Revenue grew 3% to $16.2 billion, an increase of $0.5 billion compared to the corresponding period last year. While gross profit was flat compared to last year, it should be noted that the results also reflect the company’s investment of $231 million in a new customer management system.

This is a one-off and timely expense to modernize our customer service functions, which we anticipate will yield future efficiencies and savings.

Net profit was J$3.6 billion, a decline of J$0.4 billion when compared to the previous year. Basic earnings per stock unit for the year were J$0.749 (2022: J$0.839) and we were able to pay a total dividend over the financial year of $0.78 per share.

As the global environment continues its recovery from the effects of the COVID-19 pandemic, our business continues to experience price volatility in the prices of key components and logistics, the cost of which have been absorbed so far.

We have also prioritized investment in the transformation of our brands to ensure our consumers receive the highest quality and innovative products. We are also striving to improve our Route to Market model to ensure that we deliver our products to our customers and consumers in the most efficient and cost-effective manner.

The illicit trade continues to affect our industry and is a major risk to all stakeholders. We are committed to improving the legal tobacco landscape and will continue to drive awareness of the various issues caused by the illicit trade through engagement with the government and its agencies and private sector stakeholders.

We remain grateful to our consumers, customers, dedicated team members, business partners and shareholders for their continued and unwavering support.

Shareholders will note the release on May 30, 2023, of the audited financial statements for Carreras Limited for the year ended March 31, 2023. This brief commentary on our financial performance should be read together with those results which can be found on the website of the Jamaica Stock Exchange and on our website at www.carrerasltd.com.

Andrew Jackson Managing Director Of Jetcon Corporation Limited Has Released The Following Report To Shareholders For The First Quarter Ending March 2023

The board decided to release our first quarter results while we await the audit of the 2022 full year results which is not expected to deviate materially from the figures show for 2022 in the interim results.

The delay in releasing the audited 2022 results is regretted and it is expected that they will be released by June. In the meantime, the interim results should help investors to get a better picture of developments within the company.

Motor vehicle sales have slipped compared with the first quarter of 2022, and continues into April 2023 as well, however, we have seen positive development with monthly sales increasing month over month for 2023.

Revenues are however, down 29 percent compared to the first quarter in 2022. Gross profits fell by 35 percent, and net profits decreased from $10.2m to a small loss of $1.8m.

While prices of vehicles and shipping have stabilized somewhat, the increase in interest rates have stifled motor vehicle sales, however with the reduction of inflation and a fall in interest rates on Bank of Jamaica CDs and Government of Jamaica Treasury bill rates augur well for interest rates returning to more normal levels soon.

We expect sales to recover as the year progresses. We have sold the majority of our stock of electric vehicles (EVs) and expanded our range to include another brand of EV and have more developments in the pipeline which will be disclosed when they become more concrete.

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Albert Bailey Chief Executive Officer Of Spur Tree Spices Jamaica Limited Has Released The Following Report To Shareholders For First Quarter Ended March 31, 2023.

The Company’s performance in the first quarter is very positive and sets the tone for a successful year ahead as we continue with our strategic plan of transitioning from a sauces and seasonings provider to a fully equipped food company.

Revenue
While the environment continues to be challenging in several ways, we had a remarkable performance for the period under consideration and are pleased to report a 62% increase in revenue over the previous year’s quarter which had also grown by an impressive 40% – a clear demonstration of the success of our aggressive and agile revenue growth strategy.

Another key element of our core strategy continues to be increasing our footprint by creating new customer segments and to capitalise on new and emerging opportunities in both the local and international markets which has also contributed to the additional revenue for the period.

In addition to revenue from our acquisition investments, we continue to build out our footprint into new territories and establish partnerships in key markets.

Cost of Sales
Cost of Sales for the period increased from 62.45% of sales for the similar period of 2022 to 67.6% of sales for the current period. The increase in Cost of Sales was driven by the consolidation of newly acquired subsidiaries and cost increases primarily in raw material inputs in the holding company.

While there has been a gradual reduction in freight rates on a global scale, we have continued to prioritize the sourcing of at least 90% of our raw materials from local suppliers. Due to the high inflationary climate, there has been an increase in costs of up to 30% of some local raw materials. As such we continue to strategize with our local partners to find ways to gain efficiencies and reduce costs over the medium-long term while leveraging economies of scale gained from business growth. We also continue to build capacity to store and process raw materials to be able to take advantage of any market excesses.

