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Main Event Had A Rewarding 2019, Marked By Overall Business Growth And Consistent Performance – Sharpe

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“We have had a rewarding year, marked by overall business growth and consistent performance. The year’s accomplishments were headlined by robust top-line growth. Building on the strength of our core business, we have successfully developed attractive new opportunities that have fostered growth. We continue to strive for excellence in our service delivery and have enhanced our reputation as an All-Encompassing Brand Experience Facilitator not only in Jamaica but in the region as well. This 360-degree approach to the event planning industry is unique, innovative and forward-thinking. It is what continues to set us apart in our field.

At the close of the 2019 financial year, we achieved and exceeded our revenue targets, delivering revenue growth of $402.19 Million or 29%. We have achieved double-digit gains in all core revenue categories, and our newer service offerings have contributed $177.50 Million or 10% of revenues this past year.

Entertainment Sector & Segment Review

The overall sector showed that there was an increase in entertainment activities partially reflecting the increased granting of amusement licenses by the parish councils. These licenses increased 5.20 percent in the year to 22,560 approved events across the island, according to the latest statistics from the Economic and Social Survey published by the state-led Planning Institute of Jamaica. Main Event would have benefited from the increased activity; particularly in larger cities and towns which all showed an increase in license approval led by St James, St Ann, and Westmoreland.

During the year, the formal entertainment industry on a whole increased its propensity to grow with a slight uptick in bank loans outstanding totaling $2 Billion up to October 2019. This figure grew 10 percent to $2.2 Billion in December after the close of Main Event’s year-end. The Company thinks this growth in entertainment loans augurs well for the strengthening of the sector. Additionally, while the sector loans grew by some 15 percent over three years, over that same period, total loans across all industries virtually doubled from $481.90 Billion in September 2016 to over $842 Billion in December 2019, according to data from the Bank of Jamaica.

In the financial year, Main Event launched M Academy, its marketing, event management, and production certification programme. The Company has already graduated several students with new cohorts on the way. The Company will utilize the M Academy training and certification programme to capitalize on the demand for skill training in the entertainment and tourism industry. There are no facilities on the island that adequately train audio and visual technicians to professional standards.

In the past, Main Event has had to train its own staff in-house and decided that such training would benefit the wider society. To fill this void, M Academy was set up as a solution. A small band of suitable tutors and trainers have been recruited to take this concept to students. This will increase the pool of talent in the industry, which will redound to the benefit of Main Event and the nation on a whole. The course which completed its first set of training modules in November 2019successfully graduated over 100 students who are now equipped with the invaluable knowledge and skills required to obtain a career within the event industry. M Academy will continue its mandate in the coming financial year of training and development to ultimately provide opportunities for our youth within this ever-evolving event industry.

M Style XP Our exclusive full-service wedding and signature event design division of Main Event Entertainment Group Limited has continued to grow from strength to strength in 2019. Creating memorable experiences tailored to fit clients’ needs and style, M Style XP is devoted to exceptional service while providing superior value to our diverse and discerning clientele. M Style XP continues to perform exceptionally well. As a relatively new player in the industry, it continues to pick up traction and is now a top choice for premium weddings and corporate events. The division continues to make headway in the market through innovation as well as in its offerings of premium fixtures and furniture that distinguishes itself in the marketplace. We continue to expect even further growth in the years to come.

Financial Performance

Gross Profit increased by 21 percent to $776.7 million compared to $640.1 Million a year earlier. The Company’s gross profit margin (gross profit over total sales) declined slightly to 43 percent from 45 percent in the previous year. Despite the slight fall in margins, Main Event gained from an overall increase in revenue. Net Profit Net profit before tax totaled $100.7 million compared to $95 Million a year earlier. The increase in profit was due to increased business activity and sustained market share. Main Event was keen on effecting efficiencies during the year and administrative costs grew at a slower pace than revenue at $533 million compared to $418 Million a year ago, or 27.5 percent.

Total Assets: The balance sheet shows a $1.03 Billion or 9.4 percent increase in total assets when compared to the similar period last year. The Company completed the buildout of its M-Style facilities in the current quarter, and the buildout of the operational space in Western Jamaica was completed during the year. The rollout of the M-Style showroom allows for the exploration of new concepts targeted at building out an even stronger market demand for Main Event’s service experience.

Group Equity totaled $578.8 Million or 6.5 percent higher than a year earlier. The rise in equity was due to increased retained earnings which now totals $475.2 Million.

In the year, the Company declared $18 Million worth of dividends to its shareholders.

