December 2024
Issue #13
TOP
CARIBBEAN COMPANIES AND CEOS 2024 DIGITAL EDITION
A Businessuite Media Group International Publication
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Contents 57
Cover Story Top 100 Caribbean Chief Executive Officers
CORPORATE FEATURE
8
CORPORATE FEATURE
Pan Jamaica Group Limited
A Caribbean Powerhouse in Global Expansion
12 18 25
28
The Global Economy -The Economies In Which Businessuite Top 100 Companies Operated Business Outlook – 2024 and Beyond
Why Caribbean Business Leaders Should Be Concerned About Declining Birth Rates and Population Shifts Expanding Horizons: How Mergers And Acquisitions Drive Caribbean Companies' Global Growth
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33 42 50 54 70
JSE Green Bond Feature
ESG Transformation in the Caribbean: How Local and Global Companies are Reshaping Corporate Responsibility and Achieving Impact Harnessing Artificial Intelligence: How Caribbean Businesses are Transforming with AI Businessuite Women 2024: The Rise of Female-Led Companies in the Caribbean: Driving Business Success and Breaking Barriers Top 100 Companies $US Revenue
100
Top 100 Companies Profit After Tax
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CREDITS PUBLISHER & EDITOR-IN-CHIEF Aldo Antonio Muir SUBSCRIPTION AND DISTRIBUTION ADVERTISING SALES businesssuitemagazine@gmail.com GRAPHIC DESIGN & LAYOUT Davion Coombs PHOTO CREDITS Stock Images from Internet Sources & Contributed Content SOCIAL MEDIA CLICK Digital Agency PUBLISHERS Businessuite News Centre (BNC) A division of the Businessuite Media Group “Silicon Mountain” Mandeville, Jamaica For all information: businessuitemagazine@gmail.com
CORPORATE INFORMATION Businessuite Media Group Ltd “Silicon Mountain” Mandeville, Jamaica To learn more, go to www.blackslateholdings.com
EDITORIAL By Aldo Antonio Muir
Preparing For A New Caribbean Reality In the face of rapid economic, demographic, and technological shifts, Caribbean business leaders today navigate an environment marked by both promising growth opportunities and unprecedented challenges. From the pressing demands of Environmental, Social, and Governance (ESG) imperatives to the dualedged influence of Artificial Intelligence (AI), the scope of leadership has expanded dramatically. The declining birth rate and regional population growth highlight an urgent demographic challenge. With aging populations, high emigration, and shifting family structures, the region faces a shrinking labour pool and a gradual transformation in consumer demand. Business leaders must re-evaluate strategies, invest in automation, attract talent creatively, and engage policymakers to build a resilient future. Additionally, the adoption of advanced technologies, particularly AI, brings competitive advantages but also new cybersecurity risks that require robust protections and forward-thinking regulation. These pressures demand that companies adapt and safeguard their operations while responsibly implementing AI to build trust and ensure long-term sustainability. This edition of Businessuite Top 100 delves into these critical issues with insights and actionable strategies, from innovative ESG practices to future-proofing operations amid demographic shifts and technological advancements. With contributions from top Caribbean firms, we explore how businesses can lead effectively in an era of constant change, underscoring the resilience, adaptability, and forward vision that the Caribbean’s business landscape needs now more than ever. Businessuite remains committed to supporting Caribbean business leaders as they shape sustainable growth and inclusive prosperity for the region.
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The Businessuite Caribbean Top 50 & 100 Companies OUR RANKING METHODOLOGY The Businessuite Caribbean Top 50 & 100 Companies ranking methodology and annual coverage aim to provide a structured view of the financial standing and influence of Caribbean businesses on a global scale. This editorial introduction highlights the growing trend of Caribbean companies aiming for international expansion beyond the CARICOM market—a strategic move noted among major companies like GraceKennedy, Massy Group, and Goddard Enterprises. These companies are increasingly pursuing growth in markets like the USA, Canada, Latin America, and even parts of Africa and Europe, setting their ambitions beyond regional limitations. The Businessuite Caribbean Top 100 rankings prioritize companies by annual revenue in US dollars, which allows for better comparison with Fortune and Forbes rankings. This method enables investors and business leaders to assess Caribbean companies against global corporations, despite the size disparity. For instance, Massy Holdings Limited, leading the Caribbean list with about US$2.1 billion, would rank far below the smallest company on the Fortune 500, but still showcases substantial Caribbean corporate potential. Beyond revenues, other financial indicators such as post-tax profit and market capitalization are also considered in the rankings. This multi-dimensional approach, modelled after established rankings like those by Fortune, reflects Businessuite’ s commitment to providing a credible benchmark for Caribbean companies, helping regional businesses to measure their growth and positioning globally. Additionally, Businessuite has extended its publication footprint through digital channels, reaching investors and executives interested in Caribbean investment opportunities . For more on Businessuite’s insights into Caribbean corporate performance, visit the official site at BusinessuiteOnline.com
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Corporate Feature
Pan Jamaica Group is a Caribbean-based multinational business group. It acquires, holds, and manages market-leading business interests in four segments: property & infrastructure, financial services, global services, and specialty food. The group engages in various real estate-related activities, taking actively-managed positions in public and private companies, and trading equities and fixed-income assets for its portfolio.
PAN JAM FEATURE
Pan Jamaica Group Limited A Caribbean Powerhouse in Global Expansion
oversees commercial rentals and Pan Jamaica Group Limited, formed through which property management, as well as notable the 2023 merger of PanJam Investments Limited and Jamaica Producers Group, has quickly solidified its position as a leading Caribbean multinational. With a portfolio spanning Property & Infrastructure, Financial Services, Global Services, and Specialty Foods, the Group’s approach reflects a bold vision of leveraging Caribbean strengths to reach international markets. As Caribbean companies face the limitations of relatively small regional economies, Pan Jamaica sets a precedent for diversified growth and global competitiveness.
assets like the ROK Hotel Kingston (Tapestry Collection by Hilton) and Caribe Hospitality’s Courtyard by Marriott Kingston. The P&I Division also includes Williams Offices, which holds the Regus franchise across the Caribbean, and Capital Infrastructure Group, a company focused on regional infrastructure projects.
Financial Services Division: Stability and Expansion through Strategic Holdings
PJG’s Financial Services (FS) Division is anchored by a 30.2% stake in Sagicor Group This newly merged entity, with assets Jamaica Limited, Jamaica’s leading provider exceeding JMD $100 billion, aims to expand its of life and health insurance, pension fund influence across the Caribbean and beyond, management, and other financial services marking an evolution in how Caribbean across Jamaica, the Cayman Islands, and businesses view international market entry Costa Rica. and resource management. With its dual Sagicor’s diverse operations include unit focus on consolidating local operations and trusts, investment banking, and commercial seeking international opportunities, Pan banking, establishing it as a cornerstone of Jamaica embodies a modern Caribbean PJG’s financial portfolio. The division also business that balances scale with agility. holds interests in Term Finance (Jamaica) Limited, which offers accessible financial Property & Infrastructure Division: services to underserved markets.
Anchoring Growth through Strategic Real Estate
The Property & Infrastructure (P&I) Division, a core segment of PJG, is a top commercial property owner in Jamaica. The division manages a high-quality portfolio of assets, including hotels, retail spaces, offices, and land. Key holdings include Pan Jamaica Property Company Limited (formerly Jamaica Property Company),
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Specialty Foods Division: Leading Revenue Generation with International Expansion The Specialty Foods (SF) Division, the largest revenue contributor for PJG, encompasses an array of food production businesses in the Caribbean, Europe, and the United States. Central to this division’s growth is The Juicy Group, a leader in fresh juice production in Northern Europe, which supplies major
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supermarkets and food service clients across the Netherlands, Belgium, Scandinavia, Switzerland, and Germany.
As Vice-Chairman and CEO, Jeffrey Hall leads Pan Jamaica Group with a focus on strategic expansion and sustainable development.
In the second quarter of 2024, PJG expanded its European juice portfolio with the acquisition of APA Processing BZ, S.L.U., a juice processing facility in Barcelona. This acquisition bolsters The Juicy Group’s capabilities in high-pressure processing and aligns with PJG’s strategy of enhancing its Pan-European presence in the specialty foods market. The Caribbean Food Group, a smaller entity within the division, focuses on fresh fruit, tropical snacks, and spirit-based baked goods. This group completed the divestment of Grupo Alaska S.A., a Dominican ice and water producer, marking a successful exit with strong returns
Hall’s career has been marked by transformative growth, most notably in his previous role as CEO of Jamaica Producers, where he prioritized international market expansion in food production and logistics
Global Services (GS) Division: Advancing Caribbean Logistics in Global Markets PJG’s Global Services (GS) Division is a multinational logistics and services conglomerate that includes interests in port terminal operations, warehousing, third-party logistics (via Kingston Wharves), and freight consolidation and forwarding (JP Logistics Solutions). The division also encompasses Geest Line, which provides shipping services between Europe, the Caribbean, and South America, as well as tourism and business process outsourcing (BPO) enterprises across the Caribbean. This robust performance highlights PJG’s commitment to expanding Caribbean-centric logistics services into broader global markets
Leadership
Jeffrey Hall: Visionary Leadership for Global Growth
His experience in high-growth sectors, especially food and logistics, positions him to drive growth in the Specialty Food segment, which is integral to the Group’s international ambitions. Hall’s focus on sustainable expansion reflects the Group’s ethos of balancing profit with community impact, ensuring that Pan Jamaica’s growth benefits not only shareholders but also the wider Caribbean region His leadership style is defined by a commitment to growth through mergers and acquisitions, which allows Pan Jamaica to scale effectively while managing a diversified portfolio. Under Hall’s direction, Pan Jamaica has set its sights on becoming a Caribbean leader with global reach.
Stephen Facey: Sustainable Development and Community Impact Chairman Stephen Facey, a veteran in real estate and architecture, brings a wealth of experience in property development and urban sustainability. With over 40 years in real estate, Facey’s career is deeply rooted in projects that integrate economic growth with social responsibility. As Chairman of Pan Jamaica, he oversees the Group’s property and infrastructure segment, ensuring that their commercial real estate and urban development investments align with longterm community needs. Facey’s architecture and sustainable development background informs Pan Jamaica’s property investments, which prioritize sustainable urban growth.
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His involvement in initiatives such as the Kingston Restoration Company and the New Kingston Civic Association underscores his commitment to community-focused development. Facey’s leadership at Pan Jamaica reflects an approach where economic success is pursued alongside meaningful social impact, setting a high standard for corporate responsibility in the Caribbean
By holding stakes in both public and private enterprises, the Group has optimized its capital management and positioned itself for sustainable, long-term growth. This diversified approach, combining local and international investments serves as a model for other Caribbean businesses looking to achieve scale and resilience in an increasingly competitive global market.
Pan Jamaica Group, under the leadership of Jeffrey Hall and Stephen Facey, represents a new paradigm for Caribbean enterprise: one that is deeply rooted in regional values yet ambitious enough to make an impact on the global stage.
The merger’s success and PJG’s strong performance are a testament to the leadership of Vice-Chairman and CEO Jeffrey Hall and Chairman Stephen Facey. Hall, known for his strategic vision, has played an instrumental role in integrating Jamaica Producers Group with PanJam, focusing on driving international expansion and operational efficiency.
A New Paradigm for Caribbean Business
The Group’s emphasis on sustainable development, strategic acquisitions, and diversified investments reflects a forwardthinking approach that can redefine Caribbean business success. As it continues to grow, Pan Jamaica stands as a testament to how Caribbean companies can overcome regional constraints, foster resilience, and create significant value in international markets. Pan Jamaica sets a powerful example for the Caribbean’s future in business through its balanced focus on local impact and global competitiveness.
Strategic Growth Through Diversification and International Expansion The Pan Jamaica Group merger demonstrates the potential of mergers and acquisitions (M&A) as a robust strategy for Caribbean companies aiming to compete on a global scale. By consolidating expertise and resources, Pan Jamaica has diversified its holdings across multiple sectors, from financial services to specialty food products. The merger also facilitates a broader reach into high-potential markets in North America and Europe, allowing Pan Jamaica to grow beyond its regional base. In addition to strengthening its local presence, Pan Jamaica’s diversified strategy enables it to compete with larger multinational corporations..
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Pan Jamaica Group’s Blueprint for Caribbean Success
His background in food logistics and financial services has enabled him to lead PJG’s diverse segments with a focus on sustainable growth. Chairman Stephen Facey, with extensive experience in real estate and architecture, guides PJG’s property investments with a strong emphasis on sustainable urban development. His influence ensures that PJG’s real estate ventures balance profitability with community impact, maintaining PJG’s reputation as a responsible corporate citizen in the Caribbean. Together, Hall and Facey embody a leadership philosophy that combines local expertise with global ambition, positioning PJG as a trailblazer for Caribbean multinationals. Pan Jamaica Group Limited represents a new model for Caribbean companies aiming to compete globally. With a diverse portfolio that spans property, finance, food, and logistics, PJG illustrates how strategic mergers and acquisitions can create powerful synergies that drive growth beyond domestic markets. Under the leadership of Hall and Facey, PJG continues to expand its regional and international footprint, setting a high standard for Caribbean businesses in the global arena. By capitalizing on regional strengths while navigating international markets, PJG serves as a blueprint for how Caribbean enterprises can scale sustainably and compete on a global scale.
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THE GLOBAL ECONOMY THE ECONOMIES IN WHICH BUSINESSUITE TOP 100 COMPANIES OPERATED
The Global Economy The Economies In Which Businessuite Top 100 Companies Operated
The Labour Force Is Growing Less Than Before, And This Will Weaken One Essential Engine For Growth Need To Rebalance Macroeconomic Policies In The Region
W
elcome to this press briefing. We have just released, and it is on the internet, our Annual Regional Economic Outlook for the Western Hemisphere. This is a bit like the WEO, but for the region. And here we have two important messages, two key messages. The first one is that there is a need to rebalance macroeconomic policies in the region. And the second one is the urgency to press on with structural reforms to boost potential output growth. And I will explain this. The monetary policy part of the first message, the rebalancing, applies to several of the flexible exchange rate and inflation-targeting countries in the region with different degrees of intensity. The second message, the urgency to deepen reforms for growth, really applies to almost all economies in the region. Over the last few years, the region has successfully weathered a series of major shocks in the world economy. They showed resilience and they have adopted macroeconomic policies in most countries that are at the top of the frontier of what we know. And so far, largely the region has stayed in the sidelines, on the sidelines of global geopolitical tensions.
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Now growth in the region is moderating as most economies are operating back near their potential. What is concerning, however, growth in most countries is expected to return to its low historical average and this will not help with the region’s macroeconomic, fiscal and social challenges. The Overall, we expect growth in Latin America and the Caribbean -- if we exclude Argentina, which has an important rebound next year, and Venezuela with its own dynamics—growth will moderate from 2.6 in 2023 to 2.2 in 2025, going through 2.6 also this year, 2024. So, we're going back to the lower part of the 2 percent around these baseline projections. We see the risks to near-term growth tilted to the downside, partly reflecting global risks, including importantly the persistent geopolitical tensions. Turning to inflation, in line with global trends and also reflecting the effect of tight policies, inflation has fallen markedly since the peak of mid-2022, and it is near the target in most countries. However, it is not a target almost everywhere. In the region, I would say that the last mile of this inflation has been rather long. We expect to continue to see easing of monetary policy, but gradually on account of sticky services and inflation expectations not being perfectly re-anchored and also because inflation risks are generally tilted to the upside,
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THE GLOBAL ECONOMY THE ECONOMIES IN WHICH BUSINESSUITE TOP 100 COMPANIES OPERATED reflecting basically commodity price volatility—the factors that I mentioned before of geopolitical risks and also new risks of fiscal slippage. So, with the output gap and inflation gap mostly closed, what should policymakers do? We think that they need to focus on rebuilding policy space and working on boosting potential growth - the messages I mentioned at the beginning. This means rebalancing the policy mix and pushing forward with structural reforms. I'd like to elaborate a bit more on the policy mix. The current combination of macro policies is generally not everywhere but generally tilted toward tight monetary policy while fiscal policy remains loose. Although the earlier tightening of monetary policy by the region's central banks was essential to bring inflation down, inflation is now close to target while monetary policy rates remain elevated in many countries. At the same time, however, public debt levels are high and will continue raising if we do not have fiscal consolidation. So, at this juncture, it is necessary to rebalance policies, starting with strengthening public finances. Most countries have quite ambitious fiscal consolidation plans, but their implementation—so from reality plans— has been in such a way that they have been pushed back. In the region, these plans must proceed to rebuild the buffers without further delays while protecting priority public spending, investment, and social spending. Strengthening the current fiscal rules is also important so they can deliver these consolidation objectives. A timely implementation of this fiscal consolidation is critical not only for fiscal sustainability but also for supporting the normalization of monetary policy and the credibility of the frameworks more broadly. With fiscal policy moving in the right direction, most central banks will be well placed to proceed with the monetary policy easing that we expect,
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while remaining on guard, of course, against risks of re-emerging price pressures.
The Urgency To Press On With Structural Reforms To Boost Potential Output Growth Let me now speak about the second point, that is the need to press with structural reforms and I will go from need to urgency. As mentioned before, medium-term growth is expected to remain subdued, reflecting longstanding unresolved challenges which include low investment and especially low productivity growth. Also, the region is suffering from shifting demographics that will slow growth further. The labour force is growing less than before, and this will weaken one essential engine for growth. The impediments for growth are many and country-specific; some are more common, and that reality is confronted with an ongoing reform agenda that is thin in many countries. This could lead to a vicious cycle of low growth, social discontent and populist policies. So greater efforts to advance with structural reforms are needed to boost potential growth and raise living standards. We see that strengthening governance is a priority that cuts across all areas of growth. This includes, for example, reinforcing the rule of law, improving government effectiveness, and, importantly, tackling crime more efficiently. Improving the business environment and public investment is also needed to increase overall investment. While reducing informality and making labour markets more attuned to more productivity gains is important. This part of the labour market is also really important for women labour force participation, because this is one of the sources to offset the demographic headwinds.
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THE GLOBAL ECONOMY THE ECONOMIES IN WHICH BUSINESSUITE TOP 100 COMPANIES OPERATED
Positioning The Region To Fully Harness The Benefits Of The Global Green Transition And New Technological Advance These reforms will also be essential in positioning the region to fully harness the benefits of the global green transition and new technological advances. It is disappointing that until now mining investment, for example, in the region has not picked up despite the new opportunities for green minerals. From our side, through policy advice, capacity development, and financial support, we are ready to continue engaging, supporting countries in their efforts to strengthen their macroeconomic frameworks and increase economic resilience and growth opportunities. Rodrigo Valdes, Director, Western Hemisphere Department (WHD), IMF Presentation made at a press briefing for the Regional Economic Outlook for the Western Hemisphere.
This performance occurred in the face of several inhibiting factors, including the weak performance of the Chinese economy due to its deepening real estate crisis and slumping export demand. Growth was also stymied by the continued rise in inflation (despite some deceleration since the start of the year) and financial market turbulence in the US and Europe, which thankfully was contained by the swift action of the relevant authorities. Against this backdrop, economic activity in advanced economies is expected to increase by 1.5 percent in 2023, down from 2.6 percent in 2022. On the other hand, emerging market and developing economies are expected to expand at a similar rate to 2022 at 4 percent. Inflation is expected to ease to 6.9 percent in 2023 from 8.7 percent, with the fall in commodity prices from the highs of 2022.
Given this relent, some major central banks slowed the pace of their interest rate increases as 2023 progressed. Vincent A. Pereira, Chairman, Republic Financial Holdings Limited
We Expect Developed Countries’ Central Banks To Start Unwinding High Interest Rates
The Global Economy – Focused on the Actions of Central Banks At the very least, one or more of the United States (US), United Kingdom (UK) and European Union (EU) were expected to experience recessionary conditions before the end of the year. However, economic activity remained resilient in 2023, notwithstanding some slowing, thanks largely to a stronger than envisaged job market and consumer spending. Overall, the global economy is expected to expand by 3 percent in 2023 compared to 3.5 percent a year earlier, aided by the almost complete recovery of global supply chains and the decrease of shipping costs to pre-pandemic levels.
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Based on the International Monetary Fund’s (IMF) World Economic Outlook (WEO) publication in April 2024, the IMF estimated global growth of 3.2% in 2023, highlighting stark deviation between developed and developing countries and among different countries in the two groups. Developed countries grew 1.6%, with the US economy expanding by 2.5%, whereas output in France and Canada expanded by 1.1% and 0.9%, respectively. The UK’s economy grew marginally by 0.1%, while Germany’s economy contracted by 0.3%. Emerging Market and Developing Economies grew 4.3%, buoyed by growth in India and China of 7.8% and 5.2%, respectively. Within the Group, low growth in Latin America and the Caribbean (2.3%), the Middle East and Central Asia (2.0%) and Sub-Saharan Africa (3.4%) weighed on the growth outturn.
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THE GLOBAL ECONOMY THE ECONOMIES IN WHICH BUSINESSUITE TOP 100 COMPANIES OPERATED In the US, the economy benefitted from the decumulation of savings built up during the COVID era and the wealth effect from a buoyant stock market, which saw the S&P 500 Stock index return 24.2% in 2023. The war in the Ukraine and high inflation weighed on growth in the euro area. The conflict had a negative effect on German exports, especially to the European Union, on which it is heavily dependent. In China, challenges in the property market and falling exports weighed on growth, resulting in output slowing 370 basis points relative to the 20-year average growth up to 2019 of 8.9%. Across other Developing and Emerging Market Economies, debt build-up during the COVID-19 era, the unwinding of fiscal stimulus, tight monetary policy and structural challenges negatively impacted growth. Inflation trended higher across the globe despite moderation in the supply-side challenges that emerged during the COVID era. Across the developed world, rising inflation forced central banks to raise their policy rates. However, in Latin America, where prices rose sharply during the pandemic, and central banks raised their policy rates early, prices trended down, resulting in some central banks lowering interest rates. In its June 2024 WEO publication, the IMF estimated global growth of 3.2% in 2024, which is in line with the outturn in 2023. Advanced economies are expected to grow by 1.7%, 0.1% more than in 2023, while Emerging Market and Developing economies are expected to expand by 4.2%. Underlying global growth is strong performance in the US, at 2.7%, and slowing but moderately high growth in India and China, at 6.6% and 4.6%, respectively. Growth is expected to slow to 2.0% in Latin America and the Caribbean. The IMF expects inflation to decelerate. Within this context, we expect developed countries’ central banks to start unwinding high interest rates and central banks across Latin America to continue interest rate cuts.
Keith Duncan CD, Group Chief Executive Officer, JMMB Group of Companies
DECEMBER 2024
The Economic Environment High Interest Rates Crimping Growth In Emerging Markets And Developing Economies; Dampening Investment And Intensifying The Risk Of Financial Crises. Despite the steepest global interest-rate hiking cycle in four decades, inflation remains high and will remain above the target range of most central banks. Policymakers in advanced economies will need to be exceptionally agile with their responses to the risks accompanying such rate hikes. Today, high interest rates aren’t merely crimping growth in Emerging Markets and Developing Economies; they are also dampening investment and intensifying the risk of financial crises. These challenges would intensify in the event of more widespread banking-sector strains in advanced economies (World Bank, 2023). The World Bank’s latest projections indicate that the world economy will remain frail— and at risk of a deeper downturn—2023 and in 2024. Baseline scenarios call for global growth to slow from 3.1% in 2022 to 2.1% in 2023, before inching up to 2.4% in 2024. In the Eastern Caribbean Currency Union (ECCU) real GDP growth for 2024 is now projected at 4.2%. The IMF 2023 Article IV Mission concluding statement highlighted that Grenada’s economy will continue to expand by 3.9% at the end of 2023. Despite the continued economic growth there still remains downside risk, that is, economic slowdown of key tourist source markets such as the U.S. and the U.K., especially if global inflation remains high and global financial conditions continue tightening. High import costs for construction materials could weigh on activity in the sector, while a renewed upswing in commodity prices would drag on growth and weaken the fiscal position. Darryl Brathwaite, Acc. Dir Chairman, Grenada Co-operative Bank Ltd.
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THE GLOBAL ECONOMY THE ECONOMIES IN WHICH BUSINESSUITE TOP 100 COMPANIES OPERATED
The Economies In Which RFHL Operates
There was limited improvement in the respective jurisdictions’ fiscal accounts, with Ghana entering an International Monetary Fund (IMF) programme in 2023. Ghana also experienced notable exchange rate volatility during the year, given low levels of foreign exchange reserves, which contributed to high inflation rates in this country. In Ghana, the domestic currency depreciated by 11.6% against the US dollar between January and September 2023, while its gross international reserves measured only US$2,089.54 million (one month of import cover) in August 2023.
Generally, the countries in which the RFHL Group operates recorded positive economic performances in 2023. This was driven by the continued recovery of tourism and other key sectors from the COVID-19-related disruptions. In the case of the tourism-based economies, some benefited from visitor arrival figures that were close to, or above, pre-pandemic levels, while for others, the recovery was less rapid. The Group’s commodity-producing economies however faced weaker international prices compared to 2022. This restricted theimprovement of their respective fiscal and external accounts, except for Guyana, given the offsetting effect of its increased oil production in 2023. The fall in commodity prices contributed to the deceleration of overall price increases during the year but was not enough to reduce the constraining impact of inflation on real Gross Domestic Product (GDP).
Overall, these developments resulted in a situation where economic activity remained below 2019 levels in several nations associated with the RFHL Group.
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During the first eight months of the year, inflation averaged 45.1 percent, with food prices increasing by 54.1 percent and non-food inflation measuring 38.1 percent. In addition to negatively impacting the Group’s results, surging inflation combined with Ghana’s ongoing fiscal vulnerabilities to produce a very challenging macroeconomic environment. Vincent A. Pereira, Chairman, Republic Financial Holdings Limited
The Guyanese Economy Continues To Grow Very Rapidly The Guyanese economy continues to grow very rapidly, supported by the government’s modernization plans, including the unparalleled oil sector expansion. In 2022, Guyana achieved an exceptional real GDP growth rate of 62.3 percent, surpassing all other nations.
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THE GLOBAL ECONOMY THE ECONOMIES IN WHICH BUSINESSUITE TOP 100 COMPANIES OPERATED IThis positive economic momentum is expected to persist in 2023 according to the IMF, with an anticipated real GDP growth of 38 percent. This growth is attributed to the expansion of oil production, including the commencement of operations at a third oil field. Additionally, a rapid public investment program concentrating on enhancing transportation, housing, flood management infrastructure, and human capital development is boosting the non-oil sector. The services and supplies sectors are experiencing growth as a result of spill over effects from the oil and construction industries. Agriculture, mining, and quarrying are also performing well. According to the Bank of Guyana Half Year Report 2023, the real non-oil GDP recorded a strong growth rate of 12.3 percent while the real oil GDP grew by 59.5 percent during the first half of 2023. Notably, CPI inflation, which stood at 7.2 percent at the end of 2022, in line with other regional countries, decreased to 1.2 percent on a year-on-year basis by July, 2023, primarily due to reductions in transportation and communication prices. The external current account transitioned into a substantial surplus in 2022, reaching 23.8 percent of GDP, and another considerable surplus is expected in 2023. Furthermore, the banking sector is characterized by strong capitalization and liquidity; suggesting a stable and thriving economic environment in Guyana. In the first half of 2023, the economy of Guyana experienced robust growth across various sectors, driven by favorable weather conditions and increased production.
The agriculture sector increased by 7.6 percent, as all major sectors experienced growth when compared to 2022.
