The Government of Jamaica will be applying a single tax rate of 15 per cent to dividends for resident and non-resident companies and individuals, which is expected to make Jamaica more attractive to both local and foreign investors.

Minister of Finance and the Public Service, Hon. Fayval Williams, made the disclosure when she opened the 2025/26 Budget Debate in the House of Representatives on March 11.

Mrs. Williams said Jamaica has had a difference in the tax rate on dividends for resident companies and individuals, which is 15 per cent, and for non-resident companies and non-resident individuals, it is 33 1/3 per cent and 25 per cent, respectively.

“When you hear non-resident companies and non-resident individuals, don’t immediately think foreign companies or foreign individuals. These may also be companies registered abroad that are owned by Jamaicans. There are also Jamaican individuals who live abroad in countries that have lower dividend rates that receive dividends from Jamaican companies,” she explained.

The Minister said that reducing tax on dividends and establishing one rate for resident and non-resident companies and individuals of 15 per cent will encourage investments in Jamaica.

“This benefit is one way to say to those Jamaicans who have companies abroad in jurisdictions with lower dividend tax rate than what currently prevails, we are saying to them, we are lowering the rate for you. Bring your capital back to Jamaica,” the Minister said.

By: Rochelle Williams, JIS

Photo: Adrian Walker

For the period, GK realized revenue of J$167.0 billion, an increase of 7.8% over 2023, while profit before tax (PBT) for 2024 rose to over J$12.3 billion, an increase of 8.6% when compared to prior year.

In 2024 profit before other income increased to i$8.0 billion, representing a 6.0% increase, and profit after tax totalled J$8.9 billion, compared to J$8.4 billion in 2023, an increase of J$485 million or 5.8%. Net profit attributable to stockholders was i$8.4 billion, 8.1% or J$633 million higher than the corresponding period of 2023. Earnings per stock unit for the period was J$8.52 (2023: J$7.86).

In 2024 GK’s total dividend pay-out was approximately J$2.35 billion. Building on our strong 2024 performance and consistent with our Company’s commitment to deliver value to our shareholders, we are pleased to announce GK’s first dividend payment for 2025. A dividend ofJ$0.55 per stock unit has been declared, totalling approximately J$543 million, payable on April 7, 2025.

Performance of Business Segments

Food

Our food division achieved growth in 2024, delivering increased revenue and profit compared to 2023.

Our Jamaican food distribution business delivered a robust performance, with Grace Foods & Services achieving growth across key product lines while enhancing operational efficiency, which positively impacted its bottom line. The expansion of distribution points, coupled with targeted promotions and improved customer engagement, drove strong results for both World Brands Services and Consumer Brands Limited.

Our manufacturing business also delivered improved results compared to prior year, led by a strong performance from Dairy Industries Jamaica Limited (DIJL) and Grace Foods Processors (NALCAN). In 2024, DIJLs products outperformed expectations in both the food service and retail sectors, while NALCAN achieved notable gains in efficiency and throughput. Our most recent acquisition, Unibev Limited, also performed well, surpassing its targets. While Grace Agro-Processors’ performance was negatively impacted by the passage of Hurricane Beryl and multiple periods of drought and intense rainfall affecting Jamaica in 2024, it demonstrated remarkable resilience, adapting effectively to maintain operations.

Our Jamaican supermarket chain, Hi-Lo Food Stores, delivered a commendable performance while pursuing expansion opportunities. Committed to enhancing the shopping experience for its customers, Hi-Lo has been renovating its stores, with recent upgrades completed at its University of the West Indies (UWI) Mona campus and Manor Park locations. Renovations are also underway at its Spanish Town, St. Catherine, and Church Street, Montego Bay locations, further elevating Hi-Lo’s commitment to being the leading Jamaican supermarket for customer experience.

Our international food businesses delivered strong results in 2024, led by impressive revenue growth from Grace Foods UK Limited, driven by the outstanding performance of key product lines in the British market, including Nurishment. In the US, revenue saw an uptick compared to 2023, with growth in the La Fe and Grace brands. Grace Foods Canada produced impressive results compared to prior year, delivering significant growth in both its top and bottom line.

Financial Services

The GraceKennedy Financial Group continued to grow in 2024, delivering increased revenue and profit compared to prior year.

