Financial Performance
The Group recorded consolidated revenue of $1.7 billion for the nine-month period ending September 2024, a marginal increase over the corresponding period of 2023.

The Group’s adjusted EBITDA on a year-to-date basis for 2024 was $451 million, a 14% increase compared to the prior year period. Throughout this year, the Group has generated accumulated net income of $211 million, an increase of 24% when compared to the same period in 2023.

The Group recorded consolidated revenue of $522 million during the third quarter of 2024, a decrease of 6% when compared to the same quarter of 2023. The Group’s
adjusted EBITDA of $100 million in Q3, reflected a decrease of 34% compared to the same period of the previous year.

This quarter’s turnover drop was largely due to the negative effect of Hurricane Beryl and other adverse weather conditions in Jamaica, along with a major kiln overhaul and increased maintenance costs. As a result, the Group’s net income fell by 48% to $35 million compared to the same quarter in 2023.

During Q3 of 2024, the Group generated net cash of $129 million from operating activities and invested $65 million in capital expenditure, made net payments of $35 million to revolving facilities, and paid dividends totalling $49 million to shareholders.

Sustainability
We continue to execute key actions aligned to our aim of becoming a net-zero CO2 company by the year 2050. Our “Future in Action” programme, through its six key pillars:

Sustainable Products & Solutions; Decarbonising our Operations; Circular Economy; Water, Biodiversity & other Emissions; Innovation & Partnerships, and Promoting a Green Economy continues to be instrumental in our achievement of a lower carbon footprint.

This quarter saw Carib Cement taking part in “International Coastal Clean-up (ICC) Day,” removing 3,088 kgs of waste from the Palisadoes Beach in collaboration with RUBiS Energy Jamaica Limited, the Rotary Club of East Kingston & Port Royal, the Jamaica Union of Tertiary Students, and the University of Technology, Jamaica among other partners.

These efforts reflect our commitment to preserving Jamaica’s natural beauty, and further cements our commitment to circularity and biodiversity, while well aligned to our Cemex circularity solutions business, Regenera. Additionally, we partnered with the Forestry Department, the Private Sector Organisation of Jamaica, and the National Council for Senior Citizens for phase two of our reforestation project at our
defunct quarry. A total of 450 trees (including fruit) were planted as part of the biodiversity pillar of our company’s “Future in Action” programme, signalling our dedication to enhancing local ecosystems and to building a sustainable future for our communities.

In Trinidad and Tobago, we continued our waste oil coprocessing trial at Claxton Bay, which will help us to deliver a sustainable solution for a local waste stream that can be detrimental to our environment and ecosystems. Considering that just one litre of oil could contaminate up to one million litres of freshwater, our commitment to diversification of our fuel mix in a sustainable manner (coprocessing in our kiln)
would therefore be highly beneficial to Trinidad and Tobago.

We are also continuing the use of alternative raw materials to lower our clinker factor while creating more sustainable and superior products. The collection of rainwater at our Mayo ponds continues to demonstrate our corporate social responsibility and a commitment to building water self-sufficiency in Trinidad and Tobago and the Caribbean.

These accomplishments, each in their distinct right, have strengthened our “Future in Action” portfolio and places us closer to our decarbonisation targets and sustainable excellence.

Outlook
We remain focused on our key strategic priorities of Health and Safety, Customer Centricity, Innovation, Sustainability, and EBITDA Growth aimed at value creation for all our stakeholders.

We are enthusiastic about our climate action initiatives and the strides being made in our journey to carbon neutrality driven by our “Future in Action” plan. We will continue to drive progress in this area, including further investments in the development of low-carbon brands and solutions, and the reception, management, recycling and co-processing of waste under Cemex’s Regenera business line.

