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Promote Inclusive Growth And Productivity By Fostering Innovation In The Private Sector

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“The main objective is to promote inclusive growth and productivity by fostering innovation in the private sector. The purpose is to jump-start economic growth by building an ecosystem that supports dynamic entrepreneurship and innovation in MSMEs. We are promoting innovation and productivity among established MSMEs with high growth potential; promote sustainable and inclusive growth in scalable start-ups; and creating a sustainable pipeline of entrepreneurs and high-growth potential start-ups. Entrepreneurship and innovation activities that tackle gender and climate issues will be targeted and implemented.”
Finance Minister Nigel Clarke

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Businessuite Markets

The Strategic Importance of Investor Communication and Recommendations for Caribbean Listed Companies

By embracing these practices, Caribbean listed companies can foster stronger relationships with investors, enhance market perceptions, and potentially realize higher valuations that reflect their true intrinsic value.

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Effective communication with investors is not merely a compliance exercise; it’s a strategic imperative that influences a company’s market valuation and access to capital.

Key benefits include:

Enhanced Market Valuation: Transparent and consistent communication reduces information asymmetry, leading to improved investor confidence and potentially higher stock valuations.

Improved Liquidity: Engaged investors are more likely to trade shares, increasing liquidity and reducing volatility.

Broader Investor Base: Proactive communication attracts a diverse range of investors, including retail investors who can provide stability and advocacy for the company.

Resilience During Crises: Companies that maintain open lines of communication are better positioned to navigate challenges and retain investor trust during turbulent times.

Global Trends in Investor Relations
Internationally, companies are adopting innovative strategies to engage with investors:

1. Digital Engagement Platforms
Companies are leveraging digital tools to provide real-time updates and interactive content:
Investor Portals: Secure platforms offering access to financial reports, updates, and company news.
Webinars and Virtual Events: Facilitating direct interaction between management and investors.
Social Media: Utilizing platforms like LinkedIn, Twitter, and YouTube to disseminate information and engage with a broader audience.

2. Personalized Communication
Tailoring messages to specific investor segments enhances relevance and engagement:

Segmented Reporting: Providing information tailored to the interests of different investor groups.
Interactive Content: Using videos, infographics, and interactive reports to make complex information more accessible.

3. Emphasis on ESG Reporting
Environmental, Social, and Governance (ESG) factors are increasingly influencing investment decisions:

Transparent ESG Disclosures: Providing comprehensive reports on ESG initiatives and performance.

Integrated Reporting: Combining financial and non-financial information to present a holistic view of the company’s performance and strategy.

Recommendations for  Caribbean Listed Companies
To bridge the communication gap and unlock shareholder value, Caribbean listed companies should consider the following strategies:

Establish Robust Investor Relations Programs: Develop dedicated IR teams or functions responsible for managing investor communications and relationships.

Leverage Digital Channels: Utilize websites, social media, and email newsletters to provide timely and accessible information to investors.

Host Regular Investor Events: Organize webinars, virtual town halls, and Q&A sessions to engage directly with investors and address their concerns.

Enhance Transparency and Disclosure: Provide clear, comprehensive, and timely information on financial performance, strategic initiatives, and ESG efforts.

Solicit and Act on Investor Feedback: Implement mechanisms to gather investor input and demonstrate responsiveness to their concerns and suggestions.

Adopt Integrated Reporting Practices: Combine financial and non-financial reporting to present a cohesive narrative of the company’s value creation strategy.

By embracing these practices, Caribbean listed companies can foster stronger relationships with investors, enhance market perceptions, and potentially realize higher valuations that reflect their true intrinsic value.

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Businessuite Markets

Spur Tree Spices Projects Growth from Product Innovation, Domestic Sales, and E-Commerce Scaling

The Company expects continued growth in the traditional product segments, supported by the rollout of new products, increased domestic sales through expanded retail penetration and stronger trade execution, and the scaling of its Amazon and e-commerce presence through optimised listings, targeted advertising, and improved fulfilment efficiency.

