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Sagicor Group Jamaica Performed Well In 2019, Producing Profits Attributable To Stockholders Of $15.65 Billion, Or $4.01 Per Share, A 10% Improvement Over 2018 – Zacca



Sagicor Group Jamaica Limited (SGJ or the Group) performed well in 2019, producing profits attributable to stockholders of $15.65 billion, equivalent to $4.01 per share, a 10% improvement over the prior year. Stockholders’ equity reached $91.25 billion, a 23% growth for the year, after distributing dividends of $1.44 per share.

In addition to strong generic growth across our major business lines, we expanded our investment in Property and Casualty Insurance with the acquisition of a 60% interest in Advantage General Insurance company Limited (AGI).

Our 2019 operations also include activities for a full year relating to the Sagicor X-Fund Group (“X-Fund”) of which we took effective control and consolidated into SGJ from the 4th quarter of 2018 and TravelCash Jamaica Limited (TravelCash) which was acquired effective December 1, 2018.

Net profit attributable to stockholders for Q4 2019 was $4.79 billion as against $5.41 billion for Q4 2018. The Q4 2018 results included a significant “one-time” gain of $1.52 billion on the consolidation of X-Fund.

In addition, 2019 results include higher losses from Playa Hotel & Resorts (Playa), an associated company.


Overall, the Group generated good results in an environment of low-interest rates, a somewhat volatile J$/US$ exchange rate, and vibrant equity markets, especially the Jamaica Stock Exchange (JSE).

Consolidated full-year profit attributable to stockholders was $15.65 billion, a 10% increase over the prior year.

Earnings per stock unit were $4.01 compared to $3.65 in 2018.

The annualized return on stockholders’ equity was 19% as against 20% for 2018, and we distributed dividends of $5.62 billion to stockholders during 2019, compared to $4.69 billion in 2018 ($1.44 per share as against $1.20 in 2018).

The market capitalization of SGJ at December 2019 was $304.44 billion, up 96% on December 2018.

Total Group Assets at December 2019 were $456.00 billion up from $394.13 billion as at December 2018. Assets grew organically except for the acquisition of AGI on September 30, 2019, and a $2.91 billion recorded as Right-of- use assets from properties being leased under IFRS 16.

Total assets under management, as at December 2019, including Group Assets, Pension Funds’ assets managed on behalf of clients and Unit Trusts, were $892.04 billion, a 17% increase over the December 2018 amount of $761.07 billion.

Group Consolidated Revenue for the year of $92.67 billion was 31% more than the $70.66 billion for 2018, in part influenced by the X-Fund consolidation from October 2018, the acquisition of TravelCash from December 2018 and the acquisition of AGI on 30 September 2019. In 2018 we recorded large investment credit losses that did not repeat at the same level in 2019.

Net premium income of $46.51 billion, which accounted for 50% of revenue, was 17% up on 2018. A 14% increase when excluding premiums from AGI. Net investment income of $16.85 billion, before capital gains and losses, was 7% better than last year despite interest rates trending down in Jamaica.

The Group earned substantial gains from trading and capital appreciation of $10.94 billion in 2019 (of which $4.50 billion relates to stockholders) compared to $4.19 billion in 2018.

The JSE’s main index grew by 34% during the year. The fee-based income of $13.90 billion grew by 22% mainly from the expansion of our Payments channels and from increased corporate financing deals.

By the end of December 2019, the value of the J$ to the US$ declined by 3.5% with wider fluctuations at points throughout the year. The Group benefited from FX trading gains and picked-up unrealized gains from the revaluation of foreign currency denominated assets, net of liabilities.

Total benefits and expenses of $71.87 billion were 33% more than the $54.07 billion for 2018, due to, a) Higher Actuarial Liabilities emanating mainly from the growth of the inforce Insurance business and lower interest rates. b) Increased policy benefits, including death claims, health claims, annuity payments, surrenders and withdrawals from Segregated policy funds, as portfolios grew. P&C claims for the last quarter of 2019 relating to AGI are also included in Net Benefits costs. c) Consolidated administration expenses, including depreciation and amortization of software, of $22.63 billion was 20% higher than in 2018. Excluding the effect of acquisitions and consolidation of X-Fund, the increase was 12%. Despite this, we maintained the Group efficiency ratio of administrative expenses to total revenue, a key measure of expense management, at 31% as it was in 2018.