Although our financial performance continues to show improvement over last year, an indication of potential growth, the Board and Management remain cautiously optimistic

Francisco Aguilera Mendoza
Managing Director Trinidad Cement Limited

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Consistent with our strategy, we continue to make great strides in perfecting and protecting our core across several dimensions including capital management, risk management, technology investments, operational efficiency, product development and people and culture.

The Group’s strong capitalisation and diversified business model has positioned us well to respond to the changing business landscape and to navigate the ongoing uncertainties in our investment markets and the macro environment.

For the nine months ended 30th September 2024, the Group recorded unaudited profit attributable to equity shareholders of $598 million exceeding the prior year’s restated results of $464 million by $134 million or 29%. This exceptional performance was mainly driven by improved net insurance service result, higher net investment income, higher insurance brokerage fees and commission income and lower other operating expenses partially offset by higher net insurance finance expenses and higher finance charges.

Our positive momentum continued in 2024, delivering another quarter of robust results despite third quarter profits being impacted by additional incurred claims from Hurricane Beryl.

Compared to the prior quarter this year, third quarter profits of $197 million surpassed second quarter performance by $30 million or 18% mainly due to higher net income from investing activities and lower net insurance finance expenses offset by lower insurance service results, higher operating expenses and higher taxation.

Correspondingly, third quarter profits also outperformed the prior year’s quarterly profits of $85 million by $112 million or by 132% mainly due to higher net income from investing activities and higher insurance service results partially offset by higher net insurance finance expenses.

Before presenting further commentary on the Group’s year-to-date financial performance, we highlight that in the prior year’s third quarter publication, the Group reported unaudited nine months 2023 results of profit attributable to equity shareholders of $382 million. This was subsequently updated to include the non-recurring net fair value gain of $174 million arising from the model change implemented by our Jamaican operations, thereby reclassifying financial assets supporting life and annuity portfolios from amortised costs and fair value through other comprehensive income to fair value through the profit and loss.

The change was also reported in the Group’s audited results for the year ended 31st December 2023. This update coupled with IFRS 17 related refinements increased the year-to-date nine months 2023 comparative results from $382 million to $464 million. The succeeding commentary on the 2024 performance of your Group refers to the restated 2023 financial statements as opposed to those previously reported.

Further to highlighting your Group’s year-over-year profitability growth achievement of 29% above, we also report that balance sheet metrics remain strong, and we continue to create value for shareholders in the current operating environment.

The Group remains sufficiently capitalised and compliant with regulatory ratios.

On September 20, 2024, CariCRIS reaffirmed the assigned ratings of CariAA- on the regional rating scale and jmAAA on the Jamaican national scale for Guardian Holdings Limited with a stable outlook.

When compared to the prior year’s nine-month results, the Group’s equity / book value per share increased from $15.70 to $18.58, return on equity increased from 19% to 20%, earnings per share increased from $2.00 to $2.58 and interim dividends paid increased from $0.22 to $0.23.

Insurance revenue grew by $363 million or 9% over the prior year mainly from continued growth in core business across the Group’s diversified product offerings in the English-speaking and Dutch Caribbean markets.

The Life, Health and Pension (LHP) segment contributed insurance revenue of $2.2 billion, up from $2 billion in the prior year by $183 million or 9%. Insurance revenue increased on all lines except Group Health, as clients continued to service their policies coupled with new business growth across all territories.

This year-over-year increase in revenue was partially offset by increased insurance service expenses impacted by a higher level of health claims and directly attributable expenses. Total gross claims paid by the LHP Segment for the current period amounted to $2.2 billion compared to $1.8 billion in the prior year.

Property and Casualty (P&C) also reported higher insurance revenue of $2.2 billion, up from $2 billion in the prior year by $180 million or 9%, principally from operations in the Trinidad, Jamaica and Dutch Caribbean markets. Both the property and motor lines of business experienced revenue growth as they continued to build strong momentum.

The year-over-year growth in revenue was largely offset by higher insurance service expenses from higher incurred claim expenses. Total gross claims paid by the P&C Segment for the current period amounted to $494 million compared to $325 million in the prior year.

