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Jamaica’s Top 10 CEO’s for 2007




Being recognized for one’s leadership prowess is noteworthy, and making “The List” is a testament of organizational performance excellence. List watchers can not help noting that “The List” is relatively fluid, clearly an indicator of shifts in organizational results over time.

For example, Francis L.A. “Tony” Haynes did not make the list in 2005 and 2006, but entered the 2007 ranking at number one. William McConnell ranked number one for 2006; however he did not make the list for 2007 and 2005. As we have often said, making “The List” is an important achievement; however staying on “The List” is the true test of performance and a demonstrable ability to deliver in today’s volatile marketplace.

The list is essentially comprised of CEO’s in three main groups: regulars, first timers, come and goers.

For 2006, three CEOs demonstrated this capacity, Patrick Hylton at NCB, Richard Byles at Life of Jamaica, now Sagicor; and Peter Bunting of the former BDG.

For the 2007 list, only two top performing CEO’s retained their positions, Richard Byles was two in 2005, ninth in 2006 and tenth in 2007. Patrick Hylton was tenth in 2005, fourth in 2006 and ninth in 2007.

Milton Brady over at First Caribbean Bank Jamaica retains his sixth ranking and is back on the list having ranked sixth in 2006, was not ranked in 2005 and is seeking to be a regular on the list.

First timers
Top of the list performers for 2007, were Francis Haynes, from Carib Cement ranked number one; and Brian George, from Supreme Ventures was ranked number two, making the list for the first time. Other first time entrants on the list are Gary Peart at fifth from Mayberry Investments and Douglas Orane from Grace Kennedy at fourth.

Come and goers
Stephen Facey, who has the unique distinction of been the CEO for both Pan Jamaica Investment Trust ranked seventh, and First Jamaica Investments eighth dropped off the list in 2006; while ranked fourth and third respectively in 2005. Byron Thompson is back on “The List” ranked third, after failing to make the list in 2006, following a 2005 ranking of eighth.

The six (6) who dropped off the 2007 list include:

2006 2005 % CEO Company
1 NR 35.26 William McConnell Lascelles De Mercado
2 NR 32.46 Grantley Stephenson Kingston Wharves
3 NR 23.36 Michael Bernard Carreras
5 NR 15.52 William “Bill” Clarke ScotiaBank
7 7 9.93 Peter Bunting Dehring Bunting and Golding
8 NR 7.82 Donovan Perkins Pan Caribbean Financial

How they performed for 2007:

Francis Haynes shot to the top of “The List” with a 576.62% growth in after tax profits of 522,123 million compared to 77,166 in 2006. Under his leadership during the financial year ended December 2007, Carib Cement Company Limited (CCCL) was able to realize positive growth in its net profit for the first time in three years. In 2006, CCCL was forced to briefly suspend the manufacture and sale of its products after the discovery of substandard cement. In order to meet local demand, the CET was removed, thereby allowing private importers to infiltrate the market. The CET remained on hold throughout the 2007 financial year resulting in continued high volumes of imported cement products. As such, the company’s cement sales were 4% below the 2006 volume even though the market grew by 7%. This coupled with the continued increase in the price of energy and raw materials threatened profitability. However, both revenue and net profit increased by 17% and 477%, respectively, due to price adjustments commensurate with inflation, rigorous cost containment and a significant reduction in sub-par cement claims.

Brian George #2 on “The List” with a 145.18% increase of 405,400 million in 2007 over 165,348 in 2006 after tax profits is a Trinidadian by birth. Prior to joining Supreme Ventures Limited, Brian was Senior Director of GTECH Latin America and General Manager of GTECH Jamaica and Barbados. In addition to nine years experience in various lottery jurisdictions across the world, Brian was able to bring valuable marketing insight and considerable management expertise to Supreme Ventures. Brian recently lead the company through a successful Private Placement Share Offer of J$1.852B (July 2005), in which the company achieved an expression of interest of over J$5B from investors. The Offer was closed 1½ hours after it was opened.