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Albert Bailey Chief Executive Officer Has Released The Following Report On The Financial Performance Of Spur Tree Spices Jamaica Limited For The First Quarter Ended March 31, 2025, Including The Presentation Of Unaudited Financial Statements Prepared In Accordance With International Financial Reporting Standards

The Company’s overall results for the first quarter were shaped by several ongoing challenges in the agro-processing sector. These challenges disproportionately impacted the subsidiaries. However, amidst these challenges, there were many positive indicators, including continued double-digit revenue growth in the traditional seasonings and sauces segment of the business. While profit performance for the quarter declined compared to the corresponding period for 2024, the company remains on track for a successful year. In the coming months, all indicators point to the normalisation of key raw material supply, including ackee. These factors, combined with expected growth from new product segments and continued expansion of traditional product categories, put the company on a firm path to continued success.

Consolidated revenue for the first quarter totalled J$336.39 million, compared to J$394.49 million in the corresponding period 2024, representing a 17.3% decline. This was primarily due to continued constraints in the supply of ackee, a key raw material for the Company’s subsidiaries. Despite this challenge, the Company recorded notable growth in several categories, including seasonings, sauces, and dried products, supported by expanded distribution in local and export markets, strong consumer demand, and the successful launch of new product lines.

Cost of Sales for the period amounted to J$245.86 million, or 73.09% of revenue, compared to J$287.62 million (72.91%) in Q1 2024. The slight increase in the cost-to-revenue ratio reflects the shift in product mix, as the Company adjusted production output to include a higher proportion of lower-margin items in response to the limited availability of ackee. Though not ideal, these measures enabled the business to sustain production and meet customer demand amidst raw material constraints.

Gross Profit for the quarter was J$90.53 million, down from J$106.86 million in the corresponding period of the previous year, a 15.3% decline. This was driven by the revenue reduction and a greater contribution from lower-margin substitute products produced during the ackee shortfall.

Nonetheless, the Company remains optimistic about the recovery of gross margins in the coming quarters. Continued rollout of new and value-added products across core and subsidiary operations is expected to improve the overall margin profile. In addition, the gradual recovery of ackee supply, enabled by targeted investments in farming and expanded sourcing, is expected to restore availability and strengthen the Company’s higher-margin revenue base. Together with ongoing cost-efficiency measures, these strategic actions are anticipated to drive improved profitability as the year progresses.

Administrative Expenses for the quarter amounted to J$69.62 million, representing a 2.5% reduction compared to J$71.38 million in Q1 2024. This reflects the Company’s disciplined approach to cost management and operational efficiency while ensuring that critical support functions remain in place to advance strategic objectives.

Finance Costs rose to J$12.05 million, compared to J$9.54 million in the same period last year, an increase of 26.3%. This was primarily due to interest on an additional J$55 million loan secured to support Spur Tree’s farming operations. This investment is key to the Company’s broader strategy to stabilise raw material supply and ensure production continuity.

Net Profit attributable to the Company totalled J$12.00 million, down from J$28.18 million in Q1 2024, representing a 57.3% decline. The result was mainly impacted by the continued raw material shortages affecting subsidiary operations, which offset gains achieved through product expansion and cost containment elsewhere in the Company.

At the end of the reporting period, Cash and Cash Equivalents stood at $131.7 million, reflecting a 26% increase over the $104.4 million reported for the corresponding period in 2024. Total Assets increased to $1.68 billion, up from $1.56 billion, representing an 8% yearover-year improvement. Shareholders’ Equity also strengthened, rising by 9% to $1.03 billion compared to $948 million in the prior year.

Although the consolidated performance fell below expectations for the quarter, the Company remains confident in its long-term strategy. Investments in farming, supply chain resilience, and innovation are expected to yield increasing benefits in the quarters ahead, supporting recovery and future growth.

Outlook

The outlook for 2025 remains positive despite the temporary headwinds experienced in the first quarter. The Company continues to demonstrate resilience and growth in its core operations, with strong performance across established and new product categories, supported by increased market penetration locally and internationally.