The market value of shares in Main Event closed the year at $5.32 in October 2019 compared with $6.50 in October 2018. Since that time, however, the price has trended towards higher levels. The Company believes that its fundamentals are sound and that the market will eventually see the value that has been created over the 2019 financial year, as reflected in increased cash generated from their record revenue.

Revenue:

The Company booked another year of record revenue at $1.8 Billion up $402 Million or 29 percent higher than a year earlier.

Main Event maintained steady revenue growth in the 2019 financial year as it benefited from diversified revenue streams. The MStyle experience was the best growth segment. Also, the Company’s presence in the West and M Academy project contributed to growth during the year.

Segment results showed that revenue from the Company’s entertainment promotions operations stood at J$1.25 Billion which accounted for almost 70 percent of the overall $1.8 Billion in revenue. This segment grew revenues by $218.5 Million year-on-year due in part to increased marketing spend from major clients.

The second highest revenue segment was audio & film operations which earned $268.2 Million up from $222.1 Million a year earlier. This segment represented 15 percent of total revenues.

During the financial year, revenue from digital signage totaled $101 Million from $77.3 Million in the previous financial year. M Style XP earned $160.7 Million up 152 percent over the previous year from $64 Million. M Academy revenue totaled $16.8 Million in its inaugural year of operations.

Business Outlook

For the upcoming financial year, the Company is aiming for a minimum of 8% growth in revenues.

Once the economy remains strong, we expect a robust year as prospects are good and continuing to grow in our industry. We recognize the importance of a lean cost structure and we have identified the need for a margin re-alignment project. We have commenced a detailed review of direct costs aimed at re-assessing and refining cost management and control strategies. We have also recognized a need to expand our portfolio of higher-value service offerings and expect the realignment project to have a positive impact on margins.

We are energized by the positive momentum that we are seeing in our Company and we are excited to build on this momentum in the new year. Over the past 2 years, we have expanded our business and we have realized immeasurable intangible growth and development in strategic areas of our business. We are committed to the continuing refinement of our service offerings as well as to sharpening of our skills and talent. We believe we have set the stage for sustainable growth in an expanding industry.

As we move forward into 2020 and beyond, we will be focused on pursuing operating efficiencies as we are keen to grow more efficiently and profitably.

Solomon Sharpe Chief Executive Officer, extracted and edited from 2019 Annual Report

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Main Event Entertainment Records $9.4M Net Loss For April 2025 Quarter

As part of its long-term strategy to reduce revenue volatility and deepen brand equity, the company has begun investing in its proprietary events. The performance of these initiatives is expected to materialise in the upcoming quarters.

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Solomon Sharpe Chief Executive Officer For Main Event Entertainment Group Limited Has Released The Following Unaudited Results For Six Months Ended April 30, 2025

The second quarter of the financial year unfolded within a still recovering economic environment. Jamaica experienced two consecutive quarters of economic contraction prior to this period, with the latest data from the Planning Institute of Jamaica (PIOJ) indicating a return to modest growth.

As a business closely tied to consumer activity and discretionary spending, MEEG’s performance is inevitably influenced by prevailing economic conditions. In times of reduced disposable income, demand for entertainment, events, and promotional services often comes under pressure. This context has framed many of the challenges and opportunities we faced during the quarter.

The company generated revenue of $306.368 million for the second quarter ended April 30, 2025. This represents a decline of $112.207 million or 27% compared to the second quarter of 2024. For the half-year, the company earned revenue of $891.395 million, reflecting a reduction of $94.932 million or 10% relative to the corresponding period last year. This contraction in revenue is primarily attributable to continued softness in core event categories, most notably Entertainment & Promotions and M-Style Decor. Performance was impacted by a combination of lower client marketing spend, fewer large-scale productions, and the nonrecurrence of several high-value projects that contributed materially to the prior year’s second quarter. Despite the general slowdown, the period saw several new and re-engaged clients contribute positively to revenue performance.

As part of its long-term strategy to reduce revenue volatility and deepen brand equity, the company has begun investing in its proprietary events. The performance of these initiatives is expected to materialise in the upcoming quarters.

Gross profit for the quarter was $165.818 million, compared to $198.064 million in the second quarter of 2024 — a decline of $32.246 million or 16%. Gross profit for the six months amounted to $467.485 million, down $46.402 million or 9% relative to the same period last year.

The company’s gross margin remained relatively stable at 54% for the quarter, a slight improvement from the 53% reported in the prior year. This increase reflects stronger project cost control and enhancements in resource planning, even amidst a softer revenue performance.

