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Mayberry Group Reporting Improved 2022 Q1 Revenues And Profitability Driven By Growth In Unrealized Gains On Investments In Associates

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Gary Peart Chief Executive Officer The Mayberry group has released the following commentary on the company’s financial results for the three months ended March 31, 2022.

Overview

The Mayberry group recorded net profit attributable to shareholders of $692 million for the three months ended March 31, 2022. This represents a 309% increase when compared to the net loss of $331 million for the corresponding quarter in 2021.

This performance was attributable mainly to growth in unrealized gains on investments in associates which increased by $1.6 billion or 214% and unrealized fair value gains on the revaluation of investments which was higher by $167 million or 179%.

Total operating expenses for the period under review increased by $131.5 million or 41% to $454.1 million when compared to Q1 2021.

Group profits before tax for Q1 2022 increased by $1.6 billion or 289% to $1.1 billion.

Other major highlights of the group’s performance include:
• Earnings per share (EPS) increased by $0.85 or 309% to $0.58 for Q1 2022 versus a loss per share (LPS) of $0.28 for Q1 2021.
• Total assets reported for the quarter ended March 31, 2022, grew to $45.7 billion compared to $35.7 billion for the comparative period for 2021. This represents a $10 billion or 28% increase in our asset base.
• Net book value per share increased to $14.32, a $2.92 or 26% increase over the corresponding period in 2021. This was partially attributable to price appreciations which positively impacted the value of investment securities, investment properties and investment in associates.
• The group continues to report a turnaround in total comprehensive income attributable to shareholders. This totalled $1.5 billion for the three-month period to March 31, 2022, compared to a total comprehensive loss of $67.9 million for the corresponding period in 2021. The performance was mainly due to increased unrealized fair value gains on investments at FVTPL and FVTOCI of approximately $1.7 billion.

Net interest income of $75.5 million increased by $12 million, Q1 2022 over Q1 2021. This growth was driven mainly by increased revenue on repurchase agreements and a greater take up of margin loans.

• Net unrealized gains on investments at FVTPL increased by $1.8 billion to $1.1 billion during 2022 from the group’s investment in associates and financial instruments, reflecting capital appreciation on equities with the year over year increases in market prices as the economy reopened and businesses saw improved financial results from greater economic activity.

• Overall net trading gains were higher by $160% mainly attributed to trading on the bond portfolio.
• Dividend income of $131.4 million increased by $12.5 million for Q1 2022 over Q1 2021, reflecting overall higher receipts in 2022. • Fees and commission income of $90.1 million for January to March 2022 was lower by 23.4% compared to the corresponding period in 2021. This was attributable to reduced commission selling fees for IPO transactions which are queued for later dates in the year.
• Net foreign exchange gains of $47.6 million were lower by $23.2 million. The challenges of demand and supply in the FX market has impacted the Cambio operations unfavourably.
• Other income trended down by $33.2 million compared to the corresponding 2021 period.
• Other operating expenses for Q1 2022 increased by $131 million, moving from $322.6 million in Q1 2021 to $454 million in the current period under review. The increase was driven by higher expenditure in employee compensation costs up 31% and other support areas of the business, namely computer expenses, legal and professional fees, sales and marketing and consulting fees.

Subsidiary Highlights

With the local financial market experiencing improved buoyancy with the tempering of COVID–19 fears and related government restrictions, corporates posted improved financial results in several sectors over recent quarters which has generated continued improvements in the performance of stocks in the Mayberry Jamaican Equities Limited (MJE) portfolio.

The company reported an increase of $1.6 billion or 250% increase in net profits for quarter ending March 31, 2022 when compared to the loss of $631 million in the prior year. This performance mainly resulted from increased net gains on investments in associates of $1.6 billion and dividend income of approximately $12.6 million when compared to the same period in 2021.

In addition, total operating expenses for the year ended March 31, 2022 increased by $5 million or 16% to $35 million when compared to the corresponding period in the prior year. This was mainly attributable to expenses incurred for legal and professional and JSE fees.

Assets & Liabilities

Total assets as of March 31, 2022 amounted to $45.7 billion compared to $35.7 billion for the corresponding period ended March 31, 2021. The increase in asset balances was primarily due to an increase in investment in associates by $7.3 billion, and higher investment securities balances of $1.3 billion resulting from favourable price movements for local equities held in MJE’s equity investment portfolio.

