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Jamaican Teas Exiting Real Estate Activities As Nonrecurrent Loss On Sale Of Bell Road Factory Impacts Latest Results



John Mahfood Chief Executive Officer and Director Jamaican Teas Limited has released the following report for  the Second Quarter Results to March 2024

Jamaican Teas Limited is pleased to report growth of $218m in its adjusted profits before tax for the half year to 31 March 2024 from $13.4m a year ago to $231 million this year before deducting a nonrecurrent loss of $92.49 million from the sale of its Bell Road factory in March 2024.

Manufacturing Division | Manufacturing revenues increased 11 percent in the quarter and 8 percent for the half year driven principally by a strong performance in the domestic market where revenues grew by 8 percent in the quarter and 18 percent for the half year. This performance was strongly influenced by the appointment of Wisynco as our new distributer for Jamaica on November 1, 2023. Export sales grew by 5 percent in the quarter and 3 percent for the half year.

Real Estate Division | No real estate sales were booked in the year ago quarter or half year as construction work on our new studios at Belvedere Road, in Kingston was still underway up to March 2023. Construction of this complex finished in Sept 2023 and sales of 7 units have been completed in the year to date.

Retail Division | For this quarter, retail revenues increased 11 per cent. This reflects a continuation of the accelerated revenue growth we have seen in our store in recent months. Our retailing profits increased by approximately 8 percent for the half year.

Investment Division | During this quarter, there was a reversal of the declines in the prices of stocks listed on the Jamaica Stock Exchange. The prices of stocks listed on USA Stock Exchanges continued to increase in the quarter. This resulted in significant unrealised gains in our overseas investments without a repeat of the offsetting investment losses on the local portfolio experienced in the year ago period.

Following from this, QWI Investments Limited (QWI) reported a pre-tax profit of $74 million for the quarter, a $102m reversal from their year ago loss of $28m. This builds on the positive trend seen in the first quarter, and resulted in a $238 million increase in the group’s total investment income for the half year.


JTL’s total revenues for the quarter increased by $134 million or 20 per cent overall from $666 million a year ago to $800 million this quarter. $86m of this increase reflected the absence of real estate revenues in the year ago period, as noted above. The half year revenues reflected a similar trend.
The increases shown in Investment Income mainly reflect the realized and unrealized overseas investment gains of QWI, partially offset by slightly lower dividend income and increased foreign exchange losses compared with the year ago period.


Cost of sales moved from 78 percent of revenues a year ago to 80 percent this quarter. This apparently adverse trend is a reflection of low margin real estate sales this year versus no real estate sales a year ago. Adjusting for this year’s real estate sales, the gross profits of the manufacturing and retail divisions actually improved from 22.0 per cent to 22.5 percent in the quarter. The year to date gross profits showed a similar improvement.

A loss before deferred tax of $92.49 million was recorded on the sale of the Bell Road factory in March 2024. This is a non-recurrent expense and compares with the net revaluation surplus of $257.25 million recorded in prior financial years on the revaluation of this building between its acquisition and it’s disposal in March 2024. This surplus was forms part of the revaluation reserves in the company’s equity capital.

During the quarter, overhead costs increased slightly. For the year to date, the increase in overhead costs largely reflected increased costs for insurance and professional fees. The increase in interest expense during the quarter resulted from higher interest rates as well as increased short term borrowings by Jamaican Teas.


Net profit attributable to Jamaican Teas for the quarter after adjusting for the loss on the sale of the Bell Road factory was $73 million, a sharp increase from the $59 million profit in the same quarter of the previous year. Adjusted net earnings per share was 3.39 cents (2022/23 – earnings of 2.7 cents). The unadjusted net loss attributable to Jamaican Teas for the quarter was $18.99 million or 0.9 cents per share.

For the year to date, net profit attributable to Jamaican Teas after adjusting for the loss on the sale of the Bell Road factory was $114 million, a sharp increase from the $86 million profit in the previous year.

Adjusted earnings per share was 5.3 cents (2022/23 – earnings of 4.0 cents). The unadjusted Net profit attributable to Jamaican Teas for the year to date was $21.67 million or 0.9 cents per share.