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The livestock and fishing subsectors also showed growth, with substantial increases in poultry, beef, and shrimp production. In the mining and quarrying sectors, the oil and gas subsector saw remarkable expansion, thanks to increased crude oil production. The manufacturing sector recorded strong growth, particularly in the production of sugar, rice, and various other products. The services sector expanded, with significant growth in administrative and support services and wholesale and retail trade. Additionally, the construction sector continued to thrive due to increased public and private sectors activities. On the balance of payments front, Guyana saw a deficit of US$196.4 million, with a smaller surplus on the current account, mainly driven by merchandise trade balance, and significant increases in export earnings from crude oil. However, the growth in import payments, especially for capital goods and fuel, contributed to this deficit. The monetary sector observed an expansion in the money supply and credit growth, indicating increased borrowing by both private and public sectors. Inflation showed signs of slowing with a 12-month inflation rate of 1.9 percent in June, 2023, primarily attributed to lower food and energy prices. The end-of-year inflation forecast for 2023 remains at 3.8 percent with proactive government measures in place to address potential price increases. Looking back, the rise in inflation of 7.2 percent from December, 2021 to December, 2022 was notably high Overall, Guyana’s economy is exhibiting positive growth trends with a focus on diverse sectors and measures to manage inflation and support economic stability. Mr. Komal Samaroo - Chairman, Demerara Bank Limited
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THE GLOBAL ECONOMY THE ECONOMIES IN WHICH BUSINESSUITE TOP 100 COMPANIES OPERATED
Business Outlook – 2024 and Beyond The Global Economy Is Projected To Grow In 2024. While still in its early stages, the conflict in the Middle East involving Israel and Hamas, has the potential to join the Russia-Ukraine war as a globally disruptive force. If it does, the related disruptions, including to global trade and other economic activities, are not expected to be as severe. In any case, another major conflict is the last thing the global economy needs, considering how difficult the last three years have been. Fears of global recession have receded appreciably as major central banks are not expected to revert to rapid policy rate increases, with inflation projected to slow further. However, with inflation currently above the target levels of the US Federal Reserve, Bank of England and the European Central Bank, further increases may become necessary and, as a result, a further decline in growth cannot be ruled out in 2024. Other downside risks to growth include weaker than expected growth in China, elevated energy prices due to continued production curtailments by the Organisation of Petroleum Exporting Countries (OPEC) and new rounds of financial sector instability in major markets such as the US and UK. The global economy is projected to grow by 2.9 percent in 2024. Vincent A. Pereira, Chairman, Republic Financial Holdings Limited
DECEMBER 2024
Expect That Monetary Policy Will Begin To Loosen And That There Could Be Interest Rate Reductions From a macroeconomic perspective, the Group continues to monitor the outlook on inflation and interest rate policy decisions by the US Federal Reserve and central banks across the region. In its June 2024 meeting, the Federal Reserve kept its interest rate unchanged, which it has since July 2023, and has projected only one rate cut for the remainder of 2024, down from its March forecast that called for three reductions. With that said, the Group expects that monetary policy will begin to loosen and that there could be interest rate reductions by the US Federal Reserve, Bank of Jamaica and the Central Bank of the Dominican Republic. These initial interest rate cuts could be followed with further moderate reductions in interest rates, which will be positive for financial markets and augur well for the JMMB Group’s financial performance over the short to medium term. Keith Duncan CD, Group Chief Executive Officer, JMMB Group of Companies
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THE GLOBAL ECONOMY THE ECONOMIES IN WHICH BUSINESSUITE TOP 100 COMPANIES OPERATED
Grenada Co-operative Bank Will Capitalize On Good Opportunities That Arise In The Evolving Economic Environment. World Bank projections for 2024 forecast growth in the local economy to be a moderate 3.3%. The financial services sector is expected to remain fiercely competitive as even fewer commercial banks compete with credit unions and non-bank financial institutions. As the economy continues its recovery, there will be significant opportunities for expansion and growth. In 2024, continued growth is expected in the banking sector which should reflect significant loan growth as the economy continues to recover while adjusting to the inflationary pressures and increased cost of living. Deposits is expected to continue growing faster than loans & advances as per previous trend. Grenada Cooperative Bank Limited maintains its optimism about the prospects of Grenada’s financial services sector for 2024 and will capitalize on good opportunities that will arise in the evolving economic environment. Darryl Brathwaite, Acc. Dir Chairman, Grenada Co-operative Bank Ltd.
DECEMBER 2024
Guyana’s Economic Landscape Continues To Evolve And Is Projected To Maintain The High Level Of Growth Guyana’s economic landscape continues to evolve and is projected to maintain the high level of growth achieved in the first half of 2023 into the second half. This is largely influenced by its burgeoning oil sector. As the sector continues growing with increased exploration and production activities, Guyana remains one of the fastest-growing oil producers in the world, with the sector contributing significantly to national revenue. With the third FPSO vessel – Prosperity anticipated to come into operation in the last quarter of 2023, output is projected to exceed 580,000 barrels of oil daily. This surge in oil production and export will continue increasing the influx of FDI and boosting the economy. This boost, however, is not limited to the oil and gas sector as ongoing investments are being made to support infrastructural development, including power generation, roads, ports and telecommunication. Demand for housing and accommodation remains high and growth of the construction sector will continue creating lending opportunities in real estate and property development. As host for the Caribbean Premier League cricket playoffs and final matches for yet another year, there’s anticipated increase in tourism and entertainment activities exceeding the numbers recorded in 2022 and 2023, thereby creating significant opportunities for local businesses.
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THE GLOBAL ECONOMY THE ECONOMIES IN WHICH BUSINESSUITE TOP 100 COMPANIES OPERATED As we approach 2024, Guyana’s economic landscape remains promising with opportunities. Republic Bank (Guyana) Limited is well positioned to embrace the future and our commitment to innovation, customer satisfaction, sustainability, and responsible banking will guide our forward plans to navigate the ever-changing landscape. Nigel M. Baptiste, Chairman, Republic Bank (Guyana) Limited
Travel Has Returned With A Groundswell The trends in travel that we observed in the latter period of the prior financial year has held true, as travel has returned with a groundswell. The upsurge or return seems sustained and Jamaica’s Pax arrival figures continue to outpace trends and keep breaking records. Being considered Jamaica’s premier island-wide transport solution, coupled with the aforementioned trend continues to reinforce the extraordinary responsibility, privilege and expectation to improve our customers’ lives. In a challenging environment we are dedicated to nurturing this trust through undiminished efforts in maintaining and improving our level of safety, reliability and convenience. We have in this period, set into motion solutions including the ordering of several premium double decker and full-sized coaches equipped with toilets, charging points, and other Knutsford Express conveniences. In an effort to add convenience to the lives of our customers we have begun development of innovations that will truly streamline the process of booking and checking into trips to reduce wait times at our stations.
DECEMBER 2024
The strong transportation demand also led to increases in other direct transport costs. As expected fuel costs climbed by 44.4% to two hundred seventeen million dollars ($217M) from one hundred fifty-one million dollars ($151M) over the previous financial year followed by a 36.1% increase in toll fees which totalled forty-seven million dollars ($47M) up from thirty-five million dollars a year ago. As fuel prices hover around new historic highs and toll passage fees continue to keep pace, it is precisely these circumstances that continue to affect motorists’ pockets that serve to boost our passenger ridership. Oliver Townsend, Chief Executive Officer, Knutsford Express Limited
Strategic Priorities and Outlook We remain cautiously optimistic about the outlook for 2024 The management will continue to exercise financial prudence and reduce operating costs to maximise shareholder value through our five strategic drivers - Health and Safety, Customer Centricity, Innovation, Sustainability and EBITDA Growth. We will continue to seek opportunities to expand our business with our diversified range of innovative products, by leveraging on the expertise and support of Cemex and our strong track record. In Jamaica, we intend to leverage Carib Cement’s strict cost discipline and strong performance in preparation for the commissioning of its debottleneck project in 2025, which will reduce the company’s carbon footprint, increase production capacity efficiency, and enable competitive exports in the wider Caribbean and beyond.
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FEATURE
THE GLOBAL ECONOMY THE ECONOMIES IN WHICH BUSINESSUITE TOP 100 COMPANIES OPERATED In Trinidad and Tobago, the Group remains optimistic despite the challenges posed by rising input costs and other external factors that could affect its operations. While we continue to deliver the most competitively priced cement in the region, we remain focused on the variables within our control, such as quality, customer service and innovation.
This growth will be seen through our fervent efforts to lead the market and be competitive in tenders issued by the GPE and expand our independent power production business through successfully attained utility scale projects.
The continuing rise in carbon emissions and the increasing frequency of extreme weather events in recent years highlight more clearly than ever the importance of a decisive shift In Barbados, we are confident that the current towards a net-zero future. Wigton is actively operating model will allow us to maintain driving this shift and facilitating green energy is market share and achieve profitability. The viewed as an obligation and opportunity to Group is also exploring options to develop new impact environmental, social and governance businesses and diversify its portfolio. issues. David G. Inglefield, Chairman, TCL Group Dennis Chung, Chairman, Wigton Energy
Wigton Energy, Signalling A More Deliberate Focus On All Areas Of Renewable Energy And Clean Technologies We launched our trading name Wigton Energy signalling a shift to a more deliberate focus on all areas of renewable energy and clean technologies with the primary objective of increasing shareholder value and profitability. The Company which now has a high percentage of its business in wind power, has set a clear trajectory to ensure its growth through diversification into other areas of renewable energy. This repositioning is a company-wide business transformation and a reaffirmation of our diversification strategy. The entire Company has bought into the vision of becoming a profitable, regional organization with successful clean energy and other investments and stakeholders can expect growth due to continued efforts on business development and business expansion.
DECEMBER 2024
Bryden Is Focused On Three Verticals: Food, Healthcare And Premium Beverages. As we go into our 101st year Bryden’s prospects are very exciting. We can be reassured as shareholders by the talent that exists within the Organization which is truly exceptional. We often discuss the capacity of the Organization and we are committed to ensuring that high performing individuals are supported and are as equally excited about our future. At time of writing, Brydens has broken ground on our new distribution facility in Central Trinidad. We have approved the investment in new facilities in Guyana and we have purchased a new subsidiary in Stansfeld Scott which extends our premium beverage business into Barbados.
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THE GLOBAL ECONOMY THE ECONOMIES IN WHICH BUSINESSUITE TOP 100 COMPANIES OPERATED Our objective is to build a platform across our region that is focused in the three verticals: Food, Healthcare And Premium Beverages. The platforms will cover the geographies of our region executing seamlessly the objectives of our principals (our partner suppliers). Anyone can buy companies or spend money building warehouses. That’s not what our Group is about. Without the exceptional talent that is required to leverage these investments we will not be able to continue in the tradition of our predecessors and maintain the growth and development for the next 100 years. Brydens will continue to grow and invest in its expansion while ensuring that it maintains a laser focus on our human capital. If we do this we will continue the trajectory of shareholder wealth that, as shareholders we expect.
We will work to ensure that clients have access to products and services that provide a balanced financial portfolio incorporating the best products or day-to-day finances, insurance and investments to meet their unique objectives. Our comprehensive suite of products across the Scotia Group are designed with our clients in mind and offer a broad range of options to suit their varied needs. Service excellence, centred around making it easy for our customers to do business with us, will continue to be a key strategic imperative as we work to further simplify our processes and create more convenient options for clients to transact with us across the Group. Significant work is also being done to enhance the experience at all our touchpoints. This will concurrently increase the capacity of our team to better serve and engage with our clients.
Paul B. Scott, Chairman, A.S. Bryden & Sons Holdings Limited
The success of our business is fuelled by our excellent team of professional Scotiabankers. We will continue to invest in developing talent and creating an inclusive environment that allows us to win as one team.
We Remain Laser-Focused On Our Strategic Imperatives As we look to the year ahead, we remain laser-focused on our strategic imperatives. We will continue to distinguish ourselves in the market by being our clients’ most trusted financial partner. The trust our clients place in us is a result of our reputation for offering expert advice, sound financial management and best-in-class financial solutions to help them achieve their financial goals. We will strategically focus on earning primary client relationships and deepening those relationships.
DECEMBER 2024
Continued collaboration across the business will be critical in ensuring that we can offer the best suite of solutions and deliver the best value to clients. Lastly, we will build on the efficiencies that we have created in the business to continue to improve our productivity. We will continue to maintain a disciplined, enterprise-wide approach to risk management in order to effectively run our business and ultimately to drive sustainable, profitable growth and maximize shareholder return. Audrey Tugwell Henry, President and Chief Executive Officer, Scotia Group Jamaica Limited (SGJL)
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THE GLOBAL ECONOMY THE ECONOMIES IN WHICH BUSINESSUITE TOP 100 COMPANIES OPERATED
• Ensuring growth in revenue and profitability of our international food businesses; • Ensuring growth of our Grace and Grace-owned brands locally and internationally; •Optimising logistics and supply chain management;
The Motivation To Achieve Our Vision Must Be Greater Than The Urge To Avoid The Challenges.
• Improving the international competitiveness of our manufacturing companies;
• Transforming our GKMS business model to GK operates in a dynamic environment, dominate the regional money services and characterised by rapid changes, payments space; and uncertainty, and complexity. A culture of excellence is critical to fostering agility • Further growing our insurance segment and resilience amongst our team. Even through M&A and expanding into new markets when there are obstacles that may seem using our new core life insurance platform, impossible to overcome, the motivation while increasing the profitability of recent to achieve our vision must be greater acquisitions. than the urge to avoid the challenges. Accordingly, in 2024, our team will be guided by the theme: Building a culture of excellence through great people.
Our strategy for 2024 and beyond includes bold ambitions towards achieving our 2030 vision. We continue to align our strategic initiatives with four pillars:
We will continue to pursue ventures and initiatives that accelerate the pace at • Growth and Sustainability which we extract value from our • Customer Centricity and Innovation strategic investments and move forward • Operational Efficiency with our long-term strategy. Our 2024 • Performance-driven Organisation key strategic initiatives will be: • Driving our GK One mobile app locally and expanding to other territories; • Strengthening our human resources operating model to improve strategic support; • Improving our operational efficiency on a company-by-company basis, with a focus on working capital and cash management; • Pursuing growth opportunities through M&A and strategic partnerships and ensuring the successful integration of acquired companies;
DECEMBER 2024
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GK’s 2030 vision of becoming the number one Caribbean brand in the world sees our Group earning 70% of our revenues and profits outside of Jamaica. In 2024, we will continue to work assiduously towards achieving this vision by: i. Pursuing our goal to list GK on an international stock exchange, as we look forward to significant growth related to our geographic expansion in major food markets across USA, Canada, and the UK; ii. Expanding our financial services offering within the Caribbean; and iii. Integrating ESG into our core business strategy to positively impact our global society and enhance the financial wellbeing of all our stakeholders. With our highly skilled and motivated team aligned to our core values Honesty, Integrity, and Trust – and guided by our We Care ethos, and people at the centre of all that we do, GK is well positioned to achieve our 2030 vision. Prof. Gordon Shirley, OJ, Chairman, GraceKennedy Limited
DECEMBER 2024
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WHY CARIBBEAN BUSINESS LEADERS SHOULD BE CONCERNED ABOUT DECLINING BIRTH RATES AND POPULATION SHIFTS
Why Caribbean Business Leaders Should Be Concerned About Declining Birth Rates and Population Shifts Caribbean countries are experiencing a decline Another key impact is the changing consumer landscape. in birth rates, a trend posing significant challenges for the region’s future workforce, As birth rates decline, spending on youtheconomic vitality, and market demand. oriented goods, like children’s apparel and educational services, may decrease. On the This population shift is driven by several other hand, an older demographic increases factors: lower birth rates, single-parent households, aging populations, migration, and demand for healthcare, elder services, and financial planning products. evolving family structures. For Caribbean business leaders, these trends indicate a shrinking pool of young workers, potential reductions in market size, and shifts in consumer demand—each with implications for long-term strategic planning.
One concern for leaders is workforce sustainability With an aging population and declining youth demographics, the region faces a shortage of skilled labour. For instance, in St. Vincent and the Grenadines, the working-age population (25-64) is expected to decrease relative to retirees, signaling potential labour shortages that may hinder economic productivity and increase costs related to recruitment and retention. This demographic shift will also stress social security and pension systems, as fewer working individuals will be available to support a growing number of retirees.
DECEMBER 2024
Companies in retail, healthcare, and financial services should consider how to pivot their offerings to cater to an aging population. This shift in demand highlights a growing need for business leaders to proactively adapt their services and marketing strategies to reflect demographic realitieswhich also exacerbates population challenges in the Caribbean. Skilled professionals often seek better opportunities abroad, creating a “brain drain” that impacts local innovation, healthcare, and education. This emigration trend not only reduces the talent pool but also places added pressure on businesses to offer competitive salaries and benefits to retain top talent. while remittances from abroad do support local economies, these inflows are not sufficient to offset the lost human capital and may contribute to a reliance on external sources of economic stability.
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WHY CARIBBEAN BUSINESS LEADERS SHOULD BE CONCERNED ABOUT DECLINING BIRTH RATES AND POPULATION SHIFTS
Mitigation Strategies To mitigate the impacts of a declining Engage in Policy Advocacy: population and labour pool, Caribbean Collaborating with governments to business leaders can take several support youth employment steps: initiatives, incentivize family growth, and create skilled Invest in Workforce Automation: Adopting technology and AI can help migration programs can address offset labour shortages and enhance demographic challenges systemically. efficiency. Attract and Retain Talent: Offering competitive wages, flexible work arrangements, and pathways for career growth can help retain existing talent and attract skilled professionals who might otherwise seek opportunities abroad. Develop Age-Responsive Products: As consumer needs shift with an aging population, tailoring products and services toward elder demographics—such as health, wellness, and retirement services— can help maintain demand. DECEMBER 2024
Enhance Skills Training: Invest in upskilling programs to enhance productivity and adapt the existing workforce to high-demand roles, filling gaps left by emigration. Expand Markets: Companies can look beyond the Caribbean to more populous markets with younger demographics, like parts of Latin America, to diversify revenue. By anticipating these demographic shifts, leaders can future-proof their businesses, ensuring resilience in a changing Caribbean economy.
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EXPANDING HORIZONS: HOW MERGERS AND ACQUISITIONS DRIVE CARIBBEAN COMPANIES & GLOBAL GROWTH
Expanding Horizons: How Mergers And Acquisitions Drive Caribbean Companies’ Global Growth The Caribbean business landscape has seen a growing trend of mergers and acquisitions (M&A) as a vehicle for regional companies seeking growth beyond their domestic markets. An increasing number of Caribbean firms recognize the potential of M&A to build scale, expand geographic reach, and tap into international markets. For many of these companies, the relatively small size of the Caribbean economy poses limitations on growth, making M&A a strategic solution to secure larger market shares, diversify revenue sources, and compete globally. A notable example is Republic Bank, which has extended its reach through acquisitions such as the Bank of Banco Mercantil in the Dominican Republic and Caribbean Commercial Bank in Barbados. These moves have enabled Republic Bank to build a diversified portfolio across the Caribbean and Latin America, positioning itself as a leading financial entity in the region.
The adoption of M&A by Caribbean businesses highlights the shift in regional corporate strategy. Traditionally, companies like GraceKennedy, NCB Financial, and Sagicor Financial focused on consolidating their domestic operations. Now, these entities are prioritizing crossborder growth through acquisitions that can enhance their market positions, provide new revenue streams, and strengthen operational capabilities. For instance, Sagicor’s acquisition of ScotiaLife Trinidad & Tobago allowed it to expand its life insurance and financial services offerings, while NCB Financial’s acquisition of Clarien Group in Bermuda extended its presence into North America.
While M&A holds substantial promise for Caribbean firms, it also brings challenges. Integration risks, cultural alignment, and the complexity of managing multinational operations are common hurdles that require careful planning and execution. Similarly, Massy Group, with its broad-based Companies must focus on strategic fit and synergy to ensure these mergers generate operations, has pursued investments in long-term value. Successful M&A deals, as sectors like automotive in Colombia, seen with Republic Bank and Massy, marking its commitment to establishing a illustrate that the right acquisitions can stronghold in Latin American markets and propel Caribbean firms beyond regional reinforcing its position in Central and South limitations and onto the international stage. America.
DECEMBER 2024
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EXPANDING HORIZONS: HOW MERGERS AND ACQUISITIONS DRIVE CARIBBEAN COMPANIES & GLOBAL GROWTH While M&A holds substantial promise for Caribbean firms, it also brings challenges. Integration risks, cultural alignment, and the complexity of managing multinational operations are common hurdles that require careful planning and execution. Companies must focus on strategic fit and synergy to ensure these mergers generate long-term value. Successful M&A deals, as seen with Republic Bank and Massy, illustrate that the right acquisitions can propel Caribbean firms beyond regional limitations and onto the international stage.
The loan portfolio acquired was $154 million and $398 million in deposit liabilities. Of note, the acquired facilities contributed only marginally to the Bank’s overall financial performance for the year ended September 30th, 2023. As a safeguard, the Bank strategically pursued $ 50 million of additional capital in the form of subordinated debt which buttressed its Tier II buffer, strengthening its overall capital position.
This acquisition is a significant development in the evolution of the banking system of Grenada, Carriacou and Mergers and acquisitions are not merely Petite Martinique. The Bank acquired a growth strategies but represent a lean book of business that bolts on well to transformative approach for Caribbean its current business model with the intent companies striving to establish themselves in of providing sought-after profitability, the global economy. By pursuing strategic increased market share, and company acquisitions, Caribbean businesses can momentum in a sustainable, long-term overcome the constraints of small domestic way. markets, improve scalability, and compete on an international level. This all redounds to the achievement of the However, achieving success in M&A demands Bank’s mission of ensuring a fair return to shareholders and contributing to the wellmore than financial investment; it requires thorough integration planning and alignment being of the citizens where we operate. Darryl Brathwaite Acc. Dir Chairman with the overarching strategic goals of each company. As more Caribbean firms embrace Grenada Co-operative Bank Ltd. M&A, they are setting the stage for a bolder, globally competitive Caribbean business ecosystem, poised to navigate the demands and opportunities of a dynamic global market.
CIBC FirstCaribbean Grenada Business Acquisition
Massy Strategy, Growth and Global Expansion Update The Group’s Corporate Strategy remains consistent and follows from the new vision statement with three simple components: Growth and Global Expansion Capital Management to Increase Value for Stakeholders Operating with a Caribbean Heart
On July 14th, 2023, Grenada Co-operative In FY2023, we successfully closed three Bank Ltd. acquired certain assets and deposit significant acquisitions: Rowe’s IGA liabilities of CIBC First Caribbean Grenada supermarkets in Jacksonville, Florida (US$47 business. This saw substantial growth with the million), Air Liquide operations in Trinidad addition of approximately $360 million in total ($51.5 million with a deferred consideration), assets. and IGL Jamaica (US$142 million).
DECEMBER 2024
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EXPANDING HORIZONS: HOW MERGERS AND ACQUISITIONS DRIVE CARIBBEAN COMPANIES & GLOBAL GROWTH 1 Rowe’s IGA Supermarkets: independent supermarket chain of 7 stores in Jacksonville, Florida USA; Rowe’s IGA acquisition closed on December 12th and is a major step in achieving the Group’s global vision as it provides an excellent beachhead for further niche supermarket acquisitions in the United States, JMMB Group Strategic Investment while providing strength in hard currency cash In Sagicor Financial Corporation generation. 2 Air Liquide Trinidad & Tobago Ltd: a manufacturer and supplier of industrial and medical gases in Trinidad & Tobago; In January, the Group acquired Air Liquide’s operations in Trinidad solidifying the Group’s position as the leading industrial gas manufacturer and distributor in the region and generating additional export opportunities. 3 IGL (St. Lucia) Limited: the parent company of a distributor of LPG, and manufacturer and distributor of industrial and medical gases in Jamaica. The IGL Jamaica acquisition closed in May 2023, and this consolidated the Group’s position as the leading LPG business in the region and will also provide access to additional economies of scale to bring efficiencies to consumers.
In 2019, the JMMB Group strategically invested in SFC to further diversify its business model and revenue streams. Currently, the Group holds a 23.62% stake in SFC, making it the Company’s single largest shareholder. SFC provides the Group with country and business line diversification, operating in 21 countries and as a major player predominantly within the Insurance industry. This was particularly beneficial to the Group in the adverse operating environment, which negatively impacted the investment business of financial services in the region.
The JMMB Group’s investment in SFC contributed J$20.3B in Share of profit of associate, which was significantly driven by one-off gains on its acquisition of the ivari Insurance Company in Canada. The The Group deployed over US$240.5 million in US$250M or 22.52% acquisition of SFC in capital to consummate these transactions and 2019 has proven to be a good during the fiscal year. An additional TT$1.1 diversification investment that continues to billion (US$158 million) in Revenue and TT$142 provide solid returns for the JMMB Group. million (US$21 million) in PBT were derived However, the total contribution from specifically from the three deals in aggregate. business lines and share of profit from SFC We are actively engaged in efforts to integrate were tempered by prudent loan loss the companies within the Massy Group. provisioning of J$12.6B for a startup greenfield operation in the Energy sector, These integration efforts are not only focused which was rated Investment grade by on capturing the desired synergies for CariCRIS and, as such, was an allowable enhanced financial performance, but also on asset which received wide support from the ensuring cultural integration and alignment financial sector in the region. with our core values for wider stakeholder value creation. Mr. Ellis reported that JMMB Group’s US$250M investment in SFC represented Mr. Gervase Warner, President & Group CEO 23.32% stake in the Associate Company and was currently valued at J$40.4B.
DECEMBER 2024
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EXPANDING HORIZONS: HOW MERGERS AND ACQUISITIONS DRIVE CARIBBEAN COMPANIES & GLOBAL GROWTH SFC’s contribution to profit for the year amounted to J$2.7B. This contribution to net profit during a challenging period further validated the strategic importance of this investment and the benefits to be derived from the Group’s Revenue Diversification Strategy. The Group received consistent flows of dividends from the SFC which for the year ended March 31, 2023 totalled J$1.1B. SFC’s continued push to strengthen its financial position and create growth opportunities augured well for the Company and by extension the JMMB Group. Mr. Ellis highlighted that the JMMB Group continued to be excited about its investment in SFC. SFC continues to implement its strategic initiatives and recently announced a potential acquisition of Ivari in Canada. The transaction was in closure phase and management expects very positive results for the JMMB Group. Keith Duncan CD, Group Chief Executive Officer, JMMB Group of Companies
entered into two (2) joint venture agreements, one specifically in respect of the Norman Manley International Airport Solar project which was successfully completed and commissioned on May 31, 2022 and the other generally for the design, installation, operation and maintenance of green energy solutions. The latter joint venture was registered as the Wigton-IEC Joint Venture (“JV”) under and in accordance with the Registration of Business Names Act. The JV has to date successfully bid on the design, supply and installation of distributive solar photovoltaic systems at certain Essex Valley Agricultural Development Project locations in St. Elizabeth/Manchester, Jamaica which design, supply and installation is scheduled to be completed in the second quarter of the financial year ending March 31, 2025 and commissioning at a later date pending readiness for same. The JV was also successful in its bid for the design, supply, installation and commissioning of solar photovoltaic systems at the Sangster International Airport, Montego Bay, Jamaica and which project is now being executed.
Wigton Diversification, Investment Joint Ventures, and Investment In Associates In March 2022 Wigton acquired 21% of the Wigton has positioned itself well for success and resilience. The Company is committed to building a sustainable energy future through its strategy of investing in green energy and clean technologies locally and regionally. During the year the Company continued its foray into green energy and clean technology diversification through its investments in associates and joint ventures, and also participated in the tender issued by the Generation Procurement Entity in September 2023 by submitting a 49.83 MW solar technology bid. On April 5, 2022 the Company and Innovative Energy Company DBA IEC SPEI Limited,
DECEMBER 2024
shareholdings of Flash Holdings Limited, a St. Lucian company which is the sole shareholder of Flash Motors Company Limited (“FMCL”), a Jamaican company, that distributes electric vehicles and electric vehicle charging infrastructure. During the year FMCL took active steps to acquire an electric vehicle distributorship. This culminated in successful negotiations with the Geely Holdings Group in relation to their Zeekr and Riddara brand of electric vehicles and the company acquiring an initial order of twentysix (26) Riddara electric vehicles which will be sold regionally. Dennis Chung, Chairman
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EXPANDING HORIZONS: HOW MERGERS AND ACQUISITIONS DRIVE CARIBBEAN COMPANIES & GLOBAL GROWTH
GraceKennedy Pursuing Strong Partnerships And Strategic Acquisitions Are Key To Realising Our 2030 Vision. In 2023, we executed on several initiatives in keeping with this long-term goal. M&A ANSA Mc Al Mergers, Acquisitions And continued to play an integral role in our Strategic Partnerships Remain Key growth strategy. Our acquisition of Scotia Aspect Of Group’s Growth Strategy. Insurance Caribbean Limited (SICL), Our recent acquisition, COLFIRE, has already subsequently renamed GK Life Insurance made noticeable contributions to the Group’s Caribbean Limited, was completed in March. performance, laying the foundation for growth In addition to the seven Caribbean markets and innovation in the Insurance sector. During GK Life Insurance Eastern Caribbean Limited the year, the Group also secured a minority already served (Anguilla, Antigua and interest in the Bahamian Brewery and Barbuda, Dominica, Grenada, St. Kitts and Beverage Company Limited and entered into Nevis, St. Lucia, and St. Vincent and the contract brewing arrangements with local Grenadines), GK Life Insurance Caribbean partners in Canada and Greece. In Guyana, Limited now offers credit protection insurance ANSA Motors introduced Hyundai construction in the five territories where SICL operated equipment to support that country’s booming (Barbados, Belize, the British Virgin Islands, building sector. We also introduced our paint the Cayman Islands, and the Turks & Caicos brands, Penta, Sissons and Berger, as well as Islands). Both companies operate under the our concrete and clay blocks, with the launch GK Life Insurance brand. In 2023, GK Life of our ANSA Building Solutions business. Insurance Eastern Caribbean Limited Looking ahead, we believe our Group’s value proposition, talented employees, good governance practices and strong balance sheet will serve us well in navigating any challenges which may arise. We are focused on strengthening and boosting the value of our existing operations while exploring strategic business opportunities. I am pleased to announce that in April 2024, we entered into a joint venture agreement with Globus Spirits Limited, a leading player in the Indian alcoholic beverage industry. The new joint venture company will engage in manufacturing, sourcing and distribution of beer in India, with an initial focus on introducing our flagship brand, Carib, to the Indian market. We believe that the company will play a pivotal role in meeting consumer demand and driving growth in the beverage sector in India.