The positive movement in asset balances also reflected an increase in reverse repurchase agreements of $643.1 million. The group’s cash position grew by $311.4 million.

Intangible assets increased by $317.5 million compared to March 31, 2021 as the group continued the roll out of its new digital platform. The positive movement in asset balances was offset by reductions in loans and other receivables and promissory notes of $52 million and $354 million, respectively.

Total liabilities for the group were $21.9 billion, an increase of $3.5 billion or 19% over the 2021 corresponding period, driven mainly by growth in securities sold under repurchase agreements, loans, interest payable and accounts payable.

Shareholders’ Equity

Mayberry group reported total shareholders’ equity of $17.2 billion at the end of March 31, 2022 compared to $13.7 billion for the prior period in 2021. The year-on-year increase of $3.5 billion was mainly driven by a $3.7 billion increase in retained earnings. This resulted in a net book value per share of $14.32 (2021: $11.39).

Capital Adequacy

Our capital base continues to be robust and compliant with our regulatory benchmarks. Our Q1 2022 capital to risk-weighted asset ratio of 22.5% improved from 21% for Q1 2021 and complied with the established minimum of 10% set by the Financial Services Commission (FSC). In addition, our tier one capital is 98% of the overall capital of the company and exceeds the regulatory minimum of 50% established by the FSC.

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Guardian Holdings Earnings Per Share Increased To TT$4.55 Versus The Comparative Period Of TT$1.97. For The Nine-Months Ended 30th September 2022

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Patrick Hylton Chairman Guardian Holdings Limited Has Released The Following Report To Shareholders For The Nine-Months Ended 30th September 2022

Your Group continues to demonstrate resilience and produce excellent performance.

Global financial markets remain volatile, in part due to the Russia-Ukraine conflict, the related sanctions and economic fallout as well as global economic weakness. The outlook for financial markets over the short and medium-term remains uncertain and vulnerable to continued geopolitical tensions. Despite these challenges, we remain focused on enhancing our operating performance to counter these numerous disruptions.

For the nine-months ended 30th September 2022, profit attributable to equity shareholders was $1.056 billion and represented a 131% increase over the corresponding period last year of $457 million.

Earnings per share increased to $4.55 versus the comparative period of $1.97.

As we have communicated on many occasions, the Group has been on a transformation journey centered on technology, people and processes. We have invested heavily in technology to bring world-class customer service to our markets, leverage the scale of our Group and reduce our operating costs. While in recent years we have reaped some of the benefits, we are now at a resultant juncture where the payback on this investment is rapidly accelerating. In 2022 the Group implemented many of these initiatives for our Life, Health and Pensions (LHP) segment with the alignment of our Trinidad and Jamaica operations bringing to reality operational synergies, cost savings and centers of excellence. These activities result in long-term cost savings which have the effect of creating favourable reserve movements contributing to the exceptional performance recorded for the year to date.

Gross Written Premiums for the LHP segment increased by 6.5% from $2.915 billion to $3.105 billion. Investment income and fees were also up by 10%, an $82 million increase. In addition, net insurance benefits and claims (inclusive of favourable reserve movements) were lower than prior year by 19%, $429 million. All these factors contributed to a healthy uplift in LHP profit after tax of 1 16%, $597 million over prior year.

Results from Property and Casualty and Brokerage segments of the business also reported growth year over year of 42%, $43 million, whilst Asset Management declined by 42%, $13 million.

The Group’s net income from investing activities fell from $1.153 billion to $942 million, a reduction of 18%. This decrease was principally due to net fair value losses of $153 million reflecting the difficulties in global financial markets in the current period, compared to net fair value gains in the prior period of $133 million, resulting in an unfavourable movement of $286 million. The unfavourable fair value movement was partially offset by an increase in investment income of $70 million, arising from portfolio growth.

Operating expenses were $1 .147 billion, representing a 7% increase over the $ 1.074 billion reported for the same period prior year. These primarily relate to costs associated with the implementation of IFRS 17 as well as with the group-wide transformation initiatives.

The Board is pleased with this quarter’s performance and remains confident about the Group’s future financial performance.

For more information CLICK HERE

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ANSA McAL Limited Reporting Groups Revenue Increased By TT$581million Or 14% To TT$4.716 Billion Over The Nine-Month Period Ended 30 September 2022.

