Derrimon Trading Company advises that Mr. Winston Thomas has resigned from the Board of Directors of Derrimon Trading effective January 31, 2025. We thank Mr. Thomas for his contribution to the Board and wish him every success in his future endeavours.

Sagicor Group Jamaica Limited (SJ) wishes to advise that Mr. Gilbert Palter resigned as a Director of SJ and its subsidiary, Sagicor Life Jamaica Limited (SLJ) effective January 31, 2025. SJ is pleased to announce that the SJ and SLJ Boards have approved the appointment of Ms. Cathleen McLaughlin as a Director of these companies effective February 1, 2025, subject to regulatory approval. Ms. McLaughlin holds a Bachelor of Arts degree from the University of Pennsylvania as well as a Juris Doctor degree from the University of Pennsylvania Law School and has over three (3) decades of experience working in the area of Corporate Finance, including experience in capital markets in the Caribbean and Latin America.

Supreme Ventures Limited (SVL) is pleased to announce the appointment of Mr. Stefan Miller, as the acting CEO of Supreme Ventures Gaming Limited effective February 1, 2025.

Pan Jamaica Group Limited (‘PJG’) announces that Mr. Eric Scott, Deputy Chief Financial Officer will be leaving PJG to pursue other opportunities, effective March 31, 2025. PJG thanks Mr. Scott for his contribution to the Group and wishes him every success in his future endeavours.

In light of evolving global trade dynamics and recent trade tensions involving the United States (US), Jamaican businesses are being strongly encouraged to proactively diversify their markets, exploring both regional and international opportunities.

Senior Director, Regulations, Policy, Monitoring and Enforcement at the Jamaica Special Economic Zone Authority (JSEZA), Ainsley Brown, has highlighted the United Arab Emirates (UAE) as a particularly promising market for Jamaican exports.

Mr. Brown was delivering a presentation at the Business Acceleration Centre (BAC) Accelerator Series, at the Terra Nova All-Suite Hotel in Kingston, on Thursday (February 6).

He emphasised the importance of thinking outside the box and embracing new possibilities, stating, “We live in extraordinary times, so you may need to be doing extraordinary things”.

Mr. Brown pointed to the remarkable growth in exports from Jamaica to the UAE, which surged by more than 5,000 per cent between 2021 and 2022.

Furthermore, Jamaica has narrowed its trade deficit with the UAE by 54.18 per cent, demonstrating significant progress in bilateral trade relations.

While acknowledging that the UAE currently exports more to Jamaica than vice versa, Mr. Brown underscored the potential for further growth.

He noted the success of Jamaican products in the UAE market, particularly coffee and hot pepper sauce.

“We went there; we have tested the market… . We were giving away samples of our products… . We had to restrict how much hot pepper sauce we gave out,” Mr. Brown said.

“It wasn’t just Jamaicans coming in and buying; it was people from all types of ethnic groups… people that never tried the Jamaican hot sauce, tried it, and came back the next day to buy more,” he added.

Mr. Brown also highlighted the demand for other Jamaican products, such as seasonings and canned ackee, while noting that Jamaica is exporting waste oil to the UAE for use in other processes.

He said that many exports to the UK and EU ultimately find their way to the UAE through informal channels.

As a result, he urges businesses to “cut out the middleman” and directly target the UAE market to maximise profits and fully capitalise on the growing demand for Jamaican products.

This call to action comes at a crucial time as businesses seek to mitigate risks associated with trade uncertainties in traditional markets.

Mr. Brown noted that the UAE offers a lucrative and receptive market for Jamaican goods, pointing out that proactive engagement can lead to significant economic benefits for Jamaican businesses.

By: Andrew Laidley, JIS

Jamaican businesses are being encouraged to take advantage of the island’s existing trade agreements to boost competitiveness and expand into new markets.

Vice President, Exports, Jamaica Promotions Corporation (JAMPRO), Sonja Linton, highlighted the significant opportunities available through these agreements, many of which, she said, are currently underutilised.