A. Norman Sabga LLD (Hon.) UWI; (H.C.) UTT Executive Chairman, ANSA Mc Al Limited (Group)
DECEMBER 2024
also received regulatory approval to begin operating in St. Maarten, which will add a thirteenth market to its business. In February 2023, we increased our ownership in Catherine’s Peak Bottling Company Limited from 35% to 70%. Catherine’s Peak Bottling Company Limited, the owner of the Catherine’s Peak pure spring water brand, is now a subsidiary of our Group. Additionally, in October, we acquired Unibev Limited, a manufacturing company specializing in fully integrated beverage production. These acquisitions solidify GK’s position in Jamaica’s spring water market while vertically integrating our spring water operations. In alignment with our Jamaican food business’s growth strategy to acquire strong consumer brands with local and international potential, the acquisitions also further our plan to position GK as a regional leader in food and beverage manufacturing.
Don Wehby, OJ Group CEO, GraceKennedy Limited
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Promoting Green, Social, Sustainability, and Sustainability-Linked Bonds
Jamaica Green, Social, Sustainability and Sustainability-Linked Bonds and its linkage to Climate Change is part of the partnership between the Jamaica Stock Exchange(JSE) and the United Nations Development Programme(UNDP) Multi Country office in Jamaica being implemented under the Climate Promise Project.
Green Bonds: A Pathway for Caribbean CEOs to Champion Climate Resilience As climate risks intensify, Caribbean economies—largely dependent on natural resources and tourism—faced heightened vulnerability. Green Bonds are pivotal for CEOs striving to make impactful environmental investments. Green Bonds fund projects like renewable energy, waste reduction, and climate smart agriculture, aligning financial returns with measurable environmental benefits. Caribbean CEOs who issue Green Bonds not only gain access to new capital but also signal leadership in climate resilience, a move that enhances brand reputation and attracts responsible investors. Embracing these bonds supports long-term resilience by helping companies mitigate environmental risks while fostering sustainable growth. Green Bonds present a robust tool for Caribbean companies to reduce carbon footprints, prepare for climate impacts, and champion sustainability, making them leaders in regional climate resilience. DECEMBER 2024
Unlocking the Social Potential of Sustainability-Linked Bonds in the Caribbean In addition to environmental benefits, Sustainability-Linked Bonds (SLBs) offer CEOs a unique avenue to fund socially impactful projects. These bonds attract capital for critical social initiatives, such as affordable housing, healthcare, and educational programs. Caribbean companies can respond to both market demands and community needs by focusing on pressing social issues. SLBs provide financial flexibility, allowing CEOs to set clear social or environmental targets that, if met, adjust bond terms favorably. This growing class of bonds encourages companies to pursue measurable, impactful projects that can boost their market value and social footprint. Caribbean CEOs in sectors such as infrastructure and healthcare are well-positioned to lead, showcasing corporate responsibility in addressing social and economic challenges. SLBs offer Caribbean companies an innovative way to fund projects with strong social returns, enhancing community welfare while aligning with sustainable finance goals.
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Sustainability-Linked Bonds: Driving Corporate ESG Commitments for CEOs Environmental, Social, and Governance (ESG) goals are becoming essential benchmarks for investors worldwide. Sustainability-linked bonds (SLBs) support companies with diverse ESG commitments, allowing them to finance a variety of projects while committing to improved sustainability metrics.
A Strategic Tool for Growth: Why Caribbean Companies Should Embrace GSS Bonds
GSS Bonds not only offer financial resources but also provide Caribbean companies a way to enhance corporate growth and differentiation in a competitive market. Companies issuing GSS Bonds can gain access to new investors, benefit from potential tax Caribbean CEOs can use SLBs to pursue incentives, and improve operational ambitious ESG targets, such as reducing efficiency by investing in green carbon emissions or increasing projects. workforce diversity. These bonds appeal to investors seeking transparent impact By demonstrating sustainability reporting, as bond terms adjust based commitments, CEOs improve brand on achieving specific ESG milestones. By credibility, attract eco-conscious aligning with SLBs, Caribbean businesses consumers, and tap into new can secure investment from ESGmarkets prioritizing sustainability. conscious markets while positioning GSS Bonds can help companies themselves as leaders in corporate reduce long-term operational costs responsibility. by supporting investments in SLBs allow Caribbean companies to meet ESG goals and attract impactfocused investors, aligning corporate operations with global sustainability standards.
renewable energy and resource efficiency, translating into financial and environmental gains.
GSS Bonds offers Caribbean companies a strategic edge by promoting sustainable growth and allowing them to become recognized leaders in responsible investment.
The Future of Corporate Responsibility: Caribbean CEOs as Environmental Stewards Leadership calls on CEOs to view GSS Bonds, not only as financing options but as commitments to environmental stewardship. With the Caribbean & heightened exposure to climate change impacts, such as hurricanes and rising sea levels, corporate leaders havea unique opportunity—and responsibility—to lead in sustainability.
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The UNDP’s Climate Promise Project offers support to Caribbean CEOs in understanding and engaging with sustainable finance. Caribbean business leaders are encouraged to explore these Leadership calls on CEOs to view GSS resources, fostering an environment Bonds, not only as financing options but where GSS Bonds contribute to both as commitments to environmental corporate growth and regional stewardship. With the Caribbean & sustainability. heightened exposure to climate change impacts, such as hurricanes and rising Issuing GSS Bonds requires strategic planning and alignment with global sea levels, corporate leaders havea unique opportunity—and responsibility standards, but it offers significant benefits in terms of capital access, —to lead in sustainability. corporate reputation, and sustainability Caribbean CEOs can use GSS Bonds to impact. set ambitious goals for reducing Caribbean CEOs and companies are greenhouse gases, conserving critical and strategic proactive agents in ecosystems, and improving resource combating climate change while management. By actively embracing benefiting from sustainable investment these bonds, CEOs help position the opportunities. Caribbean as a regional leader in sustainable practices, inspiring other The Jamaica Stock Exchange and the companies to follow suit. UNDP’s Climate Promise Project offer significant resources combining GSS Bonds empower CEOs to become educational content with actionable environmental stewards, positioning insights, encouraging leaders to their companies as industry-wide integrate sustainable finance into their sustainability leaders. business strategies.
The Future of Corporate Responsibility: Caribbean CEOs as Environmental Stewards
How to Get Started with Green Bonds: A Guide for Caribbean Business Leaders
For companies new to sustainable finance, the Jamaica Stock Exchange provides practical guides to issuing GSS Bonds. JSE Guides cover the necessary steps, from aligning projects with the JSE’s GSS Bond framework to ensuring transparent reporting for investors. By clearly defining their environmental or social impact goals, companies can gain investor trust and secure competitive financing.
The Role of the Jamaica Stock Exchange (JSE) in Green Financing The Jamaica Stock Exchange (JSE) plays a pivotal role in promoting green financing and sustainable development in Jamaica and the wider Caribbean region. As a central financial institution, the JSE facilitates the mobilization of capital towards environmentally and socially beneficial projects, thereby supporting the transition to a more sustainable economy. Here’s an outline of the key roles the JSE plays in this domain:
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4. Catalyst for Economic and Social 1. Facilitator of Green Financial Development Instruments The JSE plays a crucial role in The JSE serves as a platform for the channeling funds towards projects that issuance and trading of Green, Social, Sustainability, and Sustainability-Linked support sustainable development goals (SDGs), such as clean energy, Bonds (GSS Bonds). These financial instruments are designed to raise capital affordable housing, and social equity initiatives. By enabling the financing of for projects with positive environmental such projects, the JSE contributes to the and social impacts, such as renewable overall economic and social energy initiatives, sustainable agriculture, development of Jamaica. This not only and infrastructure projects promoting helps to mitigate climate risks and climate resilience. The JSE helps ensure social inequalities but also promotes transparency, liquidity, and investor economic resilience and diversification. confidence by providing a regulated market for these bonds. 5. Partnership Builder and Innovator 2. Promoter of Sustainable Investment The JSE collaborates with local and The JSE actively promotes sustainable international partners, including investment by educating investors and government agencies, financial issuers about the benefits of GSS Bonds. institutions, and development Through webinars, workshops, and organizations, to foster innovation in partnerships with financial and green finance. These partnerships help environmental experts, the JSE provides to create a supportive ecosystem for stakeholders with the necessary green financing, encouraging the knowledge and tools to participate in the development of new financial products green finance market. This education and and services that meet the evolving awareness campaign helps to align needs of the market. For example, the investment strategies with environmental, JSE’s efforts to introduce innovative social, and governance (ESG) criteria, financing mechanisms, such as green encouraging a shift towards more bonds linked to specific sustainability responsible investment practices. outcomes, demonstrate its commitment to advancing sustainable finance. 3. Standard-Setter and Regulator As a regulatory body, the JSE establishes 6. Thought Leadership and Advocacy guidelines and standards for the Through its Thought Leadership issuance and reporting of GSS Bonds. Initiatives, such as publishing white These standards are aligned with papers, participating in global international best practices, ensuring conferences, and engaging with that projects financed by these bonds policymakers, the JSE advocates for meet rigorous environmental and social policies and regulations that support criteria. By setting these standards, the sustainable finance. The JSE’s thought JSE enhances the credibility of the green leadership helps shape the discourse finance market and protects investors around green finance in the Caribbean, from greenwashing (the practice of positioning Jamaica as a leader in this making misleading claims about the field and attracting international environmental benefits of a product or investment. investment).
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Financing Jamaica’s Climate Ambitions:
UNDP supports JSE in fostering enabling environment through partnership and capacity building
Our partnership with the Jamaica Stock Exchange A Message From is a vital step in this journey. Through a series of Kishan Khoday, sensitizations, we have laid the foundation for Resident Representative United Nations Development Programme (UNDP) increased awareness of Environmental, Social, and Governance (ESG) principles. Just recently we Multi-Country Office in Jamaica partnered with the JSE to execute an ESG capacityUNDP is proud to support the Government of building workshop to empower stakeholders with Jamaica in its efforts to meet and exceed its the knowledge, tools, and strategies to integrate Nationally Determined Contributions (NDCs) under the Paris Agreement, as part of our flagship initiative, ESG principles into their operations and decisionmaking processes. the Climate Promise Project. The private sector has a pivotal role to play in This collaboration exemplifies our shared driving sustainable finance. Businesses and commitment to addressing the global challenge of investors must see themselves not just as profitclimate change while fostering economic growth and resilience. driven entities but as agents of change capable of shaping a sustainable Jamaica. By adopting The interconnectedness of climate change and innovative financing models, supporting green climate finance cannot be overstated. Climate bonds, and prioritizing sustainable investments, change presents a significant threat to the the private sector can lead the charge toward a livelihoods, economies, and natural resources of low-carbon, resilient economy. Jamaica and the wider Caribbean. However, with this challenge comes opportunity. By mobilizing It is important to recognize that achieving a climate finance, we can accelerate the transition to greener and more sustainable Jamaica requires a greener, more sustainable future—one that the collective effort of all stakeholders— prioritizes renewable energy, resilient infrastructure, government, civil society, and the private sector. Kishan Khoday and nature-based solutions. Unlocking climate UNDP remains committed to working with the Resident Representative, The finance is not merely a technical or financial Government of Jamaica, the JSE, and all partners Bahamas, Belize, Bermuda, Cayman exercise; it is about creating pathways for to foster an environment that enables sustainable Islands, Jamaica and Turks & Caicos sustainable development, enhancing economic finance, drives meaningful climate action, and - United Nations stability, and ensuring a healthier planet for Development Programme (UNDP) secures a prosperous future for all Jamaicans. generations to come. Multi- Country Office in Jamaica
Building a climate resilient future: The climate promise project and sustainable finance in Jamaica The Role of UNDP in Building Resilience UNDP plays a pivotal role in helping The impacts of climate change are no longer a countries like Jamaica develop strategies distant reality but a present challenge. Jamaica, to adapt to climate change. Through like other Small Island Developing States (SIDS), technical assistance, funding, and faces rising sea levels, intensifying hurricanes, knowledge sharing, UNDP supports and prolonged droughts that threaten initiatives such as renewable energy livelihoods, ecosystems, and the economy. projects, sustainable agriculture and These challenges call for immediate and collaborative action to mitigate risks and adapt research to advance the blue and green to a changing climate. economy. UNDP’s collaboration with Jamaica underscores the importance of One of the most critical aspects of addressing integrating resilience into every facet of climate change lies in financing sustainable development planning. From local solutions. The United Nations Development community programs to national policy Programme (UNDP), in partnership with the Jamaica Stock Exchange (JSE), is leading a bold frameworks, their efforts ensure that no one is left behind in the journey toward initiative under the Climate Promise project to raise awareness about sustainable finance as a climate resilience. Understanding the Climate Crisis
catalyst for resilience and development.
The Climate Promise Project: Supporting Change The Climate Promise project is a global UNDP initiative aimed at supporting countries in delivering on their climate commitments under the Paris Agreement. In Jamaica, the project emphasizes green growth, capacity building, and fostering innovative solutions to climate challenges. A recent focus has been raising awareness about sustainable finance, a concept that aligns investment with environmental, social, and governance (ESG) principles. The goal is to empower stakeholders, from policymakers to private investors, to recognize the transformative potential of investing in sustainable and climate-resilient initiatives.
UNDP and JSE: A Strategic Partnership In October 2024, UNDP and the JSE hosted a sensitization workshop as part of the Climate Promise project. This event brought together key stakeholders, including government officials, investors, and environmental advocates, to discuss the role of sustainable finance in addressing climate change. The workshop highlighted the need for capacity building and knowledge sharing to create a robust ecosystem for green investments. It also showcased best practices from other countries, emphasizing the potential for Jamaica to lead the Caribbean in sustainable finance.
Investing in a Sustainable Future
As the world races to meet the goals of the Paris Agreement, Jamaica is positioning itself as a leader in the Caribbean for sustainable Sustainable Finance: A Key to Climate development. The partnership between UNDP Action Sustainable finance involves investments and the JSE demonstrates how collaboration can drive meaningful change. that consider ESG factors, ensuring that
economic growth does not come at the expense of environmental or social wellbeing. By promoting sustainable finance, Jamaica can attract investments in renewable energy, climate-smart infrastructure, and green industries. The Jamaica Stock Exchange has been instrumental in this effort. Recognized globally for its innovation, the JSE is now championing a sustainable future by preparing to launch a Sustainable Green Bond. This financial instrument will enable both public and private sector entities to raise capital for environmentally sustainable projects, creating a win-win for economic growth and environmental protection.
Sustainable finance is more than an economic tool—it is a promise to future generations. By aligning investments with environmental and social priorities, Jamaica is charting a path toward resilience, prosperity, and sustainability.
The Way Forward The Climate Promise project is a reminder that addressing climate change requires collective effort. With the support of UNDP and forward-thinking institutions like the JSE, Jamaica is building a resilient economy that values sustainability.
The Partnership Between the UNDP Climate Promise and the Jamaica Stock Exchange (JSE) – Pioneering Green Finance in the Caribbean In the face of climate change, one of the most pressing challenges of our time, governments, businesses, and financial institutions must come together to find innovative solutions. The Jamaica Stock Exchange (JSE), in partnership with the United Nations Development Programme (UNDP), is at the forefront of this global movement, spearheading initiatives that leverage green finance to support sustainable development in the Caribbean. Their partnership, embodied in the UNDP’s Climate Promise project, seeks to integrate sustainability at the core of financial markets, bringing together the tools needed to address the environmental, economic, and social challenges facing the region. The collaboration between the JSE and UNDP Jamaica exemplifies the power of collective action in driving positive change. Together, they are not only providing the necessary infrastructure for Green, Social, Sustainability, and Sustainability- Linked Bonds (GSS+ Bonds) to thrive, but they are also fostering an ecosystem where sustainable investments can flourish, creating long-term benefits for both businesses and the environment.
The Role of the Jamaica Stock Exchange (JSE)
Through the Climate Promise initiative, the UNDP supports the JSE in its efforts to build a sustainable finance ecosystem that empowers businesses to adopt sustainable practices. This partnership offers both technical and financial support, helping the JSE to refine its market offerings and develop innovative solutions for the Caribbean’s unique environmental and economic challenges.
Key Goals of the Partnership: • Facilitating the Transition to Green Finance: The JSE and UNDP are working together to enable the smooth transition of the Caribbean’s financial markets towards green, sustainable practices. By promoting Green Bonds and other sustainable financial products, the partnership helps businesses raise capital for environmental and social projects that align with global sustainability goals. • Supporting Investment in Climate Change Mitigation and Adaptation: The partnership focuses on directing investments toward projects that support climate change mitigation and adaptation in the Caribbean. Through sustainable financial instruments, the JSE and UNDP are ensuring that the region is better equipped to address the challenges posed by climate change, from rising sea levels to more frequent natural disasters.
As the leading securities exchange in the Caribbean, the Jamaica Stock Exchange has long been committed to facilitating the growth and development of its financial markets while maintaining a strong focus on sustainability. Under the leadership of Dr. Marlene Street Forrest, Managing • Building Capacity and Knowledge: A critical aspect of the partnership is Director of the JSE, the exchange has introduced national guidelines for the shared commitment to building capacity within the Caribbean financial thematic bond issuance, facilitating investments in environmentally and sector. The JSE and UNDP work together to educate businesses, investors, socially beneficial projects. The JSE is now focusing on launching the Green and policymakers on the benefits and opportunities of green finance, Bond Plus in 2025, a dedicated platform that supports the listing and trading ensuring that sustainable investments are fully understood and integrated of sustainable financial products, including Green, Social, Sustainability and into regional strategies. Sustainability-Linked Bonds. The JSE’s ongoing commitment to sustainability is reflected in its partnership with the UNDP, which aims to bring about transformative change by leveraging the power of finance to fund Impact on Caribbean sustainable development initiatives.
Promoting Green Finance in the Caribbean: The Jamaica Stock Exchange (JSE) plays a pivotal role in advancing green finance by developing guidance, products, and market segments to channel more capital towards Green, Social, Sustainable, and Sustainability-Linked (GSSS+) and establishing a trusted and transparent platform, currently in its development stages, for listing GSS+ Bonds. Through this evolving platform, regional companies will gain access to capital for projects that align with the United Nations’ Sustainable Development Goals (SDGs). These bonds are powerful tools for financing initiatives that reduce carbon emissions, advance renewable energy, enhance social infrastructure, and drive resilient economic growth. As a leader in Jamaica’s financial sector, the JSE has consistently fostered capital formation and investment opportunities, underpinned by its reputation for transparency, innovation, and robust regulatory oversight. As a proud member of the Sustainable Stock Exchanges Initiative, the JSE recognizes its critical role in promoting sustainable economic development. The Exchange remains committed to building an ecosystem that supports a more environmentally responsible and sustainable future for Jamaicans and regional investors alike. These efforts are in harmony with the government’s reform agenda under the IMF agreement, particularly Pillar 3 of the Resilient and Sustainable Facility, which calls for establishing a framework for green bond issuance and trading. This alignment underscores the importance of creating accessible pathways for green finance, enabling both public and private entities to engage in sustainable investments. Amid the growing global challenges of climate change and social inequality, investors are increasingly seeking opportunities to support the transition to a low-carbon, equitable economy. This demand signals a vibrant and emerging market for sustainable finance. Encouragingly, there is significant interest from prospective issuers—not only in Jamaica but across the Caribbean—who are eager to explore the opportunities presented by green bonds. With the JSE’s leadership and support, this market holds immense potential to drive meaningful, sustainable development across the region.
The UNDP Climate Promise – A Powerful Collaboration
The UNDP’s Climate Promise project is one of the key components of the UN’s commitment to tackling climate change. Launched in 2019, the initiative works with countries to enhance their Nationally Determined Contributions (NDCs) and align their climate action plans with the Paris Agreement. In the Caribbean, the partnership between the UNDP and the JSE aims to create a regional framework for sustainable finance, with a focus on mobilizing the capital necessary to fund the region’s climate and development goals.
Businesses and Investors
For Caribbean companies, the JSE-UNDP partnership provides access to a wealth of opportunities. By participating in the green bond market, companies can attract a new wave of investors who are increasingly focused on sustainability and environmental, social, and governance (ESG) factors. These investors are looking to support businesses that are committed to making a positive environmental and social impact, providing companies with an opportunity to align their financial growth with global sustainability trends. For institutional and retail investors, the partnership creates a transparent and secure platform for engaging in sustainable investments. The JSE’s green bond market allows investors to diversify their portfolios while supporting projects that align with the SDGs and the global transition to a low-carbon economy. The JSE’s commitment to maintaining high standards of governance and transparency ensures that investors can have confidence in the impact and returns of their investments.
A Vision for the Future The partnership between the JSE and UNDP is not just about today—it’s about the future. The work that is being done today will have long-term impacts, not just on the Caribbean’s financial markets but on the region’s resilience and prosperity. By supporting the growth of sustainable bonds and ESG, the JSE and UNDP are laying the foundation for a more sustainable and equitable Caribbean, where businesses thrive, communities are resilient, and the environment is protected for generations to come. Through the Climate Promise initiative, the UNDP and JSE are demonstrating that sustainable finance is not a passing trend, but a necessary framework for ensuring long-term development. As the partnership continues to evolve, we look forward to seeing even more innovative solutions that will enable the Caribbean to play its part in addressing the global climate crisis while building a prosperous, sustainable future.
Conclusion The collaboration between the Jamaica Stock Exchange and the UNDP is a powerful example of how financial markets can be harnessed to promote sustainability. By aligning with the UN’s climate goals and leveraging the JSE’s market expertise, this partnership is setting the stage for a green finance revolution in the Caribbean. Together, the JSE and UNDP are ensuring that businesses, investors, and communities can benefit from a future that is not only financially rewarding but also environmentally and socially responsible.
Green, Social, Sustainability and Sustainability Linked Bonds (GSS Bonds) — Dr. Marlene Street Forrest, Managing Director, Jamaica Stock Exchange (JSE) As the world faces unprecedented environmental challenges, it has never been more critical for businesses and investors to come together and support sustainable solutions. The Jamaica Stock Exchange (JSE) has long been committed to driving economic growth while ensuring that sustainability remains at the core of our operations. In partnership with the United Nations Development Programme’s (UNDP) Climate Promise, we are excited to present this special eight-page pull-out feature, which focuses on the growing importance of Green, Social, Sustainability, and Sustainability-Linked Bonds (GSS Bonds) in the Caribbean. This feature offers insights into how GSS Bonds are not just financial instruments but powerful tools that can help combat climate change, support social equity, and drive sustainable economic development. With a focus on the transformative potential of these bonds, the feature highlights the role they can play in shaping the future of Caribbean markets and contributing to global sustainability goals.
JSE and UNDP capacity-building session entitled “Empowering Sustainable Finance: ESG and Green Financing” Held on November 21st - 22nd at the AC Hotel and The Jamaica Pegasus.
Mr. Kishan Khoday, Resident Representative, United Nations Development Programme (UNDP) MultiCountry Office in Jamaica
At the heart of this initiative is our commitment to providing a platform for companies, investors, and financial institutions to take part in the green finance revolution. Together, we can accelerate the transition towards a low-carbon, resilient, and equitable future.
Remarks - The Jamaica Stock Exchange Is Leading The Charge In Advancing Sustainable Finance In The Caribbean. The Jamaica Stock Exchange is proud to Through this partnership with the UNDP lead the charge in advancing sustainable Climate Promise, we are reinforcing our finance in the Caribbean. As we launch commitment to creating an enabling this special feature in collaboration with environment where Green Bonds can the UNDP Climate Promise, we recognize flourish. The insights and stories shared that the need for innovative financial in this and other features will help solutions has never been more urgent. demystify the process of issuing and investing in Green, Social, and The devastating impacts of climate Sustainability-Linked Bonds. We hope to change are already evident, and it is inspire corporate leaders, institutional clear that immediate, bold actions are investors, and retail investors to required to ensure that future consider these bonds as viable solutions generations can thrive in a world that is for not only contributing to global both environmentally sustainable and sustainability efforts but also achieving socially just. financial success. In the face of these challenges, Green, As the Managing Director of the Social, Sustainability, and Sustainability- Jamaica Stock Exchange, I am deeply Linked Bonds (GSS Bonds) offer a unique proud of the strides we have made in opportunity for businesses and investors developing a robust market for to make a meaningful impact. sustainable finance. However, this is just the beginning. The potential for growth These bonds are not only an investment is vast, and it is up to all of us— in the environment and society but also a governments, businesses, investors, and smart financial decision. By aligning individuals—to drive this agenda financial returns with sustainability goals, forward. they create a win-win scenario for both investors and the planet. I encourage you to engage with the content of this and other special At the JSE, we have always believed that features, explore the opportunities that financial markets have a critical role to Green Bonds offer, and join us in play in driving positive change. We are building a more sustainable, prosperous working diligently to ensure that our future for Jamaica, the Caribbean, and market is a conduit for green and the world. sustainable investments, providing the necessary infrastructure for issuers and I extend my gratitude to all our partners, investors to come together. This is a vital stakeholders, and the UNDP for their part of our strategy to foster resilience in continued support and commitment to our markets, enhance transparency, and this important work. Together, we are contribute to the region's economic making a difference, and I look forward growth while addressing the to the progress we will make in the environmental and social issues that months and years ahead. impact us all. Thank you for your attention and participation.
Participants from the Financial Services Commission
From Left: Ms. Kerry-Ann Willis - Project Manager – UNDP Jamaica and the Workshop Facilitator, Mrs. Onyka Barrett, Principal, Consultant – Pinnacle Impact International.
From Left: Mrs. Patrice Smith-Lindo – Project Manager, Jamaica Stock Exchange; Ms. Kerry-Ann Willis – Project Manager – UNDP Jamaica; Mr. Kishan Khoday – UNDP Resident Representative, United Nations Development Programme (UNDP) Multi-Country Office in Jamaica; Mrs. Onyka Barrett, Principal Consultant – Pinnacle Impact International; Mr. Andre Gooden – Business Development Manager, Jamaica Stock Exchange.
Engaged Workshop Participants
ESG TRANSFORMATION IN THE CARIBBEAN: HOW LOCAL AND GLOBAL COMPANIES ARE RESHAPING CORPORATE
ESG Transformation in the Caribbean How Local and Global Companies are Reshaping Corporate Responsibility and Acheving Impact
As Environmental, Social, and Governance In the Caribbean, companies like Royal (ESG) factors gain traction worldwide, Caribbean Group are also setting Caribbean companies are increasingly ambitious ESG goals. The company's aligning with these principles to meet growing “Seastainability” report highlights a demands for transparency and responsibility. multifaceted approach to ESG, such as Globally, companies across industries are implementing waste-to-energy systems demonstrating the impact of ESG initiatives on and engaging in biodiversity projects. their brand value, stakeholder trust, and even This not only demonstrates responsible financial performance. In this evolving environmental stewardship but also landscape, the Caribbean region is taking builds stronger connections with local significant strides in its own ESG journey, often communities, enhancing the brand’s inspired by or collaborating with international reputation in the tourism industry. corporations. To further align with international International companies have set benchmarks standards, regional firms can adopt practices like regular ESG impact for comprehensive ESG integration that assessments, clear data-driven metrics, Caribbean firms are beginning to adopt. For example, Unilever & Sustainable Living Plan and industry collaborations to address and Microsoft’s carbon-negative pledge have shared challenges. illustrated how companies can drive social According to PwC’s 2022 Caribbean and environmental impact while Corporate Governance Survey, while over strengthening business resilience. 60% of Caribbean firms acknowledge ESG’s strategic importance, board-level Unilever’s initiatives, for instance, have led to substantial reductions in waste, water use, and engagement on ESG remains limited, underscoring the need for greater greenhouse gas emissions, enhancing both operational efficiencies and brand perception. governance oversight and education. Likewise, Microsoft's 2020 commitment to carbon negativity has inspired tech companies to adopt more robust carbon reduction strategies. Microsoft’s early achievements, including powering data centers with renewable energy, underscore how an ambitious ESG plan can benefit both environmental outcomes and investor confidence.
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As Caribbean companies refine their ESG strategies, they are positioning themselves as competitive players in an increasingly responsible global economy. By adopting and adapting international best practices, these firms are driving positive change and enhancing their appeal to a growing base of ESG-conscious investors, customers, and communities.
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Hybridized Work Environment
This ESG shift is poised to shape the Caribbean’s corporate landscape, reflecting a larger global transformation that values sustainable and ethical growth.
In line with global trends, Sagicor has adopted a hybrid work model to minimize its physical footprint. This strategy has significantly reduced the need for employee commutes, thus decreasing the company’s carbon emissions. Furthermore, office spaces have been outfitted with energy-efficient lighting, leading to a 75% reduction in energy consumption, which contributes to both environmental conservation and operational cost savings.