The company recorded a net loss of $9.337 million for the quarter, compared to a net profit of $20.016 million in Q2 2024. For the six-month period, net profit stood at $64.329 million, a decrease of $55.942 million or 47% from the $120.271 million earned in the comparative period. This swing was primarily driven by the reduction in revenue and other operating income, which was not fully offset by cost reductions.

Administrative and general expenses for the quarter totalled $143.244 million, an increase of $15.757 million or 12% compared to $127.487 million in the prior year.

Selling and promotional expenses also rose to $7.177 million, up 62% year over year, driven by increased brand-building efforts.

Depreciation expense declined by approximately $6.718 million or 20% compared to the prior quarter and by $9.764 million year-over-year, reflecting the completion of previous capital cycles. Conversely, amortisation charges increased, largely due to the refinancing of existing leases and the addition of new ones. These movements are aligned with the company’s strategy to invest in equipment and assets that enhance operational capacity and service delivery.

Total operating expenses for the quarter were $186.794 million, compared to $178.886 million in Q2 2024, an increase of 4%. On a year-to-date basis, total operating expenses amounted to $405.514 million, up $20.279 million or 5% over the $385.235 million recorded in the prior year.

Finance costs were marginally higher at $2.959 million, while taxation for the quarter reflected a credit of $1.876 million, corresponding to the pre-tax loss position.

The company reported a loss per share of $0.03 for the second quarter, compared to earnings per share of $0.07 in the prior year. For the six-month period, EPS was $0.21, down from $0.40 in 2024.
As at April 30, 2025, total assets stood at $1,219.275 million, broadly in line with $1,219.929 million recorded at the end of the second quarter of 2024.

Cash and bank balances amounted to $141.700 million, with short-term deposits increasing to $252.598 million, together reflecting a stable liquidity position.

Receivables closed at $299.718 million, slightly below the $309.556 million reported in the prior year.

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The LAB Posts $20.6M Half-Year Profit, Down 58%, Impacted by Revenue Timing and Margin Compression

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Kimala Bennett Chief Executive Officer for Limners and Bards Limited (The LAB) has released the following unaudited consolidated financial statements for the six-month period ended April 30, 2025, prepared in accordance with International Financial Reporting Standards (IFRS). The consolidated results include the performance of subsidiary Scope Caribbean Limited (Scope), whose core business involves the scouting, placement, and management of talent, supported by the development and maintenance of a comprehensive talent database.

For the period under review, the Group’s consolidated balance sheet remained sound with a stable cash position, providing the financial flexibility to support ongoing operations and strategic initiatives.

Revenue over the 6-month period of $460.2 million, represented a 3.3% increase compared to the corresponding period in 2024. This growth was driven primarily by increased activity in the Production and Media business segments. Media contributed $240.7 million, followed by Production at $151.8 million, and Agency at $67.5 million.

Gross profit amounted to $175.4 million, reflecting a 2.7% decline year-over-year. This was due to a higher proportion of revenue being derived from Media, which typically carries lower margins relative to the Agency segment. This shift in revenue mix also resulted in a 2% decline in the company’s net profit margin.

Net profit for the six-month period stood at $20.6 million, a 58.3% decline compared to the same period in the prior year. The decrease was primarily attributable to lower gross margins and a reduction in second-quarter revenue which was largely due to seasonal variations and the timing of project deliveries.

Operating expenses, comprising administrative, selling, and distribution costs, increased by $14.4 million or 10 percent compared to the same period last year. This increase primarily reflects strategic investments in talent, particularly in areas critical to our growth agenda such as business development, content creation, and enhancing the overall customer experience. While these investments contributed to higher short-term costs, they are considered essential to scaling our operations and building long-term shareholder value.

Total assets amounted to $1.03 billion, reflecting a decrease of $11.2 million or 1.1 percent, mainly attributable to normal depreciation. Current assets increased marginally to $865.9 million, up $1.6 million from the prior year.

Cash and cash equivalents stood at $332.4 million, down $226 million year-over-year, due primarily to increased investment in the development of proprietary content assets.

Accounts receivable increased by $39.5 million, and management continues to work closely with clients to manage credit terms and reduce outstanding balances.

Shareholders’ equity grew to $659.1 million, up 1.8 percent from $647.3 million in the prior-year period.

The LAB remains focused on disciplined execution of its growth strategy, with a continued emphasis on improving operational efficiency, diversifying revenue streams, and delivering long-term value to shareholders

Outlook & Growth Strategy

Looking ahead, the Group remains focused on executing its strategic roadmap amidst continued transformation in the marketing and creative services sector. Our efforts are concentrated on expanding and diversifying revenue streams, acquiring new clients, and introducing new service lines that align with emerging market needs. At the same time, we are maintaining a strong emphasis on cost discipline and efficiency.