During the financial year ended October 2007, Supreme Ventures Limited (SVL) posted net profits of $405.4 million, an increase of 145%, the third consecutive year of at least double-digit growth and well within the projections made by its President and Chief Executive Officer, Brian George. This level of accuracy, while rare for a company whose profitability fluctuates with the unpredictable prize payout, is to be expected from a CEO who had formerly been at the helm of the Group’s key partner, GTECH, a US-based provider of information technology services necessary for the provision of online lottery products and services.

Across the board, the Group experienced growth in every business segment, with the most success realized in the video lottery terminal games and financial services segments, which grew by 44% and 36% respectively. In the lotteries segment, five of the six pre-existing games showed an increase in sales; with only instant realizing a 17% decrease. However, this decline was almost exactly counteracted by the sales generated from the newly introduced Prime Time Bingo, which was launched in the final month of the financial year. According to Mr. George “for the one month period, the game contributed over $20.0 million in revenue to the financial year’s figures. We remain confident that the game will gather momentum, due to its unique game design that combines the features of a lottery game, with the traditional social game of Bingo.”

Byron Thompson hits “The List” at #3 with a 119.75% performance of 1,013,009 compared to 460,992 in 2006. Making his first showing on the list in 2005 at #8, He failed to make the 2006 list.

During the financial year ended December 2007, Seprod recorded net income amounting to $1.01 billion, a 120% increase over the $460.9 million realized in 2006. This record-breaking profit marked the first time that the Group passed the billion-dollar mark, ushering it into the Billion-Dollar club. Mr. Thompson qualified the Group’s success modestly, saying simply: “We had a good year … The only disappointment was the fall in milk production after Hurricane Dean, as the cows were not able to produce as normal, given the weather conditions.”

Seprod’s phenomenal year-over-year growth can be attributed to, first and foremost, a 27% increase in sales revenue, fuelled primarily by a 175% increase in export sales. However, as with many of the other listed companies, Seprod’s profit and loss account was heavily impacted by the realignment of its investments in its associates and subsidiaries.

Douglas Orane, C.D., Chairman and CEO of GraceKennedy makes “The List” for the first time at #4 with an 88.97% growth of 3,535,216 over 2006 results of
1,870,811. Douglas Orane, C.D., has been a member of the GraceKennedy family since 1981 when he joined as a Corporate Planner. An engineer by training, he quickly climbed the ranks by holding several leadership positions in almost all areas of the Group, being effectively groomed for the Chief Executive Officer and Chairman positions, which he assumed in 1995 and 1981, respectively, and still retains.

Through the completion of three acquisitions during financial year 2007, the Group remained on target towards its ‘2020 Vision’ of becoming a global company by the year 2020. In February, the Group acquired WT Holdings Limited, a UK-based owner and distributor of several ethnic food brands. In April, the Group acquired 30% of the Trident Insurance Company Limited, a general insurance company in Barbados. In July, it purchased 90% of One1 Financial Limited, an investment bank in Trinidad and Tobago. All three acquisitions contributed to the development and international expansion of pre-existing business lines that operate primarily in Jamaica, and although they cumulatively increased the Group’s capital expenditure by 73%, the additions to the GraceKennedy family contributed to the 35% increase in revenues and the 96% increase in net profit.

Gary Peart at #5 is making “The List” for the first time with results of 42.65% or 372,619 for 2007 compared to 261,203 for 2006. He joined Mayberry Investments Limited in May 2005 as Chief Executive Officer after building his resume and developing his management techniques throughout the financial industry over the course of 15 years. During this time, he gained experience in almost every business line, including corporate finance, equity, fixed income and treasury management; all which prepared him for his current role as the leader of one of Jamaica’s most well-known financial entities.

