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Fosrich Reporting Improved Year to Date Revenues and Gross Profits, But Negatively Impacted by COVID19 in Q2 June 30, 2020

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Unaudited Financial Statements Six Months Ended 30 June 2020 Financial Highlights:

Year-to-date:
• Revenues: $857.1 million, up $110.7 million or 15% from $746.4 million in the prior period
• Gross Profit: $338.6 million, up $23.4 million or 7% from $315.2 million in the prior period
• Net Profit: $22.3 million, compared to 61.7 million in the prior period
• Earnings per stock unit: $0.04, compared to $0.12 in the prior period

Quarter 2
• Revenues: $408.3 million, up $40.5 million or 11% from $367.8 million in the prior period
• Gross Profit: $168.7 million, up $12.6 million or 8% from $156.1 million in the prior period
• Net Profit: $17.4 million, compared to $28.8 million in the prior period
• Earnings per stock unit: $0.03, compared to $0.06 in the prior period

Managing Director for Fosrich Company Limited Cecil Foster is reporting, in Unaudited Financial Statements for the Second Quarter Ended June 30, 2020, improved year-to-date income of JA$857.1 million, compared to JA$746.4 million for the prior reporting period, an increase of JA$110.7 million.

Commenting on the results he noted that improved Gross Profit for the year-to-date was recorded at $338.6 million, compared to $315.2 million for the prior reporting period, representing an increase of $23.4 million. These increases were attributed primarily to the greater availability of products required by the market, such as Industrial and PVC product lines he noted.

During the second quarter, the company generated an income of $408.3 million compared to $367.8 million
for the prior reporting period, representing an increase of $40.5 million. Gross profit for the quarter was
$168.7 million compared to $156.1 million for the prior reporting period.

Administration expenses for the year-to-date was recorded at $271.5 million, reflecting an increase of $38.3 million on the prior reporting period of $233.2 million, driven primarily, in Q1, by a combination of building out of Human resource expertise, building capacity for the future. Other cost increases were incurred due to staff benefits; increased legal and professional fees; increased selling and marketing costs; increased computer expenses; increased motor vehicle expenses; increased insurance costs; increased security cost and increased electricity cost he reported.

$31.5 million of the increased administration expenses for the year-to-date took place in Q1, with the balance of $6.8 million coming in Q2. During Q2 they effected certain cost-containment measures, which is expected to be the new normal for the company.

Finance cost for the year-to-date was $57.3 million compared to $43.8 million for the prior reporting period, an increase of $13.5 million. This increase is being driven primarily by the requirements of IFRS 16, which requires that all long-term leases be brought on the balance sheet as right-of-use assets with the financial obligation being reflected as financing and with the appropriate financing cost calculated.

Mr. Foster also noted in his comments that the Taxpayer Audit & Assessment Department also conducted an audit of their 2016 Income Tax returns and are seeking to raise additional Income Tax. Management has agreed most aspects of their findings, however, they are also now in the appeal stage of the process in respect of some adjustments, and have begun to make provisions to cover these additional taxes.

Profit-after-tax generated for the period was lower at $22.2 million, compared to the $61.7 million reported for the prior reporting period. Despite having $40.5 million lower Turnover in Q2 of 2020, compared to Q1 of 2020, Fosrich realised a $12.6 million increase in comprehensive income during Q2 of 2020, compared to Q1 of 2020. Management continues to monitor the changes in the purchasing patterns of their customers resulting from the presence of Covid-19, and have reviewed cost structures.

He noted also that the company continues to closely manage inventory balances and the supply-chain, with a view to ensuring that inventory balances being carried are optimised, relative to the pace of sales, the time between the orders being made and when goods become available for sale, to avoid both overstocking and stock-outs. Monitoring is done both at the individual product level and by product categories. Sales in most categories were less than anticipated, due to the uncertainties which resulted from the Covid-19 pandemic, which impacted customers buying patterns.

Trade Receivables are closely managed with an emphasis being placed on balances over 180 days, he reported, having implemented strategies to collect funds as well as ensure that the other buckets are managed. As a result of the anticipated impact of Covid-19 on customers, they have reviewed all credit arrangements. Where necessary credit limits have been reduced and credit periods shortened. For some items seven (7) day credit or cash was instituted.

Back in October of 2018 FosRich commenced discussion with JPS with a view to taking over their pole-mount transformer repair activity. This discussion, after 20 months, has resulted in an agreement and they have begun the process of sourcing the necessary equipment and anticipate commencement of activity in October this year.