The integration of artificial intelligence into our operations is expected to further streamline processes and deliver cost savings where appropriate.

Continued investment in content development also remains a strategic priority.

Despite ongoing macroeconomic uncertainty, 2025 has presented key opportunities for us to advance several critical initiatives. Our revenue expansion strategy includes the rollout of our “Five-in-25” content plan, which focuses on the development of five scalable content properties, the geographic expansion of our Agency and Production services, and the monetization of existing financial and intellectual assets to enhance top-line growth.

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SEE ALSO

Meta’s AI Ad Revolution Is A Seismic Shift in the Media Landscape – Its Impact On Caribbean Agencies

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Scotiabank Trinidad And Tobago Declares Dividend Of 70 Cents Per Share For 2nd Quarter

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Scotiabank Trinidad and Tobago Limited (The Group) reported Income After Taxation of $340 million for the 6 months ended 30 April 2025. This represents an increase of $17 million or 5% compared to the 6 months ended 30 April 2024. Income after Tax for the second quarter was $174 million, an increase of $14 million or 9% over the prior quarter’s performance.

This improved profitability resulted in an increased Return on Equity (ROE) of 14.9% and a stable Return on Assets (ROA) of 2.2% over the prior year.

Based on these financial results, Scotiabank Trinidad and Tobago Limited is pleased to declare a dividend of 70 cents per share for the 2nd quarter, for a total of 140 cents for the first half of fiscal 2025. Earnings per Share (EPS) increased to 192.9c with a strong Dividend yield of 5.35%.

Gayle Pazos, the Managing Director of Scotiabank Trinidad and Tobago Limited commented, “I am pleased to report on the Group’s strong financial performance this quarter.

By leveraging digital advancements and optimizing asset allocations, the Group has set a solid foundation for future growth and resilience in an ever-evolving financial landscape.

Income After Tax increased by 5% year on year, driven by core revenue growth. We have achieved significant asset growth of $1.8 billion or 6%, testament to our robust strategies and market positioning. Loans to Customers grew $716 million or 4%, with our investment portfolio growing by $1.6 billion or 27%.

This strong asset growth underscores our commitment to optimizing market conditions and ensuring consistent value creation for our stakeholders. Customers’ Deposits also grew by $1.6 billion or 7%, with digital adoption increasing to 57%. By leveraging digital advancements and optimizing asset allocations, the Group has set a solid foundation for future growth and resilience in an ever-evolving financial landscape.

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CIBC Caribbean Delivers Another Strong Quarter Of Financial Performance

We have maintained our focus on credit quality, and this is reflected in our provision for credit losses of US$2.8 million, which is US$5.1 million lower than the prior year. The reduction was driven by improved economic conditions and our prudent risk management approach.

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CIBC Caribbean has delivered another strong quarter of financial performance with a net income of US$58.5 million for the six months ended April 30, 2025. This result reflects an increase of US$9.6 million or 20% over the prior year’s net income of US$48.9 million. Our continued growth has been driven by higher net interest income, improved credit quality, and disciplined expense management.

Total revenue for the period was US$223.3 million, up US$15.8 million or 8% from the prior year. Net interest income rose by US$10.9 million or 7%, reflecting loan growth and improved margins. Non-interest income also increased by US$4.9 million or 11%, due to higher transaction volumes and foreign exchange earnings.

We have maintained our focus on credit quality, and this is reflected in our provision for credit losses of US$2.8 million, which is US$5.1 million lower than the prior year. The reduction was driven by improved economic conditions and our prudent risk management approach.

Operating expenses increased by US$2.1 million or 2%, primarily due to investments in technology and digital transformation initiatives, in line with our strategy to enhance customer experience and drive efficiency.

Our capital and liquidity positions remain strong and comfortably above regulatory requirements, supporting future growth and resilience.

Mark St. Hill Chief Executive Officer June 12, 2025

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Scotia Group Delivers 19% Q2 Profit Growth, Net Income Hits $5B for the Quarter

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The Following is an extract from Scotia Group Jamaica Limited (SGJ) Quarterly Financial Statements Q2/2025 and Declaration of Second Interim Dividend Payment

Scotia Group reports net income of $9.2 billion for the six months ended April 30, 2025, representing an increase of $665.6 million or 7.8% over the prior year. Net income for the quarter of $5 billion reflected an increase of $797.9 million or 19% over the previous quarter. The Group’s asset base grew by $87 billion or 12.9% to $763.5 billion as at April 2025 and was underpinned by the excellent performance of our loan and investment portfolios.

