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Main Event Entertainment Group Reporting Net Profit Of $117.949M For Quarter Ended January 31, 2023.

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Main Event Entertainment Group Limited is reporting in the Company’s recently published unaudited financial statements for the quarter ended January 31, 2023 (Q1), that the company’s operations produced a net profit of $117.949M. These results represent an improvement over the net loss of $40.643 million suffered in the corresponding period in January 2022.

Commenting on the results Chief Executive officer Solomon Sharpe noted that for the first quarter ended January 31, 2023, revenue amounted to $626.987M and represents a 211% increase over the 201.716M earned at the end of January 2022. This marks the second largest quarterly performance and the strongest ever January performance. The company’s performance continues to be driven by the resurgence of entertainment, promotional and marketing activities, following a return to pre-covid market conditions.

Continuing with their emphasis on operational efficiency and cost containment efforts, gross profit for the quarter was $312.611M. Compared to January 2022, this represents an increase of 296%, and importantly, saw gross margins improve to 50%, up from 39% in the corresponding period. In addition to  operational efficiency and cost containment efforts, the company benefited from improvement in sales activities from revenue streams that requires little external support.

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Agostini Group Posting Solid First Quarter Performance, With The Group’s Revenue Increasing By 7%

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Christian E. Mouttet Chairman of the Agostini Group has released the following Unaudited First Quarter Consolidated Results For the First Three Months of 2024 Financial Year,

For the First Three Months of our 2024 Financial Year, the Agostini Group posted a solid performance, with the Group’s revenue increasing by 7% from $1.27 billion to $1.36 billion, and profit attributable to shareholders increasing by 5% to $69.3 million, excluding the restated, one-off, non-cash Net Gain on Acquisitions recognised in the comparative period. When this gain is included, the profit attributable to shareholders declined by 67% when compared to the prior year.

Earnings per share for the quarter was $1.00 versus $0.96 without the net gain, and $3.01 with the gain, a year earlier.

Our three core businesses continued to deliver strong results although the Energy and Industrial business saw a modest decrease when compared to the previous year, primarily due to the discontinued operations of the Agostini Contracting Division.

To facilitate the growth and expansion of our Consumer Products business, we have broken ground in Guyana on a new distribution centre, and in Trinidad, we expect to begin construction of a new state-of-the-art distribution centre at Aranguez in the coming months. In Jamaica and Barbados, we are at various stages of the upgrading and expansion of our distribution facilities and technology platforms at our Pharmaceutical and Healthcare operations.

A key objective for our Group in this Financial Year is the integration of the acquisitions completed during the two previous years to achieve the synergies, efficiencies and alignment that drove those strategic acquisitions. This process is well underway and we expect that it will deliver sustainable value to our customers, employees and shareholders in this Financial Year and the years ahead.

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Exceptional Occurrences In Distribution Businesses In Trinidad And Barbados Adversely Impacted Massy Holdings IRP Results In QI.

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Robert Riley Chairman Of Massy Holdings Ltd. Has Released The Following Unaudited Financial Statements For The Period Ended December 31st, 2023

The Group is actively executing its strategy, emphasizing a focused approach on its three core industry portfolios: Integrated Retail, Gas Products and Motors and Machines.

In FY2023, the Group made three bold moves to acquire the Rowe’s IGA supermarket chain in Jacksonville Florida, IGL medical and industrial gas business in Jamaica, and Air Liquide’s 750 tonne per annum air separation and export business in Trinidad. These moves expanded the Group’s presence to a significant operation in the US, backward integrated into critical supply of Oxygen and Nitrogen for the region and solidified Massy’s leadership position in the LPG, and medical and industrial gas business in Jamaica. All acquisitions are performing well and for QI FY2024, they contributed $43.4 million (US$6.4 million) to the Group’s PBT, yielding $28.1 million (US$4.2 million) to the Group’s PBT from Continuing Operations after deducting interest costs.

Although Group Revenue grew by 18% (7.8% without acquisitions) from $3.6 Billion (US$535 million) to $4.3 Billion (US$633 million), Group PBT from Continuing Operations declined by 2% from $301 million (US$44.8 million) to $294 million (US$43.7 million). Each portfolio experienced unique isolated setbacks and the Investment Holding Company (IHC) made some changes that increased net expenses and nonrecurring/one-off impacts to the P&L.

Despite healthy Revenue growth of 18% (8.6% without acquisitions), QI PBT from Integrated Retail Portfolio (IRP) declined by 1% (4.6% without acquisitions), Retail stores in Trinidad, Barbados, USA and Guyana performed commendably but some exceptional occurrences in the Distribution businesses in Trinidad and Barbados adversely impacted IRP results in QI.

