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The Path Of Least Resistance…Monique Powell

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“The path of least resistance would be to just take a job in someone’s company and start enjoying the (comparatively) soft life again. Nothing in this country is set up to truly foster the growth of entrepreneurship. The fortitude and resilience required to stick it out is next level. There’s a part of me that sticks with it because I do feel like the next generation of people who look like me (skin colour and gender) need to see even more visible examples of people from working class backgrounds building enterprises. Money is not what keeps me doing this. The salary I had when I left my job in 2016…a whole 7+ years ago is STILL more than what I take from the business now. Some days I’m motivated to keep doing this, some days I wonder if I’m making the right the choice with my life.”

Monique Powell

#36 Monique Powell, Founder and CEO of QuickCart (formerly QuickPlate)

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Kelli-Dawn Hamilton Appointed CEO of the Jamaica Special Economic Zone Authority (JSEZA).

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Kelli-Dawn Hamilton is the new Chief Executive Officer (CEO) of the Jamaica Special Economic Zone Authority (JSEZA).

Mrs. Hamilton, who assumed office on October 26, will lead the entity into its next phase of growth and development.

She served as the Authority’s most recent Interim CEO.

Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, in his congratulatory statement, said that Mrs. Hamilton will “bring significant experience to the role”.

He noted that she has an acute sense of leadership that will propel Jamaica’s export agenda and attract foreign investments to support the country’s economic growth.

Chairman of the Authority, Chirstopher Levy, expressed his confidence in the new CEO, stating that “we are thrilled to welcome Mrs. Hamilton back to the Jamaica Special Economic Zone Authority”.

“Her proven leadership and strategic insights will undoubtedly accelerate our growth trajectory and reinforce our commitment to delivering exceptional value to our customers and stakeholder,” Chairman of the Authority, Chirstopher Levy

Mrs. Hamilton said she is happy to be rejoining the JSEZA family and looks forward to leveraging the company’s strong foundation and talented workforce to drive innovation and sustainable growth for Jamaica’s special economic zones.

“Together, we will continue to create and build upon the company’s legacy of excellence and reinforce our position as a strategic hub for trade and commerce in the Caribbean Region,” she said.

Mrs. Hamilton has a proven track record and expertise in trade policy, communications and business development and brings to the table a wealth of experience in business advocacy and client relationships, having previously served in various technical and leadership roles at the Jamaica Promotions Corporation (JAMPRO), First Global Bank and the Airports Authority of Jamaica (AAJ).

Her strategic vision, strong leadership abilities, and extensive industry knowledge make her an ideal fit to steer the JSEZA towards continued success and global expansion.

Mrs. Hamilton holds a Master of Science Degree in Comparative Politics and Political Theory from the University of the West Indies, Mona, and has demonstrated her commitment to excellence and leadership throughout her career.

The JSEZA is an agency under the Ministry of Industry, Investment and Commerce charged with driving economic growth through the establishment of special economic zones.

Since its inception in 2016, the company has been at the forefront of foreign and local direct investment attraction within Jamaica’s special economic zone regime.

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Negative Impact In Home Care Business Overshadowed Unilever Caribbean’s Strong Growth In Beauty & Personal Care And Food Channels.

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Daniela Bucaro Chairman Unilever Caribbean Limited Has Released The Following Unaudited Financial Statements For The Period Ended 30 September, 2023.

For the nine-month period ending September 30, 2023, the Company reported a Profit After Tax of $13.3m, representing an increase of $12.8m over the same period last year. This was achieved despite a decline in revenue of 14.6% from the prior comparative period to $168.1m. The revenue performance was impacted by changing market forces in selected channels as well as the decline in the macroeconomic environment, resulting in declines in the Solution Wash sales in both the local and regional markets. This negative impact in the Home Care business overshadowed strong growth in the Beauty & Personal Care and Food channels.

Profitability, as measured by gross margin, has improved as the Company continues to recognise more favourable material and freight costs with an improved sales mix.

Savings in operating expenses from improved efficiency and consistent cost management strategies have also facilitated margin improvements. Additionally, during this period, the Company recorded $6.2m in freight and logistics benefits, which were related to the previous quarters of this year. These benefits arise out of the conclusion of global freight rate negotiations and the attendant reductions in freight rates in previous quarters.

During the third quarter, Management has adjusted downwards pricing to pass these freight benefits on to our consumers. The impact of this $6.2m reduction in freight expenses to the period ending June 30, 2023, was an increase in Cross profit from $45.8m to $52m and an increase in Profit before tax from $8.7m to $14.9m.

The Company’s steadfast focus on accelerating profitable growth is supported by the improvement in the category mix, where increases in Beauty and Personal Care sales have contributed 59% of total year to date revenue, up from 39% in the prior comparative period.

This significant shift in product mix has boosted profitability and is aligned to our strategic plan centered on portfolio optimisation and sustainable profitable growth for a future fit organisation.

Notwithstanding the challenging environment, local and in the Caribbean markets, UCL maintains a strong financial position, with healthy cash holdings and retained earnings, and reported Earnings Per Share (EPS) of $0.51 for the period ending September 30, 2023.

