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Pan Jamaica Group Earned Consolidated Net Profits Of $1.4 Billion For Quarter Ended 30 June, 2023 Attributed To Successful Amalgamation Of Operating Businesses Of Jamaica Producers Group With PanJam Investment



Stephen B. Facey Chairman For Pan Jamaica Group Limited Has Released The Following Chairman’s Statement For The Six Months Ended 30 June 2023

Pan Jamaica Group Limited (“PJG” or the “Group”) earned consolidated net profits of $1.4 billion for the three months ended 30 June, 2023 (the “Second Quarter”).

Second Quarter profit attributable to shareholders was $1.1 billion, a significant increase compared to $694 million during the same period in the previous year.

The Second Quarter result was generated from revenues of $9 billion relative to revenues of $489 million for the comparative period in the prior year.

The notable shift in the Group’s earnings trajectory in the Second Quarter can be attributed to the successful amalgamation of the operating businesses of Jamaica Producers Group Limited with PanJam Investment Limited (“PanJam”). PanJam has since been renamed the Pan Jamaica Group Limited.

The amalgamation became effective on 1 April 2023. As a result, the earnings profile in the Second Quarter is markedly different from the comparative period in the prior year. PJG, a multinational conglomerate boasting a diverse investment portfolio, has now strategically organized its operational structure into distinct segments, namely Property and Infrastructure, Financial Services, Speciality Foods, and Global Services.

For the six months ended 30 June 2023 (the “First Half”), PJG achieved net profits attributable to shareholders of $1.1 billion. This result reflects the additional income arising from the amalgamation but is partially offset by investment losses and significant transaction costs incurred by PanJam in connection with the amalgamation.

Property & Infrastructure

The Property & Infrastructure Division (the “P&I Division”) is one of the foremost commercial property owners in Jamaica and over its long history has developed and curated a premium real estate portfolio, primarily situated in Kingston.

In addition to Jamaica Property Limited, which handles commercial property rentals and management, the P&I Division encompasses an array of interests including ROK Hotel Kingston (Tapestry Collection by Hilton), Caribe (Courtyard by Marriott Hotel), Williams Offices (holder of the regional franchise for Regus), and Capital Infrastructure Group, which is engaged in regional infrastructure projects.

The P&I Division generated profit before finance cost and taxation of $608 million from revenues of $1.9 billion in the First Half, an increase of 217% relative to the comparable period in 2022. PJG property and infrastructure business is, in general, delivering attractive returns to shareholders under current economic conditions.

“Sagicor is the largest single investment within PJG”

Financial Services

The Financial Services Division (the “FS Division”) reported a profit before finance cost and taxation of $1.7 billion in the First Half, an increase of 66% relative to the restated comparable period in 2022. The division performed well but aspects of the portfolio were affected by weakness in certain financial asset markets arising from high interest rates and market volatility. Divisional performance reflected the change, effective this year, in the accounting treatment for insurance contracts under IFRS 17. This change also resulted in a prior year re-statement.

In addition to Sagicor Group Jamaica Limited (“Sagicor”), the FS Division also includes Term Finance (Jamaica) Limited. Sagicor is the largest single investment within PJG, with operations in Jamaica, Cayman Islands, and Costa Rica. Sagicor is the leading life and health insurer and pension fund manager in Jamaica. It also operates the largest local unit trust and has operations in investment banking, commercial banking, general insurance, and remittances.

“The Speciality Foods Division Is the largest contributor to the revenues of the Group”

Speciality Foods

The Speciality Foods Division (the “SF Division”) is the largest contributor to the revenues of the Group.

The SF Division earned revenues in the First Half of $9.5 billion with profit before finance cost and taxation for the Division of $223 million. The SF Division comprises our portfolio of subsidiaries that are engaged in farming and food processing. The SF Division operates modern food production sites in Europe and the Caribbean and a distribution centre in the United States. Our range of speciality food and drink products includes fresh juices in Europe (the “JP Juice Group”) and tropical snacks, fresh fruit, water products and Caribbean spirit-based baked goods in the Caribbean (the “Caribbean Food Group”).

The JP Juice Group, which comprises our juice production facilities in Holland, Spain and Belgium, is the largest contributor to the revenues and profits of the SF Division. This business is a market leader in fresh juice in Northern Europe, and through its subsidiaries, produces fresh juice for major supermarket and food service entities in the Netherlands, Belgium, Scandinavia, Switzerland and Italy, and operates a joint venture fresh juice manufacturer in Spain.