Gas Product Portfolio (GPP) QI PBT grew by 54%, representing a $34 million (US$5 million) increase. Without the acquisitions, the GPP QI growth would have been 25%. The Motors and Machines Portfolio (MMP) QI PBT declined by 13%. The Trinidad businesses performed commendably. However, inventory build-up from importers increased finance costs in Colombia; and uncertainty about Venezuela’s claim to a major portion of Guyana and unavailability of Higher Purchase credit for new cars led to declining sales for industrial equipment and vehicles in Guyana in QI 2024.

The divestment of the Group’s non-core assets has reached its “long-tail” with a couple of subsidiaries, and properties in Barbados held for sale. The strength of the Group’s Revenue production across the breadth of our sectors and geographies offers reassurance for the outlook for the rest of the Financial Year.lt is anticipated that several one-off isolated events in QI will not recur throughout the year.

The Board is confident in the strength of the Group and its strategy as it pursues its vision to be a Global Force For Good, An Investment Holding Company with a Caribbean Heart.

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Tropical Battery Acquires California-Based Rose Batteries

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Tropical Battery Company Limited (JSE:TROPICAL), a leader in innovative energy solutions, is pleased to announce the strategic acquisition of Rose Electronics Distributing Company (Rose Batteries), based in San Jose, California, in the heart of Silicon Valley.

Founded in 1963, Rose Batteries is a manufacturer of specialized batteries for high value industries requiring critical power, including healthcare and aerospace. The company has built a solid reputation for the customized design and assembly of highly reliable batteries providing essential power and charging solutions to a broad range of B2B customers.

The company’s strength lies in its ability to cater to original equipment manufacturers (OEMs), offering customized solutions that supply continuous power in challenging environments. Rose’s approach in providing tailor-made contract manufacturing solutions has redefined industry standards and garnered a loyal customer base supporting stable, recurring revenue streams.

The acquisition of Rose Batteries represents a significant milestone in Tropical Battery’s strategy of diversification into new complementary product lines, market segments and geographies, and reaffirms the company’s commitment to technological innovation and growth in the global energy market. The acquisition was completed through Tropical’s US subsidiary Tropical Battery USA LLC. The purchase price is subject to strict non-disclosure restrictions, however the price significantly exceeds 50% of the market capitalisation of Tropical.

The integration of Rose Batteries into the Tropical Battery group of companies represents much more than simply an expansion into the world’s largest economy; it’s a significant step forward in boosting technological capabilities, innovation potential, and key financial indicators. The acquisition is projected to materially enhance Tropical Battery’s free cash flow, improve its cash conversion cycle, and increase the return on capital, thereby enhancing shareholder value and financial strength.

Rose CEO Itamar Frankenthal, an influential shareholder who has led the company since 2016, will join Tropical Battery as a shareholder and board member, continuing his focus on growth opportunities in the United States. His extensive experience, shaped by his Harvard MBA journey, along with his transformative leadership at Rose, underscores the expertise and visionary approach he will bring to the Tropical Battery group of companies. Rose COO Chris Wunderlich will become the new CEO of Rose Batteries, bringing a rich blend of experience in management, engineering, operations, and technology.

Following the acquisition of Dominican Republic-based KAYA Energy Group in 2023, and now, the acquisition of Rose, Tropical Battery will focus on integrating and harmonizing these three dynamic organizations to leverage synergies, optimize costs, and explore new growth opportunities across various markets.

“This acquisition reaffirms our commitment to transforming Tropical Battery into a multinational organization at the vanguard of innovative growth in emerging segments driving the transition to more sustainable energy solutions,” commented Tropical Battery Managing Director Alexander Melville.

“The integration of Rose Batteries will position the Tropical Battery group of companies to offer even greater value to our customers and stakeholders than ever before. We are reinvigorated by this next chapter in our growth and passionate about enabling a more sustainable, technologically driven future in the energy sector, while strengthening our financial performance with the support of pioneers in the Caribbean financial services ecosystem like Sygnus Capital, which served as lead arranger in this transaction.”

“Sygnus Capital’s partnership with Tropical Battery for this transformative acquisition reinforces our commitment to delivering innovative solutions that drive the growth of medium-sized businesses throughout the Caribbean,” noted Gregory Samuels, Senior Vice President & Head of Investment Banking at Sygnus Capital Limited. “We believe in empowering local companies to acquire overseas assets, thereby boosting our country’s foreign exchange inflows. This move aligns with our focus on impactful and sustainable investments, while also deepening our longstanding relationship with a valued client, namely Tropical Battery’s holding company, Diverze Assets. Together, we pave the way for growth, innovation, and financial resilience in the energy sector,” Samuels added.

