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Gordon Swaby Chief Executive Officer Edufocal Limited Release First Report Since JSE Listing, Indicative Of Continued Growth In Business Sales.



The following key performance highlights were extracted from the company’s published results for the three months ended march 31, 2022

EduFocal Limited (“LEARN”) continues to focus its efforts on expansion, which includes improving platform efficiency and capitalizing on opportunities for expansion into new markets.

The unaudited consolidated financial statements for the first quarter ended March 31, 2022, show revenue for the three-months of $60.9 million, reflecting an increase of $27.3 million over the corresponding period in 2021. This increase is indicative of our continued growth in business sales.

EduFocal’s result reflected a commendable performance for the first quarter, with net profit of $2 million resulting in an EPS of $ 0.003.

The Company will continue to focus on the execution of strategic initiatives and managing our administrative & other operating expenses, which have increased by $22.2 million over the corresponding period in 2021. This is mainly attributable to an increase in staff cost, consulting fees and advertising and promotional activities.

Total assets for the three months ending March 2022 amounted to $300.4 million compared to $100.3 million for the corresponding period ending March 2021. The increase in assets was primarily due to an increase in receivables and intangible assets of $116.7 million and $77.4 million respectively.

For period under review, there was a $8.6 million or 8.6% increase in total liabilities when compared to the corresponding period in 2021, primarily due to an increase in accounts payable and related party loans, which was offset by a reduction in short term loans.

EduFocal’s shareholders’ equity was strengthened with the issue of 648,446,094 shares on the Junior stock exchange. The proceeds from the IPO were utilized to repay short term loans as well as aiding the acquisition of the subsidiary. Total Equity for the period under review amounted to $192 million, which is an increase of $191.6 million for the corresponding period March 2021.

In March, EduFocal entered into an agreement with Clever School Teacher (CST) to acquire its website and assets, an Edtech SaaS company offering educational resources throughout the United States of America. The acquisition of CST is in keeping with the strategic expansion of our business in the region.

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See  also Blue Collar Financial Analyses Edufocal’s First Report Since JSE Listing

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JFP Limited Banking On Expected Growth In Several Industries To Positively Impact Company’s Future Performance, As It Reports Good Q1 Results.



Metry Seaga Chief Executive Officer JFP Limited (formerly Jamaica Fibreglass Products Limited) has released the following report to the shareholders for the three (3) months ended March 31, 2022


The directors wish to thank our valued shareholders who showed confidence in the Company and purchased shares in our Initial Public Offering (IPO). As you are aware, the Company was listed on March 14, 2022 on the Junior Market platform of The Jamaican Stock Exchange, thereby changing the status of the Company to a public entity. We endeavour to ensure that your confidence is rewarded by maximising your investment, both by regular dividend payments and an overall increase in value as we continue to improve operations.

As the country is showing positive signs of rebounding to a position of stability, we take pleasure in presenting the unaudited financial statements of JFP (the Company) for the 1st quarter financial statements for the period 1 January – 31 March 2022, in regard to the financial year ending 31 December 2022.

JFP opened its Initial Public Offering (IPO) on February 21, 2022 and it was successfully closed on February 28, 2022, with the public taking up their full assignment of shares. In fact, the subscription was oversubscribed with participants receiving only 22% of their requested amount.

The Company increased its share capital by 140,000,000 after the initial offer of 280,000,000 shares was taken up by the directors, employees, corporate entities and the general public. The costs associated with the IPO such as brokerage, legal and accounting, advertising and other transaction fees were netted off against the IPO proceeds.

Despite the COVID-19 pandemic, the construction industry has remained resilient. This is demonstrated in the projections provided by the PIOJ that the quarters in 2022 are expected to perform better than corresponding quarters in 2021. Consequently, the PIOJ’s projection for growth in output is within the range of 6.0%–10.0% based on the simultaneous/ongoing build-out of capacity which is currently being undertaken in some industries as indicated by the performance of the construction industry.

