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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.

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Stationery & Office Supplies Records Best 6 Months In Company’s 58- Year History



Allan McDaniel Managing Director of Stationery & Office Supplies Limited has released the following unaudited results for the company for the 2nd Quarter & 6 Months ended June 30th, 2023.

The second quarter of 2023 proved to be one of the busiest times in the history of SOS and during the second quarter the following is a list of major events that occurred:

1. In June, SOS shipped its initial container of office furniture to its newest distributor, The Apex Group in Cayman.

2. In June another container of office furniture was shipped to The Office Authority,
our distributor in Trinidad.

3. In June, production started on our newest 5,000sq foot warehouse located at 25
Beechwood Avenue. The new warehouse which is a starting point for SOS’s next expansion phase should be ready for use by the end of August.

4. On June 1, 2023, SOS declared a dividend of $.20 per ordinary share payable on July 10 to shareholders on record as of June 23, 2023.

5. On June 19th, SOS announced that the board of directors would meet on the 21st of June to discuss and consider whether or not it should recommend a stock split to its shareholders.

Along with the above, SOS is proud to announce that after having its best quarter in its 58- year history to start this year, the second quarter results have now surpassed them and are now the best in its history.

During the second quarter SOS had one of its largest individual projects in its history, installed a 200-seat call centre, delivered and installed its first significant project with the AIS furniture line. With the additional sales being generated during this record setting quarter SOS had to increase its delivery fleet and added an additional 5 tonne truck to the fleet with plans to further expand the fleet in the near future.

It was also in June that we signed an agreement to double warehousing capacity in our Montego Bay office. This additional space was severely needed as the revenues being generated from the Montego Bay location rose 25% for the first half of the year from $113.2M to $141M.

During the 2nd quarter SOS realized all-time highs in the following categories:
1. Highest revenues in a quarter – $525.2M
2. Highest revenues in a month (June) – $209.5M
3. Highest Pre-tax profit in a quarter – $121.2M
4. Highest Pre-tax profit in a month (June) – $51.5M
5. Highest Share price in the company’s history – $34.31

Please see below the comparative results for the 2nd quarter of 2022 compared to 2023 and the corresponding notes.

1 – Revenues rose 25% to an all-time high of $525.2M. This can be credited to continued increases in all areas of the business including EVOLVE which continues to grow with the addition of several new items to the product line. Evolve in the first 6 months of 2023 has already doubled its revenues compared to the 5 months it was available in 2022.

2 – Gross profit percentage rose with the continued reduction in the input costs of the various products, as well as better sourcing of material and parts used in manufacturing of the SEEK products.

3 – SEEK continues to excel with the manufacturing of additional products. The increased availability and accessibility of its books within the Jamaican market has seen the demand for the SEEK products increase leading to a 29% sales increase year on year.

4 – With the increase in revenues, gross profit percentage and a marginal increase in expenses (12%), this has all led to the growth in SOS’s pre-tax profit, rising substantially by 77% from $68.8M to $121.3M, the highest in the company’s history.

5 – With the tourism industry now back at near pre covid levels, the Montego Bay branch of SOS has now returned to a profitable stage. For the first 6 months of 2023, revenues from this branch have increased by 25%.

2nd Quarter          2022 & 2023

                                                                2022            2023            % INCREASE

REVENUES                                        $420.M        $525.2M       25%

GROSS PROFIT %                                51%             53%             4%

GROSS-PROFIT                                   $213M         $287.5M       35%

SEEK REVENUES                               $14.4M        $17.8M        24%

EXPENSES                                         $148.2M       $166.3M       12%

PRE-TAX-PROFIT                                $68.8M        $121.2M       77%

For the first 6 months of 2022, SOS has experienced continued growth over the same
period in 2023, crossing for the first-time revenues exceeding $1B in the first half of the year. All comparative numbers are up in 2023 including the most important, pre-tax profit.

The pre-tax profit has risen by 32% year on year from $173.6M to $229.3M.
SEEK sales are up 29% year over year and this number expects to continue to rise with a number of new dealers and the availability of inventory to meet market.

Revenues and the gross profit % rose by 23% and 4% respectively, with expenses rising marginally by 16% which has led to the previously mentioned pre-tax profit figure of $229.3M.

6 MONTHS ENDED JUNE 30TH, 2022 & 2023

                                             2022                      2023                      %INCREASE

REVENUES                      $847,704,240         $1,044,419,146      23%

EXPENSES                      $285,043,746         $329,395,729         16%

GROSS PROFIT %            50.9%                    53%                       4%

SEEK REVENUE              $32,938,157           $42,404,257           29%

PRE-TAX-PROFIT             $173,668,574         $229,343,093         32%

SOS has continued to adjust with the ever-changing market place and this is a significant reason why we have been able to continue to be profitable in an unpredictable and unstable economy.

Financial Position
At the end of the 2nd Quarter, SOS increased its total assets year on year by 42% ($980M – $1.38B). The bulk of this increase was due to SOS’s revaluation of the 4 properties that it currently owns in the Kingston 5 area.

