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Where Will Pan Jamaica Group Rank On The Businessuite Caribbean Top 100?

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Jamaica Producers Group Limited (JP) and PanJam Investment Limited (PanJam) both operate as investment holding companies. In this respect, their business models and corporate culture are broadly compatible.

The core activities of the two enterprises involve:
(a) the identification, structuring, negotiating and financing of investments;

(b) the oversight and governance of businesses in which they hold interests, including financial control and reporting, compliance and administration of business strategy;

(c) the management of a portfolio of cash and marketable securities to facilitate timely
execution of new opportunities, to drive shareholder returns and to create a natural hedge for various types of financial risks to the portfolio of businesses; and

(d) the realisation of value from the sale of assets, when conditions dictate that this represents the best interest of shareholders.

Jamaica Producers Group Limited (JP)

JP founded as a co-operative of banana growers over 90 years ago, has re-positioned itself as a multinational group of companies, with a strong footprint not only in Jamaica through its port operations at Kingston Wharves Limited and its agricultural holdings and food businesses but also globally, through its European juice holdings, shipping line and global logistics businesses.

PanJam Investment Limited (PanJam)

PanJam has invested in Jamaica for close to 60 years. It has an expansive real estate portfolio comprised of high-end commercial and hospitality properties and is a well-known leader in real estate management and development.

Importantly PanJam is a successful private equity investor with actively-managed and strategic holdings in an array of speciality food manufacturing and distribution, hospitality and business process outsourcing providers.

PanJam also has investments in office rental in the Caribbean through Williams Offices (Caribbean) Limited. In addition to property development and rental, PanJam derives much of its income from its approximately 30 per cent ownership of financial conglomerate Sagicor Group Jamaica.

Size And Scale Matters On The Business Caribbean Top 100

Upon completion of the proposed amalgamation, the combined business will emphasize a business strategy that directly and expressly harvests certain opportunities that would not be immediately available to either enterprise operating on its own.

Jamaica Producers Group Limited (JP) is currently ranked 9th on the Businessuite 2022 Top 50 Jamaica Main Market Companies based on US$ Profit After Tax, and PanJam Investment Limited (PanJam) is ranked at #6.

However, if Pan Jamaica Group was ranked based on the combined revenue it would rank at #3, a major jump in the rankings, just below NCB Financial at #1 and Sagicor at #2.

Businessuite 2022 Top 50 Jamaica Main Market – US$ Profit after Tax
NR NR NR NR NR NR US$000 US$000
2017 2018 2019 2020 2021 2022 Company 2022/2021 2021/2020
1 1 1 1 1 1 JA NCB Financial Group Ltd. $129,445 $188,457
3 3 2 2 6 2 JA Sagicor Group Jamaica Limited $113,760 $31,439
3 JA Pan Jamaica Group Limited $71,387 $188,457
4 4 4 4 4 4 JA GraceKennedy Limited $57,646 $48,068
2 2 3 3 2 5 JA Scotia Group Jamaica Ltd. $54,228 $63,456
8 6 6 4 3 6 JA JMMB Group Limited $49,768 $49,537
5 5 5 3 9 7 JA PanJam Investment Limited $46,758 $24,776
12 16 10 14 10 8 JA Caribbean Cement Company Limited $27,994 $22,409
21 23 21 15 12 9 JA Barita Investments Limited $26,169 $19,338
6 13 4 9 7 10 JA Jamaica Producers Group Limited $24,629 $26,200
7 7 7 7 8 11 JA Carreras Limited $24,044 $25,077

On the Businessuite 2022 Top 100 Caribbean Companies – US$ Profit After Tax Jamaica Producers Group Limited (JP) is currently ranked at #23, and PanJam Investment Limited (PanJam) is ranked at #15.

However, if Pan Jamaica Group was ranked based on the combined results it would rank at #11.