This expected growth in several industries to include manufacturing coupled with continued strategic leadership, product diversification among other areas should positively impact the Company’s future performance.

Profit and Loss

The board of directors is pleased to present the unaudited results of JFP Limited for the first three months ended March 31,2022.

JFP saw its revenue increase significantly from $64.7M to $110.2M or by 70% relative to the same period of 2021. The sound and agile revenue growth strategies employed by the Company enabled it to build its resilience against the changing circumstances of the COVID-19 pandemic. Many of our customers were also getting back on stream to start or continue with their capital projects.

The increased efficiency of our operations also resulted in a reduction in cost of sales. Cost of sales decreased from $35.9M to $33M or by 8% over the corresponding period in the prior year.

The improved efficiency of our operations also translated into an improvement in the Gross Profit which increased by 168% from $28.9M to 77.3M. The gross profit margin also increased from 45% to 70% relative to the prior period in 2021.

Administrative expenses increased from $28M to $41M or 46%. This was mainly due to related transaction costs involved in enabling the company to go public along with the fees associated with the change of name to JFP Limited.

Selling and distribution expenses also increased by 189% from $1.2M to $3.6M due mostly to increases in commission and advertising expenses. The increase in advertising expenses was mainly linked to building public awareness of the Company becoming a public entity.

Despite a significant increase in our administrative and selling expenses, the company managed to show significant improvement to its operating profit which increased by 237%. The finance costs declined due to the repayment of long terms loan from the proceeds of the IPO, thereby eliminating the finance cost associated with these loans.

As a consequence of the improved operating result, our operating profit before tax increased significantly moving from $8.7M to $34.9M; this was an increase of 302%.

Balance Sheet

The property, plant and equipment increased by 46% moving from $134.3M to $196.6M. This was due to the Company entering into a lease arrangement regarding the factory building, thereby recording a “right of use asset” on the balance sheet.

During the period the investment account with GK Capital Management was closed and the funds, along with that of the IPO were used in restructuring the company.

The inventory increased by 15% moving from $46.7M to $53.9M. This was largely due to increase in the number of jobs that are currently in production up to the end of the quarter, 31 March 2022.

Receivables increased significantly. This was due to the success of the company in finalizing the ROK hotel project, being undertaken on the Kingston Waterfront, which was completed at the end of March 2022.

Cash and cash equivalents also increased significantly due to the funds received from the IPO along with a material deposit that was received from MBJ Jamaica Limited which is currently one of the company’s major projects in progress as at 31 March 2022. This MBJ projected is related to the significant work being undertaken at the Sangster’s Airport in Montego Bay.

Our total current liabilities increased by 33%. This was due significantly to the current portion of the new lease liability for the factory coupled with increased payables related to imported supplies of raw materials to complete the increased number of jobs in progress as at 31 March 2022.

The retained earnings decreased from 211M to 89 M or 57.9% due to dividends being declared at the end of December 2021.

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Mayberry Group Reporting Improved 2022 Q1 Revenues And Profitability Driven By Growth In Unrealized Gains On Investments In Associates



Gary Peart Chief Executive Officer The Mayberry group has released the following commentary on the company’s financial results for the three months ended March 31, 2022.


The Mayberry group recorded net profit attributable to shareholders of $692 million for the three months ended March 31, 2022. This represents a 309% increase when compared to the net loss of $331 million for the corresponding quarter in 2021.

This performance was attributable mainly to growth in unrealized gains on investments in associates which increased by $1.6 billion or 214% and unrealized fair value gains on the revaluation of investments which was higher by $167 million or 179%.

Total operating expenses for the period under review increased by $131.5 million or 41% to $454.1 million when compared to Q1 2021.

Group profits before tax for Q1 2022 increased by $1.6 billion or 289% to $1.1 billion.