Gross Profit
Gross Profit increased from $89.9M Q1 of 2022 to $124.9M Q1 of 2023 which represents a 39% increase year on year. While our overall gross profit improved, the margins were lower than those achieved for the similar period 2022 due to the cost challenges highlighted above. We anticipate that our gross margins will gradually recover as cost gains are achieved through the
initiatives discussed above and the expansion of our product lines.

Net Profit Attributed to shareholders
The Company recorded a 62% increase in overall revenue. However, due to increased cost of sales and expenses, highlighted above, Net Profit dipped slightly to J$42m. Further context of these results should also consider that the performance in March 2022 yielded an outstanding net profit increase from J$17.5M to J$50.8M – a 194% improvement year on year.

Outlook
Based on all the strategic investments made, 2023 is poised to be a very successful year for Spur Tree Spices Jamaica. The first quarter provides a good indication of the foundation laid which we will build on for the solid growth and value creation for our valued shareholders.

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Stephen B. Facey, Chairman of PanJam Investment Limited (“PanJam”) has released the following Interim Report to Stockholders For the three months ended 31 March 2023.

Highlights
• In line with International Accounting Standards Board issued standards, effective 1 January 2023, Sagicor Group Jamaica (“Sagicor”) implemented International Financial Reporting Standards (“IFRS”) 17 – Insurance Contracts, which fundamentally changed the way it accounts for insurance contracts. The adoption of this new accounting standard has had a material impact on the presentation and calculation of Sagicor’s results, but not its underlying strategy or long-term value. It also required a restatement of Sagicor’s prior year’s financial statements. As a 30.2% shareholder of Sagicor, PanJam’s share of the effects of IFRS 17 are reflected in our 2023 financial statements and our restated 2022 financial statements.

• Net loss attributable to shareholders of $11.1 million for the quarter (restated 2022: net loss of $323.8 million)

• Loss per stock unit for the quarter of $0.01 (restated 2022 loss: $0.31)

• Book value per stock unit of $39.83 at 31 March 2023 (restated at 31 March 2022: $37.73)

• Ordinary dividend per stock unit declared/paid during the quarter of $0.225 (2022: $0.635)

Income Statement

Net loss attributable to owners for the three months ended 31 March 2023 amounted to $11.1 million, compared to the restated loss of $323.8 million recorded for the same period in 2022.

Loss per stock unit for the quarter was $0.01 compared to the restated 2022 loss per stock unit of $0.31.

Income from our core operations increased by 31.5 per cent when compared to the prior year, driven primarily by $448.1 million of income from the ROK Hotel Kingston, Tapestry Collection by Hilton.

Investments generated income of $10.1 million (restated 2022: $236.9 million) from interest income and foreign exchange gains, which were largely offset by unrealized losses on trading equities.

Property income continued its steady performance, increasing by 3.7 per cent to $522.1 million due to annual rental rate adjustments and revaluation gains.

Operating expenses totaled $1.4 billion, more than double the amount in the first quarter of 2022. While inflationary pressure on wages and direct property costs negatively impacted our performance, PanJam incurred one-off professional fees related to its amalgamation with Jamaica Producers Group Limited (“Jamaica Producers”).

Finance costs increased by 14.8 per cent to $277.1 million (restated 2022: $241.4 million) due to higher average interest rates and a marginal increase in debt principal.

Associated Companies
PanJam’s associated companies include our 30.2% investment in Sagicor. We also hold minority positions in a number of diverse private entities across the adventure tourism, business process outsourcing, hospitality, micro-lending and office rental sectors.

For the first three months of 2023, our share of results of associated companies amounted to $673.2 million, increasing by $905.0 million when compared to the same period in 2022 due to improved year-over-year performance from all of our associates, particularly Sagicor. However, it is important to note that PanJam’s share of results of associated companies for the first quarter of 2022 was restated in line with Sagicor’s adoption of IFRS 17, decreasing by $1.4 billion to a loss of $231.8 million.

As a significant shareholder in Sagicor, we welcome the greater transparency and comparability that IFRS 17 will bring to financial reporting throughout the insurance industry. We remain confident in the long-term prospects of Sagicor and its ability to create value for our shareholders, and will continue to monitor the impact of this new accounting standard.

Balance Sheet
Total assets at 31 March 2023 amounted to $58.4 billion compared to the restated $56.0 billion at 31 March 2022.

Stockholders’ equity as at 31 March 2023 totalled $42.3 billion, 5.7 per cent higher than the restated 31 March 2022 balance of $40.0 billion. This equates to a 31 March 2023 book value per stock unit of $39.83 (restated 31 March 2022: $37.73).