This improved performance was driven by strong results from our banking and investment segment. First Global Bank Limited, our Jamaican commercial bank, surpassed its 2023 revenue and PBT, primarily attributable to notable growth in its loan portfolio, increased investment income, and effective cost management.

GK Capital Management our investment and advisory arm in Jamaica, also achieved higher revenue and profit when compared to prior year, benefiting from a significant improvement in its equity trading portfolio.

Our insurance segment also delivered positive results, with GK General Insurance Company Limited (GKGI) and Canopy Insurance Limited both exceeding revenue and PBT over prior year. GKGI remained committed to driving revenue growth through strategic partnerships, with its collaboration with Scotia General Insurance Agency Limited as the underwriter for ScotiaProtect, resulting in a notable increase in written premiums in 2024.

GraceKennedy Money Services (GKMS) experienced a decline in revenue and PBT compared to 2023, largely due to reduced transaction activity and lower remittance flows in key markets, particularly Guyana.

With margins tightening across major territories, we remain focused on transforming the GKMS business model by investing in cost-effective digital solutions. In May, GraceKennedy Remittance Services launched its first ‘digital sub agent’ in partnership with Lynk Jamaica, which has since seen steady growth in usage.

Our GK One app also solidified its status as Jamaica’s leading digital wallet for remittances in 2024, with strong growth in its number of users and a strong repea usage rate. We continue to innovate, improving the app’s features and functionality to better serve our customers. In October, through GKGI, we launched the third-party insurance product in the GK One app, allowing access to policies and the ability to make changes through the app, a first in the Jamaican insurance industry. In December, we introduced direct-to-wallet functionality to the app, enabling remittance senders to transfer funds directly to a GK One user’s mobile wallet.

Share Buy Back

Our share buyback programme, which began in November 2023, concluded in November 2024. During the period, GK repurchased J$6.4 million of our Company’s outstanding shares. The repurchase of shares was conducted on the open market through our stockbrokers in Jamaica and Trinidad & Tobago, using cash reserves.

We Care

In the final quarter of 2024, we launched several key initiatives through our Environmental, Social and Governance (ESG) programme, reinforcing our commitment to GK’s We Care ethos.

In October, our GK Foundation (GKF) ESG in Action forum showcased how the work of our GK-funded UWI Professorial Chairs in Management and Environmental Management, aligns with our ESG agenda. In November, we donated J$10 million to strengthen agricultural resilience in St. Elizabeth, one of the regions in Jamaica hardest hit by Hurricane Beryl. This included a contribution for a new generator at the Hounslow water pumping station, benefiting 360 farmers, and donation of agricultural supplies. GKF also awarded over J$27 million in scholarships to 78 Jamaican tertiary students and supported the Kingston Harbour Cleanup Project’s Great Mangrove Trash Tournament, removing over 18,000 pounds of waste from the Harbour.

In November, our Grace & Staff Community Development Foundation (Grace & Staff) celebrated the 10th anniversary of its STEM Centre in Downtown Kingston at an Open Day during which students and teachers were engaged in hands-on STEM activities. In December, Grace & Staff’s Christmas outreach delivered care packages to 1,000 senior citizens in Kingston and St. Catherine, with the support of over 100 GK volunteers.

Recognition and Awards

We continued to demonstrate excellence in corporate governance, earning multiple recognitions at the Jamaica Stock Exchange (JSE) Best Practices Awards in December. In the PSOJ/JSE Corporate Governance category for companies listed on the JSE Main Market, GraceKennedy Limited was named first runner-up and our subsidiary, Key Insurance Company Limited was second runner-up. GraceKennedy Limited was also second runner-up in both the Annual Report and Best Website categories.

Leadership Changes

On February 14, 2025, the Honourable Don Wehby, CD, OJ, retired from his role as Group CEO and stepped down from the Board of Directors of GraceKennedy after an exemplary and distinguished tenure. We again extend our heartfelt thanks to Don for his leadership and unwavering dedication to the Company for over three decades. GraceKennedy Limited. Frank James was appointed the new Group CEO of GraceKennedy Limited and to our Board of Directors. Frank has served as the CEO of GK Foods — Domestic, Group CFO, and in several other senior roles in both our food and financial services divisions since joining GK in 2005.  Also, on February 14, Andrea Coy, CEO of GK Foods — International, was appointed CEO of GraceKennedy Foods, unifying the domestic and international segments of our food division under her leadership. Later this year, Grace Burnett will retire as CEO of GKFG, effective August 14, 2025, after an outstanding and dedicated 25-year career at GK. Upon her retirement, Steven Whittingham, the current Deputy CEO of GKFG, will assume the role of CEO of GKFG. The Board of Directors of GraceKennedy Limited is confident that GraceKennedy will achieve even greater success in the years ahead under their leadership.