Other major highlights of the group’s performance include:
• Earnings per share (EPS) increased by $0.85 or 309% to $0.58 for Q1 2022 versus a loss per share (LPS) of $0.28 for Q1 2021.
• Total assets reported for the quarter ended March 31, 2022, grew to $45.7 billion compared to $35.7 billion for the comparative period for 2021. This represents a $10 billion or 28% increase in our asset base.
• Net book value per share increased to $14.32, a $2.92 or 26% increase over the corresponding period in 2021. This was partially attributable to price appreciations which positively impacted the value of investment securities, investment properties and investment in associates.
• The group continues to report a turnaround in total comprehensive income attributable to shareholders. This totalled $1.5 billion for the three-month period to March 31, 2022, compared to a total comprehensive loss of $67.9 million for the corresponding period in 2021. The performance was mainly due to increased unrealized fair value gains on investments at FVTPL and FVTOCI of approximately $1.7 billion.

Net interest income of $75.5 million increased by $12 million, Q1 2022 over Q1 2021. This growth was driven mainly by increased revenue on repurchase agreements and a greater take up of margin loans.

• Net unrealized gains on investments at FVTPL increased by $1.8 billion to $1.1 billion during 2022 from the group’s investment in associates and financial instruments, reflecting capital appreciation on equities with the year over year increases in market prices as the economy reopened and businesses saw improved financial results from greater economic activity.

• Overall net trading gains were higher by $160% mainly attributed to trading on the bond portfolio.
• Dividend income of $131.4 million increased by $12.5 million for Q1 2022 over Q1 2021, reflecting overall higher receipts in 2022. • Fees and commission income of $90.1 million for January to March 2022 was lower by 23.4% compared to the corresponding period in 2021. This was attributable to reduced commission selling fees for IPO transactions which are queued for later dates in the year.
• Net foreign exchange gains of $47.6 million were lower by $23.2 million. The challenges of demand and supply in the FX market has impacted the Cambio operations unfavourably.
• Other income trended down by $33.2 million compared to the corresponding 2021 period.
• Other operating expenses for Q1 2022 increased by $131 million, moving from $322.6 million in Q1 2021 to $454 million in the current period under review. The increase was driven by higher expenditure in employee compensation costs up 31% and other support areas of the business, namely computer expenses, legal and professional fees, sales and marketing and consulting fees.

Subsidiary Highlights

With the local financial market experiencing improved buoyancy with the tempering of COVID–19 fears and related government restrictions, corporates posted improved financial results in several sectors over recent quarters which has generated continued improvements in the performance of stocks in the Mayberry Jamaican Equities Limited (MJE) portfolio.

The company reported an increase of $1.6 billion or 250% increase in net profits for quarter ending March 31, 2022 when compared to the loss of $631 million in the prior year. This performance mainly resulted from increased net gains on investments in associates of $1.6 billion and dividend income of approximately $12.6 million when compared to the same period in 2021.

In addition, total operating expenses for the year ended March 31, 2022 increased by $5 million or 16% to $35 million when compared to the corresponding period in the prior year. This was mainly attributable to expenses incurred for legal and professional and JSE fees.

Assets & Liabilities

Total assets as of March 31, 2022 amounted to $45.7 billion compared to $35.7 billion for the corresponding period ended March 31, 2021. The increase in asset balances was primarily due to an increase in investment in associates by $7.3 billion, and higher investment securities balances of $1.3 billion resulting from favourable price movements for local equities held in MJE’s equity investment portfolio.

The positive movement in asset balances also reflected an increase in reverse repurchase agreements of $643.1 million. The group’s cash position grew by $311.4 million.

Intangible assets increased by $317.5 million compared to March 31, 2021 as the group continued the roll out of its new digital platform. The positive movement in asset balances was offset by reductions in loans and other receivables and promissory notes of $52 million and $354 million, respectively.

Total liabilities for the group were $21.9 billion, an increase of $3.5 billion or 19% over the 2021 corresponding period, driven mainly by growth in securities sold under repurchase agreements, loans, interest payable and accounts payable.