Individual Insurance: This segment continued its strong profitability performance contributing $5.37 billion to the Group for the year, a 13% improvement. Net premium income for the Individual Insurance lines of business of $26.47 billion was 11% higher than the comparative 2018, driven by very strong new business in both Jamaica and Cayman, and improved conservation of the inforce block of policies which grew by 7% to almost 600,000 policies. Meaningful capital gains were also earned in this segment during the year. Benefits accrued or paid to policyholders of $12.27 billion were higher than in 2018 as the business expanded. The increase in actuarial liabilities was much higher than last year due to our growth and lower interest rates while releases for mortality experience, expenses and other efficiencies were lower this year. Key performance indicators in this segment continue to trend positively, including market share.

Employee Benefits Segment: revenue of $27.23 billion was 15% ahead of 2018 as a result of good premium income growth across all lines. New business annualized premium income was well over the 2018 levels. Claims cost grew with the business but the ratio of claims to premium income was much higher in 2019. The increase in actuarial liabilities was up on prior year as the business grew and interest rates were lower. However, the segment profit outcome was $4.29 billion, up 5% from 2018.

Commercial Banking: Sagicor Bank contributed net profit of $3.04 billion which was 7% more than in 2018. Revenues of $13.86 billion were 12% more than prior-year, reflecting business expansion, trading gains and improved credit losses. Fee-based income was 10% more than in 2018 as our Payments channels continued to grow. Total assets of $142.48 billion were 16% above the December 2018 amount. Loans and advances, net of provision for loan losses, were $84.66 billion, 23% higher than the December 2018 balance. Customer deposit liabilities of $107.25 billion were up 16% on last year.

Investment Banking: There was significant business growth in this segment, especially in the Corporate Finance area. By year-end, on-balance sheet assets of $94.85 billion were up 12%, revenue of $6.65 billion was more than in 2018 by 44% and profits of $2.89 billion, excluding the share of AGI earnings, grew by 40%. AGI was acquired at the end of September and made a positive contribution to Sagicor’s earnings after all associated acquisition costs. In December 2019, Regulatory approvals were obtained for the establishment of Sagicor Investments Cayman. This new entity will facilitate geographic expansion of our investments and wealth management business in 2020 and beyond.


The current economic environment is characterised by low-interest rates, moderate inflation and modest economic growth. The improvement in the Government of Jamaica’s fiscal position has created space for higher levels of capital expenditure, mostly geared towards infrastructure.

The extent of the current threat posed by the novel Coronavirus is still being assessed locally and globally. Future uncertainties also include upcoming elections in Jamaica and the United States as well as the unfolding of BREXIT. Given our economy’s exposure to tourism, while cautiously optimistic about the future, we are taking a conservative view of the potential impact of the Coronavirus and managing our businesses accordingly, especially with regard to the welfare of our team members and our customers.

Christopher Zacca President & CEO Sagicor Group Jamaica Limited. Extracted and edited from SAGICOR GROUP JAMAICA LIMITED
Audited Group Results YEAR ENDED 31 DECEMBER 2019

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Image Plus Consultants Reporting 43.7% Year Over Year Increase In Revenues, Looks To New Ocho Rios Branch For More Growth



Dr. Karlene McDonnough Chairman board of directors of Image Plus Consultants limited has released the follow company financial statements for the third quarter ended November 30, 2022.

Balance Sheet Growth

At end of Q3 FY22/23, assets stood at J$651.5M when compared to J$391M for the first nine months of FY21/22. Since audited FY 21/22 results, assets have grown by J$204.1M and liabilities by J$55.7M.

In addition to the new fluoroscopy unit acquired since the start of the financial year, in November 2022 the Company re-located its Ocho Rios operations to a new larger space in White River North Commercial Complex; the company invested in leasehold improvements at the new location to meet service delivery needs.

With almost double the square footage the Ocho Rios branch now has accommodations for increased patient volumes and the new modalities of mammography and magnetic resonance imaging (MRI); both to be offered starting in FY 23/24.

Trade receivables stand at more than double the FY21/22 comparative period figure given the increased volume of business in non-cash related pay or settlements.

Management continues to actively manage these receivables and there has been improvement in the ageing profile. As opportunity allows the Company has optimized cash in hand and made financial investments.