Shareholders’ equity now stands at $823.4 million, up from the $799.6 million at 31 December 2019. The net increase of $23.8 million arose as a result of retained profits for the year-to-date amounting to $26.4 million and Treasury Shares amounting to $2.6 million.

Fosrich Company closed the year to date ended June 30, 2020, with lower earnings per stock unit of $0.04, compared to $0.12 in 2019.

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Unlocking Future Potential: The Impact of USAGE Group’s Internship Programs on Tertiary Level Students

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Bridging the Gap Between Education and Real-World Experience

In today’s competitive job market, the value of practical experience cannot be overstated. Recognizing this need, USAGE Group has pioneered an innovative approach to talent development through its structured Internship Programs, offering university and college-level students unparalleled opportunities to gain hands-on experience while completing their academic requirements.

Empowering the Next Generation:

At USAGE Group, internships are more than just a temporary stint; they are a gateway to professional growth and career advancement. Through carefully crafted programs, students are immersed in real-world projects and mentored by industry experts, equipping them with the skills and knowledge needed to excel in their chosen fields.

A Dual Purpose:

The internship programs at USAGE Group serve a dual purpose, benefiting both students and the company itself. For students, these programs provide invaluable exposure to the inner workings of a dynamic business environment, allowing them to apply theoretical concepts learned in the classroom to practical, real-life situations. Additionally, students accrue hours of hands-on work experience, fulfilling requirements for their academic programs while laying the foundation for future career success.

Opportunities for Growth:

Interns at USAGE Group are not merely bystanders; they are active participants in the company’s mission to deliver top-tier support services to Caribbean SMEs. From assisting with client projects to contributing to strategic initiatives, interns are given meaningful responsibilities that challenge and inspire them to reach new heights. Moreover, they have the opportunity to work alongside seasoned professionals, gaining insights and mentorship that are invaluable to their professional development.

Building a Talent Pipeline:

By investing in internship programs, USAGE Group is not only nurturing the next generation of talent but also building a pipeline of skilled professionals who may eventually join the company on a full-time basis. Through internships, USAGE Group identifies promising individuals who embody the company’s values and ethos, laying the groundwork for future recruitment and retention efforts.

Testimonials from Interns:

“The internship program at USAGE Group has been a transformative experience for me. Not only have I gained practical skills that will serve me well in my career, but I’ve also had the opportunity to work alongside some of the brightest minds in the industry.” – Sarah, Business Administration Student

“I never imagined that an internship could be this impactful. At USAGE Group, I’ve been given real responsibilities and treated as a valued member of the team. It’s been an eye-opening experience that has solidified my career aspirations.” – John, Computer Science Student

Join the Journey:

For university and college-level students seeking to gain practical experience and jumpstart their careers, USAGE Group’s Internship Programs offer a pathway to success. Whether you’re studying finance, marketing, IT, or any other field, there’s a place for you to thrive at USAGE Group.

Contact USAGE Group Today:

To learn more about internship opportunities at USAGE Group and how you can become a part of our dynamic team, contact us today.

Contact Information: Email: usagejamaica@gmail.com

USAGE Business Support Services Group Internship Program Application Form – 2024

As USAGE Group continues to lead the way in revolutionizing business support services in the Caribbean, its commitment to nurturing talent and empowering the next generation remains unwavering. Through internship programs that prioritize hands-on learning and professional growth, USAGE Group is shaping the future of the region’s workforce, one student at a time.

Proud Member and Partner of The Silicon Mountain Project
Operating from “Silicon Mountain – The Business Technology and Innovation Hub of the Caribbean”
Mandeville Manchester Jamaica

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Revolutionizing Business Support Services in the Caribbean: The USAGE Group Story

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How USAGE Group is Redefining IT-Centered Support for Caribbean SMEs

In the dynamic landscape of Caribbean business, where innovation meets necessity, one company stands out for its commitment to delivering top-tier support services to small and medium enterprises (SMEs). Conceptualized and formed in 2020, USAGE Business Support Services Group has swiftly emerged as a beacon of efficiency and cost-effectiveness, offering a comprehensive suite of Corporate and Operational Services tailored to meet the unique needs of Caribbean businesses.