The net decrease in fixed assets of $162 million since September 2023 is due mainly to the sale of the Bell Road factory building in March 2024 offset, in part, by the purchase of, and capital improvements and machinery purchases at, the Temple Hall factory.

The company moved its spice and dry pack production from leased premises at Montgomery Avenue to our Temple Hall factory in Feb 2024 and the tea division will be relocated during the third quarter of this financial year reuniting all the manufacturing activities into one facility.

The reduction in Investment properties since September 2023 reflects the sale of one of our buildings at Harbour Street, Kingston during the period. Efforts are continuing to sell the two remaining buildings at Harbour Street along with two other investment properties.

Housing inventories fell by $173 million due to the sale of the first seven units at Belvedere, while other inventories and receivables increased during the half year reflecting the increased scale of operations in our manufacturing activities.


In the half year to March 31 2024, the group has:
-purchased a new factory at Temple Hall and sold its Bell Road facility (subject to a short term lease back)
-transferred its manufacturing activities from Jamaican Teas Limited to Caribbean Dreams Foods Ltd, its wholly owned subsidiary
-installed two new co-General Managers at its manufacturing Division
-acquired new spice packing machinery that will facilitate a tripling of Saizon production adding up to $80 million in annual gross profit
-begun the process of exiting its real estate activities

In the next 6 months the group will complete its transfer from Bell Road to Temple Hall and continue the divestment of its real estate holdings. This is expected to make the group more cost efficient, better focused and more profitable. While many of the geopolitical developments taking place around the world are discouraging, the group is optimistic about its future.

For More Information CLICK HERE

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Elite Diagnostic Limited: Navigating Challenges and Seeking Growth



Harvey Levers Chief Executive Officer for Elite Diagnostic Limited has released its unaudited financial statements for the third quarter ended March 31, 2024. The results suggest that while the company has seen some financial improvements, it continues to face challenges in growing and stabilizing its business. delves into the company’s recent performance, the hurdles it faces, and the strategic initiatives management is undertaking to attract investors and secure a more stable future.

Financial Performance Overview

For the third quarter of 2024, Elite Diagnostic reported a revenue of $205.1 million, marking a modest 2% increase over the same period last year. This uptick in revenue by $2.9 million signifies a positive trend, albeit small. More notably, the company’s gross profit saw a significant rise of 10.4%, jumping from $135.5 million to $149.6 million. Operating profit experienced an impressive 44% increase, moving from $17.4 million to $24.9 million compared to the same period in the prior year.

One of the key highlights of the financial statement is the substantial improvement in net profit. The net profit for the quarter stood at $12.6 million, which represents a 110% increase from the $6.0 million reported in the comparative quarter of 2023. This boost was achieved despite a 26% increase in administrative expenses amounting to $20.4 million, which was effectively offset by a 53% reduction in depreciation expenses.

Assets and Liabilities

Elite Diagnostic’s total assets amounted to $1,033.0 million, slightly down from $1,053.1 million in the previous year. This decrease is attributed to the reduction in the book value of some fixed assets. On the liabilities front, the company saw a reduction from $577.1 million to $550.1 million, reflecting the ongoing reduction of long-term debt as per the scheduled repayments.

Strategic Initiatives and Challenges

The improved financial performance of Elite Diagnostic can be largely attributed to strategic measures implemented late last year aimed at reducing machine downtime. Machine downtime has been a critical issue for the company, affecting operational efficiency and customer service delivery. By addressing this issue, Elite Diagnostic has not only enhanced its operational performance but also improved its financial results.

However, the company still faces significant challenges. The 26% increase in administrative expenses indicates that operational costs remain a concern. Additionally, despite the reduction in depreciation expenses, managing the costs associated with maintaining and upgrading diagnostic equipment is a continuous challenge.

Elite Diagnostic has also historically struggled with stabilizing its business and achieving consistent growth. Market competition, economic fluctuations, and the high costs associated with advanced diagnostic technology are ongoing hurdles. The reduction in total assets, due to decreased book value of fixed assets, suggests a need for strategic asset management to avoid future devaluations.

