First Rock Real Estate Investments Limited registered a net loss attributable to Ordinary Shareholders for the three months ended September 30, 2024, totalling US$674,536, which yielded an Earnings Per Share (EPS) of negative US$0.002. Net loss attributable to Ordinary Shareholders for the nine months ended September 30, 2024, totalled US$1,453,640, which yielded an Earnings Per Share (EPS) of negative US$0.005.

The results were driven primarily by unrealised foreign exchange losses on translation of foreign currency denominated liabilities, which amounted to US$72,034 for the three months ended September 30, 2024 and US$275,170 for the nine months ended September 30, 2024. Additionally, interest expense amounted to US$118,839 for the three months ended September 30, 2024 and US$524,340 for the nine months ended September 30, 2024.

The Group’s financial performance continues to reflect the impact of the ongoing high-interest rate environment in Jamaica, which exerts downward pressure on property values, resulting in lower Property Income relative to prior year. Property Income totalled US$49,056 for the three months ended September 30, 2024 and US$1,916,074 for the nine months ended September 30, 2024.

To mitigate the impact on the bottom line from reduced revenues, the Group managed to reduce its overall Administrative & General expenses by 20% to US$2,274,250 for the nine months ended September 30, 2024, compared to the same period in the prior year. This cost management effort is part of our ongoing strategy to mitigate the impact of reduced revenues on the bottom line.

Outlook
The Group’s ongoing commitment to strategic growth remains steadfast as we navigate the headwinds that obtain in today’s real estate environment. By continuing to execute on our portfolio rebalancing strategy, which focuses on acquiring high-yield, income-generating properties across Latin America and the wider Caribbean region, we have built a resilient foundation that supports sustainable growth.

During the quarter our subsidiary, FirstRock Capital Cayman, entered into an agreement to acquire a fully tenanted investment property in Grand Cayman. As the largest acquisition in our portfolio, this property is poised to notably enhance our rental income stream, reinforcing our expansion across the region. Alongside this achievement, our two KFC locations in Costa Rica continue to deliver stable rental income under longterm lease agreements, with plans underway for additional site developments.

Looking ahead, we remain optimistic about finalizing additional acquisitions across the region, with several promising opportunities in advanced stages of negotiation. The Group remains committed to unlocking value through strategic investments, which we believe will yield substantial long-term benefits to our stakeholders.
Norman Reid J.P. Chairman First Rock Real Estate Investments Limited

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Edward Alexander Executive Chairman of tTech Limited announced that Simply Secure Limited increased its shareholding in tTech to 69.1%, representing 73,229,223 shares. The increased shareholding includes the purchase of 20,719,366 shares from Norman Chen and G. Christopher Reckord. The acquiring entity, Simply Secure Limited, is owned by Kevin Gordon and Rob Mayo-Smith. Messrs. Gordon and Mayo-Smith are also the owners of Simply Secure LLC, a Managed Security Services Provider based in Ft. Lauderdale, Florida.

The increased shareholding puts Simply Secure Limited over the 50% ownership threshold of the issued and outstanding ordinary shares of the company, requiring Simply Secure to extend an offer to all remaining tTech shareholders to purchase their shares subject to approval from the regulators. The tTech board will also provide an opinion on their view of the fairness of the offer price.

Norman Chen,

G. Christopher Reckord.

Following the sale of their shares, Messrs. Chen and Reckord will be resigning as Directors of tTech.

Chairman of the tTech Board, Edward Alexander, stated, “I would like to thank Norman and Chris for their service to tTech. Their contribution as executives and directors has enabled much of the success that tTech has enjoyed to date. We now look forward to the continued growth that is expected through the increased ownership in the company by Simply Secure.”

Income
LASCO Financial Services Limited (LFSL) is reporting consolidated income of $1.083 Billion for the first six months of the 2024-2025 Financial year. This represents a 6.0 % decrease or $67.4 million less income, when compared with the corresponding 2023-2024 period.

Expenses
Consolidated expenses for the quarter totaled $1.003 Billion, a reduction of 1% or $7.8 million.

Operating Profit for the period is $79.5 million, $59.5M less than previous comparative period.
Administrative expenses declined by $30.1 million, a result of the ongoing efforts to control expenses, whereas Selling and Promotions increased by $22.0 million reflecting increased marketing support to launch our MoneyGram Direct to Card service.

Half year Profit after Tax for the period is $9.2 million, a significant fall off from the comparative 2023- 2024 period, which was $56.0 million.

Three Months Results
During our second quarter, LFSL faced several headwinds. Firstly, in July, there was business disruption due to Hurricane Beryl which impacted our ability to provide service to our customers and also impacting our customers’ ability to access our service, particularly in the South Coast of the country. We are however grateful for the committed agents who were able to do limited business under very difficult circumstances to open to the public. Just as we were recovering from the impact of the hurricane, we were further impacted by the events which led to MoneyGram International proactively taking their systems offline to contain and remediate unauthorized activity. There was a full shutdown of transactions for 5 days which significantly impacted our earnings from Remittance, Cambio and Card services. Since the restoration of services, transactions have progressively improved but not normalized.

The revenue for the Quarter is $546.2 million and a loss of $8.6 million compared with $575.9 million and $37.2 million for revenues and profit respectively for the comparative period.