Growth in Revenues & Expenses

At J$802.8M revenues at the end of nine months now exceed revenues for the full FY 21/22 and reflect growth of J$247.9M in revenue since the second quarter. Year over year for the comparative period, there has been a 43.7% increase in revenues.

The rate of revenue growth slowed somewhat since Q2 as a result of the Ocho Rios relocation exercise (all operations at that branch were closed for 4 days whilst CT and X-ray services were down for an additional 7 days when the branch reopened as we awaited relocation of the 3-phase power supply required to operate these units). Management is confident that the move and resulting downtime is an investment that will redound significantly to the benefit of all stakeholders in the months ahead.

Despite this downtime the company’s case count remains very healthy at 40,949 representing YTD an increase of over 17% compared to the comparative period in prior year. The number of cases at nine months represent 88.3% of the full financial year 21/22 case count.

Expenses grew 12.7% over the last financial year driven by higher than normal costs in Q3. In the main these costs were associated with one-off marketing expenditure for the re-printing of all billboards, directional and office signs for the Ocho Rios branch.

Traditionally too, Q3 costs are expected to be a little higher as we have expenditure associated with referring physician appreciation and end of year performance incentives for our team members.

Outlook to Financial Year End

At J$179.7M, the net profit before tax exceeds the full financial year 21/22 performance (PBT after adjustment for directors’ fees paid of J$66.5M was J$179.6M). The outturn is also an increase of 163.9% over the comparative period in the prior year. Performance is anticipated to continue on this path and the directors remain optimistic about the performance outlook given the strategic plans that the team continues to execute.

Prudent management remains a focus so that the company continues to perform even with the potential for economic changes in the short term. The board uses this opportunity to thank our hardworking team for their efforts, referring physicians and their patients for the trust and confidence placed in us and our shareholders for the opportunity to provide an attractive return on their investment.

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iCreate Limited Signs Sales Agreement to Acquire Ideas Execution Limited



iCreate Limited (“iCreate”) is pleased to announce that the Company has signed an Agreement to acquire the shares of Branding & Trade Marketing company, Ideas Execution Limited. The acquisition of Ideas Execution by iCreate fits squarely within its Merger and Acquisition strategy towards building out its vision as a leader within the creative and digital economies in Jamaica and the wider Caribbean region.

iCreate CEO Tyrone Wilson, in announcing the acquisition, expressed his excitement around this deal. “We are continually seeking to build out our Advertising Division and iCreate as a whole as part of our Group M&A strategy. This partnership will see iCreate owning 100% of Ideas Execution and Founder Kevin Frith, becoming a top 10 shareholder in iCreate and a strategic investor”

This acquisition comes on the heels of the Company’s successful closing of Digital Outdoor Billboard Company, Visual Limited.

Founder and principal of Ideas Execution Limited Kevin Frith said the company had a proven track record in maximizing the visibility of major brands and, in response to greater demand as pandemic-related restrictions ease, has increased its capacity to support brand- building projects and business development services
utilizing community bars and wholesale grocery businesses.

Ideas Execution is the leading commercial service provider and business development agency in the route bar market in Jamaica. Ideas Execution, Campari and Wray and Nephew have partnered to execute over 500 branding projects and distributed products valued at over $1 billion in Jamaica since 2013. Ideas Execution has also partnered with a number of clients such as GraceKennedy Group, Seprod and Lucozade to execute over 100 branding projects.

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Trinidad Based CinemaONE Banking On 2023 Rights Issue To Position Newfound Growth As It Pragmatically Pursues Strategic Opportunities.



The global cinema exhibition sector and CinemaONE delivered a significant rebound in Financial Year (FY) 2022 as Covid-19 (C19) restrictions waned and moviegoers demonstrated a willingness to return to the Big Screen.

Sony’s Spiderman No Way Home elevated to the highest grossing Spiderman film ever and the 6th highest grossing film of all time with US $1.9B at the global box office. Paramount’s Top Gun: Maverick was another ostensible performer and has become the 11th highest grossing film of all time and the highest earning Tom Cruise movie ever with US $1.5B from the Global Box Office.

CinemaONE similarly enjoyed a resurgence in moviegoing, particularly following the full relaxation of all government imposed C19 Safe Zone operating restrictions on April 4, 2022.

