Dr. Joseph Ishmael Khan, Chairman Trinidad and Tobago NGL Limited has released the following Condensed Interim Financial Statements For The Six Months Ended 30 June 2024.

Trinidad and Tobago NGL Limited delivered a robust performance for the first half of 2024, posting a profit after tax of TT$46.7 million. This represents an outstanding turnaround from the corresponding 2023 period, where a loss of TT$2.8 million was recorded and signifies an impressive year-on-year improvement of TT$49.5 million.

Earnings per share reached TT$0.30, a substantial recovery from the loss per share of TT$0.02 for the same period in 2023.

The driving force behind TTNGL’s strong performance was the enhanced profitability of its investment in Phoenix Park Gas Processors Limited (PPGPL). This achievement was principally due to increased production of natural gas liquids (NGL), higher sales volumes, and improved NGL prices at Mont Belvieu.

Enhanced NGL production was facilitated by a 4.4% increase in natural gas volumes processed at Point Lisas in the first half of 2024 compared to 2023. Moreover, the gas stream’s NGL content saw a significant rise of 15.5% over the previous year, a result of deliberate efforts by The National Gas Company of Trinidad and Tobago Limited to enrich gas supplies. As a result, NGL production from gas processing increased notably, even when accounting for the extended plant downtime experienced in the first half of 2023.

Additionally, NGL volumes delivered from Atlantic LNG also increased by 3.2%, over the comparative period in 2023.

NGL prices rose by 11.5% compared to the same period in 2023, driven mainly by increased global demand and strategic positioning by market participants for future arbitrage opportunities.

The combination of higher NGL production and increased sales revenues, supported by improved NGL product prices, underscores PPGPL’s strong operational safety and its market leadership as the preferred NGL marketer locally and regionally.

Moreover, PPGPL has maintained high levels of operational efficiency within its processing plants, complemented by a strong commitment to safe operations and effective cost management.

During the first half of the year, Phoenix Park Trinidad and Tobago Energy Holdings Limited (PPTTEHL), PPGPL’s North American subsidiary, also delivered strong performance. PPTTEHL experienced significant trading volumes and benefited from improved margins on its sales contracts.
We anticipate continued earnings growth from this business segment moving forward.

TTNGL’s cash position at the end of June 2024 remained strong at TT$139.1 million, up from TT$113.0 million in 2023, reflecting the Company’s solid liquidity. TTNGL continues to explore all options to address its accumulated deficit and move towards a position where it can resume dividend distributions to shareholders.

Outlook
As we look ahead, we remain ever – optimistic about the positive price forecasts, while PPGPL continues to monitor market uncertainties and implement value-added strategies. PPGPL is unwavering in its commitment to strategic growth, prioritising the following: safe operations; high plant reliability and availability; meeting customer needs and sustaining market presence across all territories. These efforts are critical to delivering long-term shareholder value.

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Daniela Bucaro Chairman Unilever Caribbean Limited Has Released The Following Unaudited Financial Statements For The Half Year Ended 30 June, 2024

Summary Statement Of Financial Position

Unilever Caribbean Limited is delivering on its commitment to sustainable profitable growth.

The second quarter Revenue increased by 11.2% compared to the first quarter of 2024 and 28.8% compared to the second quarter of the prior year, 2023.

For the six-month period ended 30 June, 2024, UCL reported Revenue of $120.5m, an increase of 1% compared to the corresponding period in the prior year.

The turnaround in Revenue was primarily from the Beauty and Personal Care category, which continued to perform with consistent growth.

Profitability continued to improve as the company reported profit after tax of $13.9m, which represented a significant increase of 165.8% compared to the previous year.

The Revenue growth, favourable product mix, consistently increasing demand for our market leading Beauty and Personal Care brands, and the decline in freight costs compared to the prior year, have resulted in an increase in Gross Profit by 19.5% compared to the prior year.

At the same time, Operating Profit increased by 113.7%, to $21.5m.