Businessuite 2022 Top 100 Caribbean Companies – US$ Profit after Tax
CR CR US$000 US$000
2021 2022 Company 2022/2021 2021/2020
2 1 TT Republic Financial Holdings Limited $214,669 $149,710
1 2 JA NCB Financial Group Ltd. $129,445 $188,457
3 BB First Caribbean International Limited $125,721 -$158,664
3 4 TT Guardian Holdings Limited $118,625 $116,157
13 5 JA Sagicor Group Jamaica Limited $113,760 $31,439
6 6 TT ANSA Mc Al Limited $103,582 $75,197
7 7 TT Massy Holdings Limited $100,745 $67,652
4 8 TT First Citizens Bank Limited $99,150 $90,577
5 9 TT Scotiabank Trinidad & Tobago Limited $89,677 $77,732
58 10 TT Trinidad and Tobago NGL Limited $76,198 $955
11 JA Pan Jamaica Group Limited $71,387
11 12 JA GraceKennedy Limited $57,646 $48,068

On the Businessuite 2022 Top 50 Jamaica Main Market Companies ranking based on US$ Revenue, Jamaica Producers Group Limited (JP) is currently ranked 10th and PanJam Investment Limited (PanJam) is ranked at #20. If Pan Jamaica Group was ranked based on the combined revenue it would rank at #10 no upward movement there.

Businessuite 2022 Top 50 Jamaia Main Market Companies – US$  Revenue     
NR NR NR NR NR NR US$000 US$000
2017 2018 2019 2020 2021 2022 Company 2022/2021 2021/2020
31-Dec 1 1 1 1 1 1 JA GraceKennedy Limited $833,773 $809,235
30-Sep 3 3 2 3 2 2 JA NCB Financial Group Ltd. $780,871 $762,894
31-Dec 2 2 3 2 3 3 JA Sagicor Group Jamaica Limited $661,298 $592,869
30-May 5 5 5 4 4 4 JA Jamaica Broilers Group Limited $367,214 $390,802
31-Dec 4 4 4 6 5 5 JA Supreme Ventures Limited $283,530 $275,921
31-Dec 6 6 8 7 7 6 JA Seprod Limited $282,954 $264,543
31-Oct 6 6 6 5 6 7 JA Scotia Group Jamaica Ltd. $243,780 $267,770
31-Dec 10 9 9 9 8 JA Productive Business Solutions Limited $223,997 $161,860
30-Jun 8 7 8 8 9 JA Wisynco Group Limited $205,148 $225,446
10 JA Pan Jamaica Group Limited $189,045 $161,608
31-Dec 12 13 10 11 11 11 JA Jamaica Producers Group Limited $161,330 $147,206

On the Businessuite 2022 Top 100 Caribbean Companies – US$ Revenue Jamaica Producers Group Limited (JP) is currently ranked #22 and PanJam Investment Limited (PanJam) is ranked at #52. However, if Pan Jamaica Group was ranked based on the combined revenue it would rank at #21 slight upward movement there.

Businessuite 2022 Top 100 Caribbean Companies – US$  Revenue
CR CR CR CR CR CR US$000 US$000
2017 2018 2019 2020 2021 2022 Company 2022/2021 2021/2020
1 1 1 1 1 1 TT Massy Holdings Limited $1,653,484 $1,528,841
3 3 3 2 2 2 TT ANSA Mc Al Limited $887,023 $883,460
5 4 5 6 3 3 TT Republic Financial Holdings Limited $862,188 $850,779
4 5 4 3 4 4 JA GraceKennedy Limited $833,773 $809,235
8 9 7 5 5 5 JA NCB Financial Group Ltd. $780,871 $762,894
16 15 6 15 6 6 TT Guardian Holdings Limited $763,740 $719,272
7 6 9 4 7 7 JA Sagicor Group Jamaica Limited $661,298 $592,869
10 8 11 10 9 8 TT Agostini’s Limited $536,127 $511,265
6 7 8 7 8 9 BB First Caribbean International Limited $534,469 $571,930
9 12 13 8 10 10 BB Goddard Enterprises Limited $378,583 $413,060
12 11 12 9 11 11 JA Jamaica Broilers Group Limited $367,214 $390,802
13 13 14 12 12 12 TT First Citizens Group Limited $318,201 $333,530
11 10 10 13 13 13 JA Supreme Ventures Limited $283,530 $275,921
24 26 19 16 16 14 JA Seprod Limited $282,954 $264,543
15 17 17 14 17 15 TT Trinidad Cement Limited $281,801 $252,560
17 16 16 17 15 16 TT Scotiabank Trinidad & Tobago Limited $257,089 $265,391
7 6 9 11 14 17 JA Scotia Group Jamaica Ltd. $243,780 $267,770
22 20 19 20 18 JA Productive Business Solutions Limited $223,997 $161,860
19 18 18 18 19 JA Wisynco Group Limited $205,148 $225,446
30 24 21 22 19 20 GY Banks DIH Ltd. $199,088 $164,542
21 JA Pan Jamaica Group Limited $189,045 $161,608