Embracing ESG: Sagicor Group Jamaica’s Comprehensive Approach to Sustainability and Community
Digital Transformation
Sagicor Group Jamaica’s steadfast dedication to Environmental, Social, and Governance (ESG) principles reflects a core philosophy that permeates its vision, mission, and operational practices. Recognizing the role that corporate entities play in shaping a sustainable future, Sagicor has developed robust initiatives across each ESG component to drive value for stakeholders and contribute meaningfully to the Caribbean’s longterm resilience and prosperity.
Environmental Stewardship Sagicor’s commitment to environmental sustainability is evident in its strategies for energy conservation, sustainable sourcing, and waste management. These initiatives are guided by a focus on reducing the company’s ecological footprint and supporting Jamaica’s transition to a climate-resilient economy.
Water Security Partnership Recognizing the vulnerability of water resources, Sagicor has partnered with the government to ensure reliable water access across Jamaica. This collaboration aims to make water readily available even during droughts by 2025, underscoring a forward-looking approach to resource security.
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To further reduce its environmental impact, Sagicor has initiated a comprehensive digital transformation effort, aiming to minimize paper usage across the organization from 2024 to 2027. This shift not only reduces waste but also aligns with global best practices for sustainable business operations.
Eco-Waste Disposal
In collaboration with Recycling Partners of Jamaica, Sagicor Foundation has launched the Sigma Run Go Green Team to collect and recycle plastic waste from its events. This project has successfully recycled over 27,000 bottles, demonstrating Sagicor’s commitment to waste management and environmental responsibility.
Social Responsibility Sagicor’s social responsibility framework centers on fostering community wellbeing, promoting social equity, and enhancing access to essential resources. Through targeted programs, the company supports marginalized communities and invests in sectors critical to Jamaica’s social and economic development.
Support for the Farming Community
Sagicor has created specialized financial products,such as agroprocessing loans, to support farmers and fisherfolk.
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ESG TRANSFORMATION IN THE CARIBBEAN: HOW LOCAL AND GLOBAL COMPANIES ARE RESHAPING CORPORATE
This initiative includes affordable healthcare options, reflecting Sagicor’s dedication to meeting the needs of those who often lack access to traditional financial services and healthcare.
Health and Education Investments Over the past 26 years, Sagicor has invested more than J$600 million in Jamaica’s healthcare infrastructure, contributing to hospitals, children’s health, and disability support services. Additionally, Sagicor’s scholarship programs provide educational support at both tertiary and secondary levels, helping to foster a well-rounded, educated workforce for the nation’s future.
Empowering Women and Marginalized Groups
Data Privacy and Cybersecurity Data privacy is a priority for Sagicor, which has established a comprehensive Data Privacy Programme. This includes appointing a dedicated Data Protection Officer and adopting a “Privacy-by-Design” approach for product development. In addition, Sagicor’s cybersecurity framework adheres to global best practices, supported by board-approved policies and active threat monitoring.
Regulatory Monitoring and ESG Framework Development
Sagicor offers entrepreneurial support programs and products designed to empower women and promote social equity. By providing family support leave policies and mentorship programs, the company cultivates a workplace environment that values inclusivity and diversity.
Sagicor stays at the forefront of ESG regulatory changes, actively monitoring emerging standards and aligning its practices accordingly. The company is currently building out a dedicated ESG framework, which will further integrate sustainability into its corporate strategy, ensuring long-term alignment with global ESG priorities.
Governance Excellence
Conclusion
Upholding the highest standards of integrity and transparency, Sagicor’s governance framework is geared toward responsible, accountable leadership. This commitment is reinforced through rigorous policies, a focus on data privacy, and proactive cybersecurity measures.
Sagicor Group Jamaica’s multifaceted ESG approach exemplifies a commitment to responsible business that goes beyond profit. By addressing environmental impacts, fostering social well-being, and adhering to ethical governance practices, Sagicor not only contributes to the Caribbean’s sustainable development but also strengthens its position as a leader in the region’s financial and social landscape.
Corporate Governance Structure Sagicor has implemented a robust governance structure, with committees dedicated to investment, risk management, and IT oversight. This framework ensures vigilance across all operational areas, positioning the company to adapt to evolving risks and challenges. Furthermore, Sagicor’s property services are ISO certified, a mark of quality assurance and commitment to excellence.
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The company’s dedication to ESG is an inspiring model for other organizations seeking to integrate these essential principles into their operations and support a more sustainable, inclusive future for the Caribbean.
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ESG TRANSFORMATION IN THE CARIBBEAN: HOW LOCAL AND GLOBAL COMPANIES ARE RESHAPING CORPORATE
By providing these materials to farmers as low-cost animal feed, ANSA McAL reduces landfill waste and supports local agricultural economies.
Caribbean Natural Capital Hub
Supporting Sustainable Development Goals: ANSA McAL Group’s Progress in Sustainability
ANSA McAL Group, one of the Caribbean’s leading conglomerates, has consistently advanced its commitment to sustainable development. Since 2015, ANSA McAL has actively invested in green energy, circular economy initiatives, and equal opportunity policies, supporting several United Nations Sustainable Development Goals (SDGs). In recent years, its efforts have amplified, with initiatives across renewable energy, waste reduction, workforce safety, cybersecurity, and ESG integration. Here’s a closer look at some key projects and the SDGs they advance.
Investing in Green Energy
In collaboration with The Cropper Foundation, ANSA McAL’s financial entities, ANSA Merchant Bank and ANSA Bank, launched the Caribbean Natural Capital Hub SME Grant Challenge in Trinidad and Tobago. This initiative fosters corporate awareness of environmental responsibility, supporting SDG 15: Life on Land. By introducing a technical working group to explore nature-based reporting, ANSA McAL contributes to preserving and enhancing biodiversity.
Safe Working Environment Prioritizing a safe workplace, ANSA McAL has reduced workplace accidents by 38% since implementing Safe Systems of Work training. Over 2,400 employees completed this program, aligning the Group with SDG 8: Decent Work and Economic Growth by promoting safe, productive employment.
Enhanced Cybersecurity ANSA McAL’s investment in cybersecurity, including a new Security Operations Centre (SOC) with Security Orchestration, Automation, and Response (SOAR) capabilities, underscores the Group’s commitment to SDG 9: Industry, Innovation, and Infrastructure. The Group’s 24/7 threat detection and incident response services exemplify how technology can strengthen resilience in an increasingly digital business environment.
Since 2015, ANSA McAL has led renewable energy initiatives, generating over 121,000 MWh of green energy in 2023. This aligns directly with SDG 7: Affordable and Clean Energy and SDG 13: Climate Action. The recent signing of a Memorandum of Understanding (MOU) with Kenesjay Green Limited at COP 28 reinforces the Group’s dedication to advancing privatesector green energy projects across the Equal Opportunity and Culture Transformation Caribbean, which will help reduce regional carbon footprints and mitigate climate In addressing SDG 5: Gender Equality, change. ANSA McAL has assessed gender equity Circular Economy i remuneration across five major job levels, with pay differences favoring ANSA McAL’s circular economy approach women in some cases. addresses SDG 12: Responsible Consumption and Production. ANSA Packaging's impressive The Group’s culture transformation 91% increase in glass collection for recycling in initiatives also aim to create an Trinidad and Tobago exemplifies this enriching, equitable work environment. commitment, as does the Beverage Sector’s By promoting diversity and inclusivity, redirection of over 2.4 million kilograms of spent ANSA McAL supports work-life balance malt grains from CARIB Breweries. and a culture of growth.
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ESG TRANSFORMATION IN THE CARIBBEAN: HOW LOCAL AND GLOBAL COMPANIES ARE RESHAPING CORPORATE
ESG Framework and Enterprise Risk Management In 2023, ANSA McAL established a Group-wide Sustainability Committee, with representatives from all sectors, alongside the launch of its ESG framework. This framework, designed to integrate sustainability into corporate strategy, supports SDG 16: Peace, Justice, and Strong Institutions by fostering governance that is transparent and ethical. Furthermore, the ANSA McAL Playbook & Risk Standard defines the Group’s minimum risk management requirements, emphasizing safety, governance, and long-term impact.
By funding and participating in educational initiatives, KWL helps foster future leaders, workforce talent, and engaged citizens who can drive regional growth.
Promoting Decent Work and Economic Growth
One of KWL’s core beliefs is that every employee’s life should be positively impacted through their employment. The company’s Decent Work and Economic Growth strategy aims to nurture personal, professional, and community development by providing resources for self-sustaining growth. This commitment includes competitive wages, career advancement As ANSA McAL builds on these efforts, the Group opportunities, and a supportive work sets a benchmark for corporate responsibility in environment that reflects the SDG spirit of the Caribbean, aligning its strategic direction “teaching a man to fish.” with international best practices and the UN Sustainable Development Goals. Fostering Sustainable Cities
and Communities
Kingston Wharves Limited's 2023 ESG Initiatives: Advancing Sustainability, Community Well-Being and Environmental Protection In 2023, Kingston Wharves Limited (KWL) reinforced its dedication to Environmental, Social, and Governance (ESG) practices by aligning with eight key United Nations Sustainable Development Goals (SDGs). As a crucial logistics hub in Jamaica, KWL uses its position and resources to create a sustainable impact, not only within its operations but also across the Newport West Port Community and Jamaica as a whole.
Commitment to Quality Education and Community Engagement KWL is committed to empowering local communities through investments in Quality Education. The company supports early childhood education, youth development, and sports, recognizing that strong educational foundations contribute to long-term community resilience.
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Recognizing the importance of safe and sustainable urban environments, KWL is dedicated to building Sustainable Cities and Communities. KWL actively promotes civic pride and environmental responsibility within the Newport West area, organizing and sponsoring clean-up and recycling initiatives. This commitment extends beyond its facilities to positively affect the surrounding areas, creating a healthy, dignified, and welcoming space for both residents and visitors.
Environmental Conservation: Life Below Water and Life on Land Protecting marine and terrestrial ecosystems is central to KWL’s ESG mission. Through programs aligned with Life Below Water and Life on Land, the company has implemented measures to limit environmental impact. KWL spearheads plastic waste reduction, coastal clean-ups, and recycling projects to safeguard marine biodiversity. On land, KWL’s responsible sourcing practices and biodiversity initiatives strive to balance human activity with the preservation of natural habitats.
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ESG TRANSFORMATION IN THE CARIBBEAN: HOW LOCAL AND GLOBAL COMPANIES ARE RESHAPING CORPORATE
Gender Equality and Community Empowerment KWL champions Gender Equality within its organization, providing leadership opportunities and supporting initiatives that empower all employees, regardless of gender. This inclusive approach strengthens the company’s organizational culture, fosters innovation, and demonstrates the impact of gender equity in driving sustainable corporate success.
Industry, Innovation, and Infrastructure Investments KWL’s investments in Industry, Innovation, and Infrastructure reflect its commitment to long-term economic and technological advancement. The company continually invests in state-of-the-art technology and infrastructure to support its sustainability objectives and strengthen its operations. This focus on innovation includes integrating environmental and social governance practices into all business functions, reinforcing KWL’s role as a regional leader in responsible business practices.
Climate Action and Tracking Carbon Footprint KWL has intensified its Climate Action initiatives, measuring and tracking greenhouse gas emissions from electricity and fuel use to reduce its carbon footprint. Through these ongoing assessments, KWL can implement data-driven strategies that contribute to climate change mitigation. All new construction plans incorporate fuel, energy, and water efficiency mechanisms, aligning with global standards for sustainable development.
Waste Management and Recycling In 2023, KWL made significant strides in recycling and waste management,emphasizing the importance of Eco-Waste Disposal.
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In 2023, KWL made significant strides in recycling and waste management, emphasizing the importance of EcoWaste Disposal. The company introduced plastic bottle recycling within its daily operations, strategically placing recycling bins throughout its facilities. By collaborating with Recycling Partners of Jamaica, KWL organized two community clean-ups focused on reducing plastic waste and educated employees about the environmental impact of waste disposal. A plastic bottle recycling competition further engaged employees and vendors, reinforcing KWL’s commitment to environmental stewardship within the port community.
Conclusion Kingston Wharves Limited’s 2023 ESG activities highlight a comprehensive and proactive approach to sustainable business practices. Through targeted initiatives in education, environmental conservation, community well-being, and infrastructure, KWL exemplifies a responsible corporate entity that seeks to contribute to both local and global sustainability goals. As KWL continues to embed the UN SDGs into its business operations, it sets a standard for Caribbean enterprises committed to achieving a sustainable and resilient future for the region.
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ESG TRANSFORMATION IN THE CARIBBEAN: HOW LOCAL AND GLOBAL COMPANIES ARE RESHAPING CORPORATE
GraceKennedy: Pioneering Environmental, Social, and Governance (ESG) for Sustainable Growth GraceKennedy (GK) is undergoing a transformative integration of Environmental, Social, and Governance (ESG) principles into its operations. This comprehensive approach, rooted in the company’s corporate governance values, underscores GK’s commitment to sustainable growth and resilience within the communities it serves. Following the release of its first ESG statement in 2022 and an extensive ESG materiality assessment in 2023, GK established seven primary ESG goals. These goals are set to guide GK’s trajectory toward a sustainable future while meeting the expectations of stakeholders.
Integrity and Governance: Strengthening Trust and Transparency Upholding the highest standards of integrity remains at the core of GK’s values. By December 2024, GK aims to establish a dedicated ESG hub on its website, where stakeholders can access the company’s ESG policies and reports. In addition to broadening its stakeholder engagement program, GK plans to publish a comprehensive Environmental, Social, and Governance Policy by 2025, creating a transparent platform for dialogue and ongoing feedback integration.
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Employee Welfare and Diversity: Building a Respectful Workplace As part of its commitment to a safe and inclusive work environment, GK strives to be an employer of choice. Key goals for December 2025 include launching a comprehensive Health, Safety, and Wellness Policy and implementing diversity training across all GK divisions. With a focus on enhancing employee engagement, GK’s workplace initiatives aim to create an atmosphere where each team member feels valued for their contributions.
Responsible Products and Services: Bolstering Consumer Confidence GK has made responsibility and data privacy cornerstones of its business practices. The company plans to launch a Group Data Protection Policy by the end of 2023 and enhance cybersecurity awareness by 2026. Additionally, GK’s financial literacy program, GK Money Sense, is evolving into a broad-based training initiative designed to help customers make informed financial choices by December 2025. Aiming to support healthier lifestyles, GK has also committed to an accelerated product development strategy that reduces fat, salt, and sugar content across its portfolio by the same date.
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ESG TRANSFORMATION IN THE CARIBBEAN: HOW LOCAL AND GLOBAL COMPANIES ARE RESHAPING CORPORATE
GK has also set ambitious targets for volunteer hours and investment, aiming for 4,000 hours and J$370 million annually in community development by 2030. These initiatives focus on expanding access to education, promoting healthy lifestyles, and fostering environmentally sustainable
Environmental Stewardship: Minimizing Ecological Impact
The “We Care” Report: Mapping GK’s ESG Journey
In September 2023, GK published its inaugural ESG “We Care” report, which documents the Reducing environmental impact is company’s sustainability journey and outlines central to GK’s ESG agenda. By December its ESG goals and targets. This report 2024, GK plans to implement strategies represents a milestone in GK’s commitment to to reduce virgin plastic use in its products ESG, providing a transparent account of its and, by 2025, launch a comprehensive progress, priorities, and vision for the future. sustainability strategy for all GK entities. Expanding its greenhouse gas (GHG) Through these initiatives, GraceKennedy is not measurement and tracking efforts, GK only enhancing corporate sustainability but intends to implement GHG reduction also contributing to a resilient future for its strategies across all operations by 2026, stakeholders and the wider Caribbean underscoring the company’s community. GK’s commitment to ESG commitment to climate resilience and principles marks a forward-thinking approach sustainable resource management. that sets the stage for a legacy of sustainable growth and community empowerment.
Community Engagement: Supporting Vibrant and Inclusive Communities Improving community well-being is a top priority for GK. By 2024, GK will introduce an online CSR portal within its ESG hub, tracking community-focused activities across the organization.
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HARNESSING ARTIFICIAL INTELLIGENCE
Harnessing Artificial Intelligence How Caribbean Businesses Are Transforming with AI In recent years, Caribbean business leaders have increasingly integrated Artificial Intelligence (AI) into their companies to foster innovation, drive efficiency, and tackle region-specific challenges. As AI becomes more sophisticated, Caribbean firms are leveraging this technology to address economic and operational hurdles—from financial services to supply chain optimization. However, the region also faces unique challenges in AI adoption, including limited local AI expertise, data privacy concerns, and the potential for cultural misrepresentation. One of the primary drivers of AI adoption in the Caribbean has been the financial sector, with banks and fintech firms at the forefront. These companies have implemented AIdriven fraud detection, customer service chatbots, and automated risk assessment models to enhance security and improve customer experiences. In Trinidad and Tobago, for example, banks like Republic Bank has been implementing AI tools to improve fraud detection, helping to safeguard customer transactions and detect suspicious activities more effectively. In the retail and service sectors, AI is reshaping customer interaction.
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With consumer preferences shifting toward digital platforms, AI-powered solutions such as chatbots and personalized recommendation engines are becoming more popular. These tools allow businesses to create more engaging customer experiences, increase satisfaction, and drive sales. Some companies in the tourism industry have adopted AI to personalize marketing, predicting and targeting preferences to enhance travel experiences for visitors. The Caribbean is also home to several initiatives that use AI to address environmental issues. In response to climate vulnerabilities, there’s growing interest in AI solutions for monitoring and predicting weather patterns, as well as in natural resource management. Caribbean companies and governments alike are exploring ways AI can support disaster preparedness and resilience planning, with AI-driven insights allow faster, more accurate responses to natural disasters. These efforts not only contribute to regional resilience but also have potential appeal for global investors looking to support sustainable initiatives.
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HARNESSING ARTIFICIAL INTELLIGENCE Despite these advancements, Caribbean AI adoption is not without its challenges. Many AI algorithms are trained on datasets that may not represent Caribbean demographics accurately, potentially leading to biases or cultural misalignments in AI-driven decisions. In response, local businesses and policymakers are advocating for more inclusive AI practices that reflect the region’s diversity. They emphasize the importance of investing in regional data infrastructure and developing AI training programs to cultivate homegrown AI expertise, ensuring that Caribbean needs and perspectives are represented in AI technologies. AI adoption in the Caribbean is a strategic shift that has significant potential to reshape industries and create new economic opportunities. By advancing technology, enhancing training, and addressing the ethical implications of AI, Caribbean business leaders are working to position the region as an innovative and sustainable player in the global AI landscape. With these initiatives underway, the Caribbean is beginning to harness the power of AI, paving the way for a future where technology and local needs align seamlessly.
1. ChatGPT (OpenAI) Why: Natural Language Processing (NLP) chatbots like ChatGPT can improve customer support, streamline queries, and handle FAQs 24/7. Benefit: Automates customer service, freeing up human resources for complex tasks while improving response time and customer satisfaction. 2. Tableau with AI Integration Why: Data analytics platforms like Tableau incorporate AI to assist with data interpretation and visualization. Benefit: Helps Caribbean businesses derive actionable insights from raw data, enabling more informed decision-making and strategic planning. 3. HubSpot AI for Marketing and Sales Why: HubSpot’s AI-powered tools offer predictive lead scoring, content optimization, and customer segmentation. Benefit: Boosts marketing efficiency by personalizing outreach and optimizing customer acquisition strategies based on data-driven insights. 4. Zoho CRM with Zia (AI Assistant) Why: This CRM software uses an AI assistant called Zia, which can automate tasks, interpret trends, and offer predictive analytics. Benefit: Enhances customer relationship management through predictive customer behavior insights and automates repetitive tasks, allowing teams to focus on building relationships. 5. UiPath (for Robotic Process Automation)
Top 10 AI Tools Caribbean Business Why: UiPath is an RPA tool that enables Leaders Must Incorporate For businesses to automate repetitive tasks, Future Growth such as data entry, invoicing, and To remain competitive and adaptable, Caribbean businesses can benefit significantly from adopting a curated suite of AI tools. Below are the top 10 AI tools Caribbean companies should consider integrating by 2025 to drive efficiency, customer engagement, and operational excellence:
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scheduling. Benefit: Improves operational efficiency and accuracy by eliminating human error in repetitive processes, which is especially beneficial for businesses in finance, logistics, and customer service.
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HARNESSING ARTIFICIAL INTELLIGENCE 6. Microsoft Azure AI Incorporating these tools can give Why: Azure offers a suite of AI services, Caribbean businesses a competitive including machine learning, cognitive services, edge, improve decision-making, foster and language processing. better customer relations, and safeguard Benefit: Azure AI can be tailored to meet diverse data security. As AI becomes a standard needs, from predictive analytics to enhancing component of business strategy, these cybersecurity and implementing smart supply tools enable leaders to leverage data chain solutions. and technology to meet the evolving demands of their markets. 7. Hootsuite Insights with AI-Driven Social Guarding the Digital Frontier: Media Management How Caribbean Business Leaders Why: AI in Hootsuite provides real-time social Fortify Against Cyber-Risk media analytics and predictive scheduling for in a Rising Threat Landscape posts. Benefit: Assists companies in managing brand Caribbean business leaders are increasingly prioritizing cyber resilience presence across multiple platforms by as the region faces an evolving and providing actionable insights and optimizing pervasive cyber-risk landscape. This engagement times. shift is largely driven by factors such as the digital transformation of industries, 8. Salesforce Einstein (AI-Integrated CRM) increased connectivity, and the adoption Why: Salesforce Einstein enhances CRM by of AI, which bring both advantages and offering AI-powered sales predictions, personalized marketing, and customer insights. new security challenges. Benefit: Improves customer retention and personalization efforts, making it easier for businesses to predict customer needs and deliver targeted solutions.
Cyber-attacks can disrupt business operations, damage brand reputation, and lead to financial losses—pressing concerns for Caribbean businesses that operate across diverse sectors and geographic locations.
9. IBM Watson for Cybersecurity Why: As AI for cybersecurity, Watson can detect Companies across the Caribbean are threats, provide recommendations, and strengthening their cybersecurity automate responses. measures through extensive risk Benefit: Strengthens cybersecurity defenses, a management frameworks, workforce critical aspect as cyber threats continue to training, and collaboration with evolve in sophistication. This is especially international cybersecurity entities. For crucial for financial and tech-centric industries instance, PwC’s Global CEO Survey reveals in the Caribbean. that a significant portion of Caribbean 10. DataRobot (Automated Machine Learning) Why: DataRobot simplifies machine learning model deployment, making AI accessible for non-specialists. Benefit: Allows businesses to predict trends, optimize inventory, and even personalize customer experiences by leveraging predictive analytics without extensive data science expertise.
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CEOs consider cyber-risk their top concern, as digitization heightens vulnerability to cyber-attacks.
However, despite recognizing these risks, many businesses are only gradually increasing their investments in cybersecurity, suggesting that further resources may be required to reach optimal resilience
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HARNESSING ARTIFICIAL INTELLIGENCE In response, several Caribbean nations are developing national cybersecurity strategies and fostering private sector partnerships through organizations such as CARICOM and the Organization of American States (OAS). These initiatives support companies in implementing robust cyber risk management practices and enhancing their resilience through comprehensive action plans and technical support, as seen with countries like Jamaica, Trinidad and Tobago, and Barbados. Moreover, proactive measures, such as ANSA McAL’s establishment of a 24/7 Security Operations Center, have enabled continuous monitoring and response capabilities, which are essential for countering real-time threats. The Caribbean’s financial sector, in particular, is highly vigilant due to its reliance on digital platforms and the regulatory obligations of maintaining secure systems. Financial institutions are deploying advanced cybersecurity measures, including regular vulnerability testing and enhanced data protection protocols. Additionally, there is growing awareness of the potential risks associated with generative AI, as businesses recognize its potential to facilitate cyber-attacks and misinformation campaigns. This awareness underscores the necessity of integrating AI risk management into broader cybersecurity strategies. Additionally, there is growing awareness of the potential risks associated with generative AI, as businesses recognize its potential to facilitate cyber-attacks and misinformation campaigns. This awareness underscores the necessity of integrating AI risk management into broader cybersecurity strategies.
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In summary, Caribbean businesses are actively seeking ways to fortify themselves against cyber threats, recognizing the critical importance of cybersecurity for operational continuity and trustworthiness. By continuing to invest in cybersecurity and collaborating on regional and international levels, Caribbean companies can better protect their digital assets and maintain resilience against the ever-present threat of cyber-attacks.BS
The Risk Of Cyber-Attacks Remains Heightened The risk of cyber-attacks remains heightened because of, among other things, the evolving nature and pervasiveness of cyber-threats, our prominent size and scale, our geographic footprint and international presence, our companies’ exposure to and reliance on networked systems, the internet, digital platforms and our expanding role in the financial services industry and the broader economy. As the adoption of Artificial Intelligence (AI) rises, new risks emerge that may not have been on the radar of organisations until recently. Generative AI technologies may be abused by persons seeking to spread misinformation and disinformation, facilitate cyber-attacks, or access sensitive personal data, each with the potential to cause anything from a fall in share price to a loss of brand trust. The Group mitigates cyber-risk by maintaining protective measures including training, vulnerability and penetration testing, redundant systems and other safeguards to support our operations and bolster our operational resilience, including periodic third-party evaluation of our Group’s cybersecurity risk programme. Anthony N. Sabga III, Group Chief Executive Officer, The ANSA McAL Group
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BUSINESSUITE WOMEN 2024
The Rise of Female-Led Companies in the Caribbean: Driving Business Success and Breaking Barriers
The corporate landscape in the Caribbean is experiencing a transformative shift as more women assume leadership roles, enhancing company performance and fostering diverse, inclusive work cultures. This trend is not only contributing to breaking the corporate glass ceiling but is also producing measurable business success. Studies reveal that female-led companies tend to outperform their maleled counterparts, benefiting from unique perspectives and leadership approaches that drive innovation and resilience. One such example is Audrey Tugwell Henry, President and CEO of Scotia Group Jamaica Limited, has championed initiatives supporting women-led businesses through programs like the Scotiabank Women Initiative in Jamaica. This initiative aids women entrepreneurs and business owners with access to financial resources, networking, and mentorship, crucial for enabling their businesses to thrive. Under Henry’s leadership, Scotiabank has established the Caribbean Inclusion Council, focusing on fostering diversity and supporting the advancement of female professionals across the region.
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Henry’s involvement in the Scotiabank Caribbean Network’s Mentorship Program also highlights her commitment to nurturing future leaders, reinforcing a culture where female professionals are equipped to break through barriers in corporate leadership. Melanie Subratie, Chairman and CEO of Stanley Motta Limited, has also made strides by assembling the Caribbean’s first all-female board of directors, a move that exemplifies female empowerment in the region. This leadership model helps to combat stereotypes and serves as a beacon for other companies. A recent S&P Global study corroborates the advantages of female leadership, finding that companies led by women experience greater stock price appreciation and improved profitability. This impact is not isolated to the Caribbean; internationally, firms with gender-diverse boards and executives often see benefits like better financial returns and more robust decisionmaking, attributed to the inclusive perspectives women bring. The broader Caribbean is seeing more female executives shaping policies that foster inclusivity and drive long-term business success.
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BUSINESSUITE WOMEN 2024 For example, across the Caribbean, there has been an increase in programs and policies that promote gender equality on boards, a trend aligned with research by the World Economic Forum indicating that companies with a greater share of female leaders tend to outperform their peers in productivity and innovation. As these leaders pave the way for upcoming generations, they provide valuable mentorship, reinforcing a sustainable talent pipeline that will likely benefit the Caribbean's economic and social development.
Stanley Motta’s recent performance reflects her strategic vision: the company reported a 95.8% increase in Net Operating Income, reaching J$1.86 billion, and total comprehensive income rose by 111.2% to J$1.77 billion.
Shareholder equity grew 26% to J$7.66 billion, and the market capitalization stood strong at J$4.08 billion at the end of 2023. This robust financial position signals the company’s ongoing success and its potential for further expansion under Subratie’s direction. Moreover, with an allWith the region’s growing emphasis on female board that includes experts like female representation, Caribbean businesses Blondell Walker and Sandra Glasgow, are well-positioned to leverage the diverse Stanley Motta is a trailblazer in insights women leaders bring. This shift holds championing gender diversity in corporate promise for not only driving business growth leadership. but also creating a legacy of equality and opportunity in the region’s corporate framework.