Total current assets also rose led by inventory increasing significantly by 23% to $350M and Bank and Cash rising by 151%, to $304M

Earnings per share at the end of the 2nd Quarter for 2023 was $.79, an increase of $.09 compared to $.70 the end of the 2nd Quarter of 2022. For the quarter, earnings per share was at $.36 up from $.09 for the same period in 2022. It should be noted that during the first half of 2022, Stationery & Office Supplies Ltd was still benefiting from the tax-free incentive received from joining the JSE in 2017. All profit figures so far in 2023 have attracted a 12.5% tax rate that has been used in these comparative figures.

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ICreate To Now Synchronise Release Of Q2 Financial Statements With Release Of Audited Financial Statements For Year Ended December 31, 2022 On Or Before September 30, 2023.



Synchronisation of Publication of the Unaudited Financial Statements for the Second Quarter ended June 30, 2023 with the Audited Financial Statements for the
financial year ended December 31, 2022

The Board of Directors of iCreate Limited (“iCreate”), having given great thought to present circumstances, wishes to advise that the Company will not publish the Unaudited Financial Statements for the Second Quarter (Q2) ended June 30, 2023 on August 31, 2023, but instead, will synchronise the release of the said Financial Statements with the release of the Audited Financial Statements for the financial year ended December 31, 2022 on or before September 30, 2023.

As previously advised the Company closed two (2) acquisitions during the period, being Mobile Edge Solutions Limited (GetPaid) effective January 31, 2022, and Visual Vibe.Com Limited effective May 31, 2023. It is critical that these complex transactions be correctly and completely represented.

The Board and Management of iCreate had requested a filing extension of the Q2 Financial Statements, which were due by August 15, 2023, to August 31, 2023. However, on further assessment, the leadership found it necessary to pursue various transactions for verification of correctness and completeness in the draft financial statements. These efforts are extensive and involve discussions with several parties including our Attorneys-at-Law and Auditors. As such, the Board of Directors has decided that it is prudent and in the best interest of all parties, including the market, to ensure that the 2022 year-end audit is completed and the 2023 yearto-date transactions audit-reviewed, before publication.

The Board of Directors and Management are committed to navigating the current hurdles and meeting all regulatory and market requirements going forward. We seek further indulgence and patience while the Company seeks to complete become fully compliant by the end of next month.

The Board of Directors and Management of iCreate Limited apologise for the delay

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One Caribbean Media Reporting A Good Half Year Performance With Growth In Net Profit Before Tax (NPBT) Of 4%



Faarees Hosein Chairman For One Caribbean Media Limited Has Released The Following Unaudited Consolidated Financial Results For The Quarter Ended June 30th, 2023

The Group had a good half year performance with growth in Net Profit Before Tax (NPBT) of 4% and Earnings per Share (EPS) of 9%. NPBT increased from TT$12.5M (US$1.8M) to TT$13M (US$1.9M).

Revenues of TT$153.2M (US$22.5M) were 4% less than the comparative period for 2022. This was due, in the main, to our renewable energy company completing and billing a number of projects in the prior year.

There was growth in both Revenues and Profitability in the broadcast media assets.

Our non-media assets, in particular the investments in solar farms, internet services, manufacturing and real estate, continue to make a valuable contribution to the
Group’s performance.

Management continues to focus on implementing strategies aimed at enhancing revenue streams and realizing improved cost efficiencies.

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Stanley Motta Limited Reporting Improved EPS J$0.19 For Six-Months Ended June 30, 2023 Up From J$0.15 In Previous Year



Melanie Subratie Chairman Of Stanley Motta Limited Has Released The Following Unaudited Financial Statements For The Quarter Ended 30 June 2023.

During the six months period ended June 30, 2023 the Company had an increase in the rental income of 4.7% in comparison to the corresponding period in 2022. The improvement in income was attributable to increase in rental rates upon the renewal of lease agreements with our tenants and also the depreciation noted in the Jamaican dollar to its United States dollar counterpart.

The Company’s administrative expenses for Q2 2023 showed a reduction of $14.2M when compared to the same period in 2022, moving from $108.7M as at June 30, 2022 to $94.5M as at June 30, 2023. This reduction was due to lower repairs and maintenance expenditure incurred, lower electricity expenses and lower foreign exchange losses incurred within the period.

Improvements were recognised in the net operating income (NOI), funds from operation (FFO), net profit and net profit margin of the Company for the 6-month period, ended June 30, 2023 in comparison to the similar period in the previous year.

The Year-To-Date (YTD) NOI increased from $151M in 2022 to $188M June 2023, an improvement of 24%. In the meantime, the YTD FFO improved by 32%, moving from $124M for YTD June 2022 to $165M YTD June 2023.

These results were achieved through our commitment to maintaining strong management and operational efficiencies.

Earnings Per Share which is calculated as profit after tax divided by the weighted average number of shares was J$0.19 for the six-months period ended June 30, 2023 compared to J$0.15 over the corresponding period of the previous year.

The balance sheet remained strong with total assets as at June 30, 2023 of $7.7B in comparison to $6.5B as at June 30, 2022 and $7.0B as at the end of the financial year, December 31, 2022.