Management continuously assesses its opportunities for growth and cost savings and within the second quarter we closed an underperforming branch to reduce operational costs and we are directing our focus on our new service which will result in improved margins and will be beneficial to our bottom line.

Jacinth A. Hall-Tracey Managing Director LASCO Financial Services Limited (LFSL)

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Income
OMNI is reporting quarterly revenues of $427.5 million for the three‐month period ending September 30, 2024, compared to $488 million in the same period in 2023, reflecting a 12% decrease quarter‐over‐quarter. Year‐to‐date revenue declined marginally, totaling $1.512 billion for the nine‐month period in 2024 compared to $1.572 billion in 2023. This decline is largely attributed to adverse weather conditions, including Hurricane Beryl in early July and ongoing heavy rains impacting the island. Additionally, a cement shortage has affected the construction industry, which directly impacted our revenue streams.

It is worth noting that the overall economy is experiencing a slowdown, with the Planning Institute of Jamaica (PIOJ) estimating negative GDP growth for the July quarter, particularly in the construction industry. Despite these challenges, quarterly gross profit reached $217 million, an increase of 21% from $180 million in the prior year’s corresponding quarter. Year‐to‐date gross profit rose to $717 million, compared to $590 million in the same period in 2023. This improved gross profit performance is primarily driven by a reduction in key components of our cost of sales, including demurrage costs. Construction supplies remain the primary revenue driver, accounting for 53% of total revenue.

Expenses
Administrative, Selling, and Factory expenses for the reporting quarter totaled $170 million, up from $137 million—a 24% increase over the corresponding period ending September 2023. This rise in administrative costs was primarily due to higher professional fees, marketing, and other expenses related to our IPO on June 11, 2024. Selling expenses year‐to‐date were driven mainly by haulage and export‐related costs, while the 9% increase in factory expenses resulted from increased repair and maintenance costs. With our ongoing strategic retooling and new equipment acquisitions, we anticipate a reduction and improved optimization of these expenses in the near term.

Finance Costs
Finance costs for the quarter totaled $9.8 million, reflecting a 20% decrease compared to the same period in 2023. Year‐to‐date finance costs amounted to $29 million, a 32% reduction from the prior year. This decrease primarily stems from the company’s proactive debt reduction efforts, resulting in lower interest expenses for the period.

Net Profit
Net profit for the quarter ending September 30, 2024, was $38 million, a 58% increase from $24 million in the same period in 2023. Year‐to‐date profit reached $146 million, up from $129 million in the previous reporting period, resulting in earnings per stock unit of $0.027 for the quarter and $0.104 year to date. This year‐to‐date increase was primarily driven by reductions in cost of sales and finance costs, partially offset by expenses associated with the IPO.

Shareholders’ Equity
Shareholders’ equity has reached $946.3 million, an increase of $371.9 million from $574.2 million as of December 31, 2023. This growth is primarily attributed to a year‐to‐date increase in retained profits of $121.9 million, along with additional paid‐in capital of $250.0 million from the IPO.

Patrick Kumst Managing Director Omni Industries Limited.

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Revenues for the quarter of $14.6 billion represent an increase of 6.6% above the $13.7 billion achieved in the corresponding quarter of the previous year and represents our highest quarterly sales in the history of the company.

With the expansions for our beverage lines being primarily completed we have been able to meet the demand of our products as well as improve the service levels to our customers. With Hurricane Beryl impacting Jamaica on July 3, 2024, the start of our first quarter we experienced decreases in demand for frozen and chilled
products as some customers had storage challenges which was, however, more than compensated for by the increase in demand for our beverage portfolio.

Additionally, the softening of visitor arrivals, the reduction in remittances, and some inflationary effects all seemed to have resulted in lower than expected overall consumption during the quarter.

Gross Profits of $5.3 billion were 10.7% greater than the $4.8 billion of the prior year’s quarter, and, Gross Margins at 36.3% were 140 basis points higher than the 34.9% for the same quarter last year. The higher Gross Margins resulted primarily from the greater production output and the resulting reduction in unit cost.
Selling, Distribution & Administrative expenses (SD&A) for the quarter totaled $3.6 billion or 23.6% more than the $2.9 billion for the corresponding quarter of the prior year. Our SD&A expense to sales ratio was 24.8% for the quarter, compared to 21.4% in the prior year. These greater expenses are the result of us building the scale in our Operations, (warehousing and distribution), as well as our Sales, and Marketing Teams to meet the anticipated increase in demand.

Profit before Taxation for the quarter was $1.7 billion or 9.5% lower than the $1.9 billion of the comparative quarter for the prior year.

After provision for taxes, Wisynco recorded Net Profits Attributable to Stockholders of $1.5 billion or 40c per stock unit when compared to $1.6 billion or 41c per stock unit for the first quarter of the prior year.

Our Balance Sheet remains strong with a current ratio of 2.2, compared with 2.8 for last year’s quarter. Since the start of this new financial year, FY2025, we have added $1.0 billion of equipment to our company’s property, plant and equipment.

Our new factory expansion and product lines, which will yield new innovations, should have commenced production within the second quarter but due to unavoidable delays, we now see this starting in our 3rd quarter.

Andrew Mahfood Chief Executive Officer Wisynco Group Limited

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