Mayberry’s financial year which ended in December 2007 proved to be one of recovery. The Company was able to grow its net profit by 43% based primarily on non-interest income; a fulfilment of its goal to diversify revenue streams to a point where non-interest based income steadily outweighs interest income, which fluctuates with uncontrollable market conditions. The focus on this strategy included a realignment of equities portfolios, an increase in bond trading and an enhancement of fee income, which led to fees and commission, net trading gains and net foreign exchange gains increasing by 19%, 267% and 745% respectively.

Milton Brady retains the #6 spot on “The List” with a 30.97% or 771,123 performance for 2007 compared to 588,776 for 2006. Although not ranked in 2005, he is widely regarded as another performer that is really making strides as he turns around the financial performance of First Caribbean.

Milton Brady has been at the helm of First Caribbean International Bank Jamaica Limited (FCIBJ) since January 2005; the result of a strategic decision to separate the Group’s head of capital markets from its national manager. At the time, Brady’s appointment complimented FCIBJ’s focus on its loan portfolio, especially given his vast experience in credit markets both internationally and locally; he returned to Jamaica in 2004 to become the Group’s Chief Credit and Risk Officer at National Commercial Bank.

During the financial year ended October 2007, its fifth year of operations and its first year of ownership by the Canadian Imperial Bank of Commerce, FCIBJ achieved net income of $771 million, an increase of 31% over the previous year. Once again, growth was propelled by a stern focus on the Group’s strength, lending; resulting in a further strengthening of its fourth place position in the commercial banking sector according to net loans and deposits, which grew by 31% and 24%, respectively.

Stephen B. Facey cops both the number 7 and 8 positions on “The List” and returns having not ranked last year, but ranking third and fourth in 2005. Drawing on over 25 years experience in the financial sector, Stephen Facey successfully manages Pan Jamaican Investment Trust Limited (PJAM), which operates primarily as a holding company. Mr. Facey also has direct responsibility for PJAM’s subsidiaries First Jamaica Investments Limited (FJI) and Jamaica Property Company Limited. The Group’s activities span a number of sectors including investment management, property management, real estate development, insurance and horticulture. PJAM & FJI’s income consists mainly of dividends, interest income and management fees earned from associated companies, Hardware and Lumber Limited and Sagicor Life of Jamaica Limited (SLJ).

During the 2006/07 financial year, PJAM and FJI reported increases in net profit of 22% and 11%, respectively, placing them among the top ten performing companies of 2007. Historically, both companies have had steady growth in assets, based on strong cash holdings and investments. Furthermore, the subsidiaries and associated companies hold leadership positions in their respective markets. Mr. Facey along with his Boards of Directors which is comprised of past CEOs and current leaders in the financial markets, has a firm grip on both PJAM’s and FJI’s growth prospects. Looking ahead, PJAM’s income streams will continue to benefit from the appreciation of property values and rental income, both driven by inflation, continued high property demand and the prudent management of its financial assets.

Patrick Hylton, Group Managing Director of National Commercial Bank Jamaica, ranked at #9, is one of only two CEO’s who have been consistently ranked on “The List” over the last three years, when the report was first introduced. With a 20.32% or 6,601,426 growth in after tax profits compared to 5,486,625 in 2006, and moving from #10 in 2005 to #4 2006, Patrick Hylton has used his experience in all facets of the financial services industry to his company’s benefit since he joined the NCB team in 2002. He is quoted in the statement accompanying his company’s financials: “We did not waver from our focus on empowering employees, exceeding customer expectations, expanding revenues, increasing efficiency in operations and engaging in nation building. This resulted in net profits increasing by 20% over prior year to $6.6 billion.”

Since Mr. Hylton joined the NCB family as Deputy Managing Director in 2002, moving to Group Managing Director in 2004, his focus has been on the reinforcement of its financial strength. Over this time, total operating income and net loans increased by approximately 230% and 270%, respectively; while the cost to income ratio fell from 77% to 57%.