Buttressed by the June releases of major blockbuster titles from multiple studios highlighted by Paramount’s Top Gun: Maverick, Universal’s Jurassic World Dominion and Disney’s Thor – Love and Thunder, CinemaONE continued the positive trajectory highlighted by the Company’s June achievement of its highest single month attendance in the pandemic era which even surpassed its pre-C19 historical 3-year average by a marginal 2% coupled with encouraging per patron metrics.

Financial Performance
I am happy to summarize the following improved financial performance for FY 2022. Gross Revenue increased by 388% to TT $10.1M (FY 2021: TT$2.1M). Gross Profit increased by 486% to TT $5.6M (FY 2021: TT $1.0M) and the Company significantly narrowed the Operating Loss to TT -$.02M, a near breakeven benchmark, versus the previous year’s Operating Loss (FY 2021:TT -$6.5M). Net Loss was similarly constrained to TT -$1.4M (FY 2021: TT -$7.0M).

EBITDA positively rebounded by 315% to TT $3.1M versus the previous year’s negative result (FY 2021: TT $-2.2M). The above results were achieved amidst C19 constraints for the entire first half of FY 2022. Overall, the Company’s box office performance was -38% below the pre C19 historical 3-year average, which aligns with the cinema industry -34% box office deficit to the same pre C19 average as of September 2022.

Future Outlook
The cinema exhibition industry’s recovery from the global C19 pandemic is still underway and is contingent upon the volume and appeal of new film content available, consumer sentiment around movie-going and the continued cessation of government restrictions. The cinema industry is also adjusting to competition from streaming platforms, supply chain constraints, inflationary impacts and other macroeconomic factors.
However, in FY 2022, consumers reinforced their desire to see the newest movie releases in a larger-than-life cinematic environment which continues to propel CinemaONE towards an accelerated recovery.

CinemaONE’ s December 2022 opening of its second cinema site in Gulf City Mall, San Fernando, and its imminent capital markets activity which will infuse additional equity capital into the Company via a Rights Issue will position CinemaONE for newfound growth as it pragmatically pursues strategic opportunities.

Brian Jahra Chairman
December 25, 2022

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Sygnus Real Estate Finance To Consider First Dividend Payment In 2023, As J$3.70B 9-Storey One Belmont Commercial Tower Corporate Office Development Over 74% Completed.



Results of Operations

The Group continued to unlock value from its major real estate investment assets by achieving another set of key milestones, namely:
• advancing the J$3.70 billion Belmont Road 9-storey commercial tower to 74.0% completion and remaining on track for completion in mid-2023, with four of the five floors effectively leased with 10-year renewable agreements;
• advanced the construction of the built-to-suit industrial warehouse facility on Spanish Town Road to 87.0% completion;
• made submissions to various agencies to secure approvals for the beachfront hospitality investment property in Mammee Bay, St. Ann;
• continued to engage in partnership discussions and financing options with international investors and financiers with regards to Sepheus Holdings Limited, the SRF subsidiary which holds the Mammee Bay asset.

Subsequent to the end of the quarter, Sygnus Real Estate Finance Limited (SRF) began exiting its J$1.00 billion investment in a REIN as the third-party project achieved practical completion in October 2022, thus leading to the start of inflows from the sale of units.

SRF completed the purchase of 58 Lady Musgrave Road, Kingston 10, post Q1 Nov 2022, and thus now owns both 56 Lady Musgrave Road and 58 Lady Musgrave Road, which are adjacent to each other.

The Group may be able to consider its first dividend payment during the 2023 calendar year, subsequent to completing its first investment life cycle, after exiting and or completing a number of investments and developments during the course of the year.

The Group remains fully focused on executing its strategy of unlocking value in real estate assets, as it seeks to continue increasing shareholder value.
Total investment income or core revenues was J$21.3 million for 3 Month 2022, compared with a loss of J$4.4 million for the three months ended November 2021 (“3 Month 2021”). This result was primarily driven by higher net interest income from a larger portfolio of REINs, which offset larger interest expense driven by an increase in loans and borrowings and notes payable.

The weighted average fair value yield on REINs was 11.2% compared with 10.l% last year, while the weighted average cost of debt was 5.1% compared with 5.0% last year. Subsequent to the end of the quarter, SRF began exiting its J$1.0 billion investment in a REIN which achieved practical completion in October 2022, as the Group began to receive the sale proceeds for purchased units as buyers completed the financing for their purchases.