Businessuite Highlights A Few Of These Female Business Leaders Driving Business Success And Breaking Barriers
Anya Schnoor and Audrey Tugwell Henry: Strengthening Scotia Group Jamaica Limited Anya Schnoor, Chair of the Board of Directors, and Audrey Tugwell Henry, President and CEO, are redefining Melanie Subratie: Visionary leadership at Scotia Group Jamaica Leadership at Stanley Motta Limited Limited (SGJL). With over three decades in As the Chairman and CEO of Stanley Motta the financial sector, Schnoor’s strategic Limited, Melanie Subratie has driven a unique vision has been essential in aligning SGJL transformation in commercial real estate, with global standards, positioning it as a spearheading growth that emphasizes premier financial institution in the technological advancement and sustainable Caribbean. Tugwell Henry, with a strong infrastructure. Melanie’s leadership portfolio focus on empowering women, spans various sectors, holding high-level roles spearheaded the Scotiabank Women across numerous companies, including Musson Initiative, providing crucial support for (Jamaica) Limited, Seprod Limited, and PBS women-led businesses. Group. Her guidance has established Stanley Motta as a key player in business process Under their leadership, SGJL’s financial outsourcing (BPO) with 58 HWT, one of the results for the year ending October 31, Caribbean’s largest technology parks. 2023, are impressive.
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BUSINESSUITE WOMEN 2024 Under their leadership, SGJL’s financial results for the year ending October 31, 2023, are impressive. Net income rose by 67% to J$17.2 billion, a testament to their operational efficiency and risk management. SGJL continues to invest in digital innovations, with initiatives such as the improved Online Banking platform and QFlow automated queuing system, enhancing customer experience. With a productivity ratio of 49.81% and a Return on Equity of 15.15%, SGJL’s commitment to shareholder value and operational excellence is evident. The recent launch of Scotia Protect, a digital-first insurance subsidiary, marks a new chapter for SGJL, aligning with the bank’s strategy to diversify services and deepen its market reach.
Daniela Bucaro and Ginelle Lambie: Navigating Growth at Unilever Caribbean At Unilever Caribbean, Daniela Bucaro, Chair, and Ginelle Lambie, Managing Director (Ag.), are leading an ambitious shift towards profitable growth amidst challenging market conditions. Bucaro, a marketing expert, and Lambie, a seasoned finance professional, bring a balanced leadership approach that addresses both consumer insights and financial resilience. Under their stewardship, Unilever Caribbean has focused on expanding its Beauty and Personal Care line, which now accounts for 52.6% of total revenue—a significant increase from 39.8% in the previous year. Despite a 20.1% decline in revenue due to economic pressures, Unilever Caribbean achieved a 393.5% increase in Profit Before Tax, reaching $26.5 million. Cost optimization measures improved operating margins to 12.4%, underscoring the team’s commitment to sustainable, profitable growth. Unilever Caribbean’s dedication to delivering shareholder value is evident, with total dividends reaching $0.56 per share, supported by a robust cash reserve and favorable retained earnings.
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Top 100 Caribbean Chief Executive Officers Businessuite 2024 #1 Caribbean Chief Executive Officer
Keith Duncan, CD
Group Chief Executive Officer,JMMB Group of Companies
TOP 100 CARIBBEAN CHIEF EXECUTIVE OFFICERS Businessuite 2024 #1 Caribbean Chief Executive Officer Keith Duncan CD Group Chief Executive Officer, JMMB Group of Companies
Known for his commitment to youth development, Keith served as Chairman of the National Youth Service from 2003 to 2009.
He worked closely with the respective boards and teams to fulfil the mission of Keith is an Executive Director and the Group creating and reforming Jamaica’s youth to Chief Executive Officer of the JMMB Group of become purposeful citizens. Companies and has responsibility for overall Mr. Duncan is also a founding member of performance and charting the strategic direction of the Group. the YUTE Programme in Jamaica (Youth Upliftment through Employment). His financial expertise has not only benefited the JMMB Group but also the Jamaican In 2020, Keith was awarded the National financial sector. Keith served as President of Honour, the Order of Distinction, in the rank the Private Sector Organisation of Jamaica of Commander, by the Government of (PSOJ) for the period 2019 - 2022, which was Jamaica for his exceptional service in during unprecedented times of the COVID-19 Finance, Business, Youth Empowerment and Pandemic. Community Development. SFC provides the Group with country and He also served as a Vice-President of the PSOJ throughout 2013 – 2015, and is currently business line diversification, operating in 21 countries and as a major player Co-Chair of PROJECT STAR - A partnership predominantly within the Insurance industry. for social & economic transformation In This was particularly beneficial to the Group Jamaica. in the adverse operating environment, which Keith Duncan is a Past President of the negatively impacted the investment Jamaica Securities Dealers Association business of financial services in the region. (JSDA) and continues to contribute his The JMMB Group’s investment in SFC service to Jamaica through various roles, contributed J$20.3B in Share of profit of including his current appointment as Chairman of the Economic Programme and associate, which was significantly driven by one-off gains on its acquisition of the ivari Oversight Committee (EPOC). Insurance Company in Canada. He is also the immediate Past Chairman of The US$250M or 22.52% acquisition of SFC in the National Information and 2019 has proven to be a good diversification Communications Technology Advisory investment that continues to provide solid Council (NICTAC), which provides advisory returns for the JMMB Group. services to the Ministry of Science, Energy and Technology in relation to its’ ICT Portfolio. However, the total contribution from Under his leadership, the JMMB Group was business lines and share of profit from SFC conferred with the American Foundation for were tempered by prudent loan loss the University of the West Indies (AFUWI) provisioning of J$12.6B for a startup Award for Excellence in Business Leadership greenfield operation in the Energy sector, in February 2020 and the prestigious ‘Best of which was rated Investment grade by Chamber Award’ from the Jamaica CariCRIS and, as such, was an allowable Chamber of Commerce in March 2011. asset which received wide support from the financial sector in the region.
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TOP 100 CARIBBEAN CHIEF EXECUTIVE OFFICERS As is customary, the Group will inform the public if it has undertaken any new opportunities in this regard, once it is legally permitted to do so.
Group Strategic Outlook – Vision 2026 From a macroeconomic perspective, the Group continues to monitor the outlook on inflation and interest rate policy decisions by the US Federal Reserve and central banks across the region. In its June 2024 meeting, the Federal Reserve kept its interest rate unchanged, which it has since July 2023, and has projected only one rate cut for the remainder of 2024, down from its March forecast that called for three reductions. With that said, the Group expects that monetary policy will begin to loosen and that there could be interest rate reductions by the US Federal Reserve, Bank of Jamaica and the Central Bank of the Dominican Republic. These initial interest rate cuts could be followed with further moderate reductions in interest rates, which will be positive for financial markets and augur well for the JMMB Group’s financial performance over the short to medium term.
Inorganic Growth The Group continues to manage M&A opportunities that could potentially deliver long-term sustainable returns to the Group. This inorganic growth strategy continues to look for opportunities to further diversify the Group across business lines and territories. Regarding the most recent October 2022 Bell Bank acquisition, JMMB Bank in DR has transitioned into a commercial bank. The team remains focused on unlocking value in this business by deepening client partnership, credit risk and collections processes as they move forward.
Rising to the Challenges, Delivering Value The financial year 2023/2024 represented an inflection point for the JMMB Group. The Group continued to face the strong headwinds posed by the high interest rates globally and restrictive monetary policies in two jurisdictions, as well as low market liquidity in all markets, which would have constrained the growth of the Company. Nevertheless, the Group demonstrated its resilience to deliver credible results because of its diversification strategy. During the financial year, the team initiated and began the acceleration of strategic imperatives needed to realign the business, especially in Jamaica, where the Investments business was significantly impacted by high interest rates and illiquidity market conditions.
Going forward, the Group expects that the economic climate will remain uncertain,potentially due to geopolitical events and natural disasters. Notwithstanding, the Group remains confident in its people, knowledge, and expertise to navigate any potential challenges that may present themselves. Keith Duncan CD, Group Chief Executive Officer, JMMB Group of Companies
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TOP 100 CARIBBEAN CHIEF EXECUTIVE OFFICERS
Businessuite #1 Trinidad and Tobago Chief Executive Officer
Mr. Ian Mitchell
Chief Executive Officer , National Flour Mills Limited In pursuit of our purpose, ‘To Feed Our Caribbean Families’, our strategic initiatives continued to focus on our two strategic pillars of improving profitability through productivity and growth through innovation. In service of improving profitability through productivity, efforts were expended on restructuring the organisation to create a more agile workforce. Mr. Mitchell holds a Post Graduate Diploma in We moved away from jobs that were highly specialised to roles that embrace and reward Finance and an International MBA from the multiskilling and flexibility. Arthur Lok Jack Global School of Business. To complement this process, the performance National Flour Mills Limited (NFM) management system is being re-engineered, National Flour Mills Limited (NFM) was and this process will continue in 2024 to ensure incorporated in 1972 and over the years has that team members are held accountable and been recognised as the leader in flour milling fairly rewarded for their efforts. This will now allow feed milling and dry mix operations the organisation to continue to attract the throughout Trinidad and Tobago. top-level talent that is needed to deliver a very ambitious and exciting strategy. NFM has emerged from the pandemic Our ability to continue to aggressively grow our stronger and more resilient than before. profitability is contingent on our ability to Plagued by challenges emanating from the further develop, attract and retain top-level talent. global environment, NFM focused its efforts There has been a careful mix of new talent with on developing its human capacity, restructuring the organisation and improving existing up-and-coming talent from within the organisation. This blend is what we consider to be its processes. As a result, NFM achieved a the winning formula. Training and development 63.6% increase in Gross Profit from $93M in have always represented a significant area of focus 2022 to $152M in 2023. Operating Profit and investment for NFM, and in 2023, we went increased by 376% from $12.4M to $59.3M further by implementing a Graduate Trainee year on year, and Profit after tax increased to Programme. This programme offers an opportunity $35.5M from $6.9M in 2022. for talented young graduates to gain on-the-job professional experience. Graduates of this These significant improvements could only Programme would certainly contribute in a have been achieved through the synergies meaningful way to the sector, if not directly to NFM, among processes, people and equipment. in the not-too-distant future.
Mr. Ian Mitchell has been the Chief Executive Officer of National Flour Mills Limited since February 31, 2021. Mr. Mitchell was previously employed as the Managing Director of Ansa Polymer, is an Engineer by profession with experience in the manufacturing sector of Trinidad and Tobago.
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TOP 100 CARIBBEAN CHIEF EXECUTIVE OFFICERS
Businessuite #1 Jamaica Junior Market Company Chief Executive Officer -
Oliver Townsend
Chief Executive Officer, Knutsford Express Limited Oliver Townsend is the Chief Executive Officer of the company. Mr. Townsend has served in the Tourism and Service Sector for over 26 years in various management capacities including those that involved marketing locally and overseas. His career began in Caribic Vacations, a family-owned destination management company, where he served as Director of Transport and CEO. He also serves as Director of Caribic Vacations Limited. Mr. Townsend holds a B.Sc. in Electrical Engineering from the New York Institute of Technology, as well as an MBA from the Florida International University. Knutsford Express began changing the way you travel on June 1, 2006, and our mission has always been to provide world-class service to our customers. Whether you’re taking one of our coaches for a trip across the island, or need to send a package locally or overseas, we’ve got you covered. We now serve 18 major towns in Jamaica, including connections to both major International airports in the country, Norman Manley International Airport and The Donald Sangster International Airport.
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Our offices are located in convenient spots islandwide so that we can be there for you, whether you’re an individual or an organization.
Knutsford Express Limited We Are Excited About The Future Of Our Company
We’re always striving to improve our services, and now, we even offer online shipping services, airport shuttle services, and pickup services for select locations. If you sign up for a Courier Plus account, you can access even more KE benefits and take advantage of our competitive and affordable rates. The trends in travel that we observed in the latter period of the prior financial year has held true, as travel has returned with a groundswell. The upsurge or return seems sustained and Jamaica’s Pax arrival figures continue to outpace trends and keep breaking records. Being considered Jamaica’s premier islandwide transport solution, coupled with the aforementioned trend continues to reinforce the extraordinary responsibility, privilege and expectation to improve our customers’ lives.
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TOP 100 CARIBBEAN CHIEF EXECUTIVE OFFICERS In a challenging environment we are dedicated to nurturing this trust through undiminished efforts in maintaining and improving our level of safety, reliability and convenience.
We have in this period, set into motion solutions including the ordering of several premium double decker and full-sized coaches equipped with toilets, charging points, and other Knutsford Express conveniences. In an effort to add convenience to the lives of our customers we have begun development of innovations that will truly streamline the process of booking and checking into trips to reduce wait times at our stations.
Profitability Net profit has increased to a record three hundred and four million dollars ($304M) from seventy eighty million dollars ($78M). The operational transport efficiencies gained in the post-covid era continue to serve us well. Our departure frequency and schedule management have generated higher efficiencies in fleet utilization. This has helped us to contain our overall expenses to one billion three hundred twenty-eight million dollars ($1,328M) an increase of three hundred forty-nine million dollars ($349m) or 35.6% over the previous period. These costs were driven mainly by a 59.6% increase in staff costs in response to increase customer demand.
DECEMBER 2024
The strong transportation demand also led to increases in other direct transport costs. As expected fuel costs climbed by 44.4% to two hundred seventeen million dollars ($217M) from one hundred fiftyone million dollars ($151M) over the previous financial year followed by a 36.1% increase in toll fees which totalled fortyseven million dollars ($47M) up from thirty-five million dollars a year ago.
As fuel prices hover around new historic highs and toll passage fees continue to keep pace, it is precisely these circumstances that continue to affect motorists’ pockets that serve to boost our passenger ridership. Other notable increases are from combined utility costs which rose 29% in this period to sixty-six million dollars ($66M) up from fifty-one million ($51M) in the financial year 2022. Telephone costs (which include internet costs) have risen significantly and has been driven largely by customers’ shift in buying patterns towards online bookings and the more convenient digital solutions. Growing bandwidth has its own attendant costs, but we know that the impact will be diminished over time as increasingly more of our revenue will be derived from the virtual platform. Regular electricity and water utility costs have increased as we strive to satisfy our travelling customers and our team in the comfortable surroundings of all of our locations in the face of increased global temperatures.
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TOP 100 CARIBBEAN CHIEF EXECUTIVE OFFICERS
Businessuite #1 Eastern Caribbean Chief Executive Officer -
Larry Lawrence MBA, Acc. Dir Managing Director, Grenada Co-operative Bank Ltd.
On June 7th, 2021 Mr. Larry Lawrence took up the position of Managing Director, Designate at Grenada Co-operative Bank Limited. Established in 1932, Grenada Cooperative Bank Limited is Grenada’s largest indigenous commercial bank with assets of over $1.4B, two hundred (200) highly trained staff, five (5) Retail Banking Units, Broker-Dealer operations, and a network of thirty (30) Automatic Teller Machines. Mr. Lawrence holds a Master of Business Administration (MBA) in Finance from University of Leicester and a Banking Certificate from the Institute of Financial Services. In addition to his educational credentials, Mr. Lawrence brings with him twenty-seven (27) years of commendable banking experience in local and regional markets having served an international bank in the capacity of Country Head, Turks & Caicos Islands (TCI) and head of Corporate Banking in Grenada.
including thirteen (13) years as Managing Director, retired from the Bank on December 5th, 2021.
Grenada Co-operative Bank Limited The fiscal year 2023 was a decisive period for Grenada Co-operative Bank Limited. This was marked by the improved financial performance of the Bank’s book of business pre-CIBC FirstCaribbean and the significant growth and strategic expansion following the acquisition of CIBC FirstCaribbean Grenada business. The Bank experienced substantial increases in net profit after tax, total assets, and earnings per share. Notably, net profit after tax measured $21.9 million, a historic high for the institution, while total assets surged from $1.61 billion in 2022 to $2.22 billion in 2023.
During his banking tenure, he has amassed considerable capabilities and expertise in maintaining robust control frameworks, as well as executing focused and disciplined change management. Mr. Larry Lawrence replaced Mr. Richard W. Duncan who, after twenty-five (25) years of dedicated service,
DECEMBER 2024
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TOP 100 CARIBBEAN CHIEF EXECUTIVE OFFICERS
The acquisition not only bolstered the Bank’s market share but also solidified its position as the largest commercial bank in Grenada. The improved financial performance allows us to build resilience and capacity, so that we can invest in delivering high quality financial services, ensuring a fair return for our shareholders whilst improving the lives of our citizens across Grenada, Carriacou and Petite Martinique.
Financial Review The Bank’s total assets experienced a 38% increase, reaching $2.2 billion in 2023. This significant growth was evident across various asset categories including cash and cash equivalents, loans and advances, investments securities, and other assets and prepayments. Furthermore, this expansion was supported by increases in customers’ deposits, subordinated debt, and equity, reflecting the Bank’s robust financial performance and strategic initiatives undertaken during the fiscal year.
DECEMBER 2024
Statement of Income Review The Bank recorded an exceptional performance in 2023. Net profits surged to $21.9 million or 938% when compared to the $2.1m achieved in 2022. This substantial increase in profits can be attributed to the following key factors: • Total revenue reached $104.3 million, a significant increase from the $71.5 million achieved in 2022. Notably, interest income, investment income, and other income experienced respective increases of $5.1 million, $10 million, and $27.7 million, contributing to the overall growth in revenue. • Total expenditures amounted to $75.2 million, demonstrating a 9% increase from the $69.1 million spent during the same period in 2022. Despite the rise in expenditure, prudent cost management measures ensured that the increase remained manageable relative to the substantial growth in revenue. These factors collectively drove the substantial increase in net profits, and ultimately resulted in a significant boost in earnings per share, rising from $0.28 in 2022 to $2.88 in 2023. This impressive growth underscores the Bank’s commitment to delivering value to its shareholders and stakeholders through prudent financial management and strategic decision-making
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TOP 100 CARIBBEAN CHIEF EXECUTIVE OFFICERS
Businessuite #1 Barbados Chief Executive Officer
Mark St. Hill
CIBC Caribbean Bank Limited
Prior to this, Mark was appointed Managing Director, Retail & Business Banking in May 2013 where he had responsibility for the development and growth of CIBC First Caribbean’s Retail &Business Banking operations including the Bank’s cards issuing business.
Previous to his appointment as Managing Director, Retail & Business Banking, Mark was the Barbados Country Manager and Managing Director of CIBC FirstCaribbean’s Barbados Operating Company. Previous to that he was the Director, International Banking with responsibility for the leadership and development of the International Banking (Personal & Corporate) offering across the six centers in The Bahamas, Barbados, British Virgin Islands, Cayman, Curacao and Turks and Caicos Islands. An experienced banker with 33 years in various positions spanning Insurance Brokerage, Retail Banking, Corporate Banking, Credit Risk, International Banking and Wealth Management, Mark has also held senior management positions in several countries in the Caribbean such as Grenada, British Virgin Islands and Barbados.
DECEMBER 2024
Mark is a Fellow of the British Institute of Chartered Secretaries and Administrators, a graduate of the FirstCaribbean Executive Leadership Program with Wharton Business School and has also completed the Master’s Certificate Program in Financial Services Leadership in conjunction with Schulich School of Business and CIBC. He is also the President of the Barbados Hockey Federation.
Transforming Itself Into The Region’s Premier Multi-Channel Financial Services Institution 2023 has seen significant change for CIBC FirstCaribbean. Our bank has delivered on its strategy of transforming itself into the region’s premier multi-channel financial services institution, as it prepares itself for growth in the coming years.
Today, its operational success and achievements are to be celebrated, while looking forward to the next exciting phase. The divestitures which the bank has completed in the past year, with sales of its assets in St. Vincent and Grenada to Bank of St. Vincent & Grenadines and Grenada Co-operative Bank Limited respectively,
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TOP 100 CARIBBEAN CHIEF EXECUTIVE OFFICERS and its exit from Dominica, are part of the Bank’s revised focus on 10 key markets, which will help it to achieve its stated goal of providing banking service to its clients in a variety of formats, from creative digital solutions via mobile devices, to in branch client service and financial advice. The two final divestitures in the Dutch Caribbean islands of St. Maarten and Curaçao, which were announced at the end of the fiscal year and are subject to regulatory approval, complete the bank’s right-sizing phase, and herald a renewed focus on growth in our core markets. Your board is fully supportive of these plans, as it believes the focusing on our 10 key markets represents the best way forward to achieve our long-term growth and success of our Bank. The Bank delivered a strong financial performance for the fiscal year as we continued to execute our client-centric strategy focused on deepening client relationships, The Bank delivered a strong financial performance for the fiscal year as we continued to execute our client-centric strategy focused on deepening client relationships, enhancing our digital banking offerings, simplifying operations and investing in our people. Our strategic investments are creating a strong foundation for future growth and optimization of resources across our strategic business segments.
DECEMBER 2024
For the year ended October 31, 2023, the Bank reported net income of $269.9 million, up $93.5 million or 53% from the prior year’s net income of $176.4 million. Adjusted net income was $267.0 million, after excluding net gains of $2.9 million related to the previously announced divestitures compared with adjusted net income1 of $186.9 million at the end of 2022.
The year’s significantly improved results were largely due to the revenue uplift from higher US benchmark interest rates in our primary US dollar denominated operating companies in the Bahamas and the Cayman Islands. As the regional economies continued to recover from the aftermath of the COVID-19 pandemic, transaction-based operating income returned to normalized levels, improving over the year. While the high interest rate environment has improved margins in 2023, loan growth has been moderate in line with costlier debt and clients’ debt management strategies. Deposit growth has also slowed, as some client inflows have been directed towards alternate investment products or debt repayment. In 2024, a softer pace for economic growth and sustained inflation levels are likely to have broad implications across our strategic business units. However, even with some fluidity in the economic outlook, we are confident we can build on our momentum and drive strategic long-term growth.
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TOP 100 CARIBBEAN CHIEF EXECUTIVE OFFICERS
Businessuite #1 Guyana Chief Executive Officer
Pravinchandra Dave Demerara Bank Limited – Group
Mr. Pravinchandra Dave has over three decades of professional banking experience in an executive capacity. Equipped with a vast spectrum of knowledge of banking operations, he spearheaded the Bank into a leading financial institution in Guyana and has been instrumental for the rapid growth and expansion of the Bank. Mr. Dave is the recipient of the Golden Arrow of Achievement (A.A.) that was conferred in 2018.
In The World Of Banking, Achieving The Extraordinary Requires Bold Aspirations. The bank recorded another exceptional year of performance for the financial year ended September 30, 2023. Our continuous outstanding performance lies in our financial discipline, strategies for investment and continuous development in our human resources. Moreover, the confidence and expectations of our shareholders and customers have undoubtedly influenced our growth and passion for improvement to become a digital frontier bank.
For September, 2023, we have successfully maintained a spotless record with zero NonPerforming Loans yet again while our loan portfolio expanded by 23 percent over the year. This exceptional accomplishment is a direct result of the diligent and prudent management exhibited by our dedicated staff, under the wise guidance of our esteemed Board of Directors. We have embarked on a transformative journey that was characterized by audacious goals and steadfast determination. Our vision to grow our revenue was not without its challenges, but it underscored our commitment to our customers, shareholders, and the communities we serve.
Just a year ago, we were the only bank that did not have any Non-Performing Loans which was unheard of in the financial sector.
DECEMBER 2024
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TOP 100 CARIBBEAN CHIEF EXECUTIVE OFFICERS
We set the bar high and persevered relentlessly. The Net Profit of the bank increased significantly by 37.9 percent to $4.075 billion in comparison to $2.954 billion in 2022. Total Deposits increased from $107.0 billion to $139.1billion; increasing by 30 percent over the previous year. Total Advances of the bank increased from $58.2billion to $71.4 billion in 2023; showing a rise of 22.7 percent over the corresponding 2022 period. Investments of the group as at September 30, 2023 was $53.5 billion. Zero non-performing loans as the end of the reporting period. Earnings per Share increased from $6.57 per share to $9.06 per share as at September 30, 2023 indicating an increase of 37.9 percent. Return on Average Assets as at September 30, 2023 was 2.85 percent which is far higher than the industry average. Shareholders’ Funds have gone up from $16.7 billion to $19.8 billion; showing a rise of 18.2 percent from the previous year. Return on Shareholders’ Funds has been substantial over the year and recorded a return of 20.6 percent for the year ended September 30, 2023. The Book Value of the shares has gone up from $37.20 per share in 2022 to $43.96 per share in 2023; showing a rise of 18.2 percent over the previous year.
DECEMBER 2024
Income and Expenses The bank was able to achieve Profit Before Taxation of $5.945 billion, an increase of 21.7 percent over the previous year and an After-Tax Profit of $4.075 billion, an increase of 37.9 percent for the period ended September 30, 2023. These outstanding results were primarily attributed to a focused approach to improve our income mix. Interest Income increased by 25.4 percent or $7.907 billion of which income from loans and advances increased by 20.4 percent whist income from investment grew by 36.2 percent. Interest Expenses increased by $35 million or 4.4 percent while NonInterest Expenses have moved from $1.741 billion to $1.951 billion; showing a rise of 12.0 percent over the previous year. Despite inflationary challenges in the broader economic landscape, the bank has demonstrated its ability to effectively manage expenses. The main contributor to Non-Interest Expenses was mainly an increase in staff costs since we consider our staff as our most valued asset. Notably, the bank focuses on maintaining a strong cost/income ratio through innovative cost-saving strategies and remains committed to financial prudence
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TOP 100 COMPANIES REVENUE
Businessuite 2024 Top 100 Caribbean Companies US$ Revenue US$ (2024)
US$ (2023)
Massy Holdings Limited
$2,087,542
$1,824,063
2
ANSA Mc AI Limited
$1,036,235
$942,749
6
3
Republic Financial Holdings Limited
$1,001,029
$900,276
5
4
GraceKennedy Limited
$996,200
$944,263
3
5
NCB Financial Group Ltd
$882,171
$968,954
2
6
Guardian Holdings Limited
$799,910
$717,602
11
7
$720,791
$523,017
10
8
$715,463
$577,028
9
9
$688,763
$604,219
12
10
$538,744
$484,416
8
11
$386,941
$397,490
NR
12
$377,034
$184,376
14
13
$363,596
$315,429
17
14
$341,073
$267,230
16
15
$327,883
$304,016
13
16
$322,057
$339,186
19
17
$313,033
$260,368
7
18
$300,904
$271,208
18
19
$284,884
$279,948
22
20
Scotiabank Trinidad & Tobago Limited Banks DIH Ltd
$236,038
$213,507
25
21
Prestige Holdings Limited
$195,472
$162,997
26
22
Lasco Distributors Limited
$187,579
$177,104
77
23
Pan Jamaica Group Limited:
$186,396
$16,744
36
24
Future Energy Source Company
$184,332
$175,256
24
25
Caribbean Cement Company Limited
$178,158
$172,289
2023
2024
1
1
4
DECEMBER 2024
Company
Seprod Limited CIBC Caribbean Bank Limited Prestige Holdings Limited Agostini’s Limited Goddard Enterprises Limited Jamaica Broilers Group Limited A.S. Bryden & Sons Holdings Limited First Citizens Group Limited Scotia Group Jamaica Ltd. Trinidad Cement Limited Supreme Ventures Limited Wisynco Group Limited Sagicor Group Jamaica Limited
BUSINESSUITE DIGITAL ISSUE
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TOP 100 COMPANIES REVENUE
Businessuite 2024 Top 100 Caribbean Companies US$ Revenue US$ (2024)
US$ (2022)
The West Indies Oil Company Ltd.
$172,721
$181,450
26
Demerara Distillers Ltd. (Group)
$158,072
$150,868
26
27
Angostura Holdings Limited
$155,277
$151,904
30
28
Caribbean Producers Jamaica Ltd. - Group
$150,200
$142,581
20
29
JMMB Group Limited
$144,315
$156,624
28
30
St. Lucia Electricity Services Ltd.
$143,323
$147,634
29
31
Derrimon Trading Company Limited
$120,464
$122,831
32
32
The West Indian Tobacco Company Limited
$111,054
$106,798
35
33
Grenada Electricity Services Limited
$93,587
$88,601
31
34
Carreras Limited
$88,956
$108,195
37
35
National Flour Mills Limited
$84,902
$78,585
38
36
Republic Bank Guyana Ltd.