Shareholders’ Equity

Mayberry group reported total shareholders’ equity of $17.2 billion at the end of March 31, 2022 compared to $13.7 billion for the prior period in 2021. The year-on-year increase of $3.5 billion was mainly driven by a $3.7 billion increase in retained earnings. This resulted in a net book value per share of $14.32 (2021: $11.39).

Capital Adequacy

Our capital base continues to be robust and compliant with our regulatory benchmarks. Our Q1 2022 capital to risk-weighted asset ratio of 22.5% improved from 21% for Q1 2021 and complied with the established minimum of 10% set by the Financial Services Commission (FSC). In addition, our tier one capital is 98% of the overall capital of the company and exceeds the regulatory minimum of 50% established by the FSC.

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GraceKennedy 2022 Q1 Results Reflect Continued Efforts To Successfully Navigate Myriad Challenges In Various Jurisdictions



Donald G. Wehby, Group Chief Executive Officer at GraceKennedy (GK) has released the following report on the company’s financial results for the first quarter of 2022.

For the three months ended March 31, 2022, GK achieved:

  • Revenues of J$36.26 billion, representing an increase of 15.5% or J$4.86 billion over the corresponding period in 2021.
  • Profit before other income was J$1.55 billion, a $26.6 million or 1.74% increase over prior year.
  • Profit before tax (PBT) was J$2.57 billion or $53.9 million higher than the corresponding period in 2021;
  • while net profit after tax was J$1.88 billion, representing an increase of 2.1% or J$39.4 million over prior year.
  • Net profit attributable to stockholders was J$1.74 billion, 4.9% or J$81.7 million higher than the corresponding period in 2021.
  • Earnings per stock unit for the period was J$1.75 (2021: J$1.67).

These results reflect our continued efforts to successfully navigate the myriad challenges we face in the various jurisdictions where we operate around the world, including global inflationary pressures, rising interest rates and supply chain and logistic challenges.

Our revenue remains robust and profits for three of our four business segments increased when compared to the corresponding period of the prior year.

Given the current geopolitical climate and ongoing COVID-19 pandemic, our outlook for the remainder of 2022 remains cautious; however, we are resolute in the execution of our strategic initiatives, while remaining agile in order to mitigate the impact of any headwinds on our business.

GraceKennedy Q1 Results Reflect Continued Efforts To Successfully Navigate Myriad Challenges In Various Jurisdictions Including Global Inflationary Pressures, Rising Interest Rates And Supply Chain And Logistic Challenges.

Performance of Business Segments


GK’s Foods recorded an overall growth in revenues and PBT when compared to the corresponding period of 2021. However, there were mixed results across its various divisions as the businesses continued to manage logistics issues including delays in the supply chain and port congestion, as well as margin pressures.

Our Jamaican food distribution business maintained its momentum from 2021, recording growth in both revenues and pre-tax profits. Core products, including Tropical Rhythms beverages, Grace Ketchup, Grace Coconut Milk Powder, Grace Vienna Sausages and Grace Frankfurters, demonstrated notable growth. This was coupled with the very strong performance of our Caribbean Choice brand, Spring Time laundry products, and Grace Sardines.

World Brands Services (WBS) continued to rebound, recording mid to high double-digit growth in both revenues and PBT. This was attributable to more distribution points being added by WBS throughout Jamaica, which resulted in double-digit growth in key brands.

The resumption of in person classes in Jamaican schools earlier in the year has also been a contributing factor to the improved performance of brands such as Frito-Lay, Mars, and Capri-Sun, which are distributed by WBS.

Jamaica-based Consumer Brands Limited (CBL) also reported double-digit growth in revenues and PBT. Notwithstanding this improved performance, CBL continues to experience inventory challenges for some key products, as global supply chain issues persist.

GK’s chain of Jamaican supermarkets, Hi-Lo Food Stores, recorded strong growth in revenues and PBT, as its initiatives focused on service levels and customer satisfaction continue to yield positive results.