In addition to the interest charged by the REIN, SRF also receives a profit-sharing component.

There was no gain on investment property during the quarter as these assets are only valued once at the end of each financial year, with the last valuations occurring in August 2022.

Share of gain on joint ventures, which also captures SRF’s 70% ownership of the One Belmont development was immaterial during the quarter, as this development is only valued at the end of each financial year, with the last valuation occurring in August 2022.

Note, however, that One Belmont is scheduled to reach practical completion prior to the end of the current financial year, and as such, the revaluation of share of profit is likely to occur prior to the August 2023 year-end financial results. This revaluation may materially impact total investment income during the quarter in which it occurs. Note also, given One Belmont has already negotiated long term leases with tenants, to the extent where lease payments begin while SRF still maintains its share of the joint venture or a portion thereof, these lease flows may affect total investment income starting in the quarter during which this occurs.

SRF’s total investment income is typically comprised of all the activities that were involved in the unlocking of value from its portfolio of real estate investment assets, namely: interest income on its REINs and the commitment fees related to this activity; gain or loss on its property investments, namely, on its investment properties, or on any real estate assets that were exited; and share of gain or loss on its joint venture investments.

Based on the nature of its business model, SRF’s earnings during interim reporting quarters may experience “lumpiness” in total investment income and net profits, which is typically “smoothed out” at the end of each financial year, similar to what occurred in FYE Aug 2022 relative to the interim quarterly results.

The Group uses independent appraisers to value its investment assets annually. All investment properties are USD investment assets which are converted to JMD for financial reporting purposes. SRF’s key strategic assets are held via wholly owned subsidiaries or joint ventures.

Net investment income or core earnings was a loss of J$82.4 million vs a loss of J$87.4 million for 3 Month 2021, driven by the J$21.3 million outturn for total investment income which was offset by higher operating expenses of J$103.7 million versus J$83.0 million last year. For FYE August 2022 SRF generated J$983.6 million in net investment income.

Net loss attributable to shareholders was J$172.5 million compared with a net loss of J$99.9 million last year, driven by the negative net investment income of J$82.4 million, a fair value loss on financial instruments of J$23.4 million (3 Month 2021: gain of J$10.9 million) and a net foreign exchange loss of J$66.7 million (3 Month 2021: loss of J$23.5 million). Note that SRF’s net profit may be materially impacted by the completion of the One Belmont development and by the final net proceeds from exiting investments in REINs, which are scheduled to occur prior to the end of the current financial year.

At the end of the current financial year, SRF’s net profit may also be materially impacted by changes in the valuation of its underlying real estate investment assets, as valuation for existing assets only occur once at the end of each financial year. Book value per share for Q1 Nov 2022 increased to J$22.71 compared with J$20.81 last year.

Note: the Group’s return on average equity (ROE) was 11.3% at FYE Aug 2022 with an average ROE of 30.6% over the past three audited financial years. For FYE August 2022, SRF generated J$693.0 million in net profit.

Basic earnings per share (EPS) was negative J$0.53 compared with negative J$0.36 last year, while diluted EPS was negative J$0.49 compared with negative J$0.30 last year. Similarly, basic core earnings or net investment income per share (NIIPS) negative J$0.25 compared with negative J$0.31 last year, while diluted NIIPS was negative J$0.24 compared with negative J$0.27 last year. For FYE August 2022, SRF generated basic and diluted earnings per share of J$2.20 and J$2.06 respectively.

One Belmont | Commercial Tower: The J$3.70 billion 9-storey corporate office development is currently 74% completed, with construction remaining on track for the target April/May 2023 completion date. The substructure is 100% completed with pouring of concrete for all floors completed and the roof remaining to be poured. A fourth long-term agreement-to-lease which should have been executed in December 2022 was rescheduled for execution in January 2023. This means that four of the five floors are effectively leased once this fourth agreement is completed. The intended tenants have begun the process to select and execute their respective interior designs to meet their respective needs.