The Caribbean Food Group, the smaller part of the SF Division, is comprised of our food production and distribution entities in the Americas.

“The GS Division accounts for a significant share of the Group’s net assets and, in turn, its profits.”

Global Services

The Global Services Division (the “GS Division”) is a diversified, multinational logistics group with interests in business processing outsourcing and tourist attractions. The GS Division accounts for a significant share of the Group’s net assets and, in turn, its profits.

The GS Division includes our interests in port terminal operations, warehousing and third-party logistics services (Kingston Wharves), freight consolidation and freight forwarding from the UK and the USA (JP Logistics Solutions) and shipping line services to and from Europe, the Caribbean and South America (Geest Line). The Group’s logistics services all have a Caribbean connection but collectively serve a wide range of global markets.

The GS Division also includes associate company interests in Outsourcing Management Limited, better known as “itel” (a regional customer experience provider, with operations in Jamaica, Belize, Colombia, Guyana, Honduras, St. Lucia and the United States) and Chukka Caribbean Adventures Limited (regional operator of tourism attractions with facilities in Jamaica, the Turks and Caicos, Belize, the Dominican Republic and Barbados).

The GS Division earned profit before finance cost and taxation for the First Half of $1.9 billion, on divisional revenues of $5.6 billion. The major share of the earnings arose from businesses that were transferred to the Group in the Second Quarter, in connection with the amalgamation of PanJam with the businesses of JP.


In November 2022, PanJam entered into an agreement with JP that resulted in JP transferring its core operating businesses to PanJam in exchange for a 34.5% interest in PanJam. The transaction was completed at the beginning of the Second Quarter, and the combined enterprise was renamed Pan Jamaica Group Limited.

We are convinced that the strength of the two business enterprises now operating as one will significantly enhance shareholder returns through growth within select major lines of business and a stronger platform and capital base for business development and acquisition-led growth.

2023 will naturally be a transition year in which the Pan Jamaica Group will combine and refocus the management and operations of the enterprise and account for transaction costs associated with the deal.

Looking forward, we expect that the combined entity will benefit from the diverse portfolio of businesses that now include food and drink and logistics and infrastructure alongside property and investments in market-leading firms in financial services, hotels and attractions, and business process outsourcing.

There will also be an important opportunity to rationalize the portfolio of interests over time, in order to focus our resources on those businesses that give us a competitive advantage and scale and can generate the highest returns for shareholders.

For More Information CLICK HERE

Businessuite Markets

Elite Diagnostic Limited: Navigating Challenges and Seeking Growth



Harvey Levers Chief Executive Officer for Elite Diagnostic Limited has released its unaudited financial statements for the third quarter ended March 31, 2024. The results suggest that while the company has seen some financial improvements, it continues to face challenges in growing and stabilizing its business. delves into the company’s recent performance, the hurdles it faces, and the strategic initiatives management is undertaking to attract investors and secure a more stable future.

Financial Performance Overview

For the third quarter of 2024, Elite Diagnostic reported a revenue of $205.1 million, marking a modest 2% increase over the same period last year. This uptick in revenue by $2.9 million signifies a positive trend, albeit small. More notably, the company’s gross profit saw a significant rise of 10.4%, jumping from $135.5 million to $149.6 million. Operating profit experienced an impressive 44% increase, moving from $17.4 million to $24.9 million compared to the same period in the prior year.

One of the key highlights of the financial statement is the substantial improvement in net profit. The net profit for the quarter stood at $12.6 million, which represents a 110% increase from the $6.0 million reported in the comparative quarter of 2023. This boost was achieved despite a 26% increase in administrative expenses amounting to $20.4 million, which was effectively offset by a 53% reduction in depreciation expenses.

Assets and Liabilities

Elite Diagnostic’s total assets amounted to $1,033.0 million, slightly down from $1,053.1 million in the previous year. This decrease is attributed to the reduction in the book value of some fixed assets. On the liabilities front, the company saw a reduction from $577.1 million to $550.1 million, reflecting the ongoing reduction of long-term debt as per the scheduled repayments.

Strategic Initiatives and Challenges

The improved financial performance of Elite Diagnostic can be largely attributed to strategic measures implemented late last year aimed at reducing machine downtime. Machine downtime has been a critical issue for the company, affecting operational efficiency and customer service delivery. By addressing this issue, Elite Diagnostic has not only enhanced its operational performance but also improved its financial results.