“We believe that our success is being driven on three pillars – Innovation, Expertise and Strength, “Mr. Hylton said. “Creating innovative products, investing in employee expertise and having a sound financial management framework, are the hallmarks of distinction to which we adhere … We are constantly raising the bar of performance and seeking ways to improve, because our goal is to be a world class financial institution.”Throughout the 2006/07 financial year, it was the unwavering focus on these three pillars that led the Group to record breaking net interest income, the lowest cost to income ratio and the highest dividend paid per share to date.

Richard Byles President and Chief Executive Officer of Sagicor Life Jamaica Limited dropped from #2 in 2005 to #9 in 2006 to #10 in 2007, which may suggest that he’s on his way off the list. During the three plus years at the helm of the company, he has overseen the acquisition of financial service provider Pan Caribbean Financial Services, re-entry into property development with emphasis on sale of properties, and growth through product innovation. This has resulted in an increase in revenue of 28% per annum over that period. This growth in revenue translates into an impressive earnings growth of 29% per annum.

During the financial year ended December 2007, Sagicor Life Jamaica Limited, reported net profit attributable to stockholders of $3.0 billion, an increase of 15% over the previous year. Richard Byles, in his statement accompanying the audited financials stated that the Group’s “success was achieved despite an extraordinarily high inflation rate of 16.8%, which increased our Individual Life actuarial liabilities and negatively impacted profits. Our continued profitability in the face of this adversity is evidence of our judicious strategies of diversifying sources of profitability; maintaining our competitive advantage of market leadership and our constant product innovation and cost efficiency.”

Businessuite Women

Businessuite Power 50 Women in Jamaican Business for 2022



BUSINESSUITE Magazine’s  ranking of Jamaica’s leading businesswomen provides a unique opportunity to secure an insight into the professional lives and activity of some of the most interesting and inspiring women in Jamaica’s private sector today.

How we pick the Power 50

What qualities can adequately describe a woman of power and influence on a national level? She is often described as ambitious, driven, determined, creative, a confident leader and a risk-taker. She allows her passions to order her steps, her gifts and her talents to become her own personal calling card.

Powerful and influential women are thriving in their business lives across Jamaica and so the move by the BUSINESSUITE editorial team to select, based on the format created by FORTUNE magazine editors, the 50 most powerful and influential women was truly a daunting task.

As stated, the selection process for the BUSINESSUITE list of the ’50 Most Powerful and Influential Business Women’ is based on a general format created and used by the editorial team of FORTUNE Magazine. This includes:

1. The general size (Revenue, Profitability and Human Resource) and importance of the woman’s company in the Jamaican economy;
2. The health and direction of the company;
3. The arc of the woman’s career and;
4. Societal and cultural influence of the business as informed by key industry insiders and published information

It must however be noted that since BUSINESSUITE Magazine is not privy to the financial statements of some of the companies mentioned, this was not heavily factored into our final listing and placements. Readers are therefore invited to debate and discuss the names and placement of individuals.

They aren’t just successful executives, entrepreneurs, or administrators who are admired and respected within their own organisations, they are the voices that are heard across the industries in which their companies operate, even across corporate Jamaica as a whole.

The Presentation Event – October 2022
The awards will be given to 50 women business leaders who have achieved strong results in their respective fields. This will be the 1st edition of Businessuite Magazine’s Most Powerful Women Awards, to be held in October 2022. Details to come.

The awards are aimed at honouring remarkable Jamaican women who have made outstanding contributions to their organisations and set new standards of administration and performance across corporate Jamaica and the economy.

We will also be seeking to recognise and identifying Rising Stars and Women Abroad.

The Special Edition – October 2022
The event felicitates the most powerful women in Jamaican business and salutes the spirit of successful business women with a special issue of Businessuite Magazine ‘Most Powerful Women in Business” Jamaica Edition. Details to come

See also

The Top 40 Most Powerful and Influential Women in Jamaican Business for 2016.

