Vishnu V. Muppuri (Mrs.) Co-Founder, Executive Director & COO for Indies Pharma Jamaica Limited has released the following Executive Summary For the Six-Months (Q2) Unaudited Financial Results Period Ending 30 April 2024 (FY 2023-24 Quarter 2)

For the second quarter, three months ending Apr 30, 2024, Indies Pharma Jamaica Limited earned gross sales of J$ 301 million, versus J$ 231 million in the prior year, an increment of 30.19%.

❖ Gross Profit for the period was recorded at J$ 208 million in comparison to J$ 163 million, which represents a 27.29% increase (J$ 45 million) in comparison to the prior year.
❖ Net Income recorded is a 147.59% increase (J$ 42 million) in the current 2nd Quarter Period, compared to the prior year.
❖ Earnings per share recorded an increase of 147.59% in the current 2nd Quarter Period, in comparison to the prior year.

For the six months ending Apr 30, 2024, Indies Pharma Jamaica Limited earned gross sales of J$570 million, versus J$ 487 million in the prior year (six months) for the period 2022-23, an increment of 17.17%.

❖ Gross Profit for the period recorded J$398 million in comparison to J$ 339 million, which represents a 17.38% increase (J$59 million) in comparison to the prior year.
❖ Net Income recorded is a 51.31% increase (J$45 million) in the current six-month period, compared to the prior year.
❖ Earnings per share recorded an increase of 51.31% in the current six-month period, in comparison to the prior year.

Total assets valued as of 30th April 2024 were J$ 2.35 billion compared to J$ 2.24 billion as of Q2 for the period 2022-23, an increase in value of 4.64% recorded.

Shareholder equity was recorded at a value of J$ 1.35 billion in the Q2 2023-24 period compared to the J$1.095 billion as at Q2 2022-23, an increase of 23.52%.

Total liabilities were recorded in the current year Q2 2023-24 with a value of J$ 0.997 billion compared to Q2 2022-23 of J$ 1.15 billion.

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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 long-term 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.

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Solomon Sharpe Chief Executive Officer For Main Event Entertainment Group Limited Has Released The Following Unaudited Financial Statements For The Quarter Ended April 30, 2024 (Q2).

Performance Highlights:
The company generated revenue of $418.575 million for the second quarter ended April 30, 2024. This represents a decline of $113.313 million or 21% for the quarter when compared to the second quarter of 2023.

For the half year, the company earned revenue of $986.327 million, a decline of $172.548 million or 15% relative to the corresponding period. The decline is the result of a lower performance in traditional revenue sources, caused by the changing landscape within the
entertainment sector, a decline in marketing spend by some of our major clients and a lower-than normal return from Carnival in Jamaica, 2024. The company’s revenue was also impacted by biennial events which contributed significantly to our revenue during the second quarter of the corresponding period.

Gross profit for the quarter was $198.064 million. Compared to the second quarter of 2023, this represents a decrease of $104.669 million 16%; while for the six months ended April 2024, gross profits fell by $101.457 million or 16% to $513.887 million.

Notably, the company has invested heavily in critical maintenance exercises to ensure the upkeep of its audio, visual, and lighting equipment, highlighting its commitment to quality and excellence.

These investments have temporarily impacted on gross margins, which fell to 47% for the quarter but will yield long-term benefits and ensure the company’s continued competitiveness.

Net profit for the second quarter was $20.016 million, a decline of 73% compared to the
corresponding 2023 quarter. At mid-year of the 2024, net profit of $120.271 million represents a decline $72.107 million or 37%.

Administrative and general expenses for the quarter were $133.414 million, a decrease of $55.734 million or 29% relative to $189.148 million last year, and $298.645 million for six months ended April 2024, down $34.656 million or 10% versus the corresponding period in 2023.

These results were driven by lower activity compared to the corresponding 2023 periods. Despite the overall decline in operating expenses, there were increases in key expense categories, namely security expense and staff costs resulting from increased staffing to support the company’s growth objectives, with a focus on enhancing its capabilities and driving innovation. Depreciation and amortisation charges increased by 61% and 203%, respectively, owing to significant capital investments, and right-of-use adjustments.
The increase in finance costs was driven by an increase in interest expense on right-of-use assets.