She was speaking at the Business Acceleration Centre (BAC) Accelerator Series at the Terra Nova All-Suite Hotel in Kingston on Thursday (February 6).

Jamaica has about 20 trade agreements relating to contract manufacturing, offering reduced rates for goods entering the United Kingdom (UK) and European Union (EU).

These arrangements enable businesses to price their products more attractively in international markets.

However, many Jamaican companies are not fully utilising these agreements due to a lack of awareness or understanding.

Ms. Linton emphasised the potential for growth through contract manufacturing and white labelling, stating, “this is an opportunity for companies in Jamaica to make products under other labels… . You have a contract to manufacture 100 soaps for the Marriott group, you send it off to them, and that’s it”.

This model allows businesses to focus on production, reduce distribution costs, and utilise excess capacity.

The Trade Board and Customs Agency websites offer comprehensive information on trade agreements, including the CARIFORUM-EU agreement, which covers the United Kingdon (UK) and Europe.

Ms. Linton urged businesses to explore these resources.

“I invite you to visit the Trade Board website and learn some more about the trade agreements…; trade agreements can be quite beneficial, and if you’re operating in the Special Economic Zones (SEZs) and you are making use of these trade agreements, you can see the opportunity [to be] competitive wherever you go,” she said.

She stressed that by leveraging these trade agreements, Jamaican businesses can enhance their competitiveness, access new markets, and drive economic growth.

JIS

Caribbean countries are experiencing a decline in birth rates, a trend posing significant challenges for the region’s future workforce, economic vitality, and market demand.

This population shift is driven by several factors: lower birth rates, single-parent households, aging populations, migration, and evolving family structures. For Caribbean business leaders, these trends indicate a shrinking pool of young workers, potential reductions in market size, and shifts in consumer demand—each with implications for long-term strategic planning.

One concern for leaders is workforce sustainability.

With an aging population and declining youth demographics, the region faces a shortage of skilled labour. For instance, in St. Vincent and the Grenadines, the working-age population (25-64) is expected to decrease relative to retirees, signaling potential labour shortages that may hinder economic productivity and increase costs related to recruitment and retention. This demographic shift will also stress social security and pension systems, as fewer working individuals will be available to support a growing number of retirees.

Another key impact is the changing consumer landscape.

As birth rates decline, spending on youth-oriented goods, like children’s apparel and educational services, may decrease. On the other hand, an older demographic increases demand for healthcare, elder services, and financial planning products.

Companies in retail, healthcare, and financial services should consider how to pivot their offerings to cater to an aging population. This shift in demand highlights a growing need for business leaders to proactively adapt their services and marketing strategies to reflect demographic realities which also exacerbates population challenges in the Caribbean.

Skilled professionals often seek better opportunities abroad, creating a “brain drain” that impacts local innovation, healthcare, and education. This emigration trend not only reduces the talent pool but also places added pressure on businesses to offer competitive salaries and benefits to retain top talent.

While remittances from abroad do support local economies, these inflows are not sufficient to offset the lost human capital and may contribute to a reliance on external sources of economic stability.

Mitigation Strategies

To mitigate the impacts of a declining population and labour pool, Caribbean business leaders can take several steps:

Invest in Workforce Automation: Adopting technology and AI can help offset labour shortages and enhance efficiency.

Attract and Retain Talent: Offering competitive wages, flexible work arrangements, and pathways for career growth can help retain existing talent and attract skilled professionals who might otherwise seek opportunities abroad.

Develop Age-Responsive Products: As consumer needs shift with an aging population, tailoring products and services toward elder demographics—such as health, wellness, and retirement services—can help maintain demand.

Expand Markets: Companies can look beyond the Caribbean to more populous markets with younger demographics, like parts of Latin America, to diversify revenue.

Engage in Policy Advocacy: Collaborating with governments to support youth employment initiatives, incentivize family growth, and create skilled migration programs can address demographic challenges systemically.

Enhance Skills Training: Invest in upskilling programs to enhance productivity and adapt the existing workforce to high-demand roles, filling gaps left by emigration.