Businessuite Power 50 Women in Jamaican Business for 2013

Businessuite Power 50 Women in Jamaican Business for 2012

Businessuite Magazine December 2014 Digital Edition

BUSINESSUITE Magazine October 2012 Digital Issue

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The 2022 Businessuite Skin Index



The Annual Businessuite Skin Index seeks to measure and gauge the extent to which Businessuite Caribbean Top 50 CEO’s who run Businessuite Top 50 & 100 Companies use their own money to buy stock in the company they are running and if they are managed by like-minded individuals who share a stake in the company.

Skin In The Game is a term coined by renowned investor Warren Buffett referring to a situation in which high-ranking executives and insiders uses their own money to buy stock in the company they are running.

“We like to see the people who run businesses showing confidence in them by committing their own capital. And directors are well aware their trading is closely watched by investors, so they often buy stock when they’re allowed to.”

The 2022 Index is based on the following:
Main Stock Exchange Last trading price for 2021
Central Bank US$ selling price as at 30/12/2021
Jamaica shareholdings based on December 2021 quarterly financials
Trinidad and Barbados shareholdings were not included this year as the changes in holdings are not as dynamic as Jamaica and have largely remained unchanged.
Where noted connected party holdings are included (more…)

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Anthony H. Ali, Goddard Enterprises Limited Businessuite 2021  #1 Caribbean Chief Executive Officer



Businessuite 2021  #1 Caribbean Chief Executive Officer- % change US$ Profit after Tax
CR CR CR US$000 US$000 2021
2019 2020 2021 Company Chief Executive Officer 2021/2020 2020/2019 % change
1 BB Goddard Enterprises Limited Anthony H. Ali $11,032 $2,067 433.85%

Anthony H. ALI, B.Sc. (Hons.), M.B.A.

Anthony H. Ali spent most of his career in Canada, where he worked in the areas of Operations, Sales, Marketing, Customer Allegiance and Strategic Planning for a number of Canadian and United States of America Fortune 500 companies.

Before joining Goddard Enterprises Limited in 2013 as Managing Director, Mr. Ali worked with SM Jaleel & Co. Ltd. in Trinidad and Tobago where he served as General Manager from 2010- 2013. Upon graduating from the University of Toronto in 1988 with a B.Sc. Honours Degree in Chemistry, Mr. Ali worked at National Silicates as a Research Chemist, and later as its Business Development Manager. He completed a post graduate degree in Executive Marketing at the University of Western Ontario in 1992 and several other Leadership and Management programmes.

In 1993, Mr. Ali was selected from 6,000 employees of Abitibi-Price Inc. to participate in a fellowship at McKinsey & Co. In 2005, he joined Thermo Fisher Scientific as Global Director of Operations and Customer Allegiance before moving to Enerworks Inc. where he served as Vice President of Sales, Marketing and Customer Allegiance.

Mr. Ali has served on several Boards in the Energy field and is currently a director of Electrical Industries Group Ltd. He is the co-author of several Publications

Goddard Enterprises Limited

Goddard Enterprises Limited (“the Company”) is incorporated under the Laws of Barbados.

The principal activities of the Company and its subsidiaries (together “the Group”) include airline, industrial and restaurant catering, ground handling services, general trading, meat and cocoa processing, printing and print brokering, baking, packaging, automobile and automotive parts sales, insurance, real estate, shipping agents and stevedoring, freighting services, manufacturing of aerosols and liquid detergents and investments. Associated companies are involved in airline, industrial and restaurant catering, ground handling services, general trading, beverage distribution, waste disposal, laundry services, research, development and manufacturing of natural biomaterials, petroleum industry services and property rentals.

The Group operates throughout the Caribbean and North, Central and South America.

The Company is a limited liability company domiciled in Barbados with its registered office located at the Top Floor, The Goddard Building, Haggatt Hall, St. Michael, BB11059, Barbados. The Company is listed on the Barbados Stock Exchange.
2020 Year In Review

Year In Review

Following on from strong growth in 2018 with Gross Domestic Product (“GDP”) growth of 2.9%, the global economy started to show signs of slowing down in 2019 with GDP declining to 2.3%. Global economic growth recorded its weakest pace since the global financial crisis a decade ago. Other factors which contributed to the economic uncertainty included a government shutdown in the United States of America, the departure of the United Kingdom from the European Union and changes in monetary policy in major economies. Unfortunately, starting in December 2019 and proliferating globally by February 2020, a new coronavirus, COVID-19, became a global pandemic which changed everything.