About Tropical Battery Company

Established in 1950, Tropical Battery has become a household name in premium energy solutions in the Caribbean. Listed on the Jamaica Stock Exchange in 2020, the company has diversified beyond its core car battery business into automotive care products, renewable energy and electric mobility as part of its transformation into a diversified energy group enabling sustainability with innovation, technology and exceptional service delivery.

About Rose Batteries

With over 60 years in business, Rose Batteries has emerged as a leading contract manufacturer of specialized batteries for high growth industries driving the adoption of cutting-edge technologies. The company’s dedication to innovation and sustainable practices has positioned it as a vital partner across several sectors, including healthcare, robotics, aerospace and telecommunications.

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Republic Financial Holdings Strong Growth In Loans And Investments, Combined With Continued Strong Interest Rate Environment Record Profits Of TT$503M For 3 Month Ended December 2023.

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Vincent A. Pereira Chairman of Republic Financial Holdings Limited (RFHL) Has Released The Report For The Three-Month Period Ended December 31, 2023

Republic Financial Holdings Limited (RFHL) recorded profit attributable to its equity holders of TT$503 million for the three-month period ended December 31, 2023.

Excluding one-off losses reported in the prior period, core profits after tax and non-controlling interest increased by $33 million or 6.9 percent, while reported profits increased by $103 million or 26 percent over the $400 million reported in the corresponding period of the last financial year.

Total assets stood at $115.2 billion at December 31, 2023, an increase of $1.7 billion or 1.46 percent over the total assets at December 2022. This increase was fuelled by growth in the loans and investments portfolios across all subsidiaries.

The Group’s first quarter results reflect the impact of this strong growth in loans and investments, combined with the continued strong interest rate environment for our US$ denominated subsidiaries. All subsidiaries recorded strong performances despite the ongoing economic challenges in some environments. The overall performance continues to highlight the value of the Group’s international diversification strategy and the resilience of our operations.

Based on these results, the Board of Directors has declared its first ever quarterly interim dividend of TT$0.55 per share payable on February 29, 2024 to all shareholders on record at February 15, 2024.

The Group continues to work on improving its employee engagement, customer focus and digital strategy to continue adding value to our customers, staff and stakeholders. While challenges persist, we believe that we are well positioned to navigate the continued global economic uncertainties.

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Ciboney Group Limited is now Innovative Energy Group Limited

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Nigel Davy, executive chairman of newly named company Innovative Energy Group (IEG) Limited has released the following unaudited financial results for Ciboney Group Ltd for the quarter ended November 30, 2023, which have been prepared in accordance with International Financial Reporting Standards (IFRS).

On November 15th, the Company announced its intention in a resolution to shareholders at the Annual General Meeting on December 6, 2023, to change the company’s name from Ciboney Group Limited to “Innovative Energy Group Limited”. This resolution was passed by the shareholders at the meeting, and for the purposes of this report Ciboney Group Ltd will be referred to by its new name Innovative Energy Group Limited (formerly Ciboney Group Limited) or “the Company”.

A loss of $3.79 million during the second quarter of 2023 as compared to a loss of $1.13MM in the corresponding quarter of 2022. These losses are mainly attributable to steps being taken to move the Company out of dormancy consequent on the acquisition of the majority of its shares by IEC Energy Company Ltd.

Costs incurred during this quarter related primarily to expenditures on the website, public relations and corporate governance activities which were financed by advances by the related party, Innovative Energy Company DBA IEC SPEI Limited.

The IEC Group is comprised of IEC Energy Company Limited (St Lucia) – the holding company, along with Innovative Energy Company DBA IEC SPEI Limited and Innovative Energy Group Limited (formerly Ciboney Group Limited).

The resolutions approved by shareholders at the December 6, 2023 Annual General Meeting encompass changing the Company’s name to Innovative Energy Group Limited, increasing the authorized share capital to unlimited ordinary shares, adopting new Articles of Incorporation, approving the Audited Financial Statements for the year ended May 31, 2023, re-electing Directors Wayne Wray, Kyle Davy, and Conley Salmon, fixing the remuneration of Non-executive Directors, and appointing Crichton Mullings & Associates as Auditors with remuneration set by the Directors.

These are in line with the transformation of the Company to a vertically integrated green energy company with over three (3) decades of group experience in the private energy industry.

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