Unveiling USAGE Group:

At the heart of USAGE Group’s mission is a dedication to providing IT-centered Business Support Services that empower Caribbean SMEs to thrive in today’s competitive market. With a diverse range of offerings, including Accounting and Finance solutions, USAGE Group is not just a service provider but a strategic partner committed to the success of its clients.

Putting Customer Experience First:

What sets USAGE Group apart is its unwavering commitment to customer service and experience. Embedded in the company’s DNA is the mantra “U In Everything We Do,” reflecting a culture that prioritizes the needs and satisfaction of its clients above all else. From the initial consultation to post-implementation support, USAGE Group ensures a seamless and enjoyable experience for every client.

Why Partner With USAGE?

Affordable Quality Monthly Subscription Services: USAGE Group offers cost-effective subscription services designed specifically for SMEs, providing access to high-quality support without breaking the bank.

Access to Multitalented Professionals: Clients of USAGE Group benefit from a team of self-motivated professionals with diverse skills and experiences, capable of tackling even the most complex business challenges.

Expertise and Guidance: Beyond service delivery, USAGE Group offers expertise and guidance to clients, ensuring that every step of the process is smooth and collaborative.

True Collaboration: At USAGE Group, every project is approached as a collaboration, guiding clients from their current state to their desired outcomes with a process that prioritizes mutual growth and success.

Commitment to Quality: From concept to implementation and beyond, USAGE Group remains committed to delivering quality services that positively impact the bottom line of its clients.

Empowering SMEs for Success:

The overarching goal of USAGE Group is clear: to provide SMEs with first-world Accounting, Finance, and Corporate Services that exceed expectations, unlocking their full potential and driving tangible results. By maximizing Business-to-Business (B2B) opportunities and fostering long-term partnerships with SME CEOs, Entrepreneurs, and Business Owners, USAGE Group is poised to catalyze growth and expansion across the English-speaking Caribbean.

In a landscape where agility and innovation are paramount, USAGE Group stands as a testament to the transformative power of strategic partnership and customer-centricity. As Caribbean SMEs navigate the complexities of the modern business world, USAGE Group emerges as a trusted ally, empowering them to thrive and succeed in the digital age.

Contact USAGE Group Today:

For SMEs seeking to revolutionize their business support services and unleash their potential, USAGE Group offers a pathway to success. Contact USAGE Group today for a free consultation and discover how their innovative solutions can transform your business.

Contact Information: Email: usagejamaica@gmail.com

USAGE Business Support Services Group Internship Program Application Form – 2024

Proud Member and Partner of The Silicon Mountain Project
Operating from “Silicon Mountain – The Business Technology and Innovation Hub of the Caribbean”
Mandeville Manchester Jamaica

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The LAB Reporting Higher Net Profits Based On Strong Focus On Agency Segment

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Kimala Bennett Chief Executive Officer for Limners and Bards Limited (The LAB) has released the following unaudited financial statements for the three months ended January 31, 2024, which have been prepared in accordance with International Financial Reporting Standards (IFRS). The consolidated results include the subsidiary Scope Caribbean Limited (Scope) whose principal business is the scouting, placement and management of talent while expanding and maintaining a database of quality talent.

The LAB achieved higher net profits when compared to the corresponding period last year. This was based on the strong focus on the Agency Segment of the business for this quarter, as the company continued to build brands. The Agency Segment provides the highest profit margin and as such bolstered the results for the period. The company also implemented cost containment measures, which resulted in a 19.2% reduction in administrative expenses when compared to prior period. We continue to maintain a strong balance sheet and our cash position grew stronger over the period. Our asset base increased, as we reinvested in the business through further upgrading film studio facilities.

Revenue for the three months ended January 31, 2023, was $219.4 million, down 11.4% relative to the prior period. This decline was primarily attributable to a reduction in production during the period due to its cyclical nature. Notwithstanding this, the Agency segment outperformed the comparable period. The revenue achieved was derived from the company’s core business lines: Media totalling $118.3 million, followed by Production with $29.3 million and Agency with $71.6 million.

The company remains fully focused on executing its strategy of diversifying its income, through engaging new clients and the introduction of new service lines. These strategic endeavours are aligned with our company’s expansion strategy into emerging markets, all aimed at fostering sustainable growth, increased revenues, enhanced profitability; while proactively anticipating the evolving needs of our valued clients and enhancing shareholders’ value.