However, the company still faces significant challenges. The 26% increase in administrative expenses indicates that operational costs remain a concern. Additionally, despite the reduction in depreciation expenses, managing the costs associated with maintaining and upgrading diagnostic equipment is a continuous challenge.

Elite Diagnostic has also historically struggled with stabilizing its business and achieving consistent growth. Market competition, economic fluctuations, and the high costs associated with advanced diagnostic technology are ongoing hurdles. The reduction in total assets, due to decreased book value of fixed assets, suggests a need for strategic asset management to avoid future devaluations.

Attracting Investors

To make the company more attractive to investors, management is focusing on several key areas:

Operational Efficiency: Continuing efforts to minimize machine downtime and optimize operational processes are critical. By ensuring high machine availability and reducing operational disruptions, Elite Diagnostic aims to enhance service reliability and customer satisfaction.

Cost Management: While administrative expenses have risen, the significant reduction in depreciation expenses shows a promising direction. Management needs to maintain a balance between necessary administrative costs and overall cost-efficiency to ensure sustainable profitability.

Customer Service: Maintaining a high standard of customer service delivery remains a top priority. Superior customer service can differentiate Elite Diagnostic from competitors and foster customer loyalty, which is essential for long-term growth.

Debt Reduction: The ongoing reduction of long-term debt is a positive sign for potential investors, indicating prudent financial management and a focus on strengthening the company’s balance sheet.

Innovation and Technology: Investing in the latest diagnostic technologies and ensuring their optimal functioning can position Elite Diagnostic as a leader in the field. This requires a strategic approach to capital expenditures and continuous innovation.

Elite Diagnostic Limited has shown commendable improvement in its financial performance for the third quarter of 2024. Despite the ongoing challenges, the company’s strategic initiatives to reduce machine downtime and focus on customer service are yielding positive results. By addressing operational inefficiencies and managing costs effectively, Elite Diagnostic is working towards becoming a more attractive proposition for investors. The road ahead may be challenging, but with continued focus on strategic priorities, the company can aim for sustainable growth and stability in the competitive diagnostic industry.

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Jetcon Corporation Shifting Focus Towards Sale Of New Cars With BAIC Brand, In Line With Banks Financing Preference.



Andrew Jackson Executive Chairman Jetcon Corporation Limited (JETCON) – has released the following Unaudited Financial Statements for First Quarter ended March 31 2024.

Jetcon Corporation ended the first quarter of 2024 cutting net losses almost in half compared to the same period in 2023, at $0.89m compared with $1.76m last year.

Cost of Sales decreased 37 percent, to $112m from $154m last year.

Earnings per share total 0.15 cents, down from 0.30 cents last year.

On the balance sheet Inventories total $400 million, which includes used and new vehicles, and solar products, while receivables total $97 million and includes deposits on purchases of imports.

Banks continue to give more favourable lending rates towards the purchase of new cars than used cars, and this is reflected in the continuing stagnation of used car sales. We are therefore shifting focus towards the sale of new cars with the BAIC brand, and we have received positive feedback thus far with the models. Resources will be increasingly transferred from used sales to new sales as new sales pick up.

Similarly, solar product sales continue to be positive, and combined with new car sales, we expect this will form the bulk of revenue in the next 12 months, with much higher profit margins than that of used car sales.

Our Audited Financials for the year ended 2023 will be posted within the next two weeks, and the Board and management regret their lengthy delay. We would like to thank shareholders, management, staff and customers for their continued support.

For More Information CLICK HERE

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Seprod Group Reporting Reduced Net Profits For Year and Quarter-to-Date Performance



Richard Pandohie Chief Executive Officer for Seprod Group Limited has released the following summary Interim Report to Stockholders from their 1st Quarter Unaudited Financial Statements

Seprod Group Limited (Q1 2024)
Year and Quarter-to-Date Performance (January-March 2024) Revenues:

• Total Revenue: $28.59 billion, up by $1.53 billion (6%) from Q1 2023.
• Gross Profit: $9.48 billion, up by $1.14 billion (13%) from Q1 2023.
• Net Profit: $1.20 billion, down by $152 million (11%) from Q1 2023.

Comments on Performance:

Revenue Drivers:

• Margarine Production: Normalized post-plant upgrade; aggressive market share recovery underway.
• Juice and Dairy Beverages: Demand exceeds capacity; new production capacity to be added later this year.
• Export Sales: Increased by 27%.
• Bryden Group Premium Beverages: Revenue negatively impacted by a short carnival season in Trinidad and Tobago.