$78,166
$65,024
NR
37
Banks Holdings Limited
$77,837
$71,350
40
38
Lasco Manufacturing Limited
$77,450
$74,968
39
39
Transjamaican Highway Limited
$75,204
$65,006
33
40
ANSA Merchant Bank Limited (Group)
$70,961
$28,446
41
41
Kingston Wharves Limited
$62,412
$63,191
43
42
S. L. Horsford & Co Ltd.
$60,277
$54,629
42
43
Barita Investments Limited
$58,449
$59,692
48
44
National Enterprises Limited
$58,336
$45,157
44
45
PLIPDECO Limited
$53,892
$53,667
47
46
Proven Group Limited
$49,642
$38,726
49
47
Fontana Limited
$47,030
$42,297
45
48
One Caribbean Media Limited
$46,765
$48,400
21
49
Jamaica Producers Group Limited
$45,934
$193,387
51
50
St. Kitts Nevis Anguilla Trading & Development
$44,594
$40,298
2023
2024
23
26
27
DECEMBER 2024
Company
BUSINESSUITE DIGITAL ISSUE
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TOP 100 COMPANIES REVENUE
Businessuite 2024 Top 100 Caribbean Companies US$ Revenue US$ (2024)
US$ (2022)
General Accident Insurance Co
$43,398
$36,797
52
Dominica Electricity Services
$41,517
$41,567
59
53
East Caribbean Financial Holding Company $38,006
$29,691
57
54
Guyana Bank for Trade & Industry Ltd
$37,656
$32,302
58
55
Demerara Bank Limited - Group
$37,571
$30,279
56
56
West India Biscuit Company Limited
$36,972
$33,545
54
57
Radio Jamaica Limited
$35,291
$36,252
63
58
Grenada Co-operative Bank Ltd
$34,545
$23,220
60
59
Republic Bank (Grenada) Limited
$30,940
$25,499
52
60
Unilever Caribbean Limited
$30,116
$37,780
62
61
St Kitts Nevis-Anguilla National Bank Ltd
$27,556
$23,418
69
62
Bank of St Vincent and the Grenadines
$25,266
$20,158
82
63
Express Catering Limited
$25,591
$21,199
68
64
Citizens Bank Guyana Inc
$25,527
$21,796
64
65
Sterling Products Limited
$24,544
$22,800
NR
66
Medical Disposables & Supplies Ltd
$23,640
$25,137
66
67
FosRich Company Limited
$23,758
$22,492
70
68
Honey Bun (1982) Limited
$21,934
$19,693
67
69
Berger Paints Jamaica Limited
$21,591
$21,977
71
70
Everything Fresh Limited
$20,358
$17,597
78
71
Cave Shephard & Company Limited
$18,451
$15,536
72
72
Tropical Battery Company Limited
$17,481
$17,506
79
73
Dolphin Cove Limited
$17,114
$15,114
83
74
Caribbean Cream Limited
$16,987
$16,712
81
75
Key Insurance Company Limited
$16,088
$14,334
2023
2024
34
51
50
DECEMBER 2024
Company
BUSINESSUITE DIGITAL ISSUE
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TOP 100 COMPANIES REVENUE
Businessuite 2024 Top 100 Caribbean Companies US$ Revenue US$ (2024)
US$ (2022)
Guardian Media Limited
$14,609
$17,375
77
Lasco Financial Services
$14,128
$15,557
84
78
Access Financial Services Limited
$14,001
$12,764
46
79
Wigton Windfarm Limited
$13,846
$14,961
80
80
Endeavour Holdings Limited
$13,222
$14,793
86
81
Jamaica Teas Limited
$13,122
$12,482
75
82
Stationery & Office Supplies Limited
$12,583
$12,376
85
83
$12,437
$11,657
90
84
$12,352
$10,329
76
85
$12,099
$15,583
88
86
$10,761
$11,246
91
87
$10,577
$9,919
87
88
$10,386
$16,430
98
89
$10,244
$7,348
89
90
$9,780
$10,155
111
91
$9,766
$4,328
93
92
$9,739
$9,111
95
93
$9,004
$8,912
96
94
$8,333
$7,908
106
95
Image Plus Consultants Limited
$7,684
$7,294
108
96
Dolla Financial Services Limited
$7,532
$4,933
94
97
The Linners and Bards Limited
$7,229
$8,967
103
98
IndiesPharma Jamaica Limited
$6,783
$6,250
101
99
Spur Tree Spices Jamaica Limited
$6,741
$6,047
102
100
AMG Packaging & Paper Company
$6,505
$6,640
2023
2024
73
76
74
DECEMBER 2024
Company
Main Event Entertainment Group Ltd Victoria Mutual Investments Limited- Group Mailpac Group Limited Sygnus Credit Investments Limited - Group Paramount Trading (Jamaica) Limited Knutsford Express Limited Lumber Depot Limited Palace Amusement Company (1921) Limited Consolidated Bakeries Jamaica Limited Salada Foods Jamaica Limited 138 Student Living Jamaica Limited
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BUSINESSUITE 2024 #1 CARIBBEAN COMPANY - US$ REVENUE MASSY HOLDINGS LIMITED
Businessuite 2024 #1 Caribbean Company - US$ Revenue Massy Holdings Limited - A Global Force For Good 2023
2024
Company
US$ (2024)
US$ (2023)
1
1
Massy Holdings Limited
$2,087,542
$1,824,063
Massy Holdings Limited is an investment holding / management company with three main investment portfolios: Integrated Retail, Gas Products and Motors & Machines as well as other legacy lines of business. The Massy Group has been in operation since 1923 and has businesses throughout the Caribbean basin, as well as in Colombia and South Florida. The Group employs over 12,000 people in nearly 60 companies across the region. Their scale allows them to leverage synergies and deliver superior growth and value for shareholders. Massy is a publicly held company which is listed on the Trinidad & Tobago and Jamaica Stock Exchanges.
DECEMBER 2024
Leadership
Mr. Robert Riley Chairman Appointed: May 2023 Non-Executive Director Appointed: October 2019
Skills and Experience Over more than two decades, Robert has held a variety of executive management and senior legal positions in major multinationals, including: Head of Safety and Operations Risk,Safety Risk Leadership and Culture, BP PLC, London, Chairman and Chief Executive Officer, BP Trinidad and Tobago; Vice President, Legal and Government Affairs, Amoco and BP/Amoco. Robert was awarded the Chaconia Medal (Gold) by the Republic of Trinidad and Tobago for his contribution to National Development Robert brings to the board experience in global leadership and business management.
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BUSINESSUITE 2024 #1 CARIBBEAN COMPANY - US$ REVENUE MASSY HOLDINGS LIMITED Challenges such as increasing interest rates just at the time the Group increased its borrowings to fund acquisitions, and depreciation in the Colombian peso this year have been accommodated through the Group’s overall performance. The Colombian economy has still grown despite the volatile exchange rate and high interest rates. We have confidence in the long-term outlook for that country.
Mr. Gervase Warner
President & Group CEO Appointed: December 2009 Executive Director Appointed: September 2004
Skills and Experience Gervase has been President and Group CEO since 2009. He joined the Group in 2004, as a Director of Massy Holdings Ltd. and has served as the Executive Chairman of the Group’s Energy and Industrial Gases Business Unit. Prior to his Massy experience, his career included a position as Partner at the international management consulting firm, McKinsey & Company, where Gervase spent 11 years serving clients in the US, Latin America and the Caribbean across a wide range of industries
Massy’s 2023 Performance We are strongly committed to the premise that as a business, the delivery of consistent and improving business performance is fundamental to our ability to deliver our purpose and vision. The world, including Massy, has had several volatile and challenging years, and we are grateful that 2023 has been one of relative stability although headwinds remain. Oil prices remain healthy, tourist numbers continue to rebound and head towards prepandemic levels in the Caribbean. Guyana continues to experience one of the highest growth rates in the world and Jamaica has benefitted from a relatively stable exchange rate in Fiscal Year (FY) 2023.
DECEMBER 2024
As we continue to execute our strategy to focus our efforts on the three core industry Portfolios, I am pleased to report that Massy’s Portfolios and Lines of Business teams have grown across the Group’s core territories and delivered commendable results for yet another year. All Portfolios recorded double digit growth with acquisitions in FY2023 contributing to incremental growth in the Integrated Retail and Gas Products Portfolios. Profit Before Tax from Continuing Operations grew by 24 percent to TT$ 1,229 million (US$182 million) in FY2023. As Discontinued businesses fall off the Group’s Profit and Loss and the one-off gains on sale of assets and businesses are not repeated, there are expectedly lower earnings from Discontinued Operations. In fact, Discontinued Operations produced a Profit After Tax (PAT) loss in FY2023 of TT$20.4 million (US$3.0 million) versus a PAT contribution of TT$169 million (US$25 million) in FY2022. As a result, Group’s PAT (After Discontinued Operations) declined by 5 percent to TT$813 million; and Earnings Per Share declined by 6.1 percent to TT 38.61 cents. The Massy Group is continuously committed to creating value for its shareholders and hence, we have declared a final dividend of TT 12.68 cents per share, which brings to total dividend for FY2023 to TT 15.83 cents per share which is an increase in the total dividend from FY2022.
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BUSINESSUITE 2024 #1 CARIBBEAN COMPANY - US$ REVENUE MASSY HOLDINGS LIMITED 3 IGL (St. Lucia) Limited: the parent company of a distributor of LPG, and manufacturer and distributor of industrial and medical gases in Jamaica. The IGL Jamaica acquisition closed in May 2023, and this consolidated the Group’s position as the leading LPG business in the region and will also provide access to additional economies of scale to bring efficiencies to consumers. The Group deployed over US$240.5 million in capital to consummate these transactions Strategy, Growth and Global and during the fiscal year. An additional TT$1.1 Expansion Update billion (US$158 million) in Revenue and TT$142 The Group’s Corporate Strategy remains million (US$21 million) in PBT were derived consistent and follows from the new vision specifically from the three deals in aggregate. statement with three simple components: We are actively engaged in efforts to integrate • Growth and Global Expansion the companies within the Massy Group. These • Capital Management to Increase Value for integration efforts are not only focused on Stakeholders capturing the desired synergies for enhanced • Operating with a Caribbean Heart financial performance, but also on ensuring In FY2023, we successfully closed three cultural integration and alignment with our significant acquisitions: core values for wider stakeholder value Rowe’s IGA supermarkets in Jacksonville, creation. Florida (US$47 million), Air Liquide operations in Trinidad ($51.5 million with a After divesting non-core assets over the past deferred consideration) and IGL Jamaica few years, the strategy of focusing the Group (US$142 million). on the three Portfolios continues to pay off and these acquisitions demonstrate the benefits of 1 Rowe’s IGA Supermarkets: independent such focus. During the year, we strengthened supermarket chain of 7 stores in our commitment to global expansion by Jacksonville, Florida USA; Rowe’s IGA acquisition closed on December 12th and is executing focused business development a major step in achieving the Group’s global activities as well as implementing key vision as it provides an excellent beachhead structures to sustainably propel this effort. for further niche supermarket acquisitions in For example, we hosted a Global Expansion the United States, while providing strength in Summit in April 2023 which brought together hard currency cash generation. several executives from both the Portfolios
and Investment Holding Company for 2 Air Liquide Trinidad & Tobago Ltd: a problem-solving and fostering alignment on manufacturer and supplier of industrial and global expansion. We also conducted medical gases in Trinidad & Tobago; In roadshows and market visits to specific January, the Group acquired Air Liquide’s territories in the US, Europe, and Africa operations in Trinidad solidifying the Group’s throughout the year to strengthen position as the leading industrial gas relationships with key stakeholders including manufacturer and distributor in the region investment bankers, financial advisors, law and generating additional export firms and prospective partners which has opportunities. already supported the development of our investment opportunity pipeline.
DECEMBER 2024
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BUSINESSUITE 2024 #1 CARIBBEAN COMPANY - US$ REVENUE MASSY HOLDINGS LIMITED We commenced the process of developing pitchbooks and investment prospectuses to engage key stakeholders and provide clarity on where each respective Portfolio will focus, not only in terms of participating within industry sub-sectors but also as it relates to geographic coverage. Additionally, we established clear roles between the Investment Holding Company and Portfolios with respect to various phases involved in Merger and Acquisitions (M&A) execution as we continue to source, assess and integrate new acquisitions internationally.
In FY 2023 the DFP recorded a gain of $17 million (US$2.6 million) with a positive variance of $51 million (US$7.5 million) versus its losses of $33 million (US$4.9 million) in FY 2022, these losses were curtailed in FY 2022 when the Group revised its investment philosophy thereby limiting further losses and volatility while at the same time making a significant contribution to Group profits.
The Group continued with robust performance in 2023 with Profit Before Tax (PBT) from Continuing Operations reaching $1,229 million (US$182 million) from $995 (US$148) million in 2022 which represents growth of 24 percent. We are excited and energized by the performance of our portfolios/LoBs whose combined performance contributed to a 15 percent improvement from the prior year.
In FY2023, Discontinued Operations produced a loss of TT$20.4 million (US$3.0 million) mainly derived from impairments associated with non-core real estate assets and businesses in Barbados slated for divestment in FY2024. This is in comparison to PAT contribution of TT$169 million (US$25 million) from Discontinued Operations in FY2022. As a result, Group’s Profit After Tax (After Discontinued Operations) declined by 5 percent to TT$813 million; and Earnings Per Share declined by 6 percent to 38.61 TT cents per share.
As mentioned above, PBT from Continuing Operations and PAT from Continuing Operations grew by 24 percent and 21 percent respectively. As Financially, The Group Continues mentioned in the Chairman’s message, To Perform Commendably. we expected PAT from Discontinued Massy Holdings Ltd. (MHL) Third Party Revenue Operations to decline in FY2023, knowing increased to $14.2 billion (US$2.1 billion) in that the companies whose operations 2023 up 15 percent from 2022. Integrated Retail were discontinued in FY2022 would no Portfolio (IRP) Revenue grew by 20 percent, longer contribute to the Group and some while Gas Products and Motors and Machines of the one-off gains on sales of assets Portfolio Revenues grew by 11 percent and 5 and companies (such as Massy United) percent respectively. would also not be repeated in FY2023.
Furthermore, our three core portfolios all recorded double digit growth in 2023! The Integrated Retail Portfolio aided by its Rowe’s IGA acquisition continued its strong performance with growth of 23 percent in PBT from 2022, Gas Products followed suit with a 12 percent increase over 2022 supported by their acquisition of Air Liquide Trinidad and Tobago Limited and I.G.L. (St. Lucia) I.B.C Limited and the Motors & Machines Portfolio saw an increase of 10 percent from 2022.
DECEMBER 2024
EPS from Continuing Operations grew by 22 percent while EPS from Discontinued Operations declined by 112 percent.
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TOP 50 TRINIDAD AND TOBAGO COMPANIES - US$ REVENUE
Businessuite 2024 Top 50 Trinidad and Tobago Companies - US$ Revenue US$ (2024/23)
US$ (2022)
Massy Holdings Limited
$2.087,542
$1,824,063
2
ANSA Mc AI Limited
$1,036,235
$942,749
4
3
Republic Holdings Limited
$1,001,029
$900,276
2
4
Guardian Holdings Limited
$799,910
$717,602
5
5
Agostini’s Limited
$688,763
$604,219
6
6
First Citizens Group Limited
$363,596
$315,429
7
7
Trinidad Cement Limited
$327,883
$304,016
8
8
Scotiabank Trinidad and Tobago Limited
$284,884
$279,948
9
9
Prestige Holdings Limited
$195,472
$162,997
10
10
Angostura Holdings Limited
$155,277
$151,904
11
11
The West Indian Tobacco Company Limited
$111,054
$106,798
13
12
National Flour Mills LImited
$84,902
$78,585
12
13
ANSA Merchant Bank Limited (Group)
$70,961
$28,446
16
14
National Enterprises LImited
$58,336
$45,157
14
15
PLIPDECO Limited
$53,892
$53,667
15
16
One Caribbean Media LImited
$46,765
$48,400
17
17
Unilever Caribbean Limited
$30,116
$37,780
20
18
Guardian Media LImited
$14,609
$17,373
21
19
Endeavour Holdings Limited
$13,122
$12,482
18
20
Trinidad and Tobago NGL Limited
$4,129
$24,820
22
21
CinemaONE Limited
$2,503
$1,433
19
22
LJ Williams Limited
$0
$22,536
2023
2024
1
1
3
DECEMBER 2024
Company
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TOP 50 JAMAICA MAIN MARKET COMPANIES - US$ REVENUE
Businessuite 2024 Top 50 Jamaica Main Market Companies - US$ Revenue US$ (2024/23)
US$ (2022)
GraceKennedy Limited
$996,200
$944,263
2
NCB Financial Group Ltd.
$882,171
$968,954
5
3
Seprod Limited
$720,791
$523,017
4
4
4
Jamaica Broilers Group Limited
$386,941
$397,490
-
-
5
A.S. Bryden & Sons Holdings Limited
$377,034
$184,376
7
8
6
Scotia Group Jamaica Ltd.
$341,073
$267,230
5
6
7
Supreme Ventures Limited
$322,057
$339,186
9
9
8
Wisynco Group Limited
$313,033
$260,368
3
3
9
Sagicor Group Jamaica Limited
$300,904
$271,208
-
-
10
Lasco Distributors Limited
$187,579
$177,104
20
14
11
Pan Jamaica Group Limited
$186,396
$16,744
11
12
12
Caribbean Cement Company Limited
$178,158
$172,289
14
13
13
Caribbean Producers Jamaica Ltd. - Group
$150,200
$142,581
12
10
14
JMMB Group Limited
$144,315
$156,624
13
14
15
Carreras Limited
$88,956
$108,195
-
-
16
Lasco Manufacturing Limited
$77,450
$74,968
17
15
17
Transjamaican Highway Limited
$75,204
$65,006
21
17
18
Kingston Wharves Limited
$62,412
$63,191
17
17
19
Barita Investments Limited
$58,449
$59,692
20
19
20
Proven Group Limited
$49,642
$38,726
10
11
21
Jamaica Producers Group Limited
$45,934
$193,387
-
-
22
General Accident Insurance Co Ja
$43,398
$36,797
18
21
23
Radio Jamaica Limited
$35,291
$36,252
2022
2023
2024
1
2
1
2
1
6
DECEMBER 2024
Company
BUSINESSUITE DIGITAL ISSUE
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TOP 50 JAMAICA MAIN MARKET COMPANIES - US$ REVENUE
Businessuite 2024 Top 50 Jamaica Main Market Companies - US$ Revenue US$ (2024/23)
US$ (2022)
Berger Paints Jamaica Limited
$21,591
$21,977
25
Key Insurance Company Limited
$16,088
$14,334
5
26
Mayberry Group Limited
$13,846
$14,961
20
13
27
Wigton Windfarm Limited
$13,222
$14,793
43
44
28
Victoria Mutual Investments Limited - Group
$12,099
$15,583
6
6
29
Sygnus Credit Investments Limited - Group
$10,577
$9,919
8
7
30
Palace Amusement Company (1921) Limited
$9,766
$4,328
11
8
31
Salada Foods Jamaica Limited
$9,004
$8,912
16
9
32
138 Student Living Jamaica Limited
$8,333
$7,908
10
12
33
Pulse Investments Limited
$6,099
$6,205
30
14
34
Jamaica Stock Exchange Limited
$5,980
$7,566
22
22
35
Kingston Properties Limited - Group
$3,984
$3,481
13
15
36
Stanley Motta Limited
$3,390
$3,330
9
11
37
Eppley Limited
$2,743
$2,923
15
16
38
MPC Caribbean Clean Energy Limited
$1,818
-$1,998
18
20
39
Sygnus Real Estate Finance Limited - Group
$1,700
$4,425
17
18
40
Sterling Investments Limited
$860
$830
21
17
41
QWI Investments Limited
$389
$300
19
23
42
Productive Business Solutions Limited
$0
$311,997
14
19
43
Innovative Energy Group Limited
$0
$0
28
21
44
First Rock Real Estate Investments Limited
-$1,377
$9,359
27
29
45
Portland JSX Limited
-$5,750
$142
31
31
46
Mayberry Jamaican Equities Limited
-$14,505
$36,317
2022
2023
2024
5
4
24
2
2
4
DECEMBER 2024
Company
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#1 JAMAICA MAIN MARKET COMPANY REVENUE GRACEKENNEDY LIMITED
Businessuite 2024 #1 Jamaica Main Market Company - US$ Revenue GraceKennedy is now a US$1 billion company.
2023
2024
Company
US$ (2024/23)
US$ (2024/23)
2
1
GraceKennedy Limited
$996, 200
$994,263
GK is a publicly listed company on the stock and we are engaged in retail through our exchanges of Jamaica and the Republic of supermarket chain. Financial Services (GraceKennedy Trinidad & Tobago. Our Company was Financial Group): Our financial division founded on February 14, 1922, and is the parent company of a group of subsidiaries offers a range of services for businesses and operating mainly in the food and financial individuals across the Caribbean and the services sectors - the GraceKennedy Group Caribbean diaspora globally. It includes commercial and merchant banking; (or GK Group). investment and advisory services; general, Our Group’s operations are structured into creditor life and health insurance; insurance brokerage; and money services, including two divisions: remittance, cambio and bill payment services. • Food (GK Foods): Our food division is engaged in manufacturing, distribution, and Our Vision retail. We manufacture Grace and GraceWe have bold ambitions for the future of GK, owned brands, along with third-party and we are committed to making our vision brands at our manufacturing facilities in a reality. Our 2030 vision sees GraceKennedy Jamaica and the UK. We distribute our Grace and Grace-owned brands throughout becoming the number one Caribbean brand Jamaica and the wider Caribbean, including in the world with 70% of our revenues and Belize and Guyana, as well as in Canada, the profits earned outside of Jamaica. Notwithstanding a tough global economic USA, the UK, and Europe. climate characterised by high inflation and In Jamaica, we also distribute products for geopolitical unrest, we made significant several major international food brands, strides towards achieving this vision in 2023.
DECEMBER 2024
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#1 JAMAICA MAIN MARKET COMPANY REVENUE GRACEKENNEDY LIMITED Leadership
Prof. Gordon Shirley, OJ Chairman Don Wehby, OJ
Professor Gordon Shirley is the Chairman of GraceKennedy Limited and GraceKennedy Foods (USA) LLC. He has been a member of the Board of Directors since 1996 and previously served as Chair of the Corporate Governance & Nomination Committee, and a member of the Audit Committee.
Professor Shirley is currently the President and CEO of the Port Authority of Jamaica. He has also served as Jamaica’s Ambassador to the United States of America and Permanent Representative to the Organization of American States and has had a distinguished academic career at The University of the West Indies serving as the Carlton Alexander Professor of Management, Executive Director of the School of Business and as Pro Vice Chancellor and Principal of the Mona Campus. He has also served as the Executive Chairman of the Jamaica Public Service Company and has been a board member of several public and private sector entities. He holds an MBA and a Doctorate in Business Administration from Harvard University and a BSc in Mechanical Engineering from The University of the West Indies. He has been conferred with the honour of the Order of Jamaica.
DECEMBER 2024
Group CEO, GraceKennedy Limited On July 1, 2011, Mr. Don Wehby was appointed Group Chief Executive Officer of GraceKennedy Limited. Prior to this appointment, Mr. Wehby held the position of Group Chief Operating Officer from October 5, 2009. Mr. Wehby first joined GraceKennedy Ltd. in 1995 as Group Finance Manager. The following year, he was appointed Group Chief Financial Officer and in 1999 undertook the additional role of Chief Operating Officer for the Financial Services Division. In addition, he was charged with the responsibility for leading the Group’s local and international expansion especially as this relates to banking, investments, and insurance services. He has directed the listing of the company in Trinidad & Tobago, Barbados and the Eastern Caribbean Securities Exchange sited in St. Kitts. Under his leadership, GraceKennedy acquired 100% ownership of First Global Bank Ltd., now a wholly owned subsidiary of the Company. During his tenure as Chief Operating Officer of the Financial Services Division, the division’s pre-tax profit rose from $280 million in 2000 to $1.417 billion in 2005, an increase of 406 %.
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#1 JAMAICA MAIN MARKET COMPANY REVENUE GRACEKENNEDY LIMITED Additionally, under his leadership (as Group Chief Executive Officer) the GraceKennedy Group achieved recording breaking results for the financial year ended December 31, 2020. This represented the Company’s best financial performance in its 99-year history.
GraceKennedy is now a US$1 billion company. 2023 was a good year for GraceKennedy. For the first time in our history, we surpassed the US$1 billion revenue mark, a significant milestone in our journey towards becoming a US$2.1 billion company by 2030.
He is also a director of several of GraceKennedy’s Boards including chairman of First Global Holdings, GK Foods & Services Limited, GraceKennedy Money Services SRL, Canopy Insurance Limited, Key Insurance Company Limited and Deputy Chair of Grace & Staff Community Development Foundation. Mr. Wehby is currently New Zealand’s Honorary Consul to Jamaica, following his appointment in September 2015. In September 2020 Mr. Wehby was reappointed to the Senate allowing him to continue his service to Jamaica and his contribution to nation-building. Mr. Wehby is also a former Chairman of JAMPRO a role he served in since April 2016 up to his resignation in July 2022. On October 16, 2017, Mr. Wehby received the Order of Distinction (Commander Class) for his sterling contribution to both the public and private sectors. He is also the Chairman of the Finance Commission for the Roman Catholic Archdiocese of Kingston following his appointment on August 2019. A Fellow Chartered Accountant, Mr. Wehby holds both a Bachelor of Science (Hons.) and a Master of Science degree in Accounting from The University of the West Indies and has completed an Advanced Management College certificate course at Stanford University. Mr. Wehby is married with three children. He is an avid cricket fan and a member of the Kingston Cricket Club
DECEMBER 2024
“We are championing improvement and innovation across our business, and remain dedicated to serving the needs of our customer at the highest standard.”
2023 was a year of significant growth for GK, marked by record-breaking revenue of $155.0 billion, an increase of 9.5% or $13.4 billion over the corresponding period in 2022. With this result, we achieved a significant milestone, exceeding the US$1 billion revenue mark, demonstrating progress towards our 2030 vision of becoming a US$2.1 billion company. Profit before other income was $7.5 billion, a $1.1 billion or 17.9% increase compared to prior year; while profit before tax (PBT) was $11.4 billion, 11.0% or $1.1 billion higher. Net profit was $8.4 billion, an increase of $0.8 billion or 10.0% when compared to the prior year. Total assets grew by $23.3 billion to $219.5 billion, while total liabilities grew by $16.5 billion to $136.2 billion. Capital comprised shareholders’ equity of $79.1 billion and noncontrolling interests of $4.2 billion, compared to 2022, when shareholders’ equity was $72.6 billion and non-controlling interest was $3.8 billion.
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#1 JAMAICA MAIN MARKET COMPANY REVENUE GRACEKENNEDY LIMITED Return on equity was 10.3%, a slight improvement compared to 2022, while earnings per share grew from $7.11 to $7.86. 2023 was characterized by high interest rates and higher costs across our supply chain and distribution channels. High global inflation also limited the disposable income of remittance customers in our sending markets, leading to reduced foreign currency inflows to Jamaica, which adversely impacted the performance of our remittance business. Despite challenges, GK continued to thrive due to our strategic diversification in both business and geography, resulting in a robust financial performance. GK earns from four operating segments: Food, Banking & Investments, Insurance, and Money Services. In 2023, revenue increased across three out of four segments, led by strong growth in Insurance. Our Insurance segment saw the biggest percentage increase in revenue, followed by our Banking & Investments and Food segments. Money Services recorded a decline in revenue. Profitability results were mixed, with our Insurance segment showing impressive growth and our Food segment experiencing solid gains. Money Services and Banking & Investments recorded reduced profits. GK’s vision of being a global consumer group includes achieving 70% of our revenue outside Jamaica by 2030. In 2023, we generated 42.7% of our revenue outside Jamaica. North America accounted for 24.5% of our total revenue, compared to 26.2% in 2022. European markets, including the UK, contributed 11.6% of total revenue in 2023.
DECEMBER 2024
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TOP 10 EASTERN CARIBBEAN COMPANIES - US$ REVENUE
Businessuite 2024 Top 10 Eastern Caribbean Companies - US$ Revenue US$ (2024/23)
US$ (2022)
The West Indies Oil Company Ltd
$172,721
$181,450
2
St Lucia Electricity Services Ltd
$143,323
$147,634
3
3
Grenada Electricity Service Ltd
$93,587
$88,601
4
4
4
S.L. Horsford & Co. Ltd
$60,277
$54,629
5
5
5
Dominica Electricity Services
$41,517
$41,567
6
6
6
St. Kitts Nevis Anguilla Trading and Development Company
$44,594
$40,298
7
7
7
$38,006
$29,691
8
8
8
East Caribbean Financial Holding Company Republic Bank (Grenada) Limited
$30,940
$25,499
9
9
9
$27,556
$23,418
10
10
10
St. Kitts-Nevis-Anguilla National Bank Ltd Grenada Co-operative Bank Ltd
$34,545
$23,220
11
11
11
$27,266
$20,158
12
12
12
Bank of St. Vincent and the Grenadines The Bank of Nevis Ltd
$0
$0
2022
2023
2024
1
1
1
2
2
3
Country
Company
Businessuite #1 Eastern Caribbean Market Company- $US Revenue
The West Indies Oil Company Ltd 2023
2024
1
1
DECEMBER 2024
Country
Company
US$ (2024/23)
US$ (2023/22)
The West Indies Oil Company Ltd
$172,721
$181,450
BUSINESSUITE DIGITAL ISSUE
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#1 JAMAICA JUNIOR MARKET COMPANY REVENUE - FUTURE ENERGY SOURCE COMPANY WIOC is an energy company whose core business is the storage and distribution of petroleum products. The Company’s dominant market position in Antigua and Barbuda and its strong retail base in the Commonwealth of Dominica provides the basis for future organic growth as well as the financial foundation for acquisitions and investments either consistent with its core business or in renewable energy opportunities.
