities.

Through this strategic acquisition, MFS CAP strengthens its presence in the local finance market, expanding its financial products and services offerings. By leveraging the combined expertise and resources of both entities, MFS CAP aims to enhance its ability to meet the evolving needs of clients and drive sustainable growth and value for shareholders.

“We are very excited that we have arrived at the completion of our first acquisition as MFS CAP.” said Dino Hinds, CEO of MFS CAP. “The acquisition of Microfinancing Solutions aligns with our strategic vision of targeting companies operating in the financial services space, as well as companies that show strong growth potential or possess a robust balance sheet. This deal positions us to move forward in executing other key transactions that will significantly improve MFS CAP’s financial position and increase value for our shareholder.”

Microfinancing Solutions will continue to operate under its current brand name, from its current locations, with its existing management team, led by Tamar Webley, who has been at the helm of the company for the last 12 years since it began operations.

Tamar Webley

About MFS Capital Partners

MFS Capital Partners [JSE: MFS] is a dynamic private equity firm specialising in investments within the financial services and real estate sectors. With a focus on identifying opportunities in entities showing strong growth potential or a robust balance sheet, MFS CAP leverages its expertise, resources, and network to drive value creation and sustainable growth.

The firm’s seasoned team of professionals combines over 100 years of industry knowledge with a proactive approach to investment, enabling MFS CAP to capitalise on emerging trends and market opportunities.

Fostering innovation, driving operational excellence, and creating value for all stakeholder, MFS CAP is a trusted partner for companies seeking strategic capital and expertise to accelerate their growth and achieve their objectives.

About Microfinancing Solutions Limited

Micro Financing Solutions Limited is a Kingston-based private company that began operations in 2010 as a microlender. Since then, the company has expanded its operations into other areas of business, including FX trading, remittances, bill payment services and private credit. It has also gone on to take equity positions in several other entities. The company currently operates from 3 locations in Kingston and is led by a team of executives boasting over 30 years of combined industry experience.

A. Norman Sabga Executive Chairman of the ANSA McAL Group of Companies has announced the formation of the joint venture company, Globus ANSA Private Limited, with Globus Spirits Limited in India.

In a release posted on the Trinidad and Tobago Stock Exchange ANSA McAL confirmed that with effect from 4th April 2024, ANSA McAL Limited (“ANSA McAL”) entered into a joint venture agreement with Globus Spirits Limited (“GSL”) to establish Globus ANSA Private Limited (“GAPL”).

Each party will hold fifty percent (50%) of the issued and allotted ordinary share capital of GAPL.

“This collaboration signifies a new era in the Indian alcoholic beverages industry, driving innovation and growth, ‘

“Globus ANSA Private Limited will specialise in manufacturing and distributing alcoholic beverages across the Indian subcontinent, leveraging the strength of both ANSA McAL and Globus Spirits Limited,” said Mr. Shekhar Swarup, Managing Director for Globus Spirits Limited. “This collaboration signifies a new era in the Indian alcoholic beverages industry, driving innovation and growth, ‘he stated

Globus Spirits Ltd is one of the leading players in the Alcohol industry in North India distributing brands in the Consumer Segment including:
• GR8 Times.
• Rajputana.
• Globus Spirits Dry Gin.
• White. Lace.
• Governors’ Reserve Red.
• Governors’ Reserve Blue.
• Oakton.
• Laffaire. Napoleon.

Trinidad and Tobago conglomerate ANSA McAL Group has over 142 years of rich history representing many world-renowned brands, including some of their own home-grown successes. The partnership marks a significant milestone in ANSA McAL Group’s journey, merging cultures and expertise to revolutionise the beer industry in India, with their icon Carib brand and leading the charge.

Norman Sabga Executive Chairman of the ANSA McAL Group of Companies, highlighted the immense opportunities in India and their commitment to delivering unparalleled value through this partnership.

“We are confident that our collaboration will allow us to seize the growing demand for high quality beverages by captivating palates with our distinctive products” he said

ANSA McAL is now poised to be an equal Shareholder of GAPL, an Indian company which
would produce, market, sell, distribute and retail beer and other beverages.

Christopher E. Levy Group President & CEO of Jamaica Broilers Group Limited now release the following unaudited financial results for the quarter ended January 27, 2024, which have been prepared in accordance with International Financial Reporting Standards (IFRS).

The Group produced a net profit attributable to shareholders of $1.3 billion, for the quarter ended January 27, 2024. The operations of the Group continue to be strong, and our gross margins are consistent with expectations.

Quarterly Group revenues amounted to $23.6 billion, a 4% increase above the $22.7 billion achieved in the corresponding quarter.

Our gross profit for the quarter was $5.9 billion, a 7% increase above the $5.5 billion achieved in the corresponding quarter in the prior year.

Jamaica Operations reported a segment result of $5.9 billion which was $448 million or 8% above last year’s segment result. Total revenue for our Jamaica Operations showed an increase of 2% over the prior year nine-month period. This increase was primarily driven by the growth in the sale and export of poultry and implementation of cost containment efforts.

Our US Operations reported a segment result of $3 billion which was $226 million or 8% above last year’s segment result. This increase was driven by increased volumes of poultry meat and eggs, as well as the implementation of cost management initiatives.
Total revenue for the US Operations increased by 3% over the prior year nine-month period.

We have begun to realise additional volumes through the US operations, which has resulted in increased financing requirements primarily around working capital.

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