The second quarter reflected stable demand for our core services. Revenue for the period increased by 5.7% to $500 million, compared to $473 million in the corresponding quarter last year. This growth was driven by increased passenger volumes across all routes. For the six-month period, revenue rose 8.8% to $1,050 million, up from $965 million in the comparative period. Continued investments in our coach fleet have enabled us to meet growing customer demand and position the company for sustained growth.

Our courier service remains a strong contributor, providing dependable package delivery seven days a week. We are actively focused on expanding into convenient courier locations and improving service processes to better serve our customers.

Our total assets grew 12.5% to $2,062 million as of November 30, 2024, up from $1,833 million a year earlier, reflecting ongoing investments in expanding our coach fleet and other operational resources.

Looking ahead, we anticipate a rebound in travel demand as headwinds from the recent U.S. election cycle and associated travel advisories subside.

Our strategic investments in capacity expansion, customer convenience, and operational efficiency are expected to drive sustainable growth and enhance customer experience in the second half of the financial year.

Oliver Townsend Chief Executive Officer Knutsford Express Limited

The Jamaican Teas Group enjoyed rising sales during the first quarter of the 2024/25 fiscal year and this trend is expected to carry over into the balance of the year.

Manufacturing Division | The highlight for the quarter was the gain in our export sales which rose 38 percent over the prior year. The 6 percent decrease in our local manufacturing sales primarily reflects the high level of sales that took place to Wisynco in the year ago quarter as they built their inventories at the commencement of their new distribution agreement with us which began on Nov 1 2023.

Real Estate Division | Two studio sales were booked this quarter this year versus four in the year ago quarter following the launch of sales at our Belvedere Road project in October 2023. Booked and / or completed sales at the complex have reached the half way stage with 15 studios sold or under contract at time of writing. Retail Division | For this quarter, retail revenues amounted to $219 million, an increase of 10 per cent. This reflects a continuation of the accelerated revenue growth we have seen in our store in recent months.

Investment Division | During this quarter, the prices of stocks on the Jamaica Stock Exchange Main Market increased although prices on the junior market declined. USA Stock Exchanges improved in the quarter. The unrealised gains in our overseas investments were however much lower than a year ago due to declines in the values of our holdings in several home building and construction companies as well as a significant decline in the value of the shares of one of the computer companies we hold. Some of these declines have reversed themselves in January 2025.QWI Investments Limited (QWI) reporting a small net loss of $10 million for the quarter, a significant reversal from their year ago profit of $18 million. While the market outlook is unclear, QWI may not experience profit growth if the profit results of our main investee companies do not continue their improvements over a year ago.

Revenues | JTL’s total revenues for the quarter increased by 9 per cent overall from $840 million a year ago to $913 million this quarter. The reduction in Investment Income mainly reflects the lower unrealised investment gains of QWI referred to above along with higher realized losses recognized from a higher than usual level of share sales undertaken by QWI this quarter. Higher dividend and interest income compared with the year ago period offset some of these unfavourable developments. QWI halved its share portfolio in Trinidad in the quarter due to the disappointing profit outlook of one of its investees. In addition, the company also exited several other investments due to unexpected adverse changes in the business of several of our holdings.

Expenses| The increases in Cost of Sales for the quarter were outpaced by the growth in revenues. As a result our gross profit margin rose from 18.5 per cent a year ago to 20.3 percent this quarter. This improvement arose in part from the consolidation of our two former factory premises into our current factory at Temple Hall which was completed on 31 August 2024. This helped to eliminate expenses duplicated over two premises versus one now. The lower level of low margin real estate sales this quarter also assisted in the margin improvement.

Other expenses were little changed in the quarter except for interest expense which was $4m lower due to lower debt levels and lower interest rates.

Net Profit | Net profit attributable to Jamaican Teas for the quarter was $53 million, a 12 percent improvement from the $47 million profit in the same quarter of the previous year. Total attributable comprehensive income per share was 2.4 cents.

Financial Position| The increase in fixed assets since September 2024 is due mainly to improvements made to the Temple Hall premises. Receivables rose by 15 per, similar to the trend in revenues in the quarter. QWI’s investment portfolio was reduced in size during the quarter due to the share sales referred to earlier. The reductions in inventories reflect real estate sales since Sept 2024 as well as the continuation of right sizing practices in the manufacturing plant purchasing department.

Outlook| The Jamaican economy is heavily dependent on tourism for foreign exchange and employment and its impacts on the wider economy with its linkages to locally produced goods and services. To this end, the continued rebound in visitor arrivals in recent months is encouraging. The recent decreases in interest rates locally will also improve the prospects for our Group.