Outlook
Effective 1 April 2023, PanJam and Jamaica Producers successfully completed their amalgamation process, which was approved by the shareholders of both companies on 22 December 2022. Pursuant to the terms of the amalgamation agreement, Jamaica Producers transferred its material businesses to PanJam in exchange for Jamaica Producers receiving a 34.5% ownership stake in the amalgamated enterprise, renamed Pan Jamaica Group Limited (“Pan Jamaica Group”).

We are excited to welcome members of the Jamaica Producers team as we embark on a new journey together as the Pan Jamaica Group family. With the amalgamation complete, we look forward to blending our strengths, experiences, and passion to create unparalleled value and impact. Here’s to a future of collaborative success and continued growth!

Joanna Banks, President of Pan Jamaica Group, will be appointed Executive Vice President, Strategy and Business Development of Sagicor with effect from 17 July 2023, and will simultaneously demit the office of President of Pan Jamaica Group. We thank Joanna for her steadfast commitment and her leadership during this significant time, and wish her every success in this new role. We are confident that she will be an excellent addition to Sagicor’s senior leadership team and look forward to continuing to work with her in that capacity.

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Andrew Mahfood, Chief Executive Officer For Wisynco Group Limited (Wisynco) Has Released The Following Interim Report To Stockholders For The Third Quarter Ended March 31, 2023.

Revenues for the quarter of $12.0 billion represent an increase of 23.4% above the $9.7 billion achieved in the corresponding quarter of the previous year and, notably, is the second continuous quarter that the company has recorded sales of $12.0 billion.

“We have resolved some of the production challenges faced in the 2nd quarter and are seeing increased production to meet the increasing demand.”

The capital program mentioned below will contribute to bringing stability and expansion to our production capacity as demand in all channels continues to be favorable.

While the Gross Profit of $4.1 billion of the current quarter is the same as the preceding quarter, this represents a 32.2% increase to the $3.1 billion of the prior year’s quarter.

Similarly, Gross Profit Margin at 34.6% this quarter is higher than the 32.3% for the
same quarter last year, but below our expectation due to production output being lower than projected which impacted our product mix.

Selling, Distribution & Administrative expenses (SD&A) for the quarter totaled $2.7 billion or 30.0% more than the $2.1 billion for the corresponding quarter of the prior year in line with increased growth and revenue. Our SD&A expense to sales ratio was 22.5% for the quarter, compared to 21.3% in the prior year. The increase can be attributed to additional Marketing and Promotional costs and inflationary increases in other variable expenses.

Profit before Taxation for the quarter was $1.57 billion, an increase of 43% over the $1.10 billion of the comparative quarter for the prior year.

After provision for taxes, Wisynco recorded Net Profits Attributable to Stockholders of $1.2 billion, or 31c per stock unit for the quarter, which was 38.6% greater than the $831 million or 22c per stock unit earned for the prior year.

Our Balance Sheet remains strong with a current ratio of 3.7 compared to 2.8 for last year’s quarter. This improvement is due to an injection of funds from our borrowing facilities, partly offset by increases in our inventories, reduction in our payables, and purchases of capital assets per our expansion plan. Inventories remain on the high side as production output was lower than projected in January and February. Management expects these inventories to normalize within the next few months.

Capital expansion activities are well underway, the benefits of which should be realized midway through Fiscal Year 2024. We are excited and optimistic to be embarking on the largest capital expansion ever undertaken by Wisynco. The flexibility and increased output resulting from this expansion program will ensure we meet the current demands of local and export markets and pave the way for additional capacity for growth and future innovations in our varied product lines.

From a sustainability point of view, we continue to be a primary contributor financially, and in the areas of strategy and governance, to Recycle Partners of Jamaica (RPJ), an organization responsible for polyethylene terephthalate (PETE) recycling nationally. We are seeing improvements to the RPJ average collection rate and will continue efforts to support this organization in its mission to reduce plastic in the environment. Additionally, we continue to focus on areas of water and energy conservation in our own production and operational processes, as a means to reducing our impact on our environs.

Socially, we launched our WATA Wednesdays School Tour during the quarter, which is a program aimed at educating our youth on the benefits of staying healthy and hydrated. We also participated, through our energy drink brand BOOM in conjunction with Food for the Poor in the latter’s “Build Back the Love for Jamaica” campaign as we continue to contribute to building homes for the homeless. The company has further committed to building an additional 10 homes for 2023 which brings our total from 2020 to 30 homes through Food for the Poor.

Internally, the company continued its staff engagement exercises by hosting a leadership forum for all Wisynco Leaders, as well as a Women’s Day Luncheon to celebrate the dedication and commitment of the women of Wisynco.

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