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Scotia Group Delivers Strong Q1 Financial Performance Reporting Net Income Of JA$1.8B

Scotia Group delivered a strong financial performance reporting net income of $1.8 billion, which was
$663 million or 59% above the last quarter (Q4/2021), and $34 million or 2% above the comparative
period in prior year.

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Scotia Group delivered a strong financial performance reporting net income of $1.8 billion, which was
$663 million or 59% above the last quarter (Q4/2021), and $34 million or 2% above the comparative
period in prior year. Assets increased by $38 billion or 7%, and the Group maintained a strong capital
position amounting to $115.4 billion as at the quarter end. In keeping with our history of value creation
and return on investments to shareholders, the Board of Directors approved a dividend of 35 cents per
stock unit in respect of the first quarter, which is payable on April 20, 2022 to stockholders on record as
at March 29, 2022.

President and CEO of Scotia Group Jamaica, Audrey Tugwell Henry commenting on the Group’s
performance said “Scotia Group delivered another solid quarter for shareholders. We continue to invest
in new products, services and process improvements to deliver best in class financial solutions to our
customers. Our customers continue to demonstrate their trust in us managing their financial affairs. We
saw notable growth in our deposit book with an increase of 11% versus the comparable period last year.
Our mortgage portfolio delivered a strong performance with an increase of 17% versus prior year. We are
very proud to be helping so many Jamaicans achieve their goal of home ownership and investment in
assets that create value for their families. Our insurance business continues to perform well with non-creditor premiums increasing by 10% year over year and creditor premium income increasing by 19%
versus the same period last year. Assets Under Management at Scotia Investments continue to grow and
showed an increase of $6.3 billion or 3% versus the prior year. At the start of the quarter, Scotia
Investments launched two new funds for investors, The Scotia Premium Short-Term Income Funds –
available in USD and JMD currency. The Funds provide the potential for higher returns on short-term fixed
income investments when compared to traditional money market solutions.

As we advance our Customer First strategy, several initiatives were launched to assist customers to make
everyday transactions more convenient and to help them meet their financial objectives. We have
continued to show our strength in Digital offerings by delivering products and services via our world class
Mobile Banking App. Our retail banking customers have demonstrated preference for our Mobile App,
not only to complete day to day transactions but also to access our retail products. Usage of our Mobile
and Online Banking channels continue to outpace all other channels.

We launched Select Pay on our Mobile App and this is performing well. This is our affordable installment
plan for credit card customers. This feature allows our customers the option to convert large select credit
card transactions to a term loan at a lower interest rate. The product has been well received by the market
and we will be making further enhancements to the feature during the fiscal year.

More information SCOTIA-GROUP-MEDIA-RELEASE-Q1-2022.pdf (jamstockex.com)

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ANSA McAL Group Announces Formation Of Joint Venture Company, Globus ANSA Private Limited, With Globus Spirits Limited In India.

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A. Norman Sabga Executive Chairman of the ANSA McAL Group of Companies has announced the formation of the joint venture company, Globus ANSA Private Limited, with Globus Spirits Limited in India.

In a release posted on the Trinidad and Tobago Stock Exchange ANSA McAL confirmed that with effect from 4th April 2024, ANSA McAL Limited (“ANSA McAL”) entered into a joint venture agreement with Globus Spirits Limited (“GSL”) to establish Globus ANSA Private Limited (“GAPL”).

Each party will hold fifty percent (50%) of the issued and allotted ordinary share capital of GAPL.

“This collaboration signifies a new era in the Indian alcoholic beverages industry, driving innovation and growth, ‘

“Globus ANSA Private Limited will specialise in manufacturing and distributing alcoholic beverages across the Indian subcontinent, leveraging the strength of both ANSA McAL and Globus Spirits Limited,” said Mr. Shekhar Swarup, Managing Director for Globus Spirits Limited. “This collaboration signifies a new era in the Indian alcoholic beverages industry, driving innovation and growth, ‘he stated

 

 

 

Globus Spirits Ltd is one of the leading players in the Alcohol industry in North India distributing brands in the Consumer Segment including:
• GR8 Times.
• Rajputana.
• Globus Spirits Dry Gin.
• White. Lace.
• Governors’ Reserve Red.
• Governors’ Reserve Blue.
• Oakton.
• Laffaire. Napoleon.