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Businessuite Top 100 Caribbean Companies and CEO – 2024 Digital Edition

This report aims to provide you with an overview of our company’s recent results and financial position– Unaudited Financial Statements for the period ended January 31st, 2025

Financial Performance:

The profit after tax for the nine months ended 31st January 2025 was $30.9M, an increase of $1.5M when compared to the profit after tax of $29.4 in January 2024.

Revenue and Expenses:

Revenue from contracts with customers remained fairly consistent moving from $66.7M in January 2024 to $66.8M in January 2025. This was due to new tenants and rent increases, offsetting existing vacancies. Rental expenses increased by $3.1M from $19.5M in January 2024 to $22.6M in January 2025 due largely to increased insurance rates and refurbishment of CHIC building along with roof repairs and electrical upgrades at other properties. Administrative fees decreased by $0.8M, from $3.5M in January 2024 to $2.7M in January 2025, due to legal fees and other professional fees in 2023. Operating expenses decreased by $2.2M from $1.3M in January 2024 to negative $0.9M in January 2025, due to changes in the IFRS 9 Financial Instruments provision for bad debts.

Taxation:

The Company, as a listed SME, was fully exempt from Corporation Tax, Business Levy and Green Fund Levy for the first five years from listing on the Trinidad and Tobago Stock Exchange. This exemption ended in December 2024, and the company now pays Corporation Tax, Business Levy & Green Fund Levy at 50% of the standard rates. Taxes recorded in January 2024 are those of the subsidiary company which was amalgamated with Endeavour Holdings Ltd on 31st January 2024.

Financial Position:

Investment properties increased by $3.5M as of January 2025 due to a fair value write-up of $3.2M at year-end, net of building improvements at Price Plaza amounting to $0.3M. Investment properties totaled $908.3M in January 2024 and $911.8M in January 2025. Property, plant and equipment increased by $1.2M from $2.2M in January 2024 to $3.4M in January 2025 due to air conditioning and CCTV camera upgrades.

Trade and Other Receivables increased by $4.2M due to higher receivables combined with higher prepaid expenses in January 2025. Cash and cash equivalents decreased by $4.6M, this is the net effect of dividends paid in July and December 2024, loan repayments and loan received. Trade and Other Payables increased by $0.3M from $12.0M in January 2024 to $12.3M in January 2025, due to tenant prepayments.

Borrowings decreased by $17.2M from $242.8M in January 2024 to $225.6M in January 2025, resulting from the loan payments made during the period net of loan drawdown received of $7.5M to assist with the refurbishment of CHIC building.

John Aboud Chairman Endeavour Holdings Limited

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Businessuite 2024 Top 100 Caribbean Companies – Profit after Tax        

On January 31, 2025, SOLIS completed its acquisition of Business Equipment & Interiors International Ltd (“BEI”). This acquisition was strategic for the company and cemented our position in the photocopier and printer multifunction market with the addition of the Kyocera brand. It also opened up new lines of business in Office Furniture and Commercial Interiors, both locally and regionally where BEI has an installed base of high quality Commercial Interior furnishings. The BEI acquisition was completed using the IPO funds and represented the early deployment of cash into an investment that we believe will generate a steady positive return and solidify our position in the market for the medium and long-term.

For the three quarters of our 2025 Financial Year (May 1 – January 31, 2025) SOLIS posted a Pro t after tax of $3.16 million, representing growth in pro t of 37% compared to the corresponding period in the 2024 Financial Year. This performance was driven by a few large sales that closed during the third quarter of the 2025 Financial Year, both in our traditional copier and printer lines as well as in our new SAMSUNG commercial displays business where we have achieved some notable installations in Grade-A customers. BEI’s results were not included in the revenue or pro tability of the company for this quarter, as the transaction closed on the last day of the period. SOLIS’ Equity position at January 31st, 2025 is $30.1 million. This represents growth of 80% over January 31, 2024.