Taxation charges decreased by $12.470 million or 47% for the six months ended April 2024.
For the second quarter ended April 30, 2024, earnings per share declined to $0.07 from $0.25 per share in the corresponding period; a decrease of 73%. Earnings per share of $0.40 for the half year, represented a $0.25 per share or 37% decrease over the six months ended April 30, 2023.

The company’s total assets fell by $33.342 million or 3% to $1,219.929 million, compared to $1,253.271 million at April 30, 2023. Receivables decreased by $124.754 million or 29%, partly because of our reclassification of deposits on fixed assets now capitalised.

Loans decreased by $23.869 million or 30%, while Payables decreased by $35.533 million or 15% because of lower operating activities when compared to the six months ended April 30, 2023.

Shareholder’s equity stands at $932.678 million as at April 30, 2024, an increase of $69.303 million or 8% compared to the prior year.

Overall, the company has demonstrated its resilience and ability to navigate challenging times and remains poised for future growth and success.

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Tyrone Wilson Chairman President & CEO for iCreate Limited (the Group) has released the following consolidated unaudited results for the quarter, ended March 31, 2024.

Overview

During the first quarter, the Group remained focused on streamlining the operations of all business units to achieve greater operational efficiency and improved governance and internal controls. The Group also made progress in developing its new business line, indoor digital advertising. We have partnered with some key locations and will continue to focus on building this segment.

There was a major focus on addressing the issues that were cited by the Regulatory and Market Oversight Division (RMOD) of the Jamaica Stock Exchange resulting in the Company’s suspension from trading. Based on the feedback received on the information we have submitted to the RMOD, we believe we have complied with the requirements of RMOD and based on their feedback we expect that trading in our stock will resume by the end of the second quarter.

iCreate Limited ‘the Company’ also successfully repaid the Sagicor Investments bond and consequently had the receivership discharged as at January 31, 2024.

Revenue
The Group achieved consolidated revenues of $32.9 million, representing an increase of $6.9 million (26.8%) over the comparative 2023 first quarter. The main driver of revenue for the period is our Digital Out-Of-Home (DOOH) advertising business segment, which continues to show an average revenue increase of 10% each quarter when compared to the corresponding period in 2023.

Profitability
The Group recorded profit before tax of $0.3 million for the first quarter, which is an improvement over the $11.8 million loss before tax over the same period of 2023.

Our acquisition of Visual Vibe.com Limited ‘Visual Vibe’ is showing immediate results for the Group. Visual Vibe delivered $14.0 million in profit before tax which is an increase of $9.0 million (178.7%) over the corresponding period in 2023.

In addition to revenue growth, profitability was also achieved through reduction in expenses in the first quarter. The Group’s administrative expenses increased by $1.8M (10.4%) over the first quarter in 2023, however, this includes the consolidation of Visual Vibe.com Limited, which was not included in the first quarter of 2023. Expenses trended down across the Group during the first quarter as we continue to streamline our operations.

Balance Sheet
As at March 31, 2024, the Group’s Total Assets were $712.1 million, which is $18.7 million (2.6%) below the $730.8 million at the comparable period in 2023.
Total liabilities were $168.6 million, which is a reduction of $98.9 million, following the closing of the Visual Vibe acquisition in May 2023.

iCreate Institute is undergoing a transformational plan which involves reviewing our academic programs due to the fast-changing nature of technology. This too, is the same for GetPAID.

Outlook
The Group remains focused on growth in revenue and cash flows from all member companies and simultaneously streamlining and strengthening our internal processes and investing in our team to realise our strategic objectives while strengthening the brands.
Our other business divisions/subsidiaries iCreate Institute and GetPaid Group Limited ‘GetPAID’ experienced a slowdown for the period.

iCreate Institute is undergoing a transformational plan which involves reviewing our academic programs due to the fast-changing nature of technology. This too, is the same for GetPAID. However, we have new partnerships on the horizon that will enable us to quickly move towards achieving these objectives.

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