Trinidad and Tobago conglomerate ANSA McAL Group has over 142 years of rich history representing many world-renowned brands, including some of their own home-grown successes. The partnership marks a significant milestone in ANSA McAL Group’s journey, merging cultures and expertise to revolutionise the beer industry in India, with their icon Carib brand and leading the charge.

Norman Sabga Executive Chairman of the ANSA McAL Group of Companies, highlighted the immense opportunities in India and their commitment to delivering unparalleled value through this partnership.

“We are confident that our collaboration will allow us to seize the growing demand for high quality beverages by captivating palates with our distinctive products” he said

ANSA McAL is now poised to be an equal Shareholder of GAPL, an Indian company which
would produce, market, sell, distribute and retail beer and other beverages.

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Jamaica Broilers Group Reporting Strong Top and Bottom Line Performance for January 2024 Quarter

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Christopher E. Levy Group President & CEO of Jamaica Broilers Group Limited now release the following unaudited financial results for the quarter ended January 27, 2024, which have been prepared in accordance with International Financial Reporting Standards (IFRS).

The Group produced a net profit attributable to shareholders of $1.3 billion, for the quarter ended January 27, 2024. The operations of the Group continue to be strong, and our gross margins are consistent with expectations.

Quarterly Group revenues amounted to $23.6 billion, a 4% increase above the $22.7 billion achieved in the corresponding quarter.

Our gross profit for the quarter was $5.9 billion, a 7% increase above the $5.5 billion achieved in the corresponding quarter in the prior year.

Jamaica Operations reported a segment result of $5.9 billion which was $448 million or 8% above last year’s segment result. Total revenue for our Jamaica Operations showed an increase of 2% over the prior year nine-month period. This increase was primarily driven by the growth in the sale and export of poultry and implementation of cost containment efforts.

Our US Operations reported a segment result of $3 billion which was $226 million or 8% above last year’s segment result. This increase was driven by increased volumes of poultry meat and eggs, as well as the implementation of cost management initiatives.
Total revenue for the US Operations increased by 3% over the prior year nine-month period.

We have begun to realise additional volumes through the US operations, which has resulted in increased financing requirements primarily around working capital.

For More Information CLICK HERE

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Main Event Reporting Net Profit Of JA$100M For Quarter Ended January 2024

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Solomon Sharpe Chief Executive Officer of Main Event Entertainment Group Limited has released the following unaudited financial statements for the quarter ended January 31, 2024 (Q1).

The company continues to have solid results in an increasingly competitive and largely difficult environment. The company’s performance was anchored by diversifying our client base through strategic targeting and efficient management of our operations.

The company reported net profit of $100.254M for the quarter ended January 31, 2024, representing a decline of 15% or $17.695M relative to the corresponding period of 2023. Consequently, earnings per share decreased by 15% to $0.33 per share.

Total revenues for the quarter ended January 31, 2024 declined by $59.235M to $567.752M, reflecting a decrease of 9% over the corresponding period. This was mainly due to a one-off event for one of our major clients which is not likely to reoccur in subsequent periods.

The company was strategic in its efforts to protect the margins and the gross profit for the quarter was $315.822M compared to the $312.611M earned in 2023. This demonstrates the company’s ability to be alert and responsive to market conditions. Gross margins improved to 56%, up from 50% in the corresponding period.

The company continues to generate revenues from activities requiring reduced external support.

For more information CLICK HERE

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The LAB Reporting Higher Net Profits Based On Strong Focus On Agency Segment

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Kimala Bennett Chief Executive Officer for Limners and Bards Limited (The LAB) has released the following unaudited financial statements for the three months ended January 31, 2024, which have been prepared in accordance with International Financial Reporting Standards (IFRS). The consolidated results include the subsidiary Scope Caribbean Limited (Scope) whose principal business is the scouting, placement and management of talent while expanding and maintaining a database of quality talent.