The Company expects continued growth in the traditional product segments, supported by the rollout of new products, increased domestic sales through expanded retail penetration and stronger trade execution, and the scaling of its Amazon and e-commerce presence through optimised listings, targeted advertising, and improved fulfilment efficiency.

The Company’s subsidiaries are actively pursuing product diversification strategies to safeguard the ackee supply, which we expect to normalise in the coming months. The Company is also broadening its portfolio to include other complementary items. This will lead to a return to an overall profit position by the end of the year.

Investment in direct farming continues to be a cornerstone of the Company’s strategy. It enhances the availability of raw materials and strengthens supply chain resilience. These efforts are expected to increase value throughout the year, supporting operational stability and margin recovery.

With these initiatives firmly in motion, the Company is well-positioned to build momentum over the coming quarters. Management remains focused on delivering sustainable growth and creating long-term value for all stakeholders.

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Businessuite News24

BOJ Monetary Policy Committee Agrees to Reduce the Policy Rate by 25 Basis Points

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The Bank of Jamaica (BOJ) Monetary Policy Committee (MPC) has unanimously agreed to reduce the policy rate by 25 basis points from six per cent to 5.75 per cent per annum, effective May 21.

The policy rate is offered to deposit-taking institutions (DTIs) on overnight placements with the BOJ.

Central Bank Governor, Richard Byles, speaking during the Quarterly Monetary Policy Report press conference at the Jamaica Conference Centre in downtown Kingston on May 21, said the decision was taken after careful consideration of the implications of global developments, recent economic trends, and the outlook for the Jamaican economy.

The Governor pointed out that the incoming economic data on Jamaica continues to point to a stable domestic economy with inflation remaining in the four per cent to six per cent target range.

“On the 15th of May, the Statistical Institute of Jamaica (STATIN) reported that headline inflation as at April 2025 was 5.3 per cent, in line with the out-turn for April 2024. Headline inflation has, therefore, continued to remain within the Bank of Jamaica’s target. Also, core or underlying inflation remains low,” he pointed out.

He further noted that core inflation, which excludes the prices of agricultural food products and fuel from the consumer price index, was 4.4 per cent at April 2025, remaining below six per cent since July 2023.

“The stable and relatively low inflation out-turn primarily reflected the end of the impact of previous price increases for regulated items, such as bus and taxi fares, and no new such increases, which offset higher food inflation. Moreover, the exchange rate, imported inflation and the private sector’s expectations of future inflation have been fairly stable,” he said.

Governor Byles said the MPC also agreed to preserve relative stability in the foreign exchange market.

He noted that expectations about exchange rate depreciation have remained fairly stable.

“At the 14th of May 2025, the exchange rate had depreciated on a year-over-year basis by 1.9 per cent. There was a mild uptick in the pace of depreciation between end April and early May in the context of a slight increase in demand and a build-up of foreign exchange positions by authorised dealers.

“In response, the Bank augmented flows in the market. Cumulatively, BOJ has sold US$1.1 billion via the BOJ-Foreign Exchange Intervention & Trading Tool (B-FXITT) facility over the 12 months to the end of April 2025, compared to US$983 million over the 12 months to the end of April 2024. However, it is important to note that the Bank net purchased approximately US$1.1 billion over the 12-month period to April 2025,” he said.

Mr. Byles noted, further, that as at 14th of May, Jamaica’s gross international reserves remains healthy, amounting to US$5.9 billion or 135 per cent of the measure considered adequate.

He said there has been moderation in imported inflation in the March 2025 quarter relative to the December 2024 quarter, noting that, specifically, oil prices declined during the quarter relative to the previous year.

“The Bank estimates that the domestic economy grew in the range of 0.0 to 1.0 per cent for the March 2025 quarter, which translates into an estimated contraction of -1.0 to -0.5 per cent for the financial year 2024/25. Finally, while employment levels remain high, anecdotal data suggest that wage pressures are moderating,” he added.