Stanley Motta New-Building Going Up At 58-Half-Way-Tree-Road

Unit 1
Our construction of Unit 1 building commenced in January 2023. The Company has invested over $600M to date on the construction. Tenant negiotiations have been well advanced and the project is currently progressing on-time and within budget.

We are looking forward to the progressive development of the project which is expected to significantly boost revenue and profits while improving shareholder value.

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Derrimon Trading Company Reporting Pre-Tax Loss For Six (6) Months Ended June 30, 2023 At $53.80M Compared To $77.83M Pre-Tax Profit In Corresponding Period.



Derrick Cotterell Chairman And Chief Executive Officer For Derrimon Trading Company Limited Has Released The Following Consolidated Statements Of Report To Stockholders Six (6) Months Ended June 30, 2023

The period reflects the inclusion of Spicy Hill Farms Limited and Arosa Limited along with the new Select Grocers location in Curatoe Hill, Clarendon.
The three (3) months consolidated results for Derrimon Trading Company Limited (DTL) reported revenue of $4.58 billion which is a $46.17 million reduction relative to the $4.62 billion reported for the corresponding three (3) months period in 2022.

Although there was a slight reduction in revenues for the period, a decline in commodity prices, foreign exchange rate stability and inventory management resulted in a 2.80% reduction in our cost of sales therefore, offsetting the negative impact of the decrease in revenue. These costs improvements pushed our gross profit to $1.15 billion, or a 4.85% increase compared to the $1.09 billion in the prior quarter.

Consolidated operating expenses for the three (3) months period was $728.81 million, representing a decrease of $267.04 million or 26.82% from the $995.85 million reported for the same period in 2022.

Significant cost savings were realized during the period as the prior period reflected costs incurred during the integration of Spicy Hill Farms Limited and Arosa Limited.

Finance cost for the three months was $326.69 million which was $235.76 million or 259.27% above the $90.93 million reported at the end of June 2022. The higher debt balance associated with the acquisitions as well as leases are the main reasons for the movements in finance cost that is being reported.

The consolidated profit before tax earned for this reporting period was $159.09 million, an increase of $27.68 million or 21.07% over the $131.41 million reported for the corresponding period in 2022. The Group’s consolidated net profit was $146.81 million, an increase of $33.74 million or 29.83% above the $113.08 million reported in the 2022 comparative period.

For the overall six (6) months period, revenue increased by 7.17% to a record of $9.50 billion as we reflected contributions from both Spicy Hill Limited and Arosa Limited. The reduction in cost of sales pushed gross profit up by 14.31% to $2.17 billion with group gross profit margins to 22.82%.

Total expenses remained flat at $1.63 billion which resulted in operating profit being reported at $675.63 million, an increase of 34.02%. Profit before tax decreased by 30.39% to $229.10 million with consolidated net profit at $199.32 million with earnings per share at $0.039.

The consolidated total assets was $16.70 billion compared to the $12.99 billion reported for the corresponding period in 2022. This growth was achieved by the significant rise in current assets to $8.82 billion mainly as a result of the entities acquired. Group cash and bank balances ended the period at $860.54 million with net cash at $594.56 million. Equity attributable to shareholders was $6.31 billion
relative to the $5.82 billion as the Group continued to grow its retained earnings.

Core Activity
For this second quarter ended June 2023, revenue generated from core activity (the distribution and retail arms of the business) was $3.04 billion representing an increase of $43.60 million or 1.46% when compared to the $2.99 billion reported for the similar reporting period in 2022.

The six (6) months result of the core activity recorded revenue of $6.33 billion which is an 8.79% increase when compared to the $5.82 billion earned in the corresponding period last year.

Gross profit from core activity for the second quarter was $752.91 million or $55.12 million (7.90%) more than the $697.79 million reported in the similar period in 2022. Gross profit from these divisions for the six (6) months period was $1.31 billion which represents a $152.00 million (13.12%) increase above the $1.16 billion reported for the similar period in 2022.

Operating Expenses For the second quarter ending June 30, 2023 was $420.95 million which was $335.28 million (44.34%) above the expenses incurred for the similar period in 2022. Operating Expenses for the six (6) months period was $1.06 billion which was $115.19 million (9.83%) below the $1.17 billion reported for the comparative period last year.

Finance cost for the three (3) months ending June 30, 2023, was $317.24 million which was $238.53 million (303.05%) above that reported for the similar quarter in 2022. Finance charges from core activities for the six (6) months period was $432.80 million which is up by $271.49 million (168.30%) from the $161.31 million reported in June 30, 2022.

For the three (3) months ended June 2023, pre-tax profit was $90.16 million representing a positive result when compared to the pre-tax loss of $16.12 million reported for the same period in 2022.

A pre-tax loss was recorded for the six (6) months period at $53.80 million compared to the $77.83 million pre-tax profit in the corresponding period.

Total Assets for the Company was at $13.09 billion or $3.98 billion (44%) more than the $9.11 billion reported for the similar period last year. The majority of this growth came from the growth in current assets, with cash closing at $240.91 million. Total liabilities stood at $7.60 billion as the company reduced payables and saw an increase in long-term debt. Equity closed the period at $5.49 billion.

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