The impact of net claims incurred from Hurricane Beryl is reported in the above results. The P&C segment continues to closely manage the general tightening of reinsurance markets. For the reporting period, reinsurance expenses declined over the prior year benefitting from a higher level of incurred claims recovery.

Net income from investing activities increased by $51 million mainly from higher investment income and higher realized gains partially offset by lower net fair value gains and impairment losses.

Excluding the previously referenced non-recurring net fair value gain of $174 million in the prior year’s results, the Group would have achieved a normalized year-over-year increase in net fair value gains and net income from investing activities of $119 million and $225 million respectively.

Your Group continues to closely monitor volatile markets and rebalance portfolios, as necessary.

Net insurance finance expenses increased by $58 million or 11% over the prior year, mainly from our LHP segment. Among other items, finance expenses include the flow through of the portion of net income from investment activities that is associated with insurance products with an investment component.

For the reporting period, this impact was less favorable to the Group’s insurance liabilities; however, the impact was favorable for our clients as they earned higher investment income of $212 million in the current period due to growth in the policyholders’ underlying funds, which resulted in higher expenses for the Group.

The Insurance Brokerage segment recorded fee and commission income of $191 million, up 8% from the prior year. This was mainly due to increased income from our operations in the Netherlands, Dutch Caribbean and Cayman Islands.

The Asset Management segment reported a marginal year-over year decline in after-tax profit for the period of 2% from higher finance charges partially offset by improved net investment income results and lower operating expenses. The Group continues to focus efforts on developing this segment through third-party business, increased structuring, and trade activities.

Other operating expenses that were not attributable to insurance portfolios decreased by $9 million or 1% year-over-year from a reduction in controllable expenses from the active management of operating expenses.

Your Group remains focused on completing its journey to perfect and protect our core which remains at the heart of our operations, so as to increase the organization’s generation of free cash flow per share, which is essential to enabling resilience and sustainable growth.

As we continue to implement planned changes, the Group remains resolute on optimizing performance whilst building out the phases of our strategic journey geared toward further technological enhancements, exploring new markets, strengthening our product portfolio, and improving our service delivery.

Robert Almeida Chairman Guardian Holdings Limited
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For the nine months ended September 30, 2024, Angostura Holdings Limited’s international markets, regional markets, duty-free segment, and bulk and co-packing segments collectively increased by $12.8 million or 4% over the prior period.

International and regional markets performed well with branded revenue growing by $7.4 million or 3% compared to the same period in the prior year. This growth was driven by increased sales in Bitters of 28% in Australia, 18% in Latin America and 1% in North America.

In the Caribbean, Angostura® Chill continued to expand, achieving strong revenue growth of 31% year over year. The duty-free business recorded growth of 31% in the Premium Rums segment.

The bulk and co-packing business achieved growth of $5.4 million or 23% year over year, mainly driven by increased revenue from the co-packing of the Zaya Gran Reserva rum.

Consequently, the year-on-year growth in the international, regional, duty-free and bulk and co-packing segments contributed to the Group generating $697.9 million in revenue.

This year-on-year growth was offset by declines in concentrated segments of the local market, resulting in an overall decline of $22.2 million in revenue or 3% over the comparative period in 2023.

The Standard Rums segment declined during the first nine months of 2024 contributing to an overall decrease of $35 million or 8% in the local market when compared to the same period in the prior year. This decline was partially offset by the growth in the international, regional, duty free and bulk and co-packing segments.

There were, however, positive trends in the local market, with Premium Rums growing by 9% and Bitters by 10% year over year. In response to the decline in the Standard Rums segment, the Group introduced the new Correia’s range of rums in July 2024, featuring Hard Rum, Coconut Flavoured Rum, and Real Hard Puncheon. A new flavour of Angostura® Chill, Pear and Bitters, was also added to the Angostura® Chill family.