The LAB achieved higher net profits when compared to the corresponding period last year. This was based on the strong focus on the Agency Segment of the business for this quarter, as the company continued to build brands. The Agency Segment provides the highest profit margin and as such bolstered the results for the period. The company also implemented cost containment measures, which resulted in a 19.2% reduction in administrative expenses when compared to prior period. We continue to maintain a strong balance sheet and our cash position grew stronger over the period. Our asset base increased, as we reinvested in the business through further upgrading film studio facilities.

Revenue for the three months ended January 31, 2023, was $219.4 million, down 11.4% relative to the prior period. This decline was primarily attributable to a reduction in production during the period due to its cyclical nature. Notwithstanding this, the Agency segment outperformed the comparable period. The revenue achieved was derived from the company’s core business lines: Media totalling $118.3 million, followed by Production with $29.3 million and Agency with $71.6 million.

The company remains fully focused on executing its strategy of diversifying its income, through engaging new clients and the introduction of new service lines. These strategic endeavours are aligned with our company’s expansion strategy into emerging markets, all aimed at fostering sustainable growth, increased revenues, enhanced profitability; while proactively anticipating the evolving needs of our valued clients and enhancing shareholders’ value.

Gross Profit for the three months was $88.9 million, down 3.3% when compared to the corresponding period. Net Profit achieved was $26.2 million, up 295.7% relative to the comparable period. due to higher gross profits from the agency segment and lower administrative expenses. Administrative expenses decreased by $16.3 million or 19.2% in comparison to the corresponding period last year. These decreases are primarily due to reduction in contractor and staff cost.

The consolidated Balance Sheet saw total assets increasing by $119 million or 15.1% to $909.3 million compared to $790.2 million in the corresponding period. This increase in assets is driven by building and film studio facilities improvement and purchases of new production equipment to facilitate future growth.

Current Assets amounted to $731.7 million, increasing by $107.6 million over the prior year, primarily due to a 43.6% increase in cash and cash equivalent. Management continues to maintain tight monitoring and control over receivables. Cash and cash equivalent increased by $142.4 million over the corresponding period last year. Shareholders’ equity grew to $624 million, up from $548.1 million or 13.9% over the corresponding period last year.

The LAB is pleased to report significant progress in our strategic initiatives. We have successfully completed the pilots for two TV/web series, “SEEN” and “Jenna In Law,” as outlined at our last Annual General Meeting (AGM). Additionally, Pre-production for our first feature film, “Love Offside,” is currently underway, with production scheduled to commence in June 2024.

In line with our strategic objectives, we are actively engaging with international networks and digital streaming platforms to secure distribution opportunities for our content upon production completion. This proactive approach ensures that our creative endeavours have a suitable platform to reach global audiences.

For More Information CLICK HERE

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Maximum Participating Voting Share Capital Of Companies Listed On The Junior Stock Exchange Moving From JA$500 Million To JA$750 Million

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“Utilizing equity capital is an effective avenue to stimulate innovation and reduce operating costs thereby allowing companies to drive growth, improve productivity and increase their chances of sustainability. We commend the Government for this decision and encourage small and medium sized companies to take advantage of this opportunity.”

The Government of Jamaica through the Ministry of Finance and the Public Service has announced that they have increased the participating share capital limit from $500 million to $750 million for companies on the Junior Market of the Jamaica Stock Exchange.

“This is very exciting news for the Exchange,” commented Dr. Marlene Street Forrest, Managing Director of the Jamaica Stock Exchange. “This is an exceptionally good move by the Government as this will allow small and medium sized companies to come to market to raise additional capital for business expansion and assist new companies to raise capital and to consider this capital raising option as viable. She stated that “Utilizing equity capital is an effective avenue to stimulate innovation and reduce operating costs thereby allowing companies to drive growth, improve productivity and increase their chances of sustainability. We commend the Government for this decision and encourage small and medium sized companies to take advantage of this opportunity.”

The Junior Market was established in 2009 to allow small and medium sized companies (SMEs) to raise a maximum of $500 million dollars during an initial public offering (IPO). The Government’s new initiative towards companies listed on the Junior Market now allows them to raise up to $750 million dollars, an increase of $250 million dollars.

Source Jamaica Stock Exchange

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