In furtherance of our objective to continue to return value to our shareholders, the Board of Directors has approved a dividend of 45 cents per stock unit in respect of the second quarter, which is payable on July 17, 2025, to stockholders on record as at June 25, 2025.

Commenting on the Group’s performance, Scotia Group’s President and CEO, Audrey Tugwell Henry said “I am very pleased with our Q2 performance.

Our business continues to grow as we prioritize our clients’ needs, offering them the best financial services and solutions in the market. We are also very proud that our performance has been recognized by renowned international financial publications. Scotiabank Jamaica has been named Bank of the Year 2025 by the prestigious publication, The Banker Magazine, as well as the Best International Private Bank 2025 by Euromoney, and The Best Bank in Jamaica by Global Finance Magazine. These accolades are a testament to the effectiveness of our strategy and the excellence of our people. We are buoyed by these awards and motivated to continue to strive toward our ultimate goal of being our clients’ most trusted financial partner.

Business Performance

All business lines continue to perform well and made significant contributions to the Group. Our retail banking business boasts some of the best solutions in the market and our clients are increasingly choosing Scotia Group for their financing needs. Our flexible retail loans and mortgages offer among the lowest interest rates in the market. Our Scotia Plan loan portfolio grew 14% over the previous year and our mortgage portfolio grew by 24% over the same period.

The Corporate and Commercial Banking unit continues to provide significant support to the business sector. While the uncertainties of the geo-political environment remain a concern, Scotiabank is uniquely positioned to help our clients by leveraging insights from our global bank to support them in navigating the challenges in the market. In Q2, our commercial loan book grew by 7 % over the previous year.

Scotia Investments Jamaica Limited delivered another commendable performance with Assets Under Management increasing by 12% year over year. In March, SIJL’s corporate solutions unit was the lead arranger for a $950 Million bond raise for Fontana Pharmacy. The coordinated collaboration between our corporate banking and corporate solutions business units continue to yield strong results for the Group.

Scotia Jamaica Life Insurance Company (SJLIC) reported an increase in net insurance business revenue of 76% over the previous year driven by the performance of the portfolio. Scotia General Insurance Agency (SGIA) also made strong contributions to the quarter’s results with Gross Written Premiums increasing by 64% and policy sales increasing by 55% year over year.

GROUP FINANCIAL PERFORMANCE

TOTAL REVENUES

Total revenues excluding expected credit losses for the six months ended April 30, 2025, grew by $2.9 billion to $33.4 billion, reflecting an increase of 9.5% over the prior year period. This was primarily driven by the strong growth in our loan portfolio which led to an increase in net interest income of $1.9 billion or 8.5% as well as an increase in other revenue of 13.1%. OTHER REVENUE Other income, defined as all revenue other than interest income, increased by $1.2 billion or 13.1%.

• Net fee and commission income for the period amounted to $3.9 billion, reflecting an increase of $501.1 million or 14.6%. This growth was fueled by higher volumes of client transactions and activities.

• Net insurance revenue increased by $797.4 million or 75.6%, driven by higher contractual service margin releases coupled with lower insurance expenses in keeping with the performance of the portfolio, as well as an increase in transaction volumes stemming from further deepening of our client relationships.

• Net gains on financial assets amounted to $288 million, reflecting a year over year increase of $85.5 million or 42.2%, given improved market performance.

OPERATING EXPENSES

Operating expenses totaled $18 billion as at April 2025 and reflected an increase of $2.6 billion or 16.6% when compared to the prior period. Of note, annual asset taxes recorded during the period totaled $1.7 billion, an increase over 2024 of $140.1 million or 9%. Excluding the reduction in the net pension credit on our defined benefit plans, operating expenses increased by $2 billion or 12.3% year over year.

Additionally, higher billings associated with cash transportation services and deposit processing as well as our investments in technology also contributed to the increase noted in other operating expenses. The Group continues to expand on our digital capabilities geared towards simplifying and streamlining our processes to make it easier for our clients to do business with us.

CAPITAL

Shareholders’ equity available to common shareholders totaled $155.9 billion and reflected an increase of $29.1 billion or 22.9% when compared to April 2024. This was due primarily to the re-measurement of the defined benefit pension plan assets, higher fair value gains on the investment portfolio and higher internally generated profits partially offset by dividends paid.

We continue to exceed regulatory capital requirements in all our business lines, and our strong capital position also enables us to manage increased capital adequacy requirements in the future and take advantage of growth opportunities.

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