Net Profit Factors:

• Interest Expense: Increased due to higher interest rates.
• Effective Tax Rate: Higher in Bryden Group due to business mix changes and expired benefits.
• Dairy Farm Costs: Increased significantly due to drought in Jamaica.
• Pharmaceutical Business: Supply chain challenges.
• Cost Increases: Insurance, interest rates, security, transportation, etc., have eroded profit margins.

The company continues to focus on creating sustainable shareholder value through regional platform expansion and investment in talented, motivated personnel.

For More Information CLICK HERE

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Businessuite Markets

Mailpac Group Tags MyCart Express Assimilation For Enhanced Revenue And Operational Efficiencies To Turn Things Around



Khary Robinson Executive Chairman Mailpac Group Limited has released the following Directors’ Report To Shareholders for the quarter ended March 31, 2024.


Mailpac Group Limited (“Mailpac” or the “Company”) presents its unaudited financial statements for the quarter ended March 31, 2024.

Throughout the quarter, Mailpac focused on closing on the acquisition of MyCart, a significant step in entrenching the business as the leader in e-commerce fulfillment in Jamaica. Not only will the transaction significantly expand market share and improve service delivery, but the brands in the group are now better positioned to meet the goals and needs of their respective target markets. Additionally, despite increased competition and external factors impacting efficiencies, our financial performance for the reviewed period was commendable.

Financial Performance:

In Q1 2024, Mailpac’s revenue came in at $368.5 million, down by 7.8% from the previous year mainly because of the reduction in Mailpac Local and commissions from the marketplace platform at Aeropost.

Despite the reduction, Gross profit for Q1 was $197.9 million, up by 3.6% compared to the previous year.

Operating expenses in Q1 totaled $130.8 million, a 13.6% increase year-over-year, mainly due to strategic investments in business growth and data protection remediation efforts.

Net profit for Q1 decreased by 16.7% to $50.1 million.

We anticipate profitability improvements in 2024 through customer base expansion and overhead cost reductions due to strategic enhancements and shared key operations between Mailpac and MyCart Express.

Financial Position:

At the end of Q1 2024, Mailpac’s Total Assets were valued at $626.3 million, with a cash position of $156.2 million.

Shareholder’s Equity stood at $537.9 million.


With the completion of the acquisition of MyCart Express at the end of March 2024, we are optimistic about the expected synergistic benefits, enhanced revenue streams, operational efficiencies and increased shareholder value from Q2 onwards.

We are confident that the decision to bring both brands under the same umbrella will position Mailpac for continued growth, industry leadership and success in e-commerce.

For More Information CLICK HERE

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Agostini’s Directors Approve Interim Dividend of 40c per share



Christian E. Mouttet Chairman For Agostini’s Limited has released the following Unaudited Half-year Summary Consolidated Results for Agostini’s to March 31, 2024

The Agostini’s Group maintained a consistent financial performance during the First Half of the 2024 Financial Year.

Revenue increased 7%, reaching $2.57 billion, and operating profit improved marginally to $269 million.

Profit attributable to shareholders, excluding the one-off, non-cash Net Gain on Acquisition, decreased by 6% from $l30 million to $122 million, largely as a result of some non-recurring gains recorded in the previous year, including the profit from the divestment of the Agostini’s contracting division.

Earnings per Share for the first six months were $1.76 versus $1.88 in the prior year without the net gain ($3.93 inclusive of the gain).

Our Consumer Products and Energy & Industrial segments continued to perform well during the period, however, Pharmaceutical & Health Care lagged in profitability in the Second Quarter. This was partially due to supply chain disruptions as well as softer conditions in some regional markets, both of which we are working to improve in the Second Half.

At the end of April, the Group formed a strategic alliance with Linda’s Bakery acquiring 14 of their retail outlets, through our SuperPharm retail subsidiary. This acquisition facilitates our efforts to expand our Presto brand of freshness and convenience across Trinidad & Tobago.

We are in the process of structuring our Pharmaceutical & Health Care and Consumer Products segments to take advantage of our regional position, which has stemmed from our acquisitions in recent years, and this should be completed by the end of the financial year.

We expect to reap the benefits of this now and in the future and remain confident in our strategy for long-term sustainable growth

Based on our Half-year results, the Directors have approved an interim dividend of 40c per share, similar to the prior year. The dividend will be paid on June 28, 2024, to members on the register on June 3, 2024. Our share register will be closed on June 4 and 5, 2024.

For more information CLICK HERE (more…)

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