The turnaround in Revenue was primarily from the Beauty and Personal Care category, which continued to perform with consistent growth. This category is of increasing importance to our ability to deliver profitable growth and represented 55% of Total Revenue at the end of the second quarter of 2024, a substantial increase from the 48% contribution at the end of the second quarter in the prior year. Revenue growth from this category is mainly due to our market leading brands including Dove, Degree, Vaseline, and Axe, driving growth in deodorants, skin care and skin cleansing.

Despite prior year challenges with the Home Care sector and especially laundry detergents aggressive marketing strategies and competitive Every Day Low Prices applied in the second quarter of 2024 have successfully stimulated volume growth.

The Company has also effectively implemented cost management strategies resulting in an 8.1% reduction in Selling and Distribution and Administrative Expenses combined. Notable improvements in collections and cash flow optimization ensured cash reserves grew from $157.8m to $170.8m.

Based on the strong performance to date, Unilever Caribbean Limited reported earnings per share for the half year ended 30 June, 2024, of $0.53 per share, reflecting a significant improvement compared to $0.20 per share in the corresponding period of 2023.

Due to the company’s financial performance, the Board of Directors has approved an interim dividend of $0.14 per share, totalling $3.7m. These financial statements do not yet reflect this dividend.

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A Norman Sabga Chairman ANSA McAL Limited Has Released The Following Unaudited Consolidated Financial Statements For The Quarter Ended June 30, 2024

By order of the Board I am delighted to report that our Group’s positive momentum continues with outstanding half-year results for the period ended June 30, 2024.
• Revenue – increased by 5% to $3.429 billion ($3.251 billion – 2023)
• Reported Profit Before Tax (PBT) – increased by 17% to $363 million ($311 million-2023)
• Total Assets – $18.269 billion ($17.762 billion June 2023)
• Earnings per Share (EPS) – increased 13% to $1.28 ($1.13 –2023)
• Gearing Ratio down to 6.9% (7.7% – 2023)

Well executed working capital management strategies boosted the Group’s cash flows from operations, with operating margins also increasing to 10.6% vs 9.9% in 2023.

Our Construction, Manufacturing, Packaging and Brewing segment delivered an exceptional result during this reporting period with a 33% overall increase in PBT.

Our Banking and Insurance segment also performed admirably, with a 21% increase in revenue and a 22% increase in PBT over prior year.

We remain focused on the achievement of our 2X objective of becoming a $2 Billion PBT company by 2027.

Our people-centred culture, emphasis on sustainability, and investment in growth will continue to drive our success.

Based on the Group’s results, your directors have approved an interim dividend of $0.30 per share. This dividend will be paid on September 9, 2024 for all shareholders on the Register as at August 26, 2024.

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Brian Jahra Chairman CinemaONE Has Released The Following Chairman’s Report For The Nine Month Period Ended June 30, 2024

Overview
Sony’s Bad Boys Ride or Die and Disney’s Inside Out 2 brought relief to the Global Box Office in June, propelling the year to date (YTD) 2024 tally to US $14.5B, -10% below the Prior YTD June performance.

Disney’s Inside Out 2 was particularly impressive in delivering US $1.0B in the month of June rendering it the fastest animated movie title to surpass the US $1 Billion threshold, in a remarkable 19 days.

The strong result from the International segment of the Global Box Office was highlighted by the Latin American sub-region’s June performance, which includes the Caribbean region. Led by Mexico, Latin America recorded its highest monthly box office result since the C19 pandemic, up nearly 44% above the pre-pandemic average benchmark for June.

Indeed, the industry’s June performance helped to offset the absence of major blockbuster titles in April and May, and the quarter in general, given delayed releases of highly anticipated movie titles such as Disney’s Captain America: A Brave New World which moved to February 2025, Warner Brothers’ The Lord of the Rings The War of Rohirrim which moved to December 2024 and Paramount’s Mission Impossible Dead Reckoning Part II which moved to June 2025, all as a direct consequence of the extended Hollywood strikes of 2023.

But overall, global audiences demonstrated their continued demand for compelling big screen content and eagerness to share in a larger than life communal experience.