Pan Jamaica Group

The combined Pan Jamaica will fall within a small grouping of stock market companies with assets rising above JA$100 billion. Seven others currently sport balance sheet assets ranging from JA$110 billion to JA$2 trillion, all seven of which operate wholly or in part in the financial sector. Comparatively, large food and financial services conglomerate GraceKennedy Limited, as at September, had total assets of $200 billion.

“This transaction will combine our strengths and talent. The scale of the balance sheet of the combined Pan Jamaica Group and the depth of our experience will enable us to become the region’s investment vehicle and investment partner of choice. The Pan Jamaica Group will have an excellent platform for growth with a leading position in a range of key industries, including property and infrastructure, finance, speciality food and logistics. As a geographically and operationally diversified company, we expect to have access to larger investment opportunities around the world, translating to improved shareholder value,” PanJam CEO Joanna Banks

Post-Merger the combined heft of Pan Jamaica Group is expected to deliver significant value for all shareholders through a strong and diverse portfolio of businesses in Jamaica and on a global scale.

Pan Jamaica Group will have substantial holdings in real estate and infrastructure, specialty food and drink manufacturing, agri-business, financial services and a global services network of interests in hotels and attractions, business process outsourcing, shipping, logistics and port operations.

With a balance sheet of over $112 billion in assets, Pan Jamaica Group will have the scale to be more formidable, more global and more resilient according to Jeffrey Hall.

Hall in further explanation of the rationale for the deal noted that “The combined Pan Jam Group will serve its shareholders by having both a strong network and base of operating activities which is both diverse and global. At the same time, it will have the liquidity and strength of capital to aggressively expand. Our goal is to optimise on the business based on these strengths,”

“This transaction is not our first opportunity to partner with PanJam. We achieved great commercial success for shareholders in our joint investment in Mavis Bank Coffee Company. We also experienced, first-hand, our compatibility around our shared commitment to integrity, seriousness of purpose, nation building and shareholder returns. JP and PanJam operate businesses that have been tested by time and always come out stronger. With a joint balance sheet of over $100 billion in assets, we will have the scale to be more formidable, more global and more resilient.” JPG’s Chief Executive Officer Jeffrey Hall

“Our internal analysis points to a future that we are all excited about – one in which our combined enterprises become the regional investment vehicle and investor of choice.”

We look forward to the Businessuite 2023 Caribbean Top 100

Editorial Note: compiled from published material

How Jamaica Producers Group Has Been Organised To Generate Revenues From A Diverse Range Of Business Lines

 

PanJam Investment And Jamaica Producers Group Join Forces To Form Pan Jamaica Group

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Businessuite Markets

Scotiabank Trinidad And Tobago Q1 Off To Good Start, Reporting 2% Or $4M Increase In Realised Income After Tax To TT$189M For Quarter Ended January 2023

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Managing Director of Scotiabank Trinidad and Tobago Limited, Gayle Pazos, Has Released The Following First Quarter January 2023 Results

Scotiabank Trinidad and Tobago Limited (The Group) realised Income after Tax of $189 million for the quarter ended 31 January 2023, an increase of $4 million or 2% over the comparable 2022 period.