GK’s Manufacturing Division also achieved growth in revenues and PBT, despite significant shipping delays and the rising cost of raw materials and packaging.

The demand for Grace brands remained strong during the period under review.

Our International Foods business recorded an improvement in revenue over prior year, however there was a decline in PBT primarily due to significant charges incurred arising out of shipping and port delays in the United States.

GraceKennedy Foods (USA) LLC (GK Foods USA) exceeded prior year’s revenues, however due to shipping logistics costs, profits for the period were negatively impacted. Measures have been implemented to mitigate a recurrence of this going forward. GK Foods USA has benefitted from the growth of the La Fe brand, and the Grace brand also continues to resonate with shoppers, particularly our canned fish and meats. New products such as Tropical Rhythms in the tetra pack and Grace Peanut Punch exceeded expectations.

Grace Foods UK Limited continued its positive trajectory, recording growth in both revenues and PBT. This performance was bolstered by the recovery of the food service industry as COVID-19 restrictions eased in the UK. The newly relabelled Encona sauces have recently hit shelves and we anticipate a positive reception.

Grace Foods Canada Inc. closed the quarter with revenues above prior year while PBT was affected by freight and other supply chain related cost increases. The growth in revenue came mainly from key products such as Grace Coconut Water, Grace Rice and Nutrament. Our new offering Grace Jerk Wings also performed well, in addition to meal replacement products such as Grace Peanut Punch and Vitamalt.

Financial Services

The GraceKennedy Financial Group (GKFG) delivered a positive performance for the period, recording growth in revenues and PBT when compared to the same period of 2021.

Our Banking and Investments segment yielded positive results led by GK Capital Management Limited (GK Capital), the investment and advisory arm of GKFG, who had an exceptional start to 2022.

GK Capital acted as the principal broker for two successful Initial Public Offerings (IPOs) – Spur Tree Spices Jamaica Limited and Jamaica Fibreglass Products Limited in January and March, respectively. The company also sustained its focus on expense management during the period and realised noteworthy growth in both revenues and PBT as a result.

In February, approval was received from the Financial Services Commission in Jamaica for our mutual fund offering from GK Mutual Funds Limited, which is expected to launch to the public by the third quarter of 2022.

SigniaGlobe Financial Group Inc., GK’s jointly owned merchant banking business in Barbados, reported encouraging results evidenced by double digit growth in revenue and PBT.

Our Jamaican commercial bank, First Global Bank Limited (FGB) achieved growth in both its loan and deposit portfolios during the period and continues its focus on strengthening relationships and expanding its digital offerings to its customers.

GK’s Insurance segment also recorded a positive performance.

GK General Insurance Company Limited (GKGI) outperformed its prior year revenues due to growth in its core business portfolios. The company aims to drive continued revenue growth through innovation and expanding its digital footprint through “GKGOnline” and internal system upgrades.

Key Insurance Company Limited also continues to produce positive results, recording growth in revenues and PBT.

Canopy Insurance Limited (Canopy) generated revenue growth over prior year in all business segments. The Canopy team remains focused on revenue diversification and continues to actively pursue strategic partnerships.

GKFG’s most recent acquisition, GK Life Insurance Eastern Caribbean Limited reported double-digit top-line growth and will continue implementing its strategy to maximize the performance of its portfolio while establishing itself as a major pan-Caribbean insurer.

Allied Insurance Brokers Limited remains one of the leading insurance brokers evidenced by the award of two new tenders in the first quarter. The team is focused on strengthening and growing client relationships and leveraging partnerships.

GraceKennedy Money Services Limited (GKMS) reported a decline in revenue and PBT, primarily attributed to lower remittance flows and foreign currency volatility during the first quarter of 2022. Other GKMS products, such as “Bill Express” and “FX Trader” however, saw growth in both revenues and PBT.

GKMS continued to advance its digital agenda during the period, which was reflected in the positive performance of its online offerings, such as direct-to-bank transactions and “Bill Express Online”.

