Connect with us

Businessuite Markets

JMMB Group Records Lower First Quarter Profits of J$780M

Published

on

Kingston, Jamaica. Friday, August 14, 2020 … JMMB Group has reported a net profit of J$780.2 million, for the first quarter of its 2020/2021 financial year ending June 30, which represents a decline of 30% for the comparative 2019 quarter; due to the economic slowdown and uncertainty in the market, as a result of the COVID-19 pandemic.

In explaining, Patrick Ellis, chief financial officer at JMMB Group, outlined, “The company’s financial performance remains stable, even as we saw a dip in our profit, this, as core earnings remain positive and expenses are managed in line with the prevailing market conditions.” The JMMB Group also posted J$5.0 billion in operating revenue, which is a 14% decline year-over-year. For the period ending June 30, there was growth of 10% in the company’s net interest income, totaling J$2.4 billion, as a result of the solid growth in loan and investment portfolios, which demonstrates the confidence and value derived by clients from the financial solutions offered by the JMMB Group. Additionally, fees and commission income was constant at J$720 million, compared to J$737 million, in the prior period, which reflects a 2% decline in earnings, due to a slight reduction in volumes.

The pandemic has also impacted the JMMB Group’s year-over-year growth and profits, because of the overall shrinkage in the local economic environment over the period, April – June 2020. Whereby, there was a downturn in trading activity, as the market reacted to the uncertainties brought on by the COVID-19 pandemic and slowdown in economic activities, regionally and globally, as governments implemented varying protocols to reduce the spread of COVID-19. Consequently, the company’s gains on securities trading and foreign exchange earnings were J$1.3 billion and J$527.8 million, respectively, which is a corresponding decline of 40% and 29%. .

The share of profit from Sagicor Financial Corporation Limited (SFC) was also adversely impacted by the pandemic, which resulted in our share of losses of J$8.9 million, for the quarter. This was primarily related to higher than expected credit losses (ECLs), as well as an internal reinsurance transaction that resulted in a strengthening of the reserves. Having announced the acquisition of 22.5% of Sagicor Financial Corporation Limited (SFC), in December 2019, the JMMB Group remains positive about its investment in SFC; as the Group expects improved financial performance from SFC, over the short-term.  JMMB Group CEO, Keith Duncan notes, “The core earnings of SFC remain viable and is expected to materially contribute to shareholders’ value in a positive manner, even as it adds diversification and the opportunity for JMMB Group to participate in the future growth of the market leader in the Caribbean’s insurance, pension and asset management sectors.”

Additionally, the company saw a decrease in its operational expenses to J$3.71 billion, a 3% decline, in line with the reduction in business activities and cost containment strategies being implemented by the Group as part of the prioritization of its efficiency related projects.

JMMB Group Stands on Stable & Solid Financial Foundation

JMMB Group CEO, further expressed optimism that the regional financial conglomerate – JMMB Group – showed credible results in the challenging economic environment. He further outlines, “With the reopening of the economy, and as Jamaica and the region adjusts to the ‘new normal,’ we expect to see improved performance, though tempered growth in the economy. This will augur well for the company and its growth prospects and profitability.”

At the end of the period, the JMMB Group’s asset base totaled J$431.8 billion, up J$31.57 billion or 8% relative to the start of the financial year. This increase is attributable to a larger loan and investment portfolio. Growth in the asset base over the three-month period was funded by increases in deposits and repos. Client deposits increased by J$4.72 billion or 5% to J$108.90 billion, while repos grew by J$19.65 billion or 11% to J$199.24 billion.

The company has also sought to further strengthen its capital base and further manage its expenses, as such, the Group continues to focus on extracting operational efficiency from all entities, through the streamlining of its processes, procedures and information technology platforms. The Group CFO added, “we remain adequately capitalized, exceeding regulatory capital requirements, with an uptick in shareholders’ equity of J$46.95 billion, or 14%.” This was largely on account of the profitability for the quarter and rebound in emerging market bond prices, which resulted in positive movement in the investment revaluation reserve.