John Mahfood – Chief Executive Officer/Director Jamaican Teas Group

Revenues for the quarter of $14.2 billion represent an increase of 7.2% above the $13.3 billion achieved in the corresponding quarter of the previous year however this fell slightly below our expectations.

The slowdown observed in the first quarter, driven by a reduction in remittances and softening of visitor arrivals, continued throughout the second quarter and was in fact compounded upon by the cool temperatures and significantly more rain than expected, making Q2 one of the rainiest quarters in some time both of which typically impacts fast moving consumer goods consumption adversely.

Gross Profit of $4.7b was 6% greater than the $4.4b of the prior year’s quarter whilst Gross Margin at 32.9% were 40 basis points below the 33.3% for the same quarter last year. The lower Gross Margin when compared to the prior year is attributed primarily to the lower absorption of fixed costs related to lower production volumes. Selling, Distribution & Administrative expenses (SD&A) for the quarter totaled $3.5 billion or 13.5% more than the $3.1 billion for the corresponding quarter of the prior year.

Our SD&A expense to sales ratio was 24.8% for the quarter, or 140 bps greater, when compared to 23.4% in the prior year. The greater SD&A expenses to sales ratios are essentially the result of our expanded Marketing and Sales departments, these increase costs align with our expectations of rolling out the capital expansion. Profit before Taxation for the quarter was $1.2 billion or 18.6% lower than the $1.5 billion of the comparative quarter for the prior year.

For the quarter, after provision for taxes, Wisynco recorded Net Profits Attributable to Stockholders of $991 million ($1.2 billion for the comparable quarter of the prior year), or 26c per stock unit for the quarter compared to 32c per share for fiscal 2024.

On a year to date basis through half the financial year, the business has earned $2.5b in Net Profit after Taxes, a 10.2% reduction year over year. Due to greater non-cash related expenses vs last year, primarily depreciation stemming from the various plant expansions, our EBITDA of $3.9 YTD is down only 4.2% year on year. From a balance sheet perspective, the business ended the quarter with $8.0 billion of cash and investment securities when compared to $11.5 billion in the previous year, the reduction is primarily due to investing an additional $2 billion in plant and equipment. Our working capital ratio remains strong at 2.39.

As we enter the second half of our financial year, we, like other business, are closely monitoring global challenges, including potential tariff regimes and economic disruptions stemming from recent policy changes. Wisynco remains committed to strategic planning to mitigate risks to our operations. Our recent investments in plant and equipment capacity, along with new production initiatives, will enhance our ability to diversify and navigate these challenges effectively.

Andrew Mahfood Chief Executive Officer Wisynco Group Limited – Unaudited financial results for the second quarter ended December 31, 2024, which have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting.

Massy enters 2025 with strong momentum, building on a successful 2024. Last year, we delivered record revenue growth and cash flow and enhanced our balance sheet. These results provide a solid foundation for continued growth and long-term value creation for our shareholders and all stakeholders.

At our Annual General Meeting (AGM) on January 15, 2025, shareholders reaffirmed their confidence in our strategy. We remain committed to driving sustainable growth with our commitment to being the vehicle of intergenerational wealth for our shareholders and stakeholders.

This year, we will focus on advancing strategic clarity, ensuring disciplined growth, optimising capital allocation, and expanding our hard currency earnings. With our balance sheet continuing to strengthen, we are well positioned to seize opportunities that enhance shareholder value.

QI 2025: A Strong Start to the Year

Massy’s performance in QI 2025 underscores our ability to drive sustainable growth while maintaining strong financial discipline.

• Revenue increased 6% Year over Year (YOY) to TT$4.2B, demonstrating the continued strength of our diversified portfolio
• Profit Before Tax (PBT) grew 4% YOY to TT$303M, with Profit After Tax (PAT) increasing 2% YOY to TT$202M

‘Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) continued to show growth of 3% to TT$478.5M and represents our core profitability by stripping out financing and accounting costs. This provides insight into how operational performance before non-cash expenses and capital structure impact the bottom line •Net cash generated from operations surged 227% YOY, from TTD $164M to TTD$537M, reflecting our continued disciplined approach to cash and working capital efficiency

• Our strengthened financial position ensures the agility and resilience to navigate the future with confidence

Portfolio Performance and Growth Drivers

Integrated Retail Portfolio (IRP)

Our Integrated Retail Portfolio delivered a strong performance, with a 14%-year over-year (YOY) increase in PBT and 13%-year over-year (YOY) increase in Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA), driven not only by topline growth of 4% YOY to TT$3B but also by an improved gross profit margin resulting from a shift in product mix. This significantly enhanced the bottom line, leading to a more significant 14% increase in PBT and 13% increase in EBITDA. Retail sales growth continues to drive performance while distribution remains stable across our core markets.