The impact of the pandemic was immediate and dramatic. Airline flights worldwide drastically dropped to 5% of the pre-COVID-19 volumes as countries shut their borders and businesses to halt the spread of the virus and protect their populations. Each business within the GEL Group was impacted. Our Airline and Industrial Catering services were abruptly halted. Our retail locations were closed. Each of the Group’s Manufacturing companies closed, albeit temporarily, as most were allowed to re-open with restricted operating parameters to ensure that local Government protocols were implemented and consistently enforced. GEL immediately took the necessary steps to preserve cash, maintain operations and restructure where necessary. As difficult as it was, we were forced to sever approximately 2,500 employees across the Group.

The Catering and Ground Handling Division was the hardest hit, posting a loss, before non-controlling interests and taxation, of $12.9 million for the fiscal year ended 30 September 2020. Both our Manufacturing and Automotive, Building Supplies and Services (“ABSS”) Divisions performed well by year-end. The Manufacturing Division came close to its budget for the year as some businesses were able to record additional business while others were negatively affected due to the shutdowns and a depressed tourism sector. The ABSS Division experienced mixed results as most of its service, cargo and tourism-related businesses were negatively impacted.

For the financial year ended 30 September 2020, the Group’s revenue decreased by 4.9% below the prior year to $826.1 million. This corresponded to a decrease in Gross Profit to $308.9 million or 37.4% when expressed as a percentage of sales, which was 15.6% below the prior year. Gross Profit was heavily impacted by the loss of catering business due to border closure for prolonged periods following the onset of the pandemic. We still view this result as a significant accomplishment, in the circumstances, considering that our Catering and Ground Handling Division is usually our largest contributor to Gross Profit, and given too, the dramatically reduced airline catering with flights having only returned to approximately 15% of their pre-COVID-19 volumes at the time of writing.

Our selling, marketing and administrative expenses were 3.9% below 2019 or $310.8 million in 2020 compared with $323.4 million in 2019. This dramatic reduction was driven by cost-cutting initiatives undertaken to preserve cash, including lay-offs at each operation, unfortunate redundancies and business re-engineering strategies to reflect the operational realities of reduced sales and revenue. Most of the re-engineering took place in the Catering and Ground Handling Division.

Expense reduction was also achieved in advertising and promotion and travel while all discretionary spending was put on hold from March 2020.

Operating Profit fell to $4.5 million in 2020 compared with $48.5 million in 2019, a 90.8% reduction. This was heavily influenced by one-time severance costs of $16.0 million. The Operating Loss recorded in the Catering and Ground Handling Division was mainly due to the airlines being grounded as a consequence of the global pandemic. The Operating Profit of the ABSS Division was reduced by $1.9 million in comparison with the prior year. This reduction was attributed to the closure of our auto dealerships during the lockdown period as well as reduced cargo trading across the region.

Other gains/(losses) – net decreased by 45.4% from $15.9 million to $8.7 million when compared with the prior year. Included in this year’s figure is $6.5 million for impairment of intangible assets and the write-down of investment in Associated Companies. The amount in 2019 included insurance refunds and a gain on disposal of an Associated Company. Our share of Income from Associated Companies increased by $1.2 million from $9.9 million in 2019 to $11.1 million in 2020.

Income from our 50:50 joint venture, Caribbean Distribution Partners Limited (“CDP”), increased by $0.5 million. This joint venture performed well, despite the closure of retail grocery outlets in most countries where CDP has a presence and a significant decrease in the hotel and restaurant businesses which we service. The fact that food and beverage businesses were deemed essential shortly after the lockdown also supported this result.

