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OMNI Industries Limited’s Successful Listing On The Jamaica Stock Exchange

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OMNI Industries Limited (OMNI) successfully listed on the Jamaica Stock Exchange (JSE) Junior Market and began trading under the symbol OMNI, on Tuesday, June 11, 2024. OMNI’s listing brings the total number of securities listed on the Junior Market to 47 and the total number of companies listed on the JSE to 104, altogether representing 153 securities. OMNI is the first listing on the Junior Market since the beginning of the year and comes at a time when the JSE is celebrating its 55th Anniversary, moved to T+1 and extended the market’s trading hours by 1 ½ hours, which allows a quicker settlement cycle for investors and more time to transact in the market.

Dr. Marlene Street Forrest, Managing Director of the JSE

Dr. Marlene Street Forrest, Managing Director of the JSE, stated, “This augur well for the economy and for wealth creation and for long-term investment. Despite the challenging times, OMNI’s 500,000,000 Ordinary Shares were oversubscribed. Its Initial Public Offer (IPO) allowed the Company to raise capital of $500m and to add 2,686 investors to its register of shareholders. Including the $500 million raised by OMNI, the total capital raised by the companies listed on the Junior Market now amounts to just over $21 billion. With OMNI’s market capitalization of $2.5B, the overall market capitalization of the Junior Market now stands at $143 billion, and the overall market capitalization of the combined markets to $1.82 Trillion.

On its first day of trading, the availability of OMNI’s shares on the Junior Market was met with high demand and brought enthusiastic applause from the audience, when they were informed during the listing ceremony that trading of OMNI’s shares had to be halted due to the vigorous demand for the stock and an increase in price which triggered the JSE’s Circuit Breaker Rule. The JSE’s Circuit Breaker Rule is activated when a stock’s price rises above 15% or falls below 15% of its price during the trading day. OMNI began trading at a list price of $1.00 and increased to $1.30 at the end of its first trading day, on Tuesday. This represents an increase of 30% increase in the stock price.

The total capital raised by the companies listed on the Junior Market now amounts to just over $21 billion. With OMNI’s market capitalization of $2.5B, the overall market capitalization of the Junior Market now stands at $143 billion, and the overall market capitalization of the combined markets to $1.82 Trillion.

In continuing her remarks Dr. Street Forrest stated that data suggests that most of the companies listed on the Junior Market have grown, have served their investors well and have sparked growth in the economy. “ I have no doubt that with the listing of OMNI, the trend will continue,” said Dr Street Forrest.

“Omni is now well poised to enjoy the many benefits of a listed company. High on the list are the raising of the company’s profile, the improvement in corporate governance standards and the additional capital to build the brand. This is possible via an Exchange that is focused on keen regulatory oversight, encouraging good corporate governance and one that provides the infrastructure for new products and services,” continued Dr. Street Forrest.

Mr. Patrick Kumst, OMNI’s Managing Director, said, “Looking ahead, our strategic vision is clear. We plan to modernize our operations by upgrading our existing equipment and investing in new more efficient machines. This is not only to enhance our production capacity but also to drive operational efficiencies and cost savings. We are also committed to expanding our product offerings and exploring new markets in the Region. Innovation and operational excellence are at the heart of our journey.”

Mr. Von White, OMNI’s Chairman, revealed that he had been working with the Company since 1986, over 38 Years. He offered special thanks to his Board of Directors for having guided OMNI to its successful listing on the Exchange. He offered several assurances to the investors, “OMNI as a publicly listed company believes in being socially responsible. “This is part of our Corporate DNA. We have a strong commitment to leave a positive legacy in the communities we serve and, in the environment, whether adopting more environmentally friendly ways of production, managing waste, or giving back, OMNI will continue its efforts to make a difference in the world beyond just number,” said Mr. White.

Mr. Alex Johnson, Manager of Origination and Structuring at NCB Capital Markets Limited, the Lead Broker & Arranger for OMNI offer, said that their achievement is not just a milestone for OMNI but a significant event for the entire capital markets in Jamaica. “This combined IPO and Offer for Sale for $500m stands as a testament to the strength and resilience of our financial markets and the unwavering confidence investors have in the future of Jamaican enterprises,” said Mr. Johnson.

Source Jamaica Stock Exchange

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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.

For More Information CLICK HERE

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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