New Chairman

Unilever Caribbean new chairman of the board of directors Daniela Maria Bucaro appointments took effect from July 14.
In a notice shared on the TT Stock Exchange website, Unilever said Bucaro has 18 years of experience in the company and has held several strategic roles in Central America, the Andean region and the greater Caribbean. She is a senior member of the leadership team of the newly formed Caribbean and Central America (CARICAM) regions. Unilever also announced the appointment of Carolina Arrieta and Jan Jacques Cot as directors of the board.

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JMMB International, led By Trinidad & Tobago-based CEO Tricia Kissoon, Begins Operations in Barbados

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The JMMB Group, through its wholly-owned subsidiary, JMMB International Limited (JMMB International), officially began operations in the Caribbean island nation of Barbados. This entry to Barbados marks the fourth Caribbean nation in which the Group has a physical presence, the others being Trinidad and Tobago, Jamaica and the Dominican Republic.

This announcement of JMMB Group’s expansion to Barbados was made during the company’s quarterly investor briefing, where Keith Duncan, JMMB Group CEO revealed, “As at October 12, we are up and running in Barbados…and we are happy that we are able to consolidate (our operations) across the region and looking forward to growth and acquiring market share, having done so in the past (in other countries) and we look forward to driving results.”

No stranger to the Barbados market, the JMMB Group had already been serving a cadre of Barbadian business clients remotely, primarily via its representatives based in Jamaica and Trinidad and Tobago. Now, with a physical location in Barbados, JMMB International will be able to better offer financial expertise and exceptional client care, all provided by the team based at the new local office.

JMMB International is a licensed securities dealer that will be initially offering a concise suite of investment solutions to meet the financial needs of institutions; government and state-related entities; corporate entities; and high net worth individuals. The investment products and services that will be offered, include: JMMB International Access (an online international brokerage service); access to regional equity and fixed income markets; as well as various capital markets solutions. Additional financial products and services will be made available, as the business’ operations expand over time.

Barbados-based head of business development and executive director, Michael Jordan.

The JMMB International team of financial advisors is being led by its Trinidad & Tobago-based CEO, Tricia Kissoon; who is ably supported by the Barbados-based head of business development and executive director, Michael Jordan. The JMMB International team is excited about the opportunity that this new location gives them, to both deepen and grow client relationships.

In expressing her delight about the opening, JMMB International’s CEO, Tricia Kissoon, said, “As a member of a major regional financial conglomerate, we are extremely delighted to now be able to bring JMMB’s unique approach to financial partnership to Barbados. Rooted in our core value of love, my team and I are committed to providing a superior client experience, along with customised integrated financial solutions that are tailored to suit our clients’ unique needs.” Echoing her sentiments, business development lead, Michael Jordan, shared that, “JMMB International’s team of experts are committed to offering a holistic approach to support our clients’ growth, while partnering with them through the various stages of their financial life cycle, in a way that is easy, enjoyable, empowering and in their best interest.”

In speaking to the strategic role that this entry to Barbados will play in the further growth and expansion of the JMMB Group across the Caribbean region, JMMB Group CEO, Keith Duncan, first praised the team for their hard work and commitment to achieving the goal of opening JMMB’s first office in Barbados. “We saw this as another opportunity to further build on our goal of providing integrated financial solutions across the region, while seeking to uniquely address client needs, especially as they try to attain their financial objectives, all while navigating challenging national, regional and global economies. I am confident that our team will work to partner with our clients in a way that provides win-win outcomes for all.”

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Businessuite Women

Businessuite 2023  #1  Jamaica Junior Market Chief Executive Officer – Sharon Donaldson General Accident Insurance Co Ja

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Businessuite 2023  #1  Jamaica Junior Market Chief Executive Officer by  % change in US$ Profit after Tax
JA US$000 US$000 %
2023 Company Chief Executive Officer 2022 2021 Change
1 JA General Accident Insurance Co Ja Sharon Donaldson  $3,982 $962 313.87%

Sharon Donaldson has been the Managing Director of the Company since 2008. Sharon’s primary responsibilities include making major corporate decisions, managing the overall operations and resources of the Group and acting as the main point of communication between the Board of Directors and corporate operations.

She holds a Bachelor of Laws (LLB) from the University of London and an MBA from the University of Wales. She is a Chartered Accountant; a fellow member of the Institute of Charted Accountants of Jamaica and an Attorney-at-Law.

Ms. Donaldson is a member of the board of the Jamaica Environment Trust (JET). She is the treasurer for the Council of the Institute of Chartered Accountants of Jamaica and heads the committee of Professional Accountants in Business and Ms. Donaldson serves as director on several boards including Musson (Jamaica) Limited, the parent company to General Accident.

She is the current chairman of the Forestry Department Advisory Board, a director on the boards of Eppley Limited, 138 Student Living Limited, Paramount Trading Jamaica Limited, Canopy Insurance among others. Ms.

Donaldson was a nominee for the Jamaica Observer Business Leader of the Year award in 2016.

General Accident Insurance Co Ja

In 2022, General Accident continued to execute its strategy of building a leading regional general insurance company.