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A. Norman Sabga Chairman ANSA McAL Limited has released the following-Unaudited Financial Results for the Nine-Months ended September 30 2022

Over the nine-month period ended 30 September 2022, the Group’s revenue increased by $581million or 14% to $4.716 billion ($4.135 billion – 2021) and total assets grew by 3% to $17.570 billion ($17.043 billion – 2021). Our gearing ratio reduced to 8.6% (9.6% – 2021).

With the exception of banking and insurance, all major business segments continue to show improvement over last year with our Automotive, Beverage, Manufacturing, Construction and Distribution operations demonstrating strong top line growth and profitability.

The investment portfolios of our Banking and Insurance Segment and at Parent continue to be affected by volatility in the global financial markets. The resulting non-cash, mark to market losses reduced the Group’s profit before tax to $139.1 million ($461.8 million – 2021) and earnings per share to $0.00 ($1.65 – 2021).

While it is challenging to predict with certainty the timing of the turnaround of the investment portfolios, the core operating banking and insurance business lines continue to perform well and are expected to grow.

ANSA Bank’s transformative digital commercial model is still on track to be launched before the end of the year, and regulatory approval was recently granted for the acquisition of COLFIRE by TATIL which we expect to close early in 2023. This addition to our Insurance business will provide a significant uplift while improving our offerings to a wider customer base.

Looking wider and farther ahead, we have set an aggressive target of doubling the Group’s profitability by 2027. Underpinning this target are robust strategies to achieve organic and inorganic growth in both new and existing regional and international markets. We also continue to balance prudent cost management and pricing strategies to achieve our very ambitious growth targets.

Our strategic intent is to create not only sustainable but inclusive growth for the benefit of society. We have therefore embedded a strong environmental, social and governance (ESG) proposition within our plans to assure the creation of value for all our stakeholders in the long term. With a resilient balance sheet, strong core values and talented people, we remain confident about the future.

For more information CLICK HERE

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L.J. Williams Limited Looks to Stronger December 2022 3rd Quarter As They Continue To See Resilience In Consumer Shopping.

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Krishna Bahadoorsingh, Chairman of L.J. Williams Limited has released the following Condensed consolidated financial information for FY 2023 Half Year Ending September 30th 2022

The Group turnover for the half year ending September 30th 2022 was $76.63 million vs $61.94 million for the same period last year, an increase Of 23.7%. Operating profit increased by 58.5% to $7.72 million from $4.87 million for the corresponding period last year.

The Parent Company’s sales were 5% above the same period last year. The Food Division continues to show improvement as the supply chain issues caused by the pandemic diminish, allowing suppliers to improve deliveries.

THS Hardware and Shipping Division sales were flat for the first two quarters compared to 2021. However, we expect an improvement in the Shipping Division’s performance in the Third Quarter ending December.

The Home Store results for FY2022 were impacted by the 2021 May to mid-August store closures due to Covid lockdown. As a result, the current half year shows sales growth of 90% over the comparative period in 2021 as all stores were open during this period. We ended FY2022 with excess inventory and more promotions and sales were run to help bring our inventory down to a manageable level.

We expect the 3rd Quarter ending December 2022 to be strong as we continue to see resilience in consumer shopping which benefits our distribution and retail businesses.

We are also pleased to report that The Home Store has continued to expand and opened its fifth location at East Gates Mall in Trincity on 30th of October 2022. Furthermore, we expect to open The Home Store’s first international branch in Amazonia Mall in Guyana by the end of November 2022.

For more information CLICK HERE

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Trinidad And Tobago Based National Flour Mills Records Loss Of TT$1.7M. As At September 30, 2022 Report

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Nigel Romano Chairman National Flour Mills Limited has released the following Unaudited Results As At September 30, 2022 (Expressed In Thousands Of Trinidad And Tobago Dollars)

The Russia-Ukraine war, the slowdown of the Chinese economy and rising geopolitical tensions across the globe continued to impact global supply chains and the cost of food and fuel leading to surging inflation in almost every country in the world. In addition, the impact of climate change, in the form of increased rainfall in
some areas and drought in others added more complexity to the operating landscape.