During Q4 and beyond, we expect the core results of the BEI acquisition to contribute positively to SOLIS’ steady financial performance, position and cash ow. We are committed to balancing the needs of all stakeholders that contribute to our performance, position and cash ow. We are therefore pleased to declare an interim dividend of 8 cents per share, given our strong growth in pro t and our continued optimism regarding the Company’s consolidated outlook. The dividend will be paid on April 11th, 2025 to all shareholders on record as at March 21st, 2025. We remain thankful to our sta and management who drive our business, our long-standing suppliers, our advisors, our bankers, and our shareholders. We warmly welcome the BEI team, and look forward to a long and mutually rewarding relationship with the Kyocera Corporation as our business partner on this journey.

Angella Persad Chairman

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Businessuite 2024 Top 100 Caribbean Companies – Profit after Tax        

Businessuite 2024 Top 100 Caribbean Chief Executive Officers

Our bank continues to execute its client-focused strategy, underpinned by deepening client relationships, offering impactful advice and solutions, and leveraging our digital infrastructure to simplify service delivery. These efforts, combined with continuing strategic investment in our technology and people, position us well to achieve sustainable growth.

Economic activity in the Caribbean is projected to expand in 2025 supported by continued post-pandemic recovery and tourism expansion, while regional inflation is expected to remain modest. However, downside risks remain as spill-over effects from global trade and tariff policies could disrupt global supply chains, fuel higher inflation and dampen growth prospects in the region given our close ties to key source markets.

For the three months ended January 31, 2025, the bank recorded solid net income of $55.8 million, compared to $84.6 million in the prior year’s first quarter. After adjusting for $2.0 million in expenses related to previously announced divestitures, the adjusted net income stood at $57.8 million compared with adjusted net income of $88.7 million in the prior year’s first quarter. Our financial performance this quarter was largely impacted by higher provision for credit losses. We recorded a significant non-recurring account recovery in The Bahamas during the prior year’s quarter. Additionally, we experienced increased provisions in the impaired loan portfolio and the impact of model parameter updates, further widening the year over year performance related to provision for credit losses. Overall, our credit quality remains strong.

Revenue performed well year over year mainly driven by loan volume growth which offset the impact of lower interest margins due to declining US benchmark rates. However, we experienced higher operating expenses compared with the prior year’s quarter due to higher employee related costs, spend on strategic investments and other costs associated with protecting the Bank.

Core business growth remained strong in the first quarter. Our loan portfolio grew by 4% reflecting increased originations across key segments, while deposits rose by 2%, highlighting continued client confidence and liquidity stability. First quarter loan originations included the Government of Barbados sustainability-linked loan for which we arranged and funded a hold position of $178MM. This transaction represents our second sustainability debt conversion and reflects a highly collaborative execution effort across our CIBC Caribbean and CIBC Sustainable Finance networks.

At the end of the first quarter, the Bank’s Tier 1 and Total Capital ratios stood at 17.8% and 19.9%, respectively, exceeding regulatory requirements. The Board of Directors has approved a quarterly dividend of $0.0125 per share, payable on April 24, 2025, to shareholders of record as of March 28, 2025.

During the first quarter, we introduced a new Country Management Model which allows us to realign our talent and structure to our strategy after having successfully optimized our geographical footprint over the last few years from 18 countries to 10 and from 72 to 45 branches. This realignment prioritizes, at the country level, business development, client-facing activities and people leadership. The senior leadership transition is underway, starting with the appointment of the new Chief Country Management Officer, Donna Wellington. We also recognize and celebrate the sterling contributions of our outgoing Operating Company Managing Directors in The Bahamas, The Cayman Islands, Jamaica and Trinidad.

On February 7th, 2025, the Bank completed the sale of its banking assets in St Maarten to Orco Bank N.V. This marks the conclusion of the previously announced divestitures in the Dutch Caribbean. We wish to say a special thank you to our former employees for their years of dedication and commitment to the Bank and its clients. With this sale now complete, the Bank can fully focus on optimizing returns within its remaining operating footprint.

We continue to make a difference in our communities as our charitable arm embarked on several initiatives during the first quarter focusing on community outreach, youth development, health and education.

Mark St. Hill Chief Executive Officer CIBC Caribbean 

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Businessuite 2024 Top 100 Caribbean Chief Executive Officers

Businessuite 2024 Top 10 Barbados Companies – US$  Revenue