The improvement in profitability has resulted in an increased Return on Equity from 17.27% to 17.35% as at 31 January 2023. Return on assets decreased slightly from 2.68% to 2.63% over the same comparative period due to higher asset growth. The increase in income after taxation was driven by strong growth in loans to our customers across all segments.

Commenting on the results, Managing Director of Scotiabank Trinidad and Tobago Limited, Gayle Pazos, remarked:

“I am pleased to announce that our first quarter is off to a good start, demonstrating the strength of our retail and commercial business lines. Loans to Customers grew by $1.5 billion or 9%, with $501 million in the last quarter.

This growth has fuelled total revenue of $498 million, an increase of 5% over the same period in 2022, surpassing pre-pandemic levels. This loan enhancement is supported by increase in deposits of $1.1 billion or 5%, highlighting the trust and confidence our customers continue to have in us as their financial partner.

We are proud to announce that, this quarter, we were awarded Bank of the Year 2022 by The Banker magazine. This was awarded to us in recognition of our successful digital strategy, including, among other things, our Scotia Caribbean App enhancements, and the increased engagement of our customers on our digital platforms. Digital transactions for the quarter ending 31 January 2023 stood at 1.4 million, an increase over last year, with a digital adoption rate of 51.1%.”

Revenue
Total Revenue, comprising Net Interest Income and Other Income, was $498 million for the period ended 31 January 2023, an increase of $23 million or 5% over the prior year. Net Interest Income for the period was $340 million, an increase of $41 million or 14%, driven by growth in Loans to retail and corporate/commercial customers combined with higher yields on The Group’s investment portfolio. For the quarter ended 31 January 2023, Other Income of $157 million decreased by $18 million when compared to 2022.

Notwithstanding the decrease during the first quarter, Other Income remains an important component of our financial performance and we continue to see increases in key lines such as credit card revenue and other activity-based revenue lines.

Non-Interest Expenses and Operating Efficiency Total Non-Interest Expenses for the period ended 31 January 2023 was $188 million, an increase of $15 million when compared to the same period in 2022.

We continue to be challenged by rising price inflation and its impact on expenditure. However, managing The Group’s operational efficiency remains a strategic priority. Our productivity ratio of 37.7% as at 31 January 2023 remains the lowest within the domestic banking industry.

Credit Quality
Net impairment losses on financial assets for the quarter ending 31 January 2023 were $23 million, an increase of $6 million or 33% over the prior year.

We continue to adopt an appropriate credit risk methodology that takes into consideration various factors such as the geopolitical uncertainty and its potential to impact the local economy. Our credit quality has improved with the ratio of non-performing loans as a percentage of gross loans, reducing from 1.90% as at 31 January 2022 to 1.84% as at 31 January 2023.

Balance Sheet
Total Assets were $29 billion as at 31 January 2023, an increase of $1.3 billion or 5% compared to the prior year. Loans to Customers, the Bank’s largest interest earning asset, was $17.8 billion as at 31 January 2023, an increase of 1.5 billion or 9%. This growth occurred in all segments in which we operate and is indicative of the continued economic recovery that we are seeing in the local economy.

Investment securities and Treasury Bills stood at $6.4 billion as at 31 January 2023, a decrease of $399 million when compared to 31 January 2022. Despite the decline in balances, we realised increased investment income due to the positive impact of the rising USD interest rate environment.

As at 31 January 2023, Total Liabilities increased by $1.3 billion to $24.7 billion or 5% over the same comparable period in 2022, mainly arising from an increase in Deposits from customers of $1.1 billion or 5% to $21.8 billion. The continued economic growth, coupled with our focus on attracting core deposits from both the retail and corporate/commercial customers, continues to provide a steady source of funding to continue our credit expansion.

Shareholders’ Equity
Total Shareholders’ Equity closed the period at $4.3 billion, an increase of $63 million or 1% when compared to the balance as at 31 January 2022. The Bank’s capital adequacy ratio stood at 17.24% as at 31 January 2023, which continues to be significantly above the minimum capital adequacy ratio under new BASEL II regulations of 10%.

