|
|
|
Businessuite 2020 #1 Caribbean Chief Executive Officer – % change US$ Profit after Tax |
|
|
|
|
CR |
CR |
|
|
|
US$000 |
US$000 |
2020 |
2019 |
2020 |
|
Company |
Chief Executive Officer |
2020/2019 |
2019/2018 |
% change |
8 |
1 |
JA |
Barita Investments Limited |
Paula Barclay |
$12,920 |
$2,844 |
354.28% |
Paula Barclay, General Manager
Prior to joining Barita, Mrs. Barclay held several roles at the GraceKennedy Group including, Group Treasurer, Managing Director of First Global Leasing as well as General Manager, Chief Credit Risk Officer, Senior Vice President for Personal and Business Banking and Vice President of Corporate Banking at First Global Bank. At First Global Financial Services Limited she served in the capacity of Vice President for Pension Fund Management and Vice President for Business Development. She also served on various boards and committees that governed the GraceKennedy Group. Mrs. Barclay holds an MBA from Barry University and has completed ‘The Leadership Journey’ at The Wharton Business School.
Barita Investments Limited (“Barita” or “the Company”), is a publicly traded company on the Jamaica Stock Exchange (JSE), 79.7% owned by Cornerstone Investments Holdings Limited (“Cornerstone”). Founded by Rita Humphries-Lewin in 1977, the Company has the distinction of being one of the oldest stock-broking companies in Jamaica. The Company is licensed by the Financial Services Commission (“FSC”), is a member dealer of the JSE and is a Primary Dealer and Cambio Dealer for the Bank of Jamaica (“BOJ”).
Barita, home of Jamaica’s top performing equity fund – has a legacy of excellence, recognized as a particularly strong player in the middle market retail segment and a leader in Unit Trust performance.
Through its subsidiary Barita Unit Trusts Management Company Limited (“BUTM”), Barita currently offers eight (8) unit trust products spanning fixed income, equities and real estate.
Barita serves its clients island-wide through its Head Office in Kingston and branches in Mandeville and Montego Bay. Barita handles over J$180.0 billion dollars of funds, with a team of 128 members across its operations island-wide.
Barita demonstrated growth across all areas of the business during the financial year. This was the direct result of our business transformation and enhanced strategic focus, ultimately leading us to the strongest financial performance in our 42-year history. It meant a 371.0% increase in Net Profits attributable to the company’s shareholders toJ$1.7 billion (EPS: J$2.42) in FY 2019 relative to J$363.2 million (EPS: J$0.56) in FY 2018.
Our three (3) successful capital raising exercises resulted in J$10.2 billion in fresh equity capital in the business, quadrupling the Company’s capital position; these were vital to our great success in FY 2019. We closed the year with a capital position of J$13.7 billion relative to J$3 billion in FY 2018 and a record total asset position of J$41 billion relative to J$18.9 billion in FY 2018.
Total Revenue rose 205.0% YoY to J$4.0 billion from J$1.3 billion in FY 2018.
The marked rise in Revenue YoY was driven by material increases in most revenue lines throughout the year resulting from the effects of our strategy which has been characterised by:
Addition of New Business Line
The launch of our Investment Banking business added approximately J$300 million in Revenue in FY 2019.
Increased Capitalization
The significant increase in Barita’s capitalization from the fundraising activity throughout the financial year supported Balance Sheet growth, which in turn supported growth in both Net Interest Income & Foreign Exchange and Securities Trading lines.
Customer Acquisition & Engagement
Increased customer acquisition and engagement driven by our strategic marketing and sales efforts throughout the year supported increased transactional volume and value, leading to a rise in fee income throughout the year.
Extracted from Management Discussion & Analysis
Paula Barclay, General Manager
More Information
https://www.jamstockex.com/wp-content/uploads/2020/01/Barita-Annual-Report-2019.pdf