Similarly, in response to the challenges faced by our clients and as part of our commitment to deliver value to them, “the company has provided increased support to clients, with a view to help them to navigate the COVID-19 crisis by offering special relief packages, financial education and additional advisory services,” said Duncan. Additionally, in a bid to improve the client experience and to continue to safely and conveniently serve clients, the JMMB Group has further bolstered its digital marketing and communication capabilities and client care and enhanced its online transaction platform, JMMB Moneyline, which now boasts real-time trading.

Keith Duncan, in sharing on the strategic outlook of the Group, outlined, “The JMMB Group has the financial foundation to withstand this new economic reality, and we remain focused on our strategic plan that will see us continually reassessing and re-imagining new opportunities to expand and grow our revenue and diversify our income stream; even as we seek to further strengthen our business model to remain resilient in the ‘new normal’.” Adding, “We remain hopeful and confident in the sustainability of the Group and expect to continue seeing realized value for all our shareholders, clients, and team members, as we explore accretive business development opportunities to grow our return on equity and expand our footprint.”

Businessuite Markets

CAC 2000 Reporting A 41% Improvement In Net Income For Period Ending July 31, 2024.

Published

on

Gia Abraham Chief Executive Officer for CAC 2000 has released the following Unaudited Third Quarter results for period ending July 31, 2024

The Results:
Year -to-date we saw an increase of 18% in Sales for the period ending July 31, 2024, over the same period last year ($752,812,566 vs. $637,763,300), along with a 41% or $28,980,191 improvement in our net income. We continue to contain our overall operating expenses by 1.8% or $4,416,661 over the same period last year.

Whilst we are still experiencing longer shipment times due to the movement of manufacturing to China, we have been able to realize a reduction in our inventory days from 398 days to 300 days, in our debtor days from 225 to 206 days, as well as a decrease in our creditor days from 108 days to 77 days over the same period last year.

Retail Update
We continue to utilize our retail store located at 3U Village Plaza to improve the delivery of product offerings and services to our customers, while building the Team in Montego Bay, which is becoming the hub for the projects we are presently executing on that side of the island. As a company we are encouraged by this positive trajectory.

For More Information CLICK HERE

Continue Reading

Businessuite Markets

PBS Expects 2024 Revenue, EBITDA And Profitability To Closely Align With Full Year Budgetary Expectations.

Published

on

Pedro M. París C. Director and Group CEO For Productive Business Solutions Limited Has Released The Following Unaudited Interim Report For Q1 2024

Q1 2024 Financial Performance Overview
In the first quarter of 2024, Productive Business Solutions (PBS) reported revenues of US$65.9 million, a decrease of US$21.6 million compared to the same period in 2023.

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the quarter was US$8.5 million, down from US$10.2 million in the first quarter of the previous year.

Additionally, our Profit After Tax (PAT) for the first quarter was US$0.4 million, as compared to US$1.7 million during the corresponding period in 2023.

Notably, our first quarter results in 2023 were impacted by a large transaction in which PBS provided laptops to the government in El Salvador. The transaction
produced a significant revenue contribution to PBS in that period but carried a lower than-average gross margin. As a result, PBS recorded higher gross profit in in Q1 2024 relative to Q1 2023 despite a reduction in revenue. PBS’ gross margin for the first quarter of 2024 improved to 35.5% from 26.5%, which is more representative of our business without the influence of any large, non-recurring sales.

Historically, the fourth quarter represents the strongest financial period for PBS, while the first quarter typically exhibits the lowest earnings. Our performance in Q1 2024 reflects this seasonal trend.

Strategic Acquisition Announcement
We are delighted to share a significant milestone in our company’s journey. During this quarter, we successfully initiated the strategic acquisition of Xerox operations in Ecuador and Peru and expect to close the transaction by the end of the second quarter of 2024. This acquisition is a testament to our commitment to expanding our market presence and enhancing our service offerings in the Latin American region.

The integration of Xerox operations in these key markets strengthens our capabilities in delivering expanded product/service and industry-leading solutions to a broader client base and offers a deeper Latin American footprint for our regional and global customers. We expect that this transaction will close in the coming months subject to regulatory approvals.

PBS expects to file its Audited Financial Statements for 2023 by June 30, 2024. The audit has been delayed as a result of accounting corrections which impact revenue, cost of goods sold, and contract assets primarily in periods before 2023.