Raúl Licausi, Chairman
WIOC provides storage and ancillary marine services and laboratory attestation services to various regional petroleum product suppliers at its Friars Hill Road terminal in Antigua and Barbuda. The company also has significant real estate reported on its Balance Sheet as Investment Property and Property Held for Development and Sale. In addition, the company is the sole importer and distributor of gasoline, diesel, jet fuel, liquified petroleum gas (LPG), and heavy fuel oil to the Antigua and Barbuda market. It also has the largest retail distribution network for gasoline and diesel in Dominica. The revenue generating storage and ancillary marine and lab attestation services; and the sales and distribution segments are supported by corporate services comprising executive administration, human resources, finance, information technology, marketing and procurement departments. Engineering, maintenance and terminal operations also support the revenue generating business segments.
DECEMBER 2024
Chairman Raul LiCausi is the Deputy Foreign Minister to Caricom for the government of Venezuela. He has a number of years of senior diplomatic experience and brings the great wealth of his extensive network of contacts with influential regional political and business leaders to his role. He has done undergraduate and postgraduate studies in International Affairs and Human Rights. He also holds a diploma in French from the Alliance Francaise De Rouen, Normandie, France.
Mr. Gregory F Georges, Chief Executive Officer Gregory F. Georges was appointed Chief Executive Officer (CEO) of WIOC with effect from November 1, 2014. Prior to this, he served as the Company’s Chief Financial Officer from September 2004.
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TOP 10 EASTERN CARIBBEAN COMPANIES - US$ REVENUE
He has been associated with WIOC for over twenty years as he was part of a professional team that provided audit and consulting services to WIOC.
Steadfast And Successful Stewardship Of The Company During 2023. Mr. Georges is responsible for leading the team in the delivery of WIOC’s strategic plan, building capacity and realising profitable growth. His financial acumen, results oriented approach, and ability to think strategically plays a pivotal role building on WIOC’s legacy and extending track record of innovation, while continuing to add value to all WIOC’s stakeholders. Since his appointment as CEO, Gregory has successfully led the transformation of WIOC from a company whose core business has been the domestic supply of petroleum products in a regulated pricing environment to an increasingly more diversified business with the provision of client services playing a much larger role in the Company’s revenue base and profitability.
There has been continued strong interest in the WIOC share on the Eastern Caribbean Securities Exchange (ECSE) from retail investors. This is a powerful endorsement of the Company’s performance, and we are mindful of our obligation to meet the expectations of our investors. The company’s success is dependent on our relationships with key business partners who are integral to our operations and are valued customers. The relationships with our storage clients, inventory suppliers, customers and operations partners require consistent focus.
He has a track record of strong technical capability and leadership both inside and outside of WIOC. He also commands a wealth of knowledge and experience in the petroleum industry. He is a Chartered Professional Accountant (CPA).
DECEMBER 2024
THE BUSINESSUITE DIGITAL
PAGE 87
TOP 50 JAMAICA JUNIOR MARKET COMPANIES - US$ REVENUE
Businessuite 2024 Top 50 Jamaica Junior Market Companies - US$ Revenue US$ (2024/23)
US$ (2022)
Future Energy Source Company
184,332
175,256
2
Derrimon Trading Company Limited
120,464
122,831
5
3
Fontana Limited
47,030
42,297
20
13
4
Express Catering Limited
25,591
21,199
43
44
5
Medical Disposables & Supplies Ltd.
23,840
25,137
6
6
6
FosRich Company Limited
23,758
22,492
8
7
7
Honey Bun Limited
21,934
19,693
11
8
8
Everything Fresh Limited
20,385
17,597
16
9
9
Tropical Battery Company Limited
17,481
17,506
10
12
10
Dolphin Cove Limited
17,114
15,114
30
14
11
Caribbean Cream Limited
16,987
16,712
22
22
12
Lasco Financial Services Limited
14,128
15,557
13
15
13
Access Financial Services Ltd. Group
14,001
12,764
9
11
14
Jamaican Teas Limited
12,583
12,376
15
16
15
Stationery & Office Supplies Limited
12,437
11,657
18
20
16
Main Event Entertainment Group Ltd
12,352
10,329
17
18
17
Mailpac Group Limited
10,761
11,246
21
17
18
Paramount Trading Limited
10,386
16,430
19
23
19
Knutsford Express Limited
10,244
7,348
14
19
20
Lumber Depot Limited
9,780
10,155
28
21
21
Consolidated Bakeries Jamaica Limited
9,739
9,111
27
29
22
Image Plus Consultants Limited
7,684
7,294
31
31
23
Dolla Financial Services Limited
7,532
4,933
2022
2023
2024
5
4
1
2
2
4
DECEMBER 2024
Company
BUSINESSUITE DIGITAL ISSUE
PAGE 88
TOP 50 JAMAICA JUNIOR MARKET COMPANIES - US$ REVENUE
Businessuite 2024 Top 50 Jamaica Junior Market Companies - US$ Revenue US$ (2024/23)
US$ (2022)
The Limners and Bards Limited
7,229
8,967
25
Indies Pharma Jamaica Limited
6,783
6,250
26
26
Spur Tree Spices Jamaica Limited
6,741
6,047
26
27
27
AMG Packaging & Paper Company
6,505
6,640
38
32
28
Regency Petroleum Co. Limited
5,969
4,542
-
30
29
Caribbean Flavours & Fragrances Ltd
5,790
5,149
34
34
30
Blue Power Group Limited
5,441
5,810
32
24
31
CAC 2000 Limited
5,290
7,407
-
33
32
Elite Diagnostic Limited
4,855
4,162
7
45
33
JETCON Corporation Limited
4,322
7
39
38
34
ISP Financial Services Limited
3,337
2,884
41
37
35
Cargo Handlers Limited
3,309
3,150
33
35
36
Caribbean Assurance Brokers Limited
3,226
3,129
46
40
37
Ttech Limited
2,979
2,495
35
36
38
JFP Limited
2,643
3,177
42
43
39
GWEST Corporation Limited
1,781
1,317
37
41
40
One On One Educational Services Limited
1,713
1,780
25
46
41
Icreate Limited
1,030
531
45
48
42
KLE Group Limited
347
120
44
47
43
MFS Capital Partners Limited
235
109
23
25
44
IronRock Insurance Company Limited
0
7,363
36
39
45
Margaritaville Ltd
0
2,618
40
42
46
Edufocal Limited
0
1,250
2022
2023
2024
22
22
24
29
28
24
DECEMBER 2024
Company
BUSINESSUITE DIGITAL ISSUE
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#1 JAMAICA JUNIOR MARKET COMPANY REVENUE - FUTURE ENERGY SOURCE COMPANY
Businessuite 2024 #1 Jamaica Junior Market Company - US$ Revenue Future Energy Source Company 2023
2024
Company
US$ (2024/23)
US$ (2024/23)
2
1
Future Energy Source Company
$184,332
$175,256
FESCO is a distributor of Petroleum products, Mr. Heaven is currently the owner/operator including but not limited to transportation of Heaven’s FESCO’s DODO in Mandeville.He fuels and LPG {under the FESGAS™ brand}, is a two-time Past President of the Jamaica Petroleum equipment and technologies, Gasoline Retailers Association (JGRA). Mr Lubricants, Chemicals and Purified drinking Heaven is a Justice of the Peace, serving water. We distribute our products and currently as Vice President of The Lay services to a growing network of dealer Magistrates Association of Jamaica and a owned service stations, dealer owned LPG Rotary Past President and District Chair. filling plants and depots, commercial He currently serves as Chairman of customers and retail customers. Cornerstone Trust and Merchant Bank (CTMB), Chairman of the Credit and Audit Leadership Committees for CTMB, President of the Lay Magistrate Association of Jamaica and several other corporate and school boards.
Lyden “Trevor” Heaven Chairman Mr. Lyden D. “Trevor” Heaven is a graduate of Jeremy Barnes The University of Reading and a Chartered Managing Director Electrical Engineer by profession, with Mr. Jeremy Barnes is a senior executive extensive experience in the bauxite/alumina with extensive experience in operations industry. He has been in the petroleum management, financial analysis and industry as a franchise operator since 1988. financial management.
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#1 JAMAICA JUNIOR MARKET COMPANY REVENUE - FUTURE ENERGY SOURCE COMPANY He has over twenty (20) years of experience in the fuel trade, holding positions of dealer and managing director prior to his engagement at FESCO. He holds a Master of Business Administration from the Mona School of Business, University of the West Indies and a Bachelor of Business Administration in Finance from the Zicklin School of Business Baruch College in New York City, U.S.A where he graduated Summa Cum Laude and was the recipient of the Irvine Fromme academic Scholarship for International Finance.
4. Execute significant capital expenditure (CAPEX), which does not yet reflect in sales or profit, which we forecast will generate substantial and sustainable returns in the medium term; whilst currently generating ROE after tax of 53.7%. 5. Continue and expand our community outreach programmes and social initiatives
In relation to FESGAS™, the Company was able to establish LPG filling plants, distribution, and create brand awareness and successfully capture 5.5% of the LPG market in December 2023. The Company is Mr Barnes is a former chief financial officer pleased with its entry and growth thus far, and chief operating officer of Marathon and is committed to developing a leading Insurance Brokers and Federal Capital Group LPG business. Limited. The Company is aware of the competitive forces within the industry and the requirement to continuously invest in capacity to facilitate further growth.
FESCO Achieved Its Best Year To Date For the year, the Company was able to achieve its main targets to: 1. Create brand awareness for FESGAS™ and establish an accretive and sustainable LPG business; 2. Increase its service station network footprint and increase fuel sales measured in litres;
The Company had its best year with regard to sales in litres of transportation fuels. The Company was able to achieve sales of 120 million + litres for the calendar year ending December 2023 which reflects 18.9% growth and 9.5% share of market based on published data by the Ministry of Energy for 87,90, ADO and ULSD for the calendar year ended December 2023. The Company was able to open three (3) new FESCO service stations, FESCO Maypen, FESCO Kitson Town and FESCO Port Maria which contributed, in part, to the growth experienced.
3. Increase profitability, specifically as it relates to operating profit (EBIT) and operating cash flow (EBITDA) and Total Comprehensive Profit
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#1 JAMAICA JUNIOR MARKET COMPANY REVENUE - FUTURE ENERGY SOURCE COMPANY We are pleased to report that the Company has achieved its best year to date as it relates to gross profit (J$1,387,005,451, up 56.2% or J$499.2 million),
The slippage in Net profit reflects a significant increase year over year for:
Operating profit (EBIT) (J$594.7 million, up 5.0 % from J$566.4 million),
2. Depreciation +J$145.1 million and;
1. Interest expense (net) +J$163.6 million;
3. Advertising expense +J$31.1 million. 4. Taxation (deferred tax) + Up J$25.2 million The Company was also able to acquire both LPG and service station assets which we believe will facilitate growth in the medium and long term for the Company. The increase in interest expense, depreciation and advertising, in the Earnings before interest, taxes, depreciation main, is reflective of and is attributable and amortization (EBITDA) (J$778.7 million to our medium to long-term vision to up 30.8% or J$183.3 million), expand our network foot print, our expansion into LPG distribution and to Total comprehensive income of J$956.0 increase brand awareness for both million, up 67.3% or J$384.7 million and FESCO and FESGAS. Shareholder’s equity of J$2.3 billion as at March 2024 is up 73.4% or J$956.0 million year over year from J$1.3 billion as at March 2023, which is more than seven times (7X) the Company’s shareholder’s equity of J$318.4 million as at March 2021. The Company had its best year with regard to Total Comprehensive income. Total Comprehensive Income of J$956.0 million for the year comprised of Net profit after tax (NPAT) of J$410.8 million and a surplus on the revaluation of real estate of J$545.2 million. Net profit slipped 28.1% or J$160.4 million year over year from the Company’s record net profit achieved last year of J$571.3 million.
DECEMBER 2024
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TOP 10 GUYANA COMPANIES US$ REVENUE
Businessuite 2024 Top 10 Guyana Companies - US$ Revenue US$ US$ (2024/23) (2024/23)
Company
2022
2023
2024
1
1
1
DIH Ltd.
236,038
213,507
2
2
2
Demerara Distillers Ltd. (Group)
158,072
150,868
3
3
3
Republic Bank Guyana Ltd.
78,166
65,024
4
4
4
Guyana Bank for Trade & Industry Ltd.
37,656
32,302
-
5
5
Demerara Bank Limited - Group
37,571
30,279
5
7
6
Citizens Bank Guyana Inc.
25,527
21,796
-
6
7
Sterling Products Limited
24,544
22,800
Businessuite #1 Guyana Company US$ Revenue Banks DIH Ltd
2023
2024
Company
US$ (2024/23)
US$ (2024/23)
1
1
Banks DIH Ltd
$184,332
$175,256
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#1 GUYANA COMPANY REVENUE - BANKS DIH LTD. The Principal Activities of Banks DIH Limited (Group) are brewing, blending, bottling and wholesale marketing of beers, wines, liquors, and assorted beverages; the processing of food items; the operation of restaurants, bars, laundry services, hotel; the operation of commercial banking; transportation and alternative energy products and services. On 18th January, 2023 the Directors incorporated a Holding Company by the name of Banks DIH Holdings Inc. (“BDIHHI”). The purpose of BDIHHI is to create a new corporate structure for the Banks DIH Group of Companies, which would facilitate the entry into new activities arising from the present rapid economic development in Guyana.
Leadership
Clifford Barrington Reis, C.C.H., Chairman / Managing Director Banks DIH Limited is a multi-billion-dollar company headed by Mr. Clifford Barrington Reis, CCH, who was appointed Chairman/Managing Director after the death of Mr. Peter S. D’Aguiar thereby heralding the dawn of a new era in the company's history. Clifford Barrington Reis, is regarded as a veteran business executive who has been responsible for the stewardship of local bottling giants Banks DIH Limited for the past 29 years as Chairman/Managing Director. Mr. Clifford Reis' management style could be described as "hands-on" and manages through consultation, help and advice from the Directors, Executive Board Members and the Worker Management Participation Board (W.M.P.B.). He believes that business must be undertaken with a sense of urgency and getting quality results is of the utmost importance.
Building Resilience Through People, Products, and Processes: A Strategy for Sustainable and Efficient Manufacturing Revenue and Profits This step was taken pursuant to the advice of the reputable accounting firm BDO, which operates in many countries in the Western World and has a Branch Office in St. Lucia.
DECEMBER 2024
The overall performance of the Group improved by recording a Profit before Tax of $14.509 billion compared to $13.398 billion in 2022, an increase of $1.111 billion or 8.29%. Profit after Tax for the Group attributable to Shareholders of the Parent Company increased from $8.395 billion to $8.970 billion, an increase of $575.0 million or 6.8%.
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#1 GUYANA COMPANY REVENUE - BANKS DIH LTD. There was the acquisition of a Blow Moulder, Revenue generated by the Company was $44.048 billion compared to $39.653 billion Conveyors and Puncheons for the Rum in 2022, an increase of $4.395 billion or 11.1%. Division, as well as a new on-line Blow Moulder for the Soft Drink Plant. The Profit before Tax for the Company was The Food Division was enhanced with $11.393 billion compared to $10.506 billion Packaging Equipment, Spiral Mixers, Bag achieved in 2022, an increase of $887.0 Sealing Unit, Conical Rounder and million or 8.4% while the Profit after Tax increased from $7.589 billion to $8.129 billion Temperature Control Equipment. by $540.0 million or 7.1%.
The Utility Services Areas within the The complexity of the Business Environment Company which include Thirst Park Water Well, CO2 Plant, Central Quality Lab, is escalating rapidly. In the wake of the ongoing Global recovery from the COVID-19 Refrigeration and Material Handling were all upgraded with new equipment. pandemic in 2023, we have encountered further challenges in the Global Landscape The Power Generation Plant was upgraded impacting our operations. with new Switch Gears, the overhaul of The Geopolitical Crisis in Europe continues Generators and the installation of Alternative to exert influence on commodity prices and Power Equipment. Supply Chain Operations The Financial Year which ended on September 30, 2023 Several of our Land Holdings and Buildings had many challenges which included were upgraded including the Berbice Branch Supply Chain Delays and increased costs Bond, Special Events Outlet and the Linden for Raw and Packaging Materials, Spares, Branch. Construction works continued on the Energy, Distribution and the Retention of Elevated Car Parking Facilities. Skilled Employees.
Our strategy was centered around our Employees and Customers to drive Sustainable Solutions and build Resilience in our Manufacturing Processes, maintaining the production of High Quality Products and Efficiency in Operations.
Capital Expenditure
During the year, the Company acquired forty (40) acres of Land for the purpose of future development and expansion. In our quest to deliver products to Customers, the Transport and Distribution Fleet was boosted with the acquisition of new Trucks and Forklifts.
Hundreds of Customers in the Mom and Pop The Company continued to make Capital shops, Supermarkets and Grocery Stores Investments in Plant, Machinery, and Equipment in order to strengthen long-term and several Offices and Ministries were supplied with Coolers, Freezers and Water development, bolster our manufacturing Dispensers. capacity, and improve the operational efficiency. The Information, Communication and Capital works were completed with the Technology (ICT) Department was upgraded acquisition of a 120 HL Brew House to with new Computers and Power Solutions. enhance the brewing capacity of our Malt Products.
DECEMBER 2024
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TOP 10 BARBADOS COMPANIES US$ REVENUE
Businessuite 2024 Top 10 Barbados Companies - US$ Revenue US$ US$ (2024/23) (2024/23)
Company
2022
2023
2024
1
1
1
Caribbean Bank Limited
715,463
577,028
2
2
2
Goddard Enterprises Limited
538,744
484,416
3
6
3
Banks Holdings Limited
77,837
71,350
5
4
4
West India Biscuit Company Limited
36,972
33,545
6
5
5
Cave Shepherd & Company Limited
18,451
15,536
4
3
6
Insurance Corporation of Barbados Ltd
0
36,092
7
7
7
Bico Industries Limited
0
0
Businessuite #1 Barbados Company Revenue- US$ Revenue CIBC Caribbean Bank Limited
2023
2024
Company
US$ (2024/23)
US$ (2024/23)
1
1
CIBC Caribbean Bank Limited
$184,332
$175,256
CIBC FirstCaribbean is a relationship bank offering a full range of market leading financial services through our Corporate and Investment Banking, Personal and Business Banking and Wealth Management segments. We are located in twelve (12) countries around the Caribbean, providing banking services through approximately 2,700 employees in 48 branches and offices.
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#1 BARBADOS COMPANY REVENUE - CIBC CARIBBEAN BANK LIMITED
We are one of the largest regionally listed financial services institutions in the English and Dutch speaking Caribbean, with US$13 billion in assets and market capitalization of US$1.6 billion. Leadership We also have a representative office in Hong Kong that provides business development and relationship management for our fund administration. The face of banking is changing throughout the world and CIBC FirstCaribbean intends to lead these changes with the expertise, integrity and knowledge gained from banking in the Caribbean since 1836.
Brian McDonough Chair of the Board Brian was previously the Executive Vice-President, CRO Global Credit Risk Management, at the Bank’s parent company, CIBC. He led CIBC’s Corporate and Commercial Adjudication globally and was responsible for assessment, adjudication and monitoring of credit risk in Wholesale Banking and Commercial Banking for CIBC.
Mark St. Hill Chief Executive Officer Prior to this, Mark was appointed Managing Director, Retail & Business Banking in May 2013 where he had responsibility for the development and growth of CIBC First Caribbean’s Retail & Business Banking operations including the Bank’s cards issuing business. Previous to his appointment as Managing Director, Retail & Business Banking, Mark was the Barbados Country Manager and Managing Director of CIBC FirstCaribbean’s Barbados Operating Company. Previous to that he was the Director, International Banking with responsibility for the leadership and development of the International Banking (Personal & Corporate) offering across the six centers in The Bahamas, Barbados, British Virgin Islands, Cayman, Curacao and Turks and Caicos Islands.
An experienced banker with 33 years in various positions spanning Insurance Brokerage, Retail Banking, Corporate Banking, Credit Risk, International Banking and Wealth Management, Mark has also held senior management Brian joined CIBC in 1983, has held various positions in several countries in the senior positions in Risk Management, and was Caribbean such as Grenada, British Virgin appointed to the position of Executive ViceIslands and Barbados. President, Wholesale Credit and Investment Risk Management in July 2008. Mark is a Fellow of the British Institute of Chartered Secretaries and Administrators, He is a graduate of McGill University, University a graduate of the FirstCaribbean of Alberta and University of Toronto Executive Leadership Program with
DECEMBER 2024
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#1 BARBADOS COMPANY REVENUE - CIBC CARIBBEAN BANK LIMITED Wharton Business School and has also completed the Master’s Certificate Program in Financial Services Leadership in conjunction with Schulich School of Business and CIBC. He is also the President of the Barbados Hockey Federation.
Transforming Itself Into The Region’s Premier Multi-Channel Financial Services Institution 2023 has seen significant change for CIBC First Caribbean. Our bank has delivered on its strategy of transforming itself into the region’s premier multi-channel financial services institution, as it prepares itself for growth in the coming years. Today, its operational success and achievements are to be celebrated, while looking forward to the next exciting phase.
The divestitures which the bank has completed in the past year, with sales of its assets in St. Vincent and Grenada to Bank of St. Vincent & Grenadines and Grenada Cooperative Bank Limited respectively, and its exit from Dominica, are part of the Bank’s revised focus on 10 key markets, which will help it to achieve its stated goal of providing banking service to its clients in a variety of formats, from creative digital solutions via mobile devices, to in branch client service and financial advice. The two final divestitures in the Dutch Caribbean islands of St. Maarten and Curaçao, which were announced at the end of the fiscal year and are subject to regulatory approval, complete the bank’s right-sizing phase, and herald a renewed focus on growth in our core markets. Your board is fully supportive of these plans, as it believes the focusing on our 10 key markets represents the best way forward to achieve our long-term growth and success of our Bank. The Bank delivered a strong financial performance for the fiscal year as we
DECEMBER 2024
continued to execute our client-centric strategy focused on deepening client relationships, enhancing our digital banking offerings, simplifying operations and investing in our people. Our strategic investments are creating a strong foundation for future growth and optimization of resources across our strategic business segments. For the year ended October 31, 2023, the Bank reported net income of $269.9 million, up $93.5 million or 53% from the prior year’s net income of $176.4 million. Adjusted net income was $267.0 million, after excluding net gains of $2.9 million related to the previously announced divestitures compared with adjusted net income1 of $186.9 million at the end of 2022. The year’s significantly improved results were largely due to the revenue uplift from higher US benchmark interest rates in our primary US dollar denominated operating companies in the Bahamas and the Cayman Islands. As the regional economies continued to recover from the aftermath of the COVID-19 pandemic, transaction-based operating income returned to normalized levels, improving over the year. While the high interest rate environment has improved margins in 2023, loan growth has been moderate in line with costlier debt and clients’ debt management strategies. Deposit growth has also slowed, as some client inflows have been directed towards alternate investment products or debt repayment. In 2024, a softer pace for economic growth and sustained inflation levels are likely to have broad implications across our strategic business units. However, even with some fluidity in the economic outlook, we are confident we can build on our momentum and drive strategic long-term growth.
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The future of OOH advertising lies in the ability to adapt, personalize, and engage with consumers in innovative ways. BlackTone’ s OOH Advertising and Screen solutions represent a significant leap forward in achieving these goals, offering an unparalleled opportunity to connect with audiences on the go.
TOP 100 COMPANIES PROFIT AFTER TAX
Top 100 Companies Profit After Tax 2023
2024 Exchange
Company
US$ (2024/23)
3
1
TT
Republic Financial Holdings Limited
$284,118
4
2
BB
CIBC Caribbean Bank Limited
$269,910
8
3
TT
Massy Holdings Limited
$119,549
7
4
TT
First Citizens Bank Limited
$114,228
10
5
JA
Scotia Group Jamaica Ltd.
$110,729
5
6
TT
Guardian Holdings Limited
$103,088
25
7
JA
Jamaica Producers Group Limited
$102,331
9
8
TT
Scotiabank Trinidad & Tobago Limited
$99,705
2
9
JA
NCB Financial Group Ltd.
$98,565
6
10
JA
Sagicor Group Jamaica Limited
$93,663
15
11
TT
ANSA Mc Al Limited
$87,424
12
12
JA
JMMB Group Limited
$76,171
13
13
TT
Agostini's Limited
$57,813
11
14
JA
GraceKennedy Limited
$53,852
16
15
GY
Banks DIH Ltd.
$47,154
18
16
BB
Goddard Enterprises Limited
$44,819
14
17
TT
The West Indian Tobacco Company Limited
$40,748
17
18
JA
Caribbean Cement Company Limited
$35,840
24
19
JA
Wisynco Group Limited
$31,638
31
20
JA
Seprod Limited
$29,331
26
21
GY
Demerara Distillers Ltd.
$28,361
33
22
EC
East Caribbean Financial Holding Company
$27,653
40
23
TT
Trinidad Cement Limited
$25,028
132
24
JA
Transjamaican Highway Limited
$23,971
20
25
JA
Pan Jamaica Group Limited
$23,936
DECEMBER 2024
BUSINESSUITE DIGITAL ISSUE
PAGE 100
TOP 100 COMPANIES PROFIT AFTER TAX
Top 100 Companies Profit After Tax 2024 Exchange
29
26
GY
Republic Bank Guyana Ltd.
23,334
27
27
JA
Carreras Limited
22,672
28
28
TT
Angostura Holdings Limited
22,350
23
29
JA
Barita Investments Limited
21,948
NR
30
TT
A.S. Bryden & Sons Holdings Limited
20,563
32
31
TT
Kingston Wharves Limited
20,512
35
32
JA
Demerara Bank Limited - Group
19,365
133
33
TT
ANSA Merchant Bank Limited (Group)
19,014
135
34
EC
St. Kitts-Nevis-Anguilla National Bank Ltd.
18,401
22
35
JA
Jamaica Broilers Group Limited
18,194
30
36
JA
Supreme Ventures Limited
15,693
34
37
EC
St. Lucia Electricity Services Ltd.
15,406
38
38
JA
Lasco Manufacturing Limited
15,300
37
39
GY
Guyana Bank for Trade & Industry Ltd.
14,929
48
40
JA
Stanley Motta Limited
11,347
36
41
JA
Pulse Investments Limited
10,110
43
42
EC
The West Indies Oil Company Ltd.
9,531
44
43
JA
Lasco Distributors Limited
9,299
39
44
GY
Citizens Bank Guyana Inc.
9,247
45
45
BB
Cave Shepherd & Company Limited
8,906
89
46
EC
Bank of St. Vincent and the Grenadines
8,599
49
47
TT
Prestige Holdings Limited
8,226
95
48
EC
Grenada Co-operative Bank Ltd.
8,094
63
49
EC
Grenada Electricity Services Limited
7,883
46
50
TT
PLIPDECO Limited
7,743
DECEMBER 2024
Company
US$ (2024/23)
2023
BUSINESSUITE DIGITAL ISSUE
PAGE 101
TOP 100 COMPANIES PROFIT AFTER TAX
Top 100 Companies Profit After Tax Company
US$ (2024/23)
2023
2024
Exchange
121
51
BB
Banks Holdings Limited
$7,645
42
52
JA
Caribbean Producers Jamaica Limited (Group)
$6,359
47
53
TT
Endeavour Holdings Limited
$6,304
50
54
JA
Sygnus Credit Investments Limited
$6,025
21
55
TT
Mayberry Group Limited
$5,876
61
56
EC
Republic Bank (Grenada) Limited
$5,752
68
57
JA
Wigton Windfarm Limited
$5,392
51
58
BB
West India Biscuit Company Limited
$5,341
NR
59
TT
National Flour Mills Limited
$5,214
62
60
JA
Kingston Properties Limited - Group
$4,647
55
61
TT
One Caribbean Media Limited
$4,475
58
62
JA
Fontana Limited
$4,211
60
63
EC
S.L. Hansford & Co Ltd.