By anticipating these demographic shifts, leaders can future-proof their businesses, ensuring resilience in a changing Caribbean economy.

Republic Financial Holdings Limited (RFHL) is the registered owner of all of the Banks in the Republic Group – Republic Bank Limited, Republic Bank (Guyana) Limited, Republic Bank (Barbados) Limited, Republic Bank (Grenada) Limited, Republic Bank (St Maarten) N.V., Republic Bank (EC) Limited, Republic Bank ( Anguilla) Limited, Republic Bank (Suriname) N.V, Republic Bank (Cayman) Limited, Republic Bank (Ghana) Plc., Republic Bank (BVI), Cayman National Corporation as well as Republic Wealth Management Limited and other subsidiaries.

In keeping with international best practice, this holding company was formed with the aim of offering increased operational efficiencies and optimum management of the Group; ultimately leading to greater value for our shareholders and clients while enabling greater strategic focus and diversification.

Leadership

Vincent A. Pereira, Chairman
Vincent A. Pereira is an accomplished petroleum engineer with more than 35 years in the energy sector, bringing extensive leadership and technical expertise to his role as Chairman of RFHL. His career includes significant achievements in both Trinidad and Tobago and the United States, with a strong background in operational excellence and strategic development.

Mr. Pereira is a former President of BHP Trinidad and Tobago, where he was instrumental in achieving value-based growth, overseeing major offshore developments, and spearheading exploration efforts in deepwater frontier basins. His influence extends to industry governance, having served as a Director of the Energy Chamber of Trinidad and Tobago and as a Governor on the Board of the National Energy Skills Centre.

Education and Credentials
Bachelor of Science in Chemistry, University of Guelph
Master of Business Administration (MBA), Houston Baptist University
Diploma in Petroleum Engineering, University of the West Indies

Nigel M. Baptiste, Group President and Chief Executive Officer
Nigel M. Baptiste has dedicated over 30 years to the banking sector, contributing to Republic Bank Limited’s growth and innovation. Appointed in 2016, Mr. Baptiste’s tenure as Group President and CEO is marked by his commitment to strengthening Republic’s leadership position in the Caribbean financial market. His extensive experience encompasses key roles, including Managing Director of Republic Bank Limited and Republic Bank (Guyana) Limited and serving as General Manager of Human Resources.

Mr. Baptiste’s strategic vision has positioned RFHL for sustainable growth and market responsiveness. He also champions operational excellence across multiple subsidiaries, aligning the group’s strategic initiatives with economic development goals across the Caribbean.

Education and Credentials
Bachelor of Science (Honours) in Economics, University of the West Indies
Master of Science in Economics, University of the West Indies
Advanced Management Program, Harvard Business School
Diploma with Distinction, ABA Stonier Graduate School of Banking
Associate of the Chartered Institute of Bankers

Republic Financial Holdings Is A Driving Force And Agency For Change

“The Republic Group has been competitive in the pursuit of service excellence and nation-building for more than 186 years.”

Working closely with many to help build successful people and sustainable societies, the Group strives to go beyond the boundary as the one true indigenous team that has stood the test of time in efficiently delivering service to our clients, stakeholders, and communities in the Caribbean, South America and Ghana.

In every field, every time we bat, we stride forward confidently with eyes fixed on hitting our goals. As we focus on unlocking the truest potential of our People, Planet, Progress and Communities, we are determined, compassionate and strategic in our approach in seizing
opportunities and facing challenges head on.

Unified in this purpose, the Republic Group continues to be a driving force and agency for change in the markets we serve, working together as one to bring our stakeholders and our people, leading-edge solutions to fulfil their needs and achieve their goals.

As a team, we will continue to cheer for, and empower, many in bringing out their best. As a Group, we will endeavour to create sustainability, promote equity, and nurture the talents of our people and communities wherever we channel our resources.

Republic Financial Holdings Limited (RFHL) recorded a profit attributable to equity holders of the parent of $1.75 billion for the year ended September 30, 2023, an increase of $224.0 million or 14.7 percent over the profit of $1.53 billion reported in the prior year.