Attracting Investors

To make the company more attractive to investors, management is focusing on several key areas:

Operational Efficiency: Continuing efforts to minimize machine downtime and optimize operational processes are critical. By ensuring high machine availability and reducing operational disruptions, Elite Diagnostic aims to enhance service reliability and customer satisfaction.

Cost Management: While administrative expenses have risen, the significant reduction in depreciation expenses shows a promising direction. Management needs to maintain a balance between necessary administrative costs and overall cost-efficiency to ensure sustainable profitability.

Customer Service: Maintaining a high standard of customer service delivery remains a top priority. Superior customer service can differentiate Elite Diagnostic from competitors and foster customer loyalty, which is essential for long-term growth.

Debt Reduction: The ongoing reduction of long-term debt is a positive sign for potential investors, indicating prudent financial management and a focus on strengthening the company’s balance sheet.

Innovation and Technology: Investing in the latest diagnostic technologies and ensuring their optimal functioning can position Elite Diagnostic as a leader in the field. This requires a strategic approach to capital expenditures and continuous innovation.

Elite Diagnostic Limited has shown commendable improvement in its financial performance for the third quarter of 2024. Despite the ongoing challenges, the company’s strategic initiatives to reduce machine downtime and focus on customer service are yielding positive results. By addressing operational inefficiencies and managing costs effectively, Elite Diagnostic is working towards becoming a more attractive proposition for investors. The road ahead may be challenging, but with continued focus on strategic priorities, the company can aim for sustainable growth and stability in the competitive diagnostic industry.

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Jetcon Corporation Shifting Focus Towards Sale Of New Cars With BAIC Brand, In Line With Banks Financing Preference.



Andrew Jackson Executive Chairman Jetcon Corporation Limited (JETCON) – has released the following Unaudited Financial Statements for First Quarter ended March 31 2024.

Jetcon Corporation ended the first quarter of 2024 cutting net losses almost in half compared to the same period in 2023, at $0.89m compared with $1.76m last year.

Cost of Sales decreased 37 percent, to $112m from $154m last year.

Earnings per share total 0.15 cents, down from 0.30 cents last year.

On the balance sheet Inventories total $400 million, which includes used and new vehicles, and solar products, while receivables total $97 million and includes deposits on purchases of imports.

Banks continue to give more favourable lending rates towards the purchase of new cars than used cars, and this is reflected in the continuing stagnation of used car sales. We are therefore shifting focus towards the sale of new cars with the BAIC brand, and we have received positive feedback thus far with the models. Resources will be increasingly transferred from used sales to new sales as new sales pick up.

Similarly, solar product sales continue to be positive, and combined with new car sales, we expect this will form the bulk of revenue in the next 12 months, with much higher profit margins than that of used car sales.

Our Audited Financials for the year ended 2023 will be posted within the next two weeks, and the Board and management regret their lengthy delay. We would like to thank shareholders, management, staff and customers for their continued support.

For More Information CLICK HERE

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Seprod Group Reporting Reduced Net Profits For Year and Quarter-to-Date Performance



Richard Pandohie Chief Executive Officer for Seprod Group Limited has released the following summary Interim Report to Stockholders from their 1st Quarter Unaudited Financial Statements

Seprod Group Limited (Q1 2024)
Year and Quarter-to-Date Performance (January-March 2024) Revenues:

• Total Revenue: $28.59 billion, up by $1.53 billion (6%) from Q1 2023.
• Gross Profit: $9.48 billion, up by $1.14 billion (13%) from Q1 2023.
• Net Profit: $1.20 billion, down by $152 million (11%) from Q1 2023.

Comments on Performance:

Revenue Drivers:

• Margarine Production: Normalized post-plant upgrade; aggressive market share recovery underway.
• Juice and Dairy Beverages: Demand exceeds capacity; new production capacity to be added later this year.
• Export Sales: Increased by 27%.
• Bryden Group Premium Beverages: Revenue negatively impacted by a short carnival season in Trinidad and Tobago.

Net Profit Factors:

• Interest Expense: Increased due to higher interest rates.
• Effective Tax Rate: Higher in Bryden Group due to business mix changes and expired benefits.
• Dairy Farm Costs: Increased significantly due to drought in Jamaica.
• Pharmaceutical Business: Supply chain challenges.
• Cost Increases: Insurance, interest rates, security, transportation, etc., have eroded profit margins.