CinemaONE (the CINE1 Group) similarly benefited from audience demand as total monthly attendance at all three cineplex sites combined surged past 20,000 patrons for the second time in the financial year (FY) during the month of June. Despite the film volume supply headwinds of FY 2024, the CINE1 Group demonstrated its capacity to navigate a continued growth trajectory.

Financial Performance
A summary of the CINE1 Group’s consolidated interim financial performance for the third quarter (Q3) period of FY 2024 ended June 30th is outlined below.

The CINE1 Group’s consolidated results were as follows:
• Gross Revenue increased by 11% to TT $14.6M (FY 2023: TT $13.1M).
• Gross Profit increased by 17% to TT $9.2M (FY 2023: TT $7.9M)
• Group Operating Profit reduced -45% to TT $ 1.0M (FY 2023: TT $1.9M)
• TT $1M increase in Total Depreciation to TT $4.3M (FY 2023: TT$ 3.3M). This 31% increase in depreciation was triggered by the takeover of the CINECentral theatre facilities in Price Plaza, Chaguanas. For the same reason Interest Costs related to theatre expansion similarly increased Finance Costs by $1M or 54% to TT $3.0M (FY 2023: TT $2.0M).

As a result the CINE1 Group recorded a Net Loss of TT -$1.4M (FY 2023: $.07M). However, the Company managed to increase EBITDA by 3% to TT $5.4M (FY 2023: TT $5.2M).

Future Outlook

CinemaONE is very encouraged by the recent June resurgence in movie going which began with the release of Sony’s Bad Boys Ride or Die and has even accelerated at the close of July with the release of Marvel / Disney’s Dead Pool and Wolverine which recently emerged as the fastest R Rated movie title to surpass US $1B in Global Box Office proceeds.

Indeed, the robust return of vacation movie going driven by the recent rebound in content supply has concretized Management’s view that the CINE1 Group is poised to deliver low double-digit top line growth to close out FY 2024.

With its continued focus on operational efficiencies, the CINE1 Group is similarly on a path to improve key theatre and financial metrics despite what started as a very challenging operating environment in FY 2024.

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Jeremy Barnes Chief Executive Officer of Future Energy Source Company Limited (“FESCO” or the “Company”) has released the Company’s unaudited first (1st) quarter financial statements as at June 30, 2024 for the financial year April 1, 2024 to March 31, 2025.

Executive Summary

We are pleased to report that the Company has achieved its best quarter to date as it relates to gross profit (J$412.3 million, up 38.71% or J$115.1 million), operating profit (EBIT) (J$185.8 million, up 16.28 % from J$159.8 million), and earnings before interest, taxes, depreciation and amortization (EBITDA) (J$250.2 million up 26.56% or J$52.5 million). Net profit for the quarter was also strong totalling $148.4 million up 28.19% or J$32.6 million.

For the quarter, the Company was able to achieve its main targets which were to:
1. Increase brand awareness for FESGAS™ as well as maintain and enhance its market share (measured in litres of LPG) for both domestic and commercial usage;
2. Increase its company-operated service station footprint (FESCO Hayes) and increase overall fuel sales measured in litres;
3. Increase profitability, specifically as it relates to operating profit (EBIT), operating cash flow (EBITDA) and net profit;
4. Acquire additional service station and LPG assets to enhance its retail and commercial distribution going forward; and
5. Establish additional filling plants to further enhance its LPG distribution.

The Company’s quarterly performance reflects an increase in fuel sales in litres. The network of FESCO branded service stations remains twenty-one (21) island-wide; an addition of a DOCO service station, FESCO Hayes, and a separation from the network of a DODO service station in Whithorn, Westmoreland.

Financial Highlights:

For the quarter ended June 30, 2024, FESCO recorded Turnover/Revenues of J$7,780.0 million which reflects an 18.56% or J$1,217.8 million year over year increase. Several factors affect revenue/turnover with the supply price of fuel being a major component.