At The UN’s World Climate Conference (COP27), currently underway in Egypt’s Sharm El-Sheikh, it is being acknowledged that countries are not doing enough to prevent global temperatures from rising by the targeted 1.5 degrees Celsius above pre-industrial levels. If these targets are not met and the increase in global warming is not reversed in a very short space of time, it could be too late. Climate change has already adversely affected the global supply of wheat. Droughts and excessive heat in North America and India have resulted in demand exceeding supply for wheat which led to price escalations so far this year, a trend we expect to continue.

The issues above impacted our operations with cost of sales increasing by 21.4% year-on-year, up from $256.7M to $311.9M. The price increases implemented earlier this year helped to blunt this impact with revenue up by 16.1% from $319.7M in Q3 2021 to $371.2M. However, this was not sufficient to off-set the increased cost of sales, and even though our indirect expenses remained relatively stable over the period, operating profit decreased by 57.5% compared to the prior year. As at September 30, 2022, NFM recorded a loss of $1.7M.

Notwithstanding these challenges, significant eff orts were made to increase inventory levels to ensure a reliable supply to all our customers, with delivery of our products meeting all on time and in-full benchmarks.

In addition, we continued to invest in the upgrade of our plant and equipment to ensure that we can continue to provide safe, quality food and feed products for our customers as we continue on the journey to SQF Level 3 Certification. The increase in accounts receivables was a direct result of the price increase implemented this
year and the attendant increase in credit limits for our customers.

We wish to assure all our stakeholders that despite these challenges, we continue to explore additional avenues to serve our customers, add new customers, locally and regionally, diversify our product revenue streams and improve the efficiency of our operations.

For more information CLICK HERE

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Trinidad and Tobago NGL Improved 9 Month Performance Derived From Share Of Higher Profit From Investment In Phoenix Park Gas Processors.

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Dr. Joseph Ismael Khan, Chairman Trinidad and Tobago NGL Limited (‘ITNGL’/’Company’) has released the following report for the nine months ended 30 September 2022,

Trinidad and Tobago NGL Limited recorded an after-tax profit of IT$165.1 million. This represents an IT$31.0 million or 23.1 % improvement over the comparable period in 2021, where a profit after tax of IT$134.1 million was recorded.

Earnings per share for the period were IT$ 1.07, compared to IT$0.87 for the corresponding period in 2021, which represented an increase of 23.0%.

ITNGL’s improved performance for the period was derived from its share of higher profit from its investment in Phoenix Park Gas Processors Limited (‘PPGPL’). This enhanced performance at PPGPL continued to be driven by higher recognised Mont Belvieu natural gas liquids (‘NGLs’) prices, which were 51.5% above those of the corresponding period of 2021.

Growth in energy commodity prices, and in particular crude oil prices, has been subdued compared to earlier in the year, with the biggest impacts coming from a slowdown in economic growth and constrained global supply. Notwithstanding, prices remain robust and continue to be influenced by geopolitical fallout from the war in Europe. NGL prices continue to be closely aligned to crude oil prices.

For the first nine months of the year, NGL production from gas processing was lower by 3.7% compared to 2021 due to lower gas volumes received at PPGPL for processing (2022: 1,081 million standard cubic feet per day (‘mmscfd’); 2021: 1,096 mmscfd) and lower NGL content in the gas stream. The lower gas volumes were attributable to downtime by downstream petrochemical plants for maintenance activities during the period. NGL sales volumes for the nine months were 13.2% higher than in 2021 due to a draw on inventory because of higher customer demand. These higher sales volumes benefitted from the robust NGL product prices during the period.

PPGPL’s North American-based subsidiary, Phoenix Park Trinidad and Tobago Energy Holdings Limited (‘PPTTEHL’), has maintained its position as a key supplier of NGLs to customers in the markets it serves. The subsidiary continues to integrate its recent addition of the Hull NGL terminal and has actively managed the inherent business risks of the Company. Performance from this business segment is expected to positively contribute to PPGPL’s future earnings potential.

Outlook

To mitigate the impacts of lower NGL volumes and potential volatility in NGL prices, PPGPL remains focused on sustaining operating efficiencies, reliability of its facilities and prudent fiscal management. Additionally, PPGPL’s continued internationalisation thrust as well as its efforts to satisfy its customers and grow and retain its markets, will underpin growth of the Company’s earnings capacity and development of sustainable long-term shareholder value.

For more information CLICK HERE

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