Our exceptional team, relationships, technology and brand allowed General Accident to deliver a record financial performance.

The General Accident Group produced record financial performance in 2022, achieving the highest gross written premiums in our history. We achieved
gross written premiums of $15.1 billion, an increase of $1.2 billion or 8% over 2021, and profit before tax of $708.2 million, representing an increase of 173% over 2021. Further, General Accident produced a 22% return on equity and distributed $250.6 million of dividends to our shareholders.

General Accident Jamaica maintained its position as the largest underwriter of general insurance risks, with gross written premiums of $13.8 billion, an increase of $0.9 billion over 2021, underwriting profit of $165.1 million, and net profit of $405.1 million.

General Accident Trinidad achieved profitability for the first time. Given that we only began operations in Trinidad less than three years ago, in 2019, it is truly a testament to our team and our execution that we were able to achieve this feat so soon. This was a direct result of our dedicated and committed staff, our improved technology, our strong relationships with supportive business partners, and our strong corporate governance.

General Accident Trinidad produced gross written premiums of $948.1 million, an increase of $293.3 million or 45% over 2021. We are poised for continued growth, as we build upon the relationships we have forged, expand our agency and sales network, and leverage our investments in technology.

General Accident Barbados continued to grow in 2022. We achieved gross written premiums of $394.8 million, an increase of $64.1 million or 19% over 2021. This growth is largely attributable to our increased broker penetration and the expansion of our agent network. Although group business supported our portfolio, personal lines insurance products, particularly motor insurance products, exceeded our budgeted expectations, with $234.9 million in gross written premiums.

The company performed better than anticipated through careful cost management. As a result, our 2022 net loss was $18.7 million, down significantly from our 2021 net loss of $99.9 million. General Accident Barbados continues to prudently increase its staff complement and improve its operating efficiency by digitising its processes.

Sharon Donaldson
Managing Director General Accident Insurance Co Ja

For More Information CLICK THIS LINK

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The LAB Maintaining Unwavering Commitment To The Strategic Pursuit Of Revenue Diversification Through A Series Of Initiatives-Forms Strategic Partnership With Alliance Cinema Based In Los Angeles.

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Kimala Bennett Chief Executive Officer for Limners and Bards Limited has released the following unaudited financial statements for the nine months ended July 31, 2023, 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.

Revenues for the quarter ($374.3 million) saw an increase of $44.7 million or 13.6% compared to the same period last year, rounding up as the most profitable quarter to date for the financial year.

Revenues for the nine months, however, were $913.4 million compared to $1.1 billion for the corresponding period last year, a decrease of 17.8% or $197.8 million.

The units continue to maintain steady growth with Media revenues totalling $532.2 million, followed by Production with $228.8 million and Agency with $152.3 million.

These green shoots materialized in Q3 would have been anticipated based on our strategic drive towards new client acquisition, operational efficiency and initiation of new campaigns for our existing clients.

Our management team remains highly proactive in diversifying our revenue stream through engaging new clients and the introduction of new service lines. These strategic endeavors are aligned with our company’s expansion strategy into emerging markets, all aimed at fostering sustainable growth and enhancing profitability, while proactively anticipating the evolving needs of our valued clients.

Gross Profits for the quarter ($122.1 million) improved by $17.0 million or 16.2% when compared to the corresponding quarter in FY 2022. Gross Profits, however, for the nine months were $314.7 million, which represents a $65.1 million or 17.2% reduction compared to the corresponding nine months in the prior year.

Net Profits achieved for the quarter were $36.6 million, an improvement of $15.4 million or 73.1% over the corresponding quarter in FY2022 ($21.1 million) and $23.01 million or 168.4% over second quarter FY 2023 ($13.6 million). Net Profits, however, were $56.9 million for the nine months compared to $144.3 million for nine months of the prior year, a decrease of 60.3%.

Administrative expenses have increased by $30.4 million or 13.4% for the nine months in comparison to the previous nine-month period. These increases are primarily due to talent cost (as the company builds capacity to adequately meet future demands), computer software licenses and depreciation and amortization costs.

The consolidated Balance Sheet shows total assets decreasing by $51.1 million or 5.2% to $941.5 million compared to $992.7 million in the corresponding period last year.

Current Assets decreased by $41.3 million primarily due to a 6% reduction in receivables ($27.1 million). The reduction in receivables is mainly due to reduced revenue and tight monitoring and control over receivables. Cash and cash equivalent decreased by $12.5 million over the corresponding period last year, mainly due to payment of dividends.

Outlook:

The LAB maintains its unwavering commitment to the strategic pursuit of revenue diversification through a series of initiatives. These initiatives encompass trolley advertising, the acquisition of additional international productions, the pursuit of non-Jamaican projects, and a concentrated effort on content licensing.

Currently, we are developing three commercially viable content projects for licensing, with expectations for them to enter production by the second quarter of 2024. In furtherance of our strategic goals, we are pleased to announce the establishment of a strategic partnership with Alliance Cinema, a distinguished finance and distribution company based in Los Angeles.

For More Information CLICK THIS LINK

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