The company continues to focus on creating sustainable shareholder value through regional platform expansion and investment in talented, motivated personnel.

For More Information CLICK HERE

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Mailpac Group Tags MyCart Express Assimilation For Enhanced Revenue And Operational Efficiencies To Turn Things Around



Khary Robinson Executive Chairman Mailpac Group Limited has released the following Directors’ Report To Shareholders for the quarter ended March 31, 2024.


Mailpac Group Limited (“Mailpac” or the “Company”) presents its unaudited financial statements for the quarter ended March 31, 2024.

Throughout the quarter, Mailpac focused on closing on the acquisition of MyCart, a significant step in entrenching the business as the leader in e-commerce fulfillment in Jamaica. Not only will the transaction significantly expand market share and improve service delivery, but the brands in the group are now better positioned to meet the goals and needs of their respective target markets. Additionally, despite increased competition and external factors impacting efficiencies, our financial performance for the reviewed period was commendable.

Financial Performance:

In Q1 2024, Mailpac’s revenue came in at $368.5 million, down by 7.8% from the previous year mainly because of the reduction in Mailpac Local and commissions from the marketplace platform at Aeropost.

Despite the reduction, Gross profit for Q1 was $197.9 million, up by 3.6% compared to the previous year.

Operating expenses in Q1 totaled $130.8 million, a 13.6% increase year-over-year, mainly due to strategic investments in business growth and data protection remediation efforts.

Net profit for Q1 decreased by 16.7% to $50.1 million.

We anticipate profitability improvements in 2024 through customer base expansion and overhead cost reductions due to strategic enhancements and shared key operations between Mailpac and MyCart Express.

Financial Position:

At the end of Q1 2024, Mailpac’s Total Assets were valued at $626.3 million, with a cash position of $156.2 million.

Shareholder’s Equity stood at $537.9 million.


With the completion of the acquisition of MyCart Express at the end of March 2024, we are optimistic about the expected synergistic benefits, enhanced revenue streams, operational efficiencies and increased shareholder value from Q2 onwards.

We are confident that the decision to bring both brands under the same umbrella will position Mailpac for continued growth, industry leadership and success in e-commerce.

For More Information CLICK HERE

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Agostini’s Directors Approve Interim Dividend of 40c per share



Christian E. Mouttet Chairman For Agostini’s Limited has released the following Unaudited Half-year Summary Consolidated Results for Agostini’s to March 31, 2024

The Agostini’s Group maintained a consistent financial performance during the First Half of the 2024 Financial Year.

Revenue increased 7%, reaching $2.57 billion, and operating profit improved marginally to $269 million.

Profit attributable to shareholders, excluding the one-off, non-cash Net Gain on Acquisition, decreased by 6% from $l30 million to $122 million, largely as a result of some non-recurring gains recorded in the previous year, including the profit from the divestment of the Agostini’s contracting division.

Earnings per Share for the first six months were $1.76 versus $1.88 in the prior year without the net gain ($3.93 inclusive of the gain).

Our Consumer Products and Energy & Industrial segments continued to perform well during the period, however, Pharmaceutical & Health Care lagged in profitability in the Second Quarter. This was partially due to supply chain disruptions as well as softer conditions in some regional markets, both of which we are working to improve in the Second Half.

At the end of April, the Group formed a strategic alliance with Linda’s Bakery acquiring 14 of their retail outlets, through our SuperPharm retail subsidiary. This acquisition facilitates our efforts to expand our Presto brand of freshness and convenience across Trinidad & Tobago.

We are in the process of structuring our Pharmaceutical & Health Care and Consumer Products segments to take advantage of our regional position, which has stemmed from our acquisitions in recent years, and this should be completed by the end of the financial year.

We expect to reap the benefits of this now and in the future and remain confident in our strategy for long-term sustainable growth

Based on our Half-year results, the Directors have approved an interim dividend of 40c per share, similar to the prior year. The dividend will be paid on June 28, 2024, to members on the register on June 3, 2024. Our share register will be closed on June 4 and 5, 2024.

For more information CLICK HERE (more…)

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