By: Chris Patterson, JIS

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Businessuite News24

Positive Growth Outlook for the Short to Medium Term

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Director General of the Planning Institute of Jamaica (PIOJ), Dr. Wayne Henry said it is projected that the economy will grow within the range of 0.5 per cent to 1.5 per cent in April to June 2025, relative to April to June 2024.

The Director General explained that this performance will be supported by increased output in agriculture, due to the continued strengthening in domestic crop production and a reduction in the drag on growth from the export crop component as longer-term crops begin to recover.

Hotels & Restaurants are also expected to contribute to growth, largely due to the anticipated increase in stopover arrivals associated with events such as spring break, Easter holidays and Jamaica carnival.

Construction will also be a growth driver due to the impact of the rollout of infrastructure projects at the start of the new fiscal year to include roadworks and residential and non-residential construction activities, Dr. Henry said.

He noted that growth will also be supported by increased domestic demand due to relatively high levels of employment and increased consumer confidence.

“Preliminary data for the quarter indicate some positive movements in support of this projection. Preliminary data on airport arrivals for April 2025 indicate an increase of 5.3 per cent relative to April 2024. However, for the Mining & Quarrying industry, data for April indicates that the heavier weighted alumina production contracted by 12.3 per cent, while crude bauxite production increased by 3.9 per cent,” he explained.

The projection for Fiscal Year 2025/26 is for growth within the range of one to two per cent.

The Director General said that all industries are forecast to record growth, as the recovery from the weather-related shocks in 2024 will become more pronounced in the latter half of calendar year 2025.

He advised that the downside risks to this positive outlook include unplanned factory downtime associated with aged production plants, particularly in the Mining & Quarrying and Manufacturing industries, weather-related shocks associated with the start of the hurricane season, and lower-than-anticipated external demand for Jamaican goods.

By: Judana Murphy, JIS

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Artificial Intelligence

Guardsman Unveils State-of-the-Art Cyber Security Operations Center to Safeguard Jamaica’s Digital Future

“As we usher in this new era of digital security, Guardsman is proud to lead the charge with the launch of our Cyber Intelligence SOC. This facility reflects our unwavering commitment to not only protecting our clients but also fortifying the technological backbone of Jamaica’s economy and national infrastructure”

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Caption: A view inside Guardsman Cyber Intelligence’s cutting-edge Security Operations Centre (SOC), where cyber analysts monitor real-time global threats using advanced detection and response technologies.

From left: Dr. Kenneth Wykeham McNeill, Former Minister of Tourism (PNP); The Honourable Alando Terrelonge, State Minister in the Ministry of Foreign Affairs and Foreign Trade; The Most Honourable Andrew Holness, Prime Minister of Jamaica; The Honourable Kenneth Benjamin, Executive Chairman, Guardsman Group; The Honourable Marlene Malahoo Forte, Minister of Legal and Constitutional Affairs; Damian Blair, Group Executive Director – Governance, Risk and Compliance; Omar Edwards, Chief Technology Officer, Guardsman Cyber Intelligence; David Whittaker, Deputy Managing Director, Guardsman Group; and Steve McGregor, PNP Central Kingston Candidate, participate in the ribbon-cutting ceremony at the official launch of Guardsman Cyber Intelligence’s state-of-the-art Security Operations Centre (SOC) on May 14, 2025.

In a historic leap toward national digital resilience, Guardsman Cyber Intelligence has officially unveiled Jamaica’s first Cyber Intelligence Security Operations Center (SOC) at its new headquarters located at 14-16 Balmoral Avenue in Kingston. This milestone development marks the beginning of a transformative era in cybersecurity for the island, as Guardsman takes the lead in protecting Jamaica’s digital assets and infrastructure.

The unveiling ceremony was attended by several distingushed guests, including Dr. The Most Honourable Andrew Holness, Prime Minister of Jamaica, who delivered the keynote address.