Dividends and Share Price
We continue to provide very healthy returns and capital appreciation for our shareholders. We have declared total dividends of 70c per share for the quarter, an 8% increase over the prior year’s first quarter dividend of 65c per share. Our dividend payout ratio continues to be healthy at 65% and our improved financial performance during 2022 has led to an 8% increase in our share price over the prior year. Our overall dividend yield remains consistent at 3.6%.

For More Information CLICK HERE

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FirstCaribbean International Bank Credits Uplift In Financial Performance To Higher US Interest Rates, For three months ended January 2023.

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Mark St. Hill, Chief Executive Officer For FirstCaribbean International Bank Limited Has Released the Following Condensed Consolidated Financial Statements For the three months ended January 31, 2023 (expressed in thousands of United States dollars)

The Bank delivered solid results in the first quarter reporting net income of $68.1 million, up $22.9 million or 51% from the first quarter’s net income of $45.2 million a year ago. After adjusting for $0.8 million of operating expenses relating to previously announced divestitures, adjusted net income was $68.9 million.

The uplift in financial performance can largely be attributed to higher US interest rates, which positively impacted our Bahamas and Cayman operating companies and our other US dollar denominated businesses.

The ongoing economic recovery across most of the Bank’s operating footprint has also contributed to our performance. However, operating expenses of $106.1 million were up from the first quarter a year ago due to ongoing strategic initiatives, employee-related costs, and the effects of inflation.

While credit losses are up from the same quarter last year due to a lower level of releases, the Bank continues to maintain strong risk management and credit quality across all its portfolios.

We anticipate a slower pace of global economic growth for 2023 vs. 2022, which will have spill over impacts for our region in terms of tourism and foreign direct investment. However, we expect to see some easing of conditions towards the end of the fiscal as inflation cools and prices stabilize.

In an economic environment that remains fluid, the Bank continues to make steady progress in executing its client-focused strategy.

Our investment in digital transformation is providing us with strong momentum to serve our clients better, while offering best-in-class products and services. This was recently recognized when we were named the “Best Digital Transformation Bank 2022” by The European, a London based global publication who expertly covers a broad spectrum of business affairs, including digital banking.

At the end of the first quarter, the Bank’s Tier 1 and Total Capital ratios remain strong at 15.5% and 17.2% respectively and in excess of applicable regulatory requirements.

The Board of Directors approved a quarterly dividend of $0.0125 per share which will be paid on April 21, 2023, to shareholders of record on March 23, 2023.

For More Information CLICK HERE

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Endeavour Holdings Reporting PAT of TT$71.7M For Nine Months Ended January 2023.

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John Aboud Chairman Of Endeavour Holdings Limited Has Released The Following Report For Nine Months Ended 31 January 2023.

The post-acquisition Statement of Comprehensive Income and Statement of Financial Position of Endeavour POS Properties Limited (EHLPOS) (formerly Massy Properties (Trinidad) Limited) have been consolidated into EHL’s books as at 8 July 2022 and is reported in our financial statements.

EHL’s Profit after tax increased by $50.3M from $21.4M in January 2022 to $71.7M in January 2023. This includes a gain of $43.8M which was recognised on the acquisition of EHLPOS.

Operational profit excluding the acquisition gain is $27.9M increasing by $6.5M as compared to January 2022.

Revenue from contracts with customers increased by $3.7M from $59.9M as at January 2022 to $63.6M as at January 2023 due to the inclusion of revenue from EHLPOS.

Rental expenses decreased by $6.7M from $24.1M as at January 2022 to $17.4M as at January 2023. This decrease is primarily credited to the reduction in rental discounts (primarily made available by the Company to tenants during the Covid-19 pandemic) from $8.9M as at January 2022 to $1.1M as at January 2023.

Administrative fees increased by $3.6M from $1.2M in January 2022 to $4.8M in January 2023 because of increased management and legal fees combined with EHLPOS expenses. There was an increase in operating expenses by $427K from $217K in January 2022 to $644K in 2023.