Gross Profit for the three months was $88.9 million, down 3.3% when compared to the corresponding period. Net Profit achieved was $26.2 million, up 295.7% relative to the comparable period. due to higher gross profits from the agency segment and lower administrative expenses. Administrative expenses decreased by $16.3 million or 19.2% in comparison to the corresponding period last year. These decreases are primarily due to reduction in contractor and staff cost.

The consolidated Balance Sheet saw total assets increasing by $119 million or 15.1% to $909.3 million compared to $790.2 million in the corresponding period. This increase in assets is driven by building and film studio facilities improvement and purchases of new production equipment to facilitate future growth.

Current Assets amounted to $731.7 million, increasing by $107.6 million over the prior year, primarily due to a 43.6% increase in cash and cash equivalent. Management continues to maintain tight monitoring and control over receivables. Cash and cash equivalent increased by $142.4 million over the corresponding period last year. Shareholders’ equity grew to $624 million, up from $548.1 million or 13.9% over the corresponding period last year.

The LAB is pleased to report significant progress in our strategic initiatives. We have successfully completed the pilots for two TV/web series, “SEEN” and “Jenna In Law,” as outlined at our last Annual General Meeting (AGM). Additionally, Pre-production for our first feature film, “Love Offside,” is currently underway, with production scheduled to commence in June 2024.

In line with our strategic objectives, we are actively engaging with international networks and digital streaming platforms to secure distribution opportunities for our content upon production completion. This proactive approach ensures that our creative endeavours have a suitable platform to reach global audiences.

For More Information CLICK HERE

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Maximum Participating Voting Share Capital Of Companies Listed On The Junior Stock Exchange Moving From JA$500 Million To JA$750 Million

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“Utilizing equity capital is an effective avenue to stimulate innovation and reduce operating costs thereby allowing companies to drive growth, improve productivity and increase their chances of sustainability. We commend the Government for this decision and encourage small and medium sized companies to take advantage of this opportunity.”

The Government of Jamaica through the Ministry of Finance and the Public Service has announced that they have increased the participating share capital limit from $500 million to $750 million for companies on the Junior Market of the Jamaica Stock Exchange.

“This is very exciting news for the Exchange,” commented Dr. Marlene Street Forrest, Managing Director of the Jamaica Stock Exchange. “This is an exceptionally good move by the Government as this will allow small and medium sized companies to come to market to raise additional capital for business expansion and assist new companies to raise capital and to consider this capital raising option as viable. She stated that “Utilizing equity capital is an effective avenue to stimulate innovation and reduce operating costs thereby allowing companies to drive growth, improve productivity and increase their chances of sustainability. We commend the Government for this decision and encourage small and medium sized companies to take advantage of this opportunity.”

The Junior Market was established in 2009 to allow small and medium sized companies (SMEs) to raise a maximum of $500 million dollars during an initial public offering (IPO). The Government’s new initiative towards companies listed on the Junior Market now allows them to raise up to $750 million dollars, an increase of $250 million dollars.

Source Jamaica Stock Exchange

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A.S. BRYDEN Acquires Control Of Stansfeld Scott In Barbados

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A.S. Bryden & Sons Holdings Limited (“A.S. Bryden”) today announced that it has acquired a 55% controlling stake in Stansfeld Scott (Barbados) Limited (“SSB”).

SSB is a leading distributor and retailer of wines, spirits and consumer health products in Barbados. SSB’s products include El Dorado and Plantation rums, Glenfiddich whisky, Stolichnaya vodka, Banrock Station and Lamothe Parrot wines, Twining’s teas, Haliborange vitamins and Endura Malt. In addition to its distribution business, SSB operates six Wine World branded retail stores across Barbados.

P.B. Scott, Chairman of A.S. Bryden

The transaction will allow A.S. Bryden to expand its premium beverage business outside of Trinidad for the first time. Brian Cabral, the outgoing Chairman of SSB, will retain an ownership interest in the Company following the transaction and will remain a director. Stansfeld Scott International, a master distributor of wines and spirits across the Caribbean and Central America which is also owned by Mr. Cabral and his partners,

Jayshree Kessaram and Indra Cabral will not be impacted by this transaction.

In speaking about this development, P.B. Scott, Chairman of A.S. Bryden said, “Brian Cabral, his family and his team have spent decades carefully building Stansfeld Scott into the highest quality wines and spirits distributor and retailer in Barbados. We look forward to joining forces and using A.S. Bryden’s resources to serve Stansfeld Scott’s employees, customers and its principals.”

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