For more information on Sygnus Real Estate Finance Limited
Unaudited Results for the 3 Months Ended November 30, 2022 CLICK HERE

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Mayberry Jamaican Equities Reporting Supreme Ventures, GraceKennedy, Jamaica Broilers, Lasco Distributors and Lumber Depot As Largest Contributors To Portfolio’s Dividend Revenues For Year



Business Objective
Mayberry Jamaican Equities Limited (MJE) is an investment Company whose objective is to achieve long term capital appreciation, while preserving capital, by investing in public equity securities in Jamaica (“Jamaican equities”). The Company employs a value – based approach to identifying and investing in high quality public businesses.

This approach is designed to compound book value per share over the long term. While the Company will seek attractive risk-adjusted returns, it will at all times seek downside protection and attempt to minimize loss of capital.

Performance Overview
The year was marked by high inflation, global conflicts and the tightening of monetary policies which resulted in increases in interest rates and a challenging financial landscape both locally and globally. Q4 2022 market conditions reflected continued moderate improvements and the local financial environment remained resilient compared to global counterparts.

For the year ended December 31, 2022, MJE reported profits of J$5.1 billion representing an increase of J$2.6 billion or 104% over the corresponding period in 2021. The pull back in the local equities market beginning in the third quarter of 2022 adversely impacted MJE’s half year results but several strategic stocks in the portfolio rebounded in the fourth quarter buttressing the full year’s solid performance with net unrealised gains on investments in associates increasing by J$2.7B or 105% to J$5.2 billion. This was complemented by dividend income increasing by 41% or J$160M to J$549
million. Full year earnings per share (EPS) was J$4.21 (2021: (EPS) J$2.06).

For the three months to December 31, 2022, the Company recorded a decline in net profits of J$921 million or 50% to J$911 million when compared to the J$1.8 billion earned in the similar quarter last year. This reduction is due primarily to the more significant uplift in the market and stock prices in 2021 arising from the recovery from the COVID-19 pandemic in 2020. Total operating expenses for the quarter ended December 31, 2022 increased by J$49 million to J$235 million when compared to the comparative period in the prior year. This resulted in earnings per share (EPS) of J$0.76 (2021: (EPS) J$1.52).

Total Comprehensive Income
MJE reported total comprehensive income of J$4.8 billion for the year ended December 31, 2022 representing an increase of 53% or J$1.7 billion due to solid overall performances on the managed Jamaican equities portfolio. The Company recorded total comprehensive income of J$891 million for the three-month period October to December 2022. This compares to a total comprehensive income of J$1.4 billion for the similar quarter in 2021.

The decrease noted was primarily attributable to unfavourable price movements on securities in the portfolio for the December 2022 quarter which can be attributable to increases in interest rates in the economy and a number of fixed income instruments coming to the market.

Total Revenues
Net revenues generated for the year ended December 31, 2022 increased by 99% or J$2.8 billion to J$5.5 billion attributed primarily to the significant appreciation in the market value of investments in associates.

For the quarter ended December 31, 2022, net revenues amounted to J$1.1 billion compared to net revenues of J$2 billion for the similar quarter in 2021.

This performance was primarily attributable to reduced unrealized gains on investments in associates of J$827 million. For the year ended December 31, 2022, dividend income grew by J$160M or 41% to J$549 million when compared to J$389 million for the 2021 comparative period. Dividend income of J$95.8 million was recorded in the quarter representing a marginal decline of 1.3% compared to J$97 million for the October to December 2021 quarter.

The largest contributors to the portfolio’s dividend revenues for the quarter were Supreme Ventures Limited, Jamaica Broilers Group Limited and General Accident Insurance Company Jamaica Limited with dividends of approximately J$83 million. For the year ended December 31, 2022, the major contributors to dividend revenues were Supreme Ventures Limited, GraceKennedy Limited, Jamaica Broilers Group Limited, Lasco Distributors Limited and Lumber Depot Limited.

Operating Expenses
Total operating expenses of J$492 million for the year ended December 31, 2022 increased by J$185 million or 61% over the corresponding 2021 period driven mainly by increased expenses incurred for management and incentive fees following the significant growth in the net asset value under management.

Total operating expenses for the Q4 2022 increased by J$49 million when compared to Q4 2021. This was mainly attributable to higher expenditure for broker fees, legal and professional fees and incentive fees. This was partially offset by reduced expenses for computer licensing fees and software impairment.

For more information click this link: Mayberry Jamaican Equities Limited (MJE) Unaudited Financial Results For The Twelve Months Ended December 31, 2022

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