Digital Transformation

The “GK ONE” App was released in the Google and Apple App stores in March with the Bill Payment feature enabled. The development of the Credit Card Application was completed in March and released early in April. This followed 2 months of pilot testing with customers of FGB and GK staff. With this feature, GK ONE customers are able to apply for a credit card from FGB, thereby, allowing the Bank to offer credit cards using a digital application. The business has also completed testing of the flagship product, “Receive Remittance”, which will facilitate the receipt of remittances directly to their GK ONE wallet and expects to launch in the near term.

Mergers & Acquisitions

GK continues to advance its Mergers & Acquisitions (M&A) strategy in 2022. In April, GK entered into an agreement with entrepreneur and information technologist Larren Peart to make a private equity investment in Bluedot. The business was founded by Peart in 2016, and is a full-service research and data intelligence consultancy, which uses data collection and analytics to inform business insights and decision making. The private equity investment sees GK becoming the majority shareholder and the remaining interest held by Larren Peart. Peart will be the Managing Director responsible for its day-to-day operations and developing and implementing its strategy.

More information CLICK HERE

See also GraceKennedy Limited Businessuite 2021 #1 Jamaica Main Market Company – US$ Revenue 

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War In Ukraine And Turbulence In The USA Market Impact QWI Investments Second Quarter Results.



The Following Is A Summary Extract From QWI Investments Report For The Second Quarter Ending March 2022, Released By Chairman John Jackson

“QWI Investments generated profitable results during the March quarter and the half year, from growth in investments in the Jamaican, Trinidad and Tobago and USA markets. The increased revenues in our first quarter was not maintained at the same pace in the second, partly due to the effect of the war in Ukraine and turbulence in the USA market.”

The quarter ended on a positive note despite wide-ranging challenges including, higher inflation and fear of the damage on asset values from higher interest rates globally, which resulted in a contraction in many stock markets. Consequently, the US Market in which a part of QWI portfolio is invested, declined and pulled down some of our investments.

The local market remained relatively strong with the Junior Market performing well, while the Main Market lagged but started reflecting the price movements of a few stocks reporting positive news. Some of our local holdings enjoyed excellent gains, while others, though not at their peak were still higher than the start of the fiscal year. It should be noted that the performance of the portfolio will vary from one quarter to the next, depending on a number of factors and may or may not be fully reflective of the outturn for the full financial year.

For the second quarter, QWI reported profit before tax of $50.7 million compared to $112.6 million in the year ago quarter.

Our Net Asset Value per share increased 2.1 percent in the period before taking into account dividend of 3.5 cents declared in March 2022 and paid in early April. This growth in the value of the Company’s investments occurred despite a slight downturn in the JSE Main Market.

The dividend of 3.5 cents paid in April, if repeated in September, is equivalent to a yield of nearly 9 percent per annum based on the quoted closing price of 79 cents at the end of September 2021. Based on the decision to pay out approximately 20 to 25 percent of profit annually, both the payout and yield could increase further, if the positive profit trend continues.

During the quarter, the Company realized gains of almost $10 million, mainly in the Jamaican stock market. However, not all the markets in which the portfolio is invested contributed capital gains in the period.

The Jamaican portfolio produced $113.7 million of unrealized gains versus $127.4 million in the year ago quarter. This 10 percent reduction in investment gains primarily reflects the lower price performance of some leading Jamaican stocks in the portfolio.

The performance of the Company’s USA investment portfolio was a notable weakness this quarter and resulted in unrealized losses of almost $53 million. Much of the loss occurred in January 2022 and arose from a sharp fall in many of the large cap technology companies in which the company holds investments.

The tech decline in January was a direct result of the realization among investors that interest rates in the USA will be significantly higher into 2023. As interest rates rise, the multiples investors are willing to pay for future earnings decline, which is exacerbated in technology companies where the multiples on future earnings are the highest in the USA stock market.