Gas Products Portfolio (GPP)

The Gas Products Portfolio experienced a 4.5% YOY revenue growth to TT$559M, primarily fuelled by robust LPG performance in Guyana and sustained demand for industrial and medical gases (IMG). However, PBT declined by 8.5% and EBITDA declined by 9.5% YOY to TT$88M and TT$131M respectively, due to increased LPG input costs, the absence of revenue from the recently sold CIG associates business, and weaker performance in our other associate businesses. Included in expenses this quarter is an additional accrual of TT$6.8M in pre-turnaround activity for a significant maintenance turnaround at one of our Trinidad plants scheduled for later this year.

Motors & Machines Portfolio (MMP)

Revenue in the Motors & Machines Portfolio grew by 14% YOY to TT$886M, with PBT and EBITDA increasing by 2%, to TT$47M, and 4% to TT$87.3M respectively. Macroeconomic conditions in Colombia are improving, and we have made significant progress in the market, driving increased sales. In Trinidad and Tobago, where USD availability remains constrained, disciplined inventory management has supported a resilient performance. However, the Machines business in Trinidad continues to face challenges due to reduced capital investment and infrastructure spending in the market. We are actively addressing these challenges and remain committed to the long-term success of this business.

Looking ahead, we expect Colombia, a key market for us, to continue its trajectory of strength and growth. Additionally, we are introducing financing options to support our customers in Guyana, which we anticipate will drive further expansion in this market.

Continued Focus on Delivering Value to Shareholders

As part of our ongoing commitment to rewarding shareholders, the Board has declared a dividend of 3.54 cents per share for QI 2025, marking the beginning of our shift to quarterly dividend payments. This move reflects our unwavering dedication to delivering consistent, long-term returns and our recognition of the integral role our shareholders play in our success.

Charting the Future: Strategic Priorities for 2025

As we continue to execute our growth strategy, our focus for Q2 and the rest of FY 2025 will be on providing even greater clarity and transparency on strategy. We believe that by keeping our shareholders well-informed about our strategic direction, we can ensure that you feel involved and confident in the future potential and value of our businesses and the overall Group.

1.Strengthening our core businesses through talent and leadership development, operational efficiency and disciplined cost management.

2.Enhancing shareholder value through innovation and leadership in driving investor confidence, market engagement and transparency.

3.0ptimising capital allocation to ensure sustainable, long-term returns.

4.Detailing our strategic roadmap allows for more precise insights into future growth opportunities.

We remain focused on disciplined execution and operational excellence to ensure that Massy continues to build a resilient, growth-oriented future. I extend my sincere appreciation to our employees, shareholders, and stakeholders for their trust and support. Together, we will continue to deliver intergenerational wealth, economic progress, and a legacy of enduring value.

Robert Riley Chairman Massy Holdings Group

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Businessuite 2024 Top 100 Caribbean Companies – Profit after Tax        

Businessuite 2024 #1 Caribbean Company – US$ Revenue Massy Holdings Limited

GraceKennedy (GK) Limited has come to an agreement with Spike Industries Limited to acquire its remaining 30% stake in Catherine’s Peak Bottling Company Limited, giving GK 100% ownership of the company.

The transaction, which is subject to customary closing conditions, will see Catherine’s Peak Bottling Company Limited, owner of the Catherine’s Peak spring water brand, become a wholly owned subsidiary of GraceKennedy. Frank James, CEO of GK Foods – Domestic, commented “In recent years, GK has been strengthening our position in Jamaica’s growing spring water market. This has included our 2021 acquisition of 876 Spring Water, our 2023 acquisition of Unibev, and the steady increase of our stake in Catherine’s Peak.”

He explained, “Our acquisition of Catherine’s Peak perfectly aligns with GK’s strategy to own leading Jamaican brands which deeply resonate with consumers and have significant global market potential, as we work towards achieving our vision of being the number one Caribbean brand in the world by 2030.” James also highlighted Catherine’s Peak’s strong market position and growth potential, stating that since GK’s initial investment in 2018, Catherine’s Peak has been a key part of the GK Foods portfolio. He added, “This acquisition is another significant step in our ambitious growth strategy for both Catherine’s Peak and our Food business.

We are looking forward to introducing innovative products under the Catherine’s Peak brand and are actively exploring additional opportunities to expand our market reach. In keeping with these efforts, we are current finalizing plans to launch Catherine’s Peak exports to the Cayman Islands in 2025 and anticipate further growth into new territories in the future.”