As part of our strategy to reinvigorate growth in the Standard Rums segment and the local market, the Group has planned a number of innovations for the next quarter.

Selling and marketing expenses increased by $7.3 million or 5% year over year as we continued to invest in our brands by hosting the Global Distributors Conference, the 200th Anniversary Gala, the launch of limited-edition products, and the redesigned Premium Rum range packaging, which will soon be released locally and internationally.

The Group implemented measures to ensure that there was no increase in total operating expenses, as evidenced by a $13.3 million or 6% reduction when compared to the prior year, reflecting prudent overall expense management.

Profit After Tax was $94.4 million, a decline of $10 million or 10% compared to the same period in 2023.

The Group maintained a stable financial position with a low Debt Ratio of 0.17 when compared to 0.18 in 2023, and total assets of $1.8 billion, representing a 4% increase year over year.

The fourth quarter is historically a period of heightened activity, and the Group is focused on maximising revenue generation during this period

Mr. Terrence Bharath S.C.
Chairman Angostura Holdings Limited

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Highlights Of Unaudited Results As At September 30, 2024 (Expressed In Thousands Of Trinidad And Tobago Dollars)

National Flour Mills Limited and its Subsidiary are reporting that for the period ended September 30th, 2024, NFM continued its strong, in-year performance recording a profit of $38.3M as compared to $26M for the comparative period in 2023 and $35.4M for the period ending December 31st 2023.

While revenue declined 10% year on year from $431M in 2023 to $386M in 2024, the cost of sales declined by 15.8% from $320M in 2023 to $270M for the comparative period in 2024.

This was attributable to favourable grain prices and prudent grain purchasing. The stability of expenses and a significant decrease in finance costs were also contributory factors.

At the Annual General Meeting held on September 27th, 2024, two directors retired, Mr. Nigel Romano retired as a director and Chairman after laying a strong foundation for the company. Ms. Annalean Inniss also retired and I wish to express my sincere gratitude and appreciation to both of them. At the AGM, we also welcomed three new directors, Ms. Stacy Adams, Mr. David Robinson along with myself.

I wish to assure all of our shareholders that despite these changes, the Board remains committed to the pursuit of strategies to achieve sustained profitability. Apart from completing the initiatives already in progress, there will be a strong emphasis on increasing exports and deepening our footprint throughout the Caribbean.

The installation of the new Dry-Mix Pouch Packaging line following on the heels of the new 2KG Packaging line earlier this year is consistent with this strategy. We look forward to providing you, our customers with our traditional dry-mix products in new and improved reusable pouch packaging, and significantly enhancing your experience of using our products.

Our focus continues to be on product and process innovation as well as marketing innovation as increased exports will directly impact profitability. To support this thrust, the training and development of our people continues to be a priority.

Ashmeer Mohamed Chairman National Flour Mills Limited and its Subsidiary

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For the quarter ended 30 September 2024 Guardian Media Limited generated revenues of $24.3M, $0.3M or 1% lower than the prior year’s third quarter.

Notwithstanding this, our loss before tax decreased by $1.5M or 29% compared to the similar 2023 period. This improvement in quarterly performance was driven by our aggressive push to attract and retain revenues through our innovative multimedia products, high value offers and tight management of controllable expenses.

Year-to-date revenues of $72.02M are marginally ahead of the $71.93M reported for the same period in the prior year. The current year-to-date loss before tax of $10.414M is $5.8M or 36% less than the loss before tax of $16.218M generated over the corresponding nine-month period in 2023.

Our cost saving initiatives continue to bear fruit and expenses are lower by 12% in 2024 over 2023.

Our balance sheet metrics also continue to remain healthy.

Guardian Media Limited remains focused on reimagining our brands, while continuing to forge key strategic alliances and making the needed investments in people and products to safeguard our future.

Peter Clarke
Chairman Guardian Media Limited

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