These results are a combination of the returns from the Group’s advances and investment portfolios, and reduced credit loss expenses.

Based on these results, the Board of Directors declared a final dividend of $4.10 per share for the year ended September 30, 2023. When combined with the interim dividend of $1.10 per share, this brings the total dividend for the year to $5.20 per share, an increase of $0.70 or 15.6 percent over the amount declared for 2022. At a share price of $121.02 as at September 30, 2023, this results in a dividend yield of 4.3 percent on an RFHL share.

The Group earned net interest income of $4.7 billion for year ended September 30, 2023, an increase of $526 million or 12.7 percent above the prior year.

Average total assets increased by $1.9 billion or 1.7 percent in the fiscal, with the net interest margin increasing from 3.76 percent in 2022 to 4.17 percent in 2023.

• In Trinidad and Tobago (T&T), net interest income grew by $142 million, being the net impact of increases in interest income and interest expense of $210 million and $68 million respectively. The increase in interest income was generated primarily from the growth in the advances portfolio, coupled with higher interest rates on United States dollars (USD) denominated investments. The $68 million increase in interest expense stemmed from growth in the deposit portfolio and higher interest rates on the US$150 million floating rate debt.

* In Barbados, net interest income grew by $5 million, the net result of a $3 million increase in interest income and a $2 million decline in interest expense. The $5 million growth in interest income was the result of increased portfolios for advances and investment securities, while the decreased interest expense was due to a decline in the deposit portfolio of Republic Bank (Barbados) Limited.

• The Cayman Islands recorded increased net interest income of $247 million, the net effect of increases in interest income of $352 million and $105 million in interest expense. The increases were the result of increased yields on USD investment securities and customer deposits in the Cayman Islands market.

• The Eastern Caribbean (EC) recorded growth in net interest income by $74 million due to increases in interest income and interest expense by $83 million and $9 million respectively. This resulted from increased portfolio balances for advances and customer deposits in the EC islands, while interest rates remained fairly constant.

• In Suriname, the increase of $40 million was the net effect of an increase in interest income of $37 million and a $3 million decline in interest expense. The increase in interest income was due to growth in the advances and investment portfolios, while the decreased interest expense was a result of a reduction in deposit rates.

• In Ghana, the $40 million decrease in net interest income resulted from a decline in interest income of $5 million and increased interest expense of $35 million. This decline was mainly due to a reduction in average interest rates for advances and the depreciation in the Cedi exchange rate during the year. The increased interest expense resulted from increased interest rates in addition to an increased customer deposit portfolio.

• In the British Virgin Islands (BVI), the increase of $9 million in net interest income was due to increases in interest income and interest expense by $20 million and $11 million respectively. Increased yields on advances, investments and customer deposits accounted for the increased income and expense.

The increase in profitability in 2023 is reflected in the rise in most key ratios in 2023, with the Return on Average Assets (ROA) ratio increasing from 1.53 percent in 2022 to 1.73 percent in 2023, and the Return on Average Equity (ROE) ratio increasing from 12.73 percent in 2022 to 13.87 percent in 2023.

Earnings Per Share (EPS) also increased from $9.37 in 2022 to $10.69 in 2023, an increase of $1.32 per share. RFHL’s share price closed at $121.02 as at September 30, 2023, a decline of $18.99 over the past year, while the Price/Earnings (P/E) ratio decreased from 14.9 times in 2022 to 11.3 times in 2023.

Dividends
The Board of Directors declared a final dividend of $4.10 (2022: $3.45) per share, which brings the total dividend to $5.20 (2022: $4.50) per share for the fiscal year, an increase of 15.6 percent or $0.70 in total dividend payment over 2022. At a closing share price of $121.02, this dividend represents a dividend yield of 4.30 percent (2022: 3.21 percent).

The Group’s capital adequacy ratios across all countries and at the consolidated level remains quite robust. The final dividend was paid on December 1, 2023, to all shareholders of record on November 16, 2023.