For the quarter, fuel prices increased slightly for gasoline (87 Octane: J$6.08 and 90 Octane J$9.12)1 and remained relatively flat for both ADO and ULSD (ADO +J$1.06 and USLD -J$0.91). FESCO has no control over the supply price of fuel and, instead, focuses more on quantity of fuel sold and gross profit.

Accordingly, FESCO’s year over year growth in Turnover reflects significant increase in litres of fuel sold (all fuels including LPG).

Operating Expenses of J$226.5 million, for the quarter, is up J$89.9 million versus last year or 65.83%.
This expansion of expenses directly reflects the expanded:

1. Operating locations including the additions of: FESCO Kitson Town, FESCO Hayes, FESGAS Bernard Lodge and FESGAS Naggo Head;
2. Asset base which includes increased operating LPG and service station assets;
3. Operational scope (which now includes increased retailing and manufacturing);
4. Early stage new business costs including but not limited to:
a. business acquisition;
b. property acquisition and development costs; and
c. business integration costs.

For the quarter, staff costs of J$75.0 million, up J$25.7 million from J$49.3 million last year, reflects the expansion of our staff complement and is consistent and reflective of our expanded operations (company operated locations and range of operations).

These costs are relatively efficient as they are only 33.1% of overall expenditure (2024: 33.1% vs 2023: 36.1%) and only 18.2% of gross profit (2024: 18.2% vs 2023: 16.6%).

Security expense totalling J$10.3 million versus $6.6 million last year reflects additional operating locations and increased security rates. Motor vehicle expenses of J$11.1 million versus J$1.5 million last year reflects a fleet size growth to facilitate, in the main, haulage and distribution of LPG.

Depreciation expense of J$56.8 million reflects Plant Property and Equipment (PPE) expansion of both LPG and service station assets. The Company’s LPG operation is capital intensive as it relates to its fixed asset requirements to establish and fulfil the business’ services and operation. Accordingly, depreciation and interest expense will in the forming period outweigh its medium and long term “weight” relative to gross profit exemplified by depreciation for the quarter totalling J$56.8 million versus J$37.0 million last year.

It is important to note that operating expenses relative to gross profit is trending downwards. For the quarter, operating expenses were 54.9% of gross profits compared to 57.0% of the entire Audited financial year ended March 2024, and Operating expenses excluding depreciation was 41.2% of gross profits compared to 44.5% for the entire Audited year ended March 2024.

In summary, staff costs, bank charges, advertising, and asset-based expenses including but not limited to depreciation, insurance, and security continue to be FESCO’s main expense items. FESCO’s operations continue to be efficient, represented by our total operating expenses being approximately 54.9% of gross profit. Notably, for this stage of LPG business development, the Company’s total operating expenses excluding depreciation is just 41.2% of gross profits. The Company’s expense profile is changing and will reflect its expanded and evolving range of operations. The Company’s expenditure and revenue targets are in line with its internal forecast and mix of established and early stage business expenses.

A look ahead

FESCO continues to monitor economic factors such as moderating inflationary forces, indicative expectations that interest rates will reduce in the short to medium term, and the near full employment in many sectors of the economy.

The Company is also watchful of hurricane Beryl recovery efforts in southern and western parishes and the resilient and expanding tourism sector, among other factors affecting consumer spending.

The Company is navigating industry-related margin contractionary forces and consolidation within the industry.

The Company is selective in its allocation of investment capital but remains mindful of opportunities for growth and further investment. Internal or self-funding via profit generation, profit retention, at this time, has proven to be the most efficient and cost-effective source of capital to fund growth.

The Company has commenced construction of its service station on Spanish Town Road, FESCO Oval. FESCO Oval will be a company-owned company-operated service station (COCO) for increase retail presence within the Kingston and St Andrew (KSA) region. Completion will take approximately fifteen (15) months and
we anticipate opening in the month of September 2025.

The development will represent the Company’s commitment to community and showcase the creativity and mindfulness of the Company’s Jamaican project team, which we believe, generally, exemplifies our tagline and motto, “Proudly Jamaican”.

Finally, the Company will continue to make investments in real assets and equipment to support expanding its service station businesses and network, its industrial client base, and LPG business.

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