Extracted from Directors Report

Mr. Anthony Ali, Managing Director
Goddard Enterprises Limited

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Businessuite 2021 Top 50 Caribbean Chief Executive Officers



Businessuite 2021 Top 50 Caribbean Chief Executive Officers – % change US$ Profit after Tax
CR CR CR US$000 US$000 2021
2019 2020 2021 Company Chief Executive Officer 2021/2020 2020/2019 % change
1 BB Goddard Enterprises Limited Anthony H. Ali $11,032 $2,067 433.85%
2 TT National Flour Mills Limited Kelvin Mahabir $3,501 $915 282.47%
3 JA First Rock Capital Holdings Limited Ryan Reid $2,604 $693 275.76%
4 JA Stanley Motta Limited Melanie Subratie $5,946 $2,122 180.23%
5 JA Seprod Limited Richard Pandohie $20,133 $7,342 174.22%
4 20 6 JA Pulse Investments Limited Kingsley Cooper $10,298 $6,339 62.45%
7 JA Caribbean Cement Company Limited Peter Donkersloot Ponce $22,409 $14,209 57.71%
8 JA Portland JSX Limited Michael Lee-Chin $2,116 $1,345 57.32%
8 1 9 JA Barita Investments Limited Paula Barclay $19,338 $12,920 49.68%
60 32 10 JA Indies Pharma Jamaica Limited Dr. Guna Muppuri $1,454 $988 47.19%
24 14 11 JA Jamaica Producers Group Limited Jeffrey Hall $26,200 $20,608 27.14%
12 JA GraceKennedy Limited Don Wehby $48,068 $38,470 24.95%
13 JA Wigton Windfarm Limited Earl Barrett $4,646 $3,723 24.78%
14 JA The Limners and Bards Limited Kimala Bennett $891 $715 24.62%
15 JA Sterling Investments Limited Charles Ross $942 $763 23.44%
33 26 16 GY Banks DIH Ltd. Clifford Barrington Reis $29,558 $25,798 14.57%
17 JA Lasco Distributors Limited Hon. Lascelles Chin, $5,088 $4,509 12.84%
34 15 18 TT Guardian Holdings Limited Ravi Tewari $116,157 $105,032 10.59%
11 23 19 JA FosRich Company Limited Cecil Foster $881 $806 9.31%
59 9 20 GY Citizens Bank Guyana Inc. Eton M. Chester $5,075 $4,722 7.47%
46 25 21 TT Agostini’s Limited Anthony Agostini $25,216 $24,314 3.71%
25 30 22 GY Republic Bank Guyana Ltd. Nigel M. Baptiste $17,217 $16,803 2.47%
38 7 23 JA JMMB Group Limited Keith Duncan $54,108 $53,304 1.51%
19 22 24 GY Demerara Distillers Ltd. Komal R. Samaroo $18,716 $18,716 0.00%

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NCB Financial Group Ltd Businessuite 2021 #1 Caribbean Company – US$ Profit after Tax



Businessuite 2021 Top 100 Caribbean Companies –    US$ Profit after Tax
CR CR CR CR CR US$000 US$000
2017 2018 2019 2020 2021 Company 2021/2020 2020/2019
4 2 1 2 1 JA NCB Financial Group Ltd. $188,457 $235,083

NCB Financial Group Limited (“NCBFG”) is the financial holding company of the Group, incorporated in April 2016. NCBFG has roots that trace as far back
as 1837 and remains the largest and most profitable financial services provider in Jamaica. The Group comprises of National Commercial Bank Jamaica Limited (NCBJ) and its subsidiaries, Clarien Group Limited (Clarien) and its subsidiaries and NCB Global Holdings Limited- majority owner of Guardian Holdings Limited (GHL) and its subsidiaries. NCBFG is proud to be a regional entity with presence in 21 territories in the English and Dutch Caribbean as well as in the United Kingdom.

We are accelerating our
transformation to ensure we
are well positioned for the future…”

This financial year, we, along with the rest of the world, were forced to contend with the COVID-19 pandemic, which continues to be unprecedented in its global reach and impact.