The Company’s Corporation Tax rate, Business Levy and Green Fund Levy are at zero percent (0%) due to amendments under the Finance Act 2020 granted to listed SMEs and 30% for the subsidiary company.

The net profit of the newly acquired subsidiary for July 2022 to January 2023 was $3.9M.

The increase in Investment Properties of $106M as at January 2023 represents the EHLPOS properties at $90M, fair value adjustment made in the April 2022 year-end financials of $12.2M and in addition building improvements at Price Plaza.

Trade and Other Receivables remained at the $12M level.

Trade and Other Payables increased by $91 1 K from January 2022, due to the inclusion of EHLPOS trade and other payables.

Borrowings increased by $16.8M, which reflects the net result of principal repayments of $28M and the related party loan of $45M for the acquisition of EHLPOS.

Dividends of 40 cents per common share were declared on 30 November 2022 and paid in December 2022.

In looking forward, the Company expects to refinance its bond balloon payment at the end of March 2023, funding for which has already been secured by the Company, and CinemaOne Ltd’s Multi Cineplex is expected to open in Price Plaza North in May 2023.

For More Information CLICK HERE

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Guardian Media’s Strong Final Quarter’s Performance, Helping To Report Profit Before Taxation Of TT$3.9M For Year December 2022.

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Peter Clarke Chairman of Guardian Media Limited has released the following audited results for the twelve months ended 31 December, 2022.

The steady contribution of our newspaper was re-enforced by our hugely popular special publications and increasingly popular digital presence. Combined, these campaigns stimulated increased activity and advertising spend, and drove the reversal of Guardian Media Limited’s Q3 year to date loss before taxation of $6.5M, and the delivery of its full year result.

In similar fashion to 2021, the final quarter’s performance was very strong. In 2022, for the quarter ended 31 December, Guardian Media Limited reported profit before taxation of $10.3M, just behind last year’s fourth quarter result of $11.5M profit before taxation. These results were driven primarily by our successful 2022 FIFA World Cup Finals campaign.

For the year ending 31 December 2022, Guardian Media Limited reported profit before taxation of $3.9M compared to a $6.5M profit before taxation in the prior year.

Revenues reported for the year were $117.8M ($104.7M – 2021) reflecting an increase of $13M or 12.5% in advertising revenues.

Operating expenses increased year over year due to our efforts to stimulate commercial interest, and in order to fund growth strategies across all business segments.

The year 2022 opened without the much-anticipated levels of commercial recovery and activity. The Russia-Ukraine war, supply chain challenges and financial market pressures forced businesses to focus on survival instead of advertising campaigns.

As part of our 105th year celebrations, we at Guardian Media Limited, spared no effort to re-connect advertisers with their customers by investing heavily in irresistible content, whilst continuing to be the trusted media partner across all platforms.

During the year our branded Radio campaigns included the Caura Fest, Sangeet Premier League, bar crawls and other outside broadcasts, through which our loyal listeners were again able to connect with their favourite on-air personalities. After introducing our citizens to iconic global motivational speaker Sadhguru in August, we covered the 2022 Caribbean Premier League, and acquired the rights for the 2022 FIFA World Cup finals in Qatar, as well as the English Premier League.

In spite of the challenging commercial environment, we remain resolute in our
conviction that the business is well positioned to face the future. It has bravely weathered the pandemic, stabilized its operations and re-defined its strategic objectives to achieve delivery of enhanced shareholder value.

Your Board of Directors is pleased to announce a final ordinary dividend of 4 cents per share (2021 – 7 cents). Preference shareholders will receive a final dividend of 3%. Dividends will be paid on 15 June, 2023.

In accordance with section 110(1)(a)(i) of the Companies Act 1995, the Directors have fixed 22 May, 2023 as the Record Date for payment of this final dividend. The Register of Members will be closed on both 25 May and 26 May, 2023.

For More Information CLICK HERE

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ANSA Merchant Bank Limited – Audited Consolidated Financial Statements For The Year Ended December 31st, 2022

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