Outlook

Our company’s pipeline of sales opportunities for the remainder of the year is strong.
We expect PBS’ 2024 revenue, EBITDA and profitability to closely align with our full year budgetary expectations.

PBS connects the largest enterprise software companies in the world to the leading firms and governments in our region. Our business is increasingly diversified by country, customer and supplier. Moreover, our growth reflects the enduring longterm trends of digital transformation to meet the needs of businesses and consumers. As we look ahead, we expect PBS to continue its trajectory of profitable growth.

For More Information CLICK HERE

Continue Reading

Businessuite Markets

Main Event Entertainment Group Reporting 14% Drop In Nine Months Gross Profits

Published

on

Solomon Sharpe,  Chief Executive Officer for Main Event Entertainment Group Limited is reporting that the company recorded revenues of $440.064 million for the three months ended 31 July 2024 relative to the $428.056 million earned in the same period in 2023. This represents an increase of $12.007 million or 3% over the corresponding period of 2023. Despite the improvement in our year-over-year third quarter performance, the company saw a decrease of 10% to $1,426.391 million in its revenues year-to-date relative to the corresponding period in 2023 of $1.586.931 million.

Gross profit for the quarter was $205.678 million. Compared to the third quarter of 2023, this represents a decrease of $18.081 million or 8%; while for the nine months ended 31 July 2024, gross profits fell by $119.538 million or 14% to $719.565 million. Gross margins also fell for the quarter and the nine months results to 47% and 50% from 50% and 53%, respectively. The decline in gross margin is attributable to sales distribution with lower margins and maintenance exercises which were undertaken earlier in the year.

Despite the improvements in our third quarter results, the impact from the second quarter results continues to be shown in the year-to-date totals.

For More Information CLICK HERE

Continue Reading

Businessuite Markets

Limners and Bards Make Big Bets On Management Of Talent And Content

Published

on

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

The LAB achieved higher net profits compared to the corresponding period last year, with net profit reaching $83.5 million, a 46.7% increase over the comparable period. This growth was driven by our strong emphasis on the Agency Segment of the business for this quarter, as we continued to build brands. While revenues were down compared to the prior period, the company implemented cost containment measures, resulting in an 18% reduction in administrative expenses.

Shareholders’ equity grew to $681.4 million, up from $597.5 million or 14.0% over the corresponding period last year. We maintained a strong balance sheet, with an improved cash position over the period. Additionally, our asset base increased as we reinvested in the business, upgrading film studio facilities.

Revenue for the nine months ended July 31, 2024, was $752.7 million, down 17.6% relative to the prior period. This decline was primarily attributable to a reduction in Media during the period. Notwithstanding this, the Agency segment outperformed the comparable period. The revenue achieved was derived from the company’s core business lines: Media totalling $407.6 million, followed by Production with $190.5 million and Agency with $154.6 million.

Gross Profit for the nine months was $284.5 million, down 9.6% when compared to the corresponding period. Administrative expenses were also lower when compared to the comparable period. Administrative, selling and distribution expenses decreased by $47.5 million or 18% in comparison to the corresponding period last year. These decreases are primarily due to reduction in contractor and staff cost.

The consolidated Balance Sheet saw total assets increasing by $161.2 million or 17.1% to $1.1 Billion compared to $941.2 million in the corresponding period. This increase in assets is driven by building and film studio facilities improvement and purchases of new production equipment to facilitate future growth.

Current Assets amounted to $846.7 million, increasing by $59.9 million over the prior year.

Cash and cash equivalent increased by $25.5 million over the corresponding period last year. Management continues to maintain tight monitoring and control over receivables

Outlook
As the LAB continues to grow and diversify, our strategic initiatives are positioning us to capitalize on the booming global film industry and the increasing demand for fresh, international content.

We have successfully completed filming our first feature film, “Love Offside,” a sports romantic comedy that showcases the vibrant culture and dynamic talent of Jamaica. The film, features an impressive cast and has now entered the editing phase is slated for a February 2025 release, perfectly timed to meet the growing appetite for diverse and engaging content.

The global film market is experiencing a significant surge, with demand for international content at an all-time high. Industry reports indicate that streaming services and traditional distributors alike are increasingly seeking diverse narratives that resonate with a global audience. This trend presents a significant opportunity for the LAB, as “Love Offside” is poised to attract viewers with its unique storyline and cultural richness. Over the next 12 months, the Company plans to produce three films and three web series.