I am extremely proud of the commendable financial performance recorded by the Group, and how as an organisation we have demonstrated resilience, particularly with the acceleration of digital initiatives and delivery of new solutions to meet the changing needs of our customers.

I remain extremely optimistic about the future of the NCB Financial Group. Optimism is a deliberate choice and mindset, and a fundamental source of fuel for anyone navigating a personal or professional challenge. Helen Keller also noted the importance of optimism, saying, “optimism is the faith that leads to achievement. Nothing can be done without hope and confidence.”

The COVID-19 pandemic underscores the importance of adaptation, innovation, change and transformation.

These principles have always been a part of our organisation as we evolved into a leading financial services Group in the Caribbean. As I contemplate the challenges that we face in the region, I am reminded that life is not linear; you have ups and downs. It’s how you deal with the troughs that defines you. That said, there is not a period in history in which I would prefer to be alive. Like Albert Einstein, I embrace the present with the knowledge that, “in the middle of difficulty, there is opportunity. The bigger the difficulty, the bigger the opportunity.” Opportunities allow us to overcome challenges, resulting in growth, resilience and strength.

I am encouraged by the opportunities that have been unearthed so far, some of which include:
• Young entrepreneurs have been taking advantage of digital technology to conduct e-commerce using mobile devices
• The acceleration of remote work produced a global marketplace for talent, allowing citizens in the countries that we serve to access jobs around the globe
• Streaming platforms presented an opportunity to expand our creative industry by allowing those with limited resources to produce content for global distribution.
• An increase in the volume of retailers establishing their presence online to be able to expand their reach to local and overseas-based customers.

We have also seen local entrepreneurs pivoting their business models. Local companies have started to produce masks and personal protective equipment, and offer sanitisation and delivery services. Each of these shifts creates an opportunity for us to serve our clients by providing the financial solutions that will enable them to capitalise on opportunities and pursue their dreams. Our role of being in the lives of our customers every step of the way remains unaltered.

I remain optimistic, and encourage you to do the same. This is the first step in building the resilience to withstand the ongoing uncertainty and disruption
worldwide. We are accelerating our transformation to ensure we are well positioned for the future to meet the shifting and growing needs of our customers. We remain committed to becoming a world-class Caribbean financial ecosystem by 2024, and will continue to focus on adding value in all that we do. We are deeply grateful for the opportunity to continue to serve each stakeholder, and we look forward to rising together above the challenges that are masking incredible opportunities.

Financial Performance
Within the context of the pandemic’s devastating impact on the regional and global economies, the Group recorded a solid performance for the financial year. NCB Financial Group Limited reported consolidated net profit of $26.9 billion and net profit attributable to stockholders of the parent of $19.1 billion, a 36% or $10.8 billion decrease when compared to the restated prior year.

It should be noted the 2020 financial performance includes a full year of GHL’s results as opposed to only five months in the 2019 financial year. Additionally, the prior year’s results included one-off gains totalling $8.2 billion, comprising $3.3 billion from the disposal of an associate, $2.3 billion from the revaluation of our interest in GHL and $2.6 billion from the disposal of a subsidiary.

On a normalised basis excluding these one-off gains, the profit attributable to stockholders of the parent would have declined by $2.5 billion or 12% from the prior year. Our asset base increased by 11% or $184.0 billion to $1.8 trillion primarily due to increases in investment securities, net loans and amounts due from banks. However, the growth in the asset base coupled with lower net profits resulted in return on average assets of 1.57% compared to 2.40% in the prior financial year.

Equity attributable to shareholders of the company increased by 6% or $8.5 billion to $156.1 billion with return on average equity of 12.57% (2019:

Extracted from Chairman Report to shareholders

Michael Lee-Chin
Chairman of the Board

NCBFG is listed on both the Jamaica and Trinidad & Tobago Stock Exchanges. More details on the Company may be found on the website at

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