Prime Minister Holness stated that Executive Chairman Kenny Benjamin is “A true pioneer in the field of security in Jamaica and Regionally. Kenny B is a national asset… stakeholder and contributor to Jamaica’s development. Kenny’s vision, leadership and continued investment is a landmark achievement for Guardsman Group and the entire Caribbean region.”

At the heart of this groundbreaking facility is a highly sophisticated command hub where a team of cyber professionals will monitor and respond to threats targeting networks, systems, and data across both public and private sectors. The SOC provides around-the-clock vigilance, leveraging artificial intelligence, automation, and expert human analysis to detect anomalies, investigate alerts, and respond rapidly to incidents.

Prime Minister Holness also emphasized the national importance of developing strong cyber defenses, “The SOC represents a bold and necessary step in safeguarding our digital future. Guardsman Group is a clear demonstration that the Caribbean can be not only a consumer of global technology, but creators of cutting-edge security infrastructure tailored to our regional realities.”

The Honourable Kenneth Benjamin, Executive Chairman of the Guardsman Group, reflected on the occasion, stating:

“As we usher in this new era of digital security, Guardsman is proud to lead the charge with the launch of our Cyber Intelligence SOC. This facility reflects our unwavering commitment to not only protecting our clients but also fortifying the technological backbone of Jamaica’s economy and national infrastructure”

Through this SOC, Guardsman aims to shield Jamaica’s critical infrastructure—including government systems, power grids, and financial services—from cyber-attacks that are increasing in frequency and sophistication. By offering enterprise-grade threat detection and rapid response capabilities, the center is poised to support everyone from small businesses to multinational corporations.

David Whittaker, Group Deputy Managing Director, emphasized the game-changing potential of this initiative, noting, “Our SOC is a game-changer for Jamaica. It empowers organizations of all sizes to take control of their cyber risk. We’re providing a level of digital defense previously only available in major global tech hubs.”

Damian Blair, Group Executive Director of Governance, Risk and Compliance, further highlighted the broader impact of the SOC, stating, “This is not just about defense; it’s about empowerment. We’re investing in Jamaican talent to ensure our nation is not only protected but positioned as a regional leader in cybersecurity.”

Omar Edwards, Chief Technology Officer of Guardsman Cyber Intelligence, shared insights on the innovation behind the SOC’s capabilities:

“This SOC is the culmination of years of strategic planning and innovation. It’s designed not just to react to cyber threats, but to anticipate and outpace them. We’ve combined world-class technology with homegrown talent to create a digital command center that rivals any in the world. Our mission is clear—make Jamaica one of the most cyber-resilient nations in the Caribbean.”

The SOC employs advanced technologies such as Security Information and Event Management (SIEM) and Endpoint Detection and Response (EDR), bolstered by global and regional threat intelligence and automated response workflows. This infrastructure enables swift detection, containment, and mitigation of threats to minimize potential damage and downtime.

Following the official launch, attendees were given a guided tour of the cutting-edge facility, offering an inside look at the technology, personnel, and protocols driving this national cybersecurity initiative.

The Guardsman Cyber Intelligence SOC is not just a monitoring center—it is a strategic national resource. It enhances investor confidence, supports digital innovation, and positions Jamaica as a cybersecurity leader within the Caribbean. Organizations looking to strengthen their digital defenses are encouraged to explore how Guardsman Cyber Intelligence can help them secure their operations and future.

About Guardsman Group
Guardsman Group is a leader in security solutions and community outreach across Jamaica. Committed to corporate social responsibility, Guardsman Group invests in education initiatives that empower youth and foster lifelong learning.

About Guardsman Cyber Intelligence
As the digital arm of the Guardsman Group, Guardsman Cyber Intelligence is dedicated to protecting Jamaica’s digital ecosystem through advanced cybersecurity solutions. From its state-of-the-art Security Operations Center (SOC) in Kingston, the division delivers continuous threat monitoring, incident response, and cyber resilience services to clients across the public and private sectors. By combining cutting-edge technology with local expertise, Guardsman Cyber Intelligence is redefining the standard for digital security in the Caribbean.

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