We are pleased to announce that our Chief Operations Officer (COO) and Head of Production, Tashara Lee Johnson, recently represented us at the MIP Africa Content Market in South Africa as a part of the Jamaican delegation organized by JAMPRO, a premier event in the global film industry. This market is a critical platform for forging connections, understanding market trends, and securing partnerships that will enhance our film’s reach and profitability.

In parallel, our agency arm is gearing up for our regional expansion strategy, where we will engage with various businesses and explore strategic partnerships across the Caribbean. Our goal is to solidify our presence in these markets, leveraging the region’s growing influence in the global media landscape.

Our commitment remains steadfast in delivering value to our shareholders by expanding our content portfolio, exploring new markets, and forging strategic alliances that will drive growth and profitability. The steps we are currently taking are designed to position the LAB at the forefront of a rapidly evolving industry, ensuring we capitalize on the opportunities presented by the global demand for fresh, compelling content.

For More Information CLICK HERE

Continue Reading

Businessuite Markets

Trinidad and Tobago NGL’s Investment In Phoenix Park Gas Processors Delivers Robust Revenue and Profit Performance For Six Months Of 2024

Published

on

Dr. Joseph Ishmael Khan, Chairman Trinidad and Tobago NGL Limited has released the following Condensed Interim Financial Statements For The Six Months Ended 30 June 2024.

Trinidad and Tobago NGL Limited delivered a robust performance for the first half of 2024, posting a profit after tax of TT$46.7 million. This represents an outstanding turnaround from the corresponding 2023 period, where a loss of TT$2.8 million was recorded and signifies an impressive year-on-year improvement of TT$49.5 million.

Earnings per share reached TT$0.30, a substantial recovery from the loss per share of TT$0.02 for the same period in 2023.

The driving force behind TTNGL’s strong performance was the enhanced profitability of its investment in Phoenix Park Gas Processors Limited (PPGPL). This achievement was principally due to increased production of natural gas liquids (NGL), higher sales volumes, and improved NGL prices at Mont Belvieu.

Enhanced NGL production was facilitated by a 4.4% increase in natural gas volumes processed at Point Lisas in the first half of 2024 compared to 2023. Moreover, the gas stream’s NGL content saw a significant rise of 15.5% over the previous year, a result of deliberate efforts by The National Gas Company of Trinidad and Tobago Limited to enrich gas supplies. As a result, NGL production from gas processing increased notably, even when accounting for the extended plant downtime experienced in the first half of 2023.

Additionally, NGL volumes delivered from Atlantic LNG also increased by 3.2%, over the comparative period in 2023.

NGL prices rose by 11.5% compared to the same period in 2023, driven mainly by increased global demand and strategic positioning by market participants for future arbitrage opportunities.

The combination of higher NGL production and increased sales revenues, supported by improved NGL product prices, underscores PPGPL’s strong operational safety and its market leadership as the preferred NGL marketer locally and regionally.

Moreover, PPGPL has maintained high levels of operational efficiency within its processing plants, complemented by a strong commitment to safe operations and effective cost management.

During the first half of the year, Phoenix Park Trinidad and Tobago Energy Holdings Limited (PPTTEHL), PPGPL’s North American subsidiary, also delivered strong performance. PPTTEHL experienced significant trading volumes and benefited from improved margins on its sales contracts.
We anticipate continued earnings growth from this business segment moving forward.

TTNGL’s cash position at the end of June 2024 remained strong at TT$139.1 million, up from TT$113.0 million in 2023, reflecting the Company’s solid liquidity. TTNGL continues to explore all options to address its accumulated deficit and move towards a position where it can resume dividend distributions to shareholders.

Outlook
As we look ahead, we remain ever – optimistic about the positive price forecasts, while PPGPL continues to monitor market uncertainties and implement value-added strategies. PPGPL is unwavering in its commitment to strategic growth, prioritising the following: safe operations; high plant reliability and availability; meeting customer needs and sustaining market presence across all territories. These efforts are critical to delivering long-term shareholder value.

For More Information CLICK HERE

Continue Reading

Trending

0
Would love your thoughts, please comment.x
()
x