In February, in response to the less favourable prospects for a number of our investments, as well as the uncertainties brought about by the conflict in Ukraine in addition to rising inflation rates globally, QWI’s Investment Committee sold approximately 23 percent of the USA portfolio. The sales proceeds were partially applied to reducing the Company’s margin loans and the balance is being held at our brokers pending reinvestment.

In addition to the net investment gains of $70 million in the quarter, there was an unrealized exchange gain of $6.6 million compared to a loss of $1 million in the year ago period.

Dividend income amounted to $5.5 million, down from $7.2 million.

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Key Insurance Continues To Deliver Strong Financial Results, As Investment Income Continues To Be A Critical Source Of Total Income.



Tammara Glaves-Hucey General Manager Key Insurance Company Limited has released the following Interim Report to Stockholders For the First Quarter Ended 31 March 2022

Financial Performance

Key Insurance Company Limited (Key) continues to deliver strong financial results. For the three-month period ended 31 March 2022, Key reported Profit Before Tax (PBT) of $3.43 million, which is a 196 percent increase or $2.27 million over the corresponding period of 2021, which recorded PBT of $1.16 million.

When normalized for the effect of a $22.6 million one-off gain on sale of investment property in 2021, the increase in PBT over 2021 would be $24.92 million. Gross premiums written grew by a commendable 20.5 percent (or $84.9 million) over the corresponding period of 2021. Net Premiums Earned also grew by $99.6 million, or 40 percent, largely due to a reduction of $57 million in the unearned premium charge.

For the period under review, Key placed greater focus on managing costs in an effort to improve the Company’s earnings. There was a marginal reduction in the administration expense ratio, which moved from 30 percent in 2021 to 29 percent in the quarter ended 31 March 2022, notwithstanding the sharp increase in inflation.

“Investment income continues to be a critical source of Key’s total income and as such, we maintain our focus on strategically growing this income stream.”

Key continues to record growth in all streams of premiums written. Of the $84.9 million increase in gross premiums written, $44.7 million or 52.7 percent came from the non-motor portfolio. Additionally, non-motor premiums have seen a 53.5 percent increase quarter over quarter. The motor portfolio’s underwriting result increased by 107.5 percent over the corresponding period in 2021. This performance was primarily due to a 12.2 percent increase in gross premiums written and a 75.6 percent reduction in unearned premiums.

Investment income continues to be a critical source of Key’s total income and as such, we maintain our focus on strategically growing this income stream. Investment income grew by 88% during the quarter over the corresponding quarter ended 31 March 2021. The Company revised its Investment Policy in March 2022.

One of the main objectives of the revised Policy is to obtain optimal risk adjusted return.


In response to a declining COVID-19 positivity rate, in the period under review the Government of Jamaica (GOJ), like many other governments around the world, has commenced relaxation of restrictions that were implemented to control spread of the virus. As we move into this new phase of the COVID-19 pandemic, we expect challenges as well as new opportunities.

The general insurance sector is expecting an increase in claims upon the re-opening of the economy and associated increase in commercial activity. Key’s Management is cognizant of this expected increase in claims and has begun adjusting our underwriting practices and operations accordingly.

With rising global inflation, the Federal Reserve raised interest rate by 50 basis points the highest in over two decades. It is also expected that inflation will worsen in the near term primarily due to the Russia Ukraine conflict and the Federal Reserve may again increase interest rates. The GOJ has also increased interest rate to contain inflation in the near to medium term. This will disrupt the Jamaican capital market with the prices of GOJ Bonds expected to be negatively impacted.

As such, KEY is monitoring these developments with an aim to mitigate any negative impact the inflation and increased interest rates will have on the Company’s operations.

Key remains focused on its strategic objectives of sustained growth and innovation, consumer centricity, improved business processes for greater efficiency, and a performance-driven culture. In addition, the Company continues to ensure that it creates shareholder value through a sustained improvement in performance over 2021.

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