$4,185
59
64
JA
General Accident Insurance Co. Ja
$3,371
77
65
JA
Eppley Limited
$3,260
64
66
JA
Dolphin Cove Limited
$3,058
73
67
JA
Dolla Financial Services Limited
76
$2,694
68
JA
Future Energy Source Company Limited
79
$2,640
69
TT
Unilever Caribbean Limited
67
70
JA
$2,523
138 Student Living Jamaica limited
65
71
JA
$2,204
Access Financial Services Ltd
72
72
JA
Cargo Handlers Limited
100
73
JA
Knusford Express Limited
75
74
JA
Stationery & office Supplies Limited
69
75
JA
MailPac Group Limited
DECEMBER 2024
BUSINESSUITE DIGITAL ISSUE
$2,186 $2,074 $1,924 $1,786 $1,672
PAGE 102
TOP 100 COMPANIES PROFIT AFTER TAX
Top 100 Companies Profit After Tax Company
US$ (2024/23)
2023
2024
Exchange
74
76
EC
St Kitts Nevis Anguilla Trading & Development Co
$1,668
129
77
JA
MPC Caribbean Clean Energy Limited
$1,587
88
78
JA
Jamaica Tees Limited
$1,558
66
79
JA
FosRich Company Limited
$1,512
80
80
JA
Honey Bun (1982) Limited
$1,492
128
81
JA
Palace Amusement Company (1921) Limited
$1,466
87
82
JA
Express Catering Limited
$1,408
78
83
JA
Indies Pharma Jamaica Limited
$1,369
98
84
JA
Image Plus Consultants Limited
$1,362
52
85
JA
Sygnus Real Estate Finance Limited - Group
$1,359
90
86
JA
Main Event Entertainment Group Ltd
$1,333
53
87
JA
Victoria Mutual Investments Limited - Group
$1,278
56
88
JA
Derrimon Trading Company Limited
$1,170
93
89
GY
Sterling Products Limited
$1,162
85
90
JA
Salada Foods Jamaica Limited
$1,155
83
91
JA
Blue Power Group Limited
$1,114
70
92
JA
Lasco Financial Services Limited
84
$1.041
93
JA
Lumber Depot Limited
101
$918
94
TT
Caribbean Flavours & Fragrances Limited
81
95
JA
$854
Tropical Battery Company limited
99
96
JA
$838
Caribbean Assurance Brokers Ltd
108
97
JA
$793
Sterling Investments Limited
107
98
JA
$661
Everything Fresh Limited
94
99
JA
$645
Spur Tree Spices Jamaica Limited
97
100
JA
$623
AMG Packaging & Paper Company
$575
DECEMBER 2024
BUSINESSUITE DIGITAL ISSUE
PAGE 103
#1 CARIBBEAN COMPANY PROFIT AFTER TAX - REPUBLIC FINANCIAL HOLDINGS LIMITED
Businessuite 2024 #1 Caribbean Company - Profit after Tax Republic Financial Holdings Limited
2024
Exchange
Company
LC$ (2024/23)
US$ (2024/23)
1
T&T
Republic Financial Holdings Limited
$1,932,000
$284,118
Republic Financial Holdings Limited (RFHL) is the registered owner of all of the Banks in the Republic Group – Republic Bank Limited, Republic Bank (Guyana) Limited, Republic Bank(Barbados) Limited, Republic Bank (Grenada) Limited, Republic Bank (St Maarten) N.V., Republic Bank (EC) Limited, Republic Bank (Anguilla) Limited, Republic Bank (Suriname) N.V, Republic Bank (Cayman) Limited, Republic Bank (Ghana) Plc., Republic Bank (BVI), Cayman Leadership National Corporation as well as Republic Vincent A. Pereira, Wealth Management Limited and other Chairman subsidiaries. Vincent A. Pereira is an accomplished In keeping with international best practice, petroleum engineer with more than 35 this holding company was formed with the years in the energy sector, aim of offering increased operational efficiencies and optimum management of the Group; ultimately leading to greater value for our shareholders and clients while enabling greater strategic focus and diversification.
DECEMBER 2024
bringing extensive leadership and technical expertise to his role as Chairman of RFHL. His career includes significant achievements in both Trinidad and Tobago and the United States, with a strong background in operational excellence and strategic development.
BUSINESSUITE DIGITAL ISSUE
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#1 CARIBBEAN COMPANY PROFIT AFTER TAX - REPUBLIC FINANCIAL HOLDINGS LIMITED Mr. Pereira is a former President of BHP Trinidad and Tobago, where he was instrumental in achieving value-based growth, overseeing major offshore developments, and spearheading exploration efforts in deepwater frontier basins. His influence extends to industry governance, having served as a Director of the Energy Chamber of Trinidad and Tobago and as a Governor on the Board of the National Energy Skills Centre. Education and Credentials Bachelor of Science in Chemistry, University of Guelph Master of Business Administration (MBA), Houston Baptist University Diploma in Petroleum Engineering, University of the West Indies
Mr. Baptiste’s strategic vision has positioned RFHL for sustainable growth and market responsiveness. He also champions operational excellence across multiple subsidiaries, aligning the group’s strategic initiatives with economic development goals across the Caribbean. Education and Credentials Bachelor of Science (Honours) in Economics, University of the West Indies Master of Science in Economics, University of the West Indies Advanced Management Program, Harvard Business School Diploma with Distinction, ABA Stonier Graduate School of Banking Associate of the Chartered Institute of Bankers
Republic Financial Holdings Is A Driving Force And Agency For Change “The Republic Group has been competitive in the pursuit of service excellence and nation-building for more than 186 years.”
Nigel M. Baptiste, Group President and Chief Executive Officer Nigel M. Baptiste has dedicated over 30 years to the banking sector, contributing to Republic Bank Limited's growth and innovation. Appointed in 2016, Mr. Baptiste's tenure as Group President and CEO is marked by his commitment to strengthening Republic’s leadership position in the Caribbean financial market. His extensive experience encompasses key roles, including Managing Director of Republic Bank Limited and Republic Bank (Guyana) Limited and serving as General Manager of Human Resources.
DECEMBER 2024
Working closely with many to help build successful people and sustainable societies, the Group strives to go beyond the boundary as the one true indigenous team that has stood the test of time in efficiently delivering service to our clients, stakeholders, and communities in the Caribbean, South America and Ghana. In every field, every time we bat, we stride forward confidently with eyes fixed on hitting our goals. As we focus on unlocking the truest potential of our People, Planet, Progress and Communities, we are determined, compassionate and strategic in our approach in seizing opportunities and facing challenges head on.
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#1 CARIBBEAN COMPANY PROFIT AFTER TAX - REPUBLIC FINANCIAL HOLDINGS LIMITED Unified in this purpose, the Republic Group continues to be a driving force and agency for change in the markets we serve, working together as one to bring our stakeholders and our people, leading-edge solutions to fulfil their needs and achieve their goals. As a team, we will continue to cheer for, and empower, many in bringing out their best. As a Group, we will endeavour to create sustainability, promote equity, and nurture the talents of our people and communities wherever we channel our resources.
When combined with the interim dividend Republic Financial Holdings Limited (RFHL) of $1.10 per share, this brings the total recorded a profit attributable to equity dividend for the year to $5.20 per share, holders of the parent of $1.75 billion for the an increase of $0.70 or 15.6 percent over year ended September 30, 2023, an increase the amount declared for 2022. At a share of $224.0 million or 14.7 percent over the price of $121.02 as at September 30, 2023, profit of $1.53 billion reported in the prior this results in a dividend yield of 4.3 year. percent on an RFHL share. The Group earned net interest income of $4.7 billion These results are a combination of the for year ended September 30, 2023, an returns from the Group’s advances and increase of $526 million or 12.7 percent investment portfolios, and reduced credit above the prior year. loss expenses. Based on these results, the Board of Directors Average total assets increased by $1.9 declared a final dividend of $4.10 per share billion or 1.7 percent in the fiscal, with the net interest margin increasing from 3.76 for the year ended September 30, 2023. percent in 2022 to 4.17 percent in 2023.
• In Trinidad and Tobago (T&T), net interest income grew by $142 million, being the net impact of increases in interest income and interest expense of $210 million and $68 million respectively. The increase in interest income was generated primarily from the growth in the advances portfolio, coupled with higher interest rates on United States dollars (USD) denominated investments. The $68 million increase in interest expense stemmed from growth in the deposit portfolio and higher interest rates on the US$150 million floating rate debt.
DECEMBER 2024
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#1 CARIBBEAN COMPANY PROFIT AFTER TAX - REPUBLIC FINANCIAL HOLDINGS LIMITED * In Barbados, net interest income grew by $5 million, the net result of a $3 million increase in interest income and a $2 million decline in interest expense. The $5 million growth in interest income was the result of increased portfolios for advances and investment securities, while the decreased interest expense was due to a decline in the deposit portfolio of Republic Bank (Barbados) Limited.
Increased yields on advances, investments and customer deposits accounted for the increased income and expense.
• The Cayman Islands recorded increased net interest income of $247 million, the net effect of increases in interest income of $352 million and $105 million in interest expense. The increases were the result of increased yields on USD investment securities and customer deposits in the Cayman Islands market. In Suriname, the increase of $40 million was the net effect of an increase in interest income of $37 million and a $3 million decline in interest expense. The increase in interest income was due to growth in the advances and investment portfolios, while the decreased interest expense was a result of a reduction in deposit rates. In Ghana, the $40 million decrease in net interest income resulted from a decline in interest income of $5 million and increased interest expense of $35 million. This decline was mainly due to a reduction in average interest rates for advances and the depreciation in the Cedi exchange rate during the year. The increased interest expense resulted from increased interest rates in addition to an increased customer deposit portfolio. In the British Virgin Islands (BVI), the increase of $9 million in net interest income was due to increases in interest income and interest expense by $20 million and $11 million respectively.
DECEMBER 2024
The increase in profitability in 2023 is reflected in the rise in most key ratios in 2023, with the Return on Average Assets (ROA) ratio increasing from 1.53 percent in 2022 to 1.73 percent in 2023, and the Return on Average Equity (ROE) ratio increasing from 12.73 percent in 2022 to 13.87 percent in 2023.
Dividends The Board of Directors declared a final dividend of $4.10 (2022: $3.45) per share, which brings the total dividend to $5.20 (2022: $4.50) per share for the fiscal year, an increase of 15.6 percent or $0.70 in total dividend payment over 2022. At a closing share price of $121.02, this dividend represents a dividend yield of 4.30 percent (2022: 3.21 percent). The Group’s capital adequacy ratios across all countries and at the consolidated level remains quite robust. The final dividend was paid on December 1, 2023, to all shareholders of record on November 16, 2023.
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TOP 10 TRINIDAD AND TOBAGO COMPANIES US$ PROFIT AFTER TAX
Businessuite 2024 Top 10 Trinidad and Tobago Companies - US$ Profit after Tax US$ (2024/23)
US$ (2022)
Republic Financial Holdings Limited
$284,118
$248,361
2
Massy Holdings Limited
$119,549
$126,576
7
3
First Citizens Bank Limited
$114,228
$108,187
2
4
Guardian Holdings Limited
$103,088
$70,218
6
5
Scotiabank Trinidad & Tobago Limited
$99,705
$100,848
14
6
ANSA Mc AI Limited
$87,424
$39,199
3
7
Agostini’s Limited
$57,813
$38,912
13
8
The West Indian Tobacco Company Limited
$40,748
$38,581
15
9
Trinidad Cement Limited
$25,028
$8,526
10
10
Angostura Holdings Limited
$22,350
$21,421
17
11
ANSA Merchant Bank Limited (Group)
$19,014
-$6,687
19
12
Prestige Holdings Limited
$8,226
$5,232
8
13
PLIPDECO Limited ***
$7,743
$6,416
1
14
Endeavour Holdings Limited
$6,304
$10,168
1
15
National Flour Mills Limited
$5,214
-
4
16
One Caribbean Media Limited
$4,475
$4,217
16
17
Unilever Caribbean Limited
$2,523
$1,441
11
18
LJWilliams Limited
$0
$972
-
19
CinemaONE Limited
-$101
-$209
12
20
Guardian Media Limited
-$1,647
-$409
1
21
National Enterprise Limited
-$66,927
$292,000
18
22
Trinidad and Tobago NGL Limited
-$81,083
-$59,374
2023
2024
5
1
9
DECEMBER 2024
Company
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TOP 10 BARBADOS COMPANIES US$ PROFIT AFTER TAX
Businessuite 2024 Top 10 Barbados Companies US$ Profit after Tax US$ (2023)
US$ (2022)
CIBC Caribbean Bank Limited
$269,910
$176,393
2
Goddard Enterprises Limited
$44,819
$34,102
3
Cave Shepherd & Company Limited
$8,906
$6,771
4
Banks Holdings Limited
$7,645
$0
5
West India Biscuit Company Limited
$5,341
$5,014
6
Insurance Corporation Of B’DOS Limited
-
-$4,632
2023
2024
1
1
2 3 4
Company
Businessuite 2024 #1 Barbados Company - Profit after Tax: CIBC Caribbean Bank Limited
1
CIBC Caribbean Bank Limited - Transforming Itself Into The Region’s Premier Multi-Channel Financial Services Institution 2023 has seen significant change for CIBC FirstCaribbean. Our bank has delivered on its strategy of transforming itself into the region’s premier multi-channel financial services institution, as it prepares itself for growth in the coming years. Today, its operational success and achievements are to be celebrated, while looking forward to the next exciting phase. The divestitures which the bank has completed in the past year, with sales of its assets in St. Vincent and Grenada to Bank of St. Vincent & Grenadines and Grenada Co-operative Bank Limited respectively, and its exit from Dominica, are part of the Bank’s revised focus on 10 key markets, which will help it to achieve its stated goal of providing banking service to its clients in a variety of formats, from creative digital solutions via mobile devices, to in branch client service and financial advice.
DECEMBER 2024
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#1 BARBADOS COMPANY PROFIT AFTER TAX BB CIBC CARIBBEAN BANK LIMITED The two final divestitures in the Dutch Caribbean islands of St. Maarten and Curaçao, which were announced at the end of the fiscal year and are subject to regulatory approval, complete the bank’s right-sizing phase, and herald a renewed focus on growth in our core markets.
For the year ended October 31, 2023, the Bank reported net income of $269.9 million, up $93.5 million or 53% from the prior year’s net income of $176.4 million. Adjusted net income was $267.0 million, after excluding net gains of $2.9 million related to the previously announced divestitures compared with adjusted net income1 of $186.9 million at the end of 2022. The year’s significantly improved results were largely due to the revenue uplift from higher US benchmark interest rates in our primary US dollar denominated operating companies in the Bahamas and the Cayman Islands. As the regional economies continued to recover from the aftermath of the COVID-19 pandemic, transactionbased operating income returned to normalized levels, improving over the year.
Your board is fully supportive of these plans, as it believes the focusing on our 10 key markets represents the best way forward to achieve our long-term growth and success of our Bank. The Bank delivered a strong financial performance for the fiscal year as we continued to execute our client-centric strategy focused on deepening client relationships, enhancing our digital banking offerings, simplifying operations and investing in our people. Our strategic investments are creating a strong foundation for future growth and optimization of resources across our strategic business segments.
DECEMBER 2024
While the high interest rate environment has improved margins in 2023, loan growth has been moderate in line with costlier debt and clients’ debt management strategies. Deposit growth has also slowed, as some client inflows have been directed towards alternate investment products or debt repayment. In 2024, a softer pace for economic growth and sustained inflation levels are likely to have broad implications across our strategic business units. However, even with some fluidity in the economic outlook, we are confident we can build on our momentum and drive strategic longterm growth.
Mark St. Hill, Chief Executive Officer
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TOP 50 JAMAICA MAIN MARKET COMPANIES - US$ PROFIT AFTER TAX
Businessuite 2024 Top 50 Jamaica Main Market Companies - US$ Profit after Tax 2023
2024
Company
9 20 1 24 27 25 14 11 7 36 28 22 21 26 4 10 19 17 40 13 6 30 16 23 12 35 39 38 15 37 32
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
Scotia Group Jamaica Jamaica Producers Group Limited NCB Financial Group Ltd Sagicor Group Jamaica Limited JMMB Group Limited GraceKennedy Limited Carib Cement Company Limited Wisynco Group Limited Seprod Limited TransJamaican Highway Limited Pan Jamaica Group Limited Carreras Limited Barita Investments Limited Kingston Wharves Limited Jamaica Broilers Group Limited Supreme Ventures Limited Lasco Manufacturing Limited Stanley Motta Limited Pulse Investments Limited Lasco Distributors Limited Caribbean Producers Jamaica Limited (Group) Sygnus Credit Investments Limited Mayberry Group Limited Wigton Windfarm Limited Kingston Properties Limited - Group General Accident Insurance Co Ja Eppley Limited 138 Student Living Jamiaca Limited MPC Caribbean Clean Energy Palace Amusement Company (1921) Limited Sygnus Real Estate Finance - Group Victoria Mutual Investments Limited - Group Salada Foods Jamaica Limited Stering Investments LImited
DECEMBER 2024
BUSINESSUITE DIGITAL ISSUE
US$ (2024/23)
US$ (2022)
$110,729
$68,815
$102,331
$26,580
$98,565
$234,272
$93,663
$65,638
$76,171
$4,598
$53,852
$50,780
$35,840
$35,901
$31,638
$27,031
$29,331
$19,458
$23,971
-$7,140
$23,936
$18,285
$22,672
$24,244
$21,948
$28,148
$20,512
$18,261
$18,194
$19,311
$15,693
$20,525
$15,300
$13,883
$11,347
$5,659
$10,110
$11,914
$9,299
$9,026
$6,359
$6,247
$6,025
$5,135
$5,876
$2,792
$5,392
$2,058
$4,647
$3,800
$3,371
$4,029
$3,260
$1,592
$2,204
$2,123
$1,587
-$2,185
$1,466
-$1,738
$1,359
$4,621
$1,278
$4,778
$1,155
$1,170
$661
$285
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#1 JAMAICA MAIN MARKET COMPANY PROFIT AFTER TAX - SCOTIA GROUP JAMAICA LTD.
Businessuite 2024 #1 Jamaica Main Market Company - US$ Profit after Tax Scotia Group Jamaica Ltd.
2023
2024
Company
US$ (2024/23)
US$ (2024/23)
9
1
Scotia Group Jamaica Ltd
$110,729
$68,815
Scotia Group, established in 1889 and headquartered in Kingston is one of the largest banking and financial service organizations in Jamaica, with assets in excess of $664 billion. We offer a diversified range of tailored financial solutions through our subsidiaries to a wide range of corporations, governments, institutions, and individual clients across all sectors within the Jamaican economy, supported by a network of 28 branches, 292 ATMs, 1,485 team members and a best-in-class digital banking platform.
Leadership Anya Schnoor Chair of the Board of Directors
Anya Schnoor was appointed Chair of Scotia Group Jamaica Limited effective Scotia Group has delivered 134 years of December 10, 2022. She has been the unbroken industry-leading service to Executive Vice President, Caribbean, Jamaica and continues to focus on evolving Central America & Uruguay for by building on our client first strategy in International Banking since October 2020. Jamaica as we continue to leverage our strength, experience, resilience and execute In this role, Anya leads the development of on our strategic plans to support clients’ the overall strategic direction for the Bank’s financial well-being and help them plan for personal, commercial, corporate, wealth, the future. and insurance operations in the regions. Anya joined Scotiabank in Jamaica in 2006,
DECEMBER 2024
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#1 JAMAICA MAIN MARKET COMPANY PROFIT AFTER TAX - SCOTIA GROUP JAMAICA LTD. and has held progressively senior roles across the bank, including her most recent role as the Executive Vice President, Retail Products in Canadian Banking. Her experience in the financial services sector in the Caribbean spans more than 30 years in the areas of wealth management, insurance and banking.
Audrey has a combined 36 years of experience in banking with 21 years at the executive level and a proven track record leading businesses within the Financial Services Industry.
She is passionate about women empowerment, diversity and inclusion. Audrey spearheaded the launch of the Scotiabank Women Initiative in Jamaica, a She is widely-recognized as a strong program supporting women-led and business leader in the Caribbean region, receiving the Caribbean Luminary Award in women-owned businesses. She is a member of the Scotiabank International Banking 2019 by the American Foundation for The Inclusion Council and under her leadership, University of the West Indies for her the Caribbean Inclusion Council was contributions in the business community. established with representatives from She is also a member of the International across the Caribbean. Women’s Forum (IWF), an organization dedicated to supporting the next Additionally, she places much of her focus generation of women leaders. on the development of talent and provides Ms. Schnoor holds a Master of Business Administration from Barry University and a Bachelor of Business Administration in Finance and International Business from Florida International University.
guidance and coaching through the Scotiabank Caribbean Network’s Mentorship Program, as well as direct coaching. She is also a member of the International Women’s Forum (IWF), an organization dedicated to supporting the next generation of women leaders.
Audrey Tugwell Henry President and Chief Executive Officer Audrey Tugwell Henry is the President & CEO, Scotia Group Jamaica Limited since January 1, 2021. She has been employed to Scotiabank for a collective period of 14 years in executive positions. Audrey joined Scotiabank in May 2000 to May 2008 and again in September 2017 as the Executive Vice President, Retail and Small Business Banking, Caribbean North & Central.
DECEMBER 2024
Outside of the Scotia Group, Audrey is the President of the Jamaica Bankers’ Association, appointed in October 2023, and also serves on the board of the Mona School of Business and Management. She has a Diploma in Education from Church Teachers’ College, Mandeville, a Bachelor of Science degree in Management Studies from the University of the West Indies and a Master of Business Administration.
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#1 JAMAICA MAIN MARKET COMPANY PROFIT AFTER TAX - SCOTIA GROUP JAMAICA LTD. The Business Has Yielded Stellar Our relationship managers have Results For The Past Fiscal Year - consistently delivered positive results by Business Performance Highlights understanding the needs of our business
clients and providing solutions to facilitate Our strong performance for the year yielded their growth and development. a return on average equity of 15.15% versus 9.43% in the prior year, a marked As we continue to promote a balanced improvement of 5.72%. financial portfolio, our wealth and insurance businesses continue to offer real value to our Our asset base grew by $70.3 billion or 12% clients. This year, we re-affirmed the to $664.7 billion as at the end of the fiscal importance of adequate protection through year and was underpinned by the excellent our insurance subsidiaries. performance of our loan portfolio. Shareholders’ equity available to common Our life insurance arm - Scotia Jamaica Life shareholders increased by $20.2 billion or Insurance Company increased net 19% when compared to October 2022. insurance revenue by 105% versus last year. Key to their performance were product We continue to maintain strong capital enhancements for flagship products such as adequacy, exceeding regulatory capital ScotiaCriticare as well as our Approved requirements in all our business lines, and Retirement Scheme, ScotiaBRIDGE. our strong capital position also enables us to capitalize on any growth opportunities Our newest subsidiary, Scotia General which emerge in the market. Insurance Agency (ScotiaProtect), generated $400 million in annualized Each business line made strong premiums in its first year of operation as contributions to the overall results as we clients positively respond to our strong value offer clients a comprehensive suite of proposition. financial services. Our deposit book continues to grow as clients choose us to Scotia Investments also made a strong manage their finances. contribution to the Group’s performance. Assets Under Management increased by $11 Total deposits grew by 12% when compared billion or 6% year over year. with the previous year while total loans increased by 14.6% year over year. Additionally, all Scotia Investments mutual and unit trust funds continue to deliver good In our retail business, we continue to see returns to unitholders. significant growth in mortgages which increased by 25% when compared with Our stable NAV fund, the Scotia Premium prior year. This continued growth is indicative of the demand in the market, our Money Market Fund recorded a 1-year return of7.3%, exceeding the inflation rate (5.1%) for competitive rates as well as our very the 12-month period ending October 31, streamlined mortgage process. 2023.Scotia Money Market Fund also Commercial banking also delivered outstanding results with commercial loans delivered over 4% US Dollar returns to unitholders over the last 12 months increasing over prior year by 12%.
DECEMBER 2024
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TOP 10 GUYANA COMPANIES US$ PROFIT AFTER TAX
Businessuite 2024 Top 10 Guyana Companies US$ Revenue US$ (2024/23)
US$ (2023/22)
Banks DIH Ltd
$236,038
$213, 507
2
Demerara Distillers Ltd (Group)
$158,072
$150,868
3
3
Republic Bank Guyana Ltd
$78,166
$65,024
4
4
Guyana Bank for Trade and Industry Ltd
$37,656
$32,302
5
5
Demerara Bank Limited - Group
$37,571
$30,279
7
6
Citizens Bank Guyana Inc
$25,527
$21,796
6
7
Sterling Products Limited
24,544
$22,800
2022
2023
2024
1
1
1
2
2
3 4 5
Company
Businessuite 2024 #1 Guyana Company -US$ Revenue Banks DIH Ltd.
2023
2024
Company
US$ US$ (2023/22) (2024/23)
1
1
Banks DIH Ltd.
$236,038
DECEMBER 2024
BUSINESSUITE DIGITAL ISSUE
$213,507
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#1 GUYANA COMPANY - PROFIT AFTER TAX - BANKS DIH LTD. The Principal Activities of Banks DIH Limited (Group) are brewing, blending, bottling and wholesale marketing of beers, wines, liquors, and assorted beverages; the processing of food items; the operation of restaurants, bars, laundry services, hotel; the operation of commercial banking; transportation and alternative energy products and services.
On 18th January, 2023 the Directors incorporated a Holding Company by the name of Banks DIH Holdings Inc. (“BDIHHI”). The purpose of BDIHHI is to create a new corporate structure for the Banks DIH Group of Companies, which would facilitate the entry into new activities arising from the present rapid economic development in Guyana. This step was taken pursuant to the advice of the reputable accounting firm BDO, which operates in many countries in the Western World and has a Branch Office in St. Lucia.
Banks DIH Limited is a multi-billiondollar company headed by Mr. Clifford Barrington Reis, CCH, who was appointed Chairman/Managing Director after the death of Mr. Peter S. D’Aguiar thereby heralding the dawn of a new era in the company’s history. Clifford Barrington Reis, is regarded as a veteran business executive who has been responsible for the stewardship of local bottling giants Banks DIH Limited for the past 29 years as Chairman/Managing Director. Mr. Clifford Reis’ management style could be described as “hands-on” and manages through consultation, help and advice from the Directors, Executive Board Members and the Worker Management Participation Board (W.M.P.B.). He believes that business must be undertaken with a sense of urgency and getting quality results is of the utmost importance.
Building Resilience Through People, Products, and Processes: A Strategy for Sustainable and Efficient Manufacturing Revenue and Profits
Leadership Clifford Barrington Reis, C.C.H., Chairman / Managing Director
DECEMBER 2024
The overall performance of the Group improved by recording a Profit before Tax of $14.509 billion compared to $13.398 billion in 2022, an increase of $1.111 billion or 8.29%. Profit after Tax for the Group attributable to Shareholders of the Parent Company increased from $8.395 billion to $8.970 billion, an increase of $575.0 million or 6.8%.
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#1 GUYANA COMPANY - PROFIT AFTER TAX - BANKS DIH LTD. Revenue generated by the Company was $44.048 billion compared to $39.653 billion in 2022, an increase of $4.395 billion or 11.1%. The Profit before Tax for the Company was $11.393 billion compared to $10.506 billion achieved in 2022, an increase of $887.0 million or 8.4% while the Profit after Tax increased from $7.589 billion to $8.129 billion by $540.0 million or 7.1%. The complexity of the Business Environment is escalating rapidly. In the wake of the ongoing Global recovery from the COVID-19 pandemic in 2023, we have encountered further challenges in the Global Landscape impacting our operations. The Geopolitical Crisis in Europe continues to exert influence on commodity prices and Supply Chain Operations The Financial Year which ended on September 30, 2023 had many challenges which included Supply Chain Delays and increased costs for Raw and Packaging Materials, Spares, Energy, Distribution and the Retention of Skilled Employees. Our strategy was centered around our Employees and Customers to drive Sustainable Solutions and build Resilience in our Manufacturing Processes, maintaining the production of High Quality Products and Efficiency in Operations.
Capital Expenditure The Company continued to make Capital Investments in Plant, Machinery, and Equipment in order to strengthen long-term development, bolster our manufacturing capacity, and improve the operational efficiency.
DECEMBER 2024
Capital works were completed with the acquisition of a 120 HL Brew House to enhance the brewing capacity of our Malt Products. There was the acquisition of a Blow Moulder, Conveyors and Puncheons for the Rum Division, as well as a new online Blow Moulder for the Soft Drink Plant. The Food Division was enhanced with Packaging Equipment, Spiral Mixers, Bag Sealing Unit, Conical Rounder and Temperature Control Equipment. The Utility Services Areas within the Company which include Thirst Park Water Well, CO2 Plant, Central Quality Lab, Refrigeration and Material Handling were all upgraded with new equipment. The Power Generation Plant was upgraded with new Switch Gears, the overhaul ofGenerators and the installation of Alternative Power Equipment. Several of our Land Holdings and Buildings were upgraded including the Berbice Branch Bond, Special Events Outlet and the Linden Branch. Construction works continued on the Elevated Car Parking Facilities. During the year, the Company acquired forty (40) acres of Land for the purpose of future development and expansion. In our quest to deliver products to Customers, the Transport and Distribution Fleet was boosted with the acquisition of new Trucks and Forklifts. Hundreds of Customers in the Mom and Pop shops, Supermarkets and Grocery Stores and several Offices and Ministries were supplied with Coolers, Freezers and Water Dispensers. The Information, Communication and Technology (ICT) Department was upgraded with new Computers and Power Solutions.
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TOP 10 EASTERN CARIBBEAN COMPANIES - PROFIT AFTER TAX
Businessuite 2024 Top 10 Eastern Caribbean Companies - Profit after Tax Country
2024
Company
US$ (2024/23)
US$ (2022)
1
East Caribbean Financial Holding Company
$27,653
$15,431
2
St. Kitts-Nevis-Anguilla National Bank Ltd
$18,401
-$109,709
3
St Lucia Electricity Services Ltd
$15,406
$14,667
4
The West Indies Oil Company Ltd
$9,531
$7,196
5
Bank of St. Vincent and the Grenadines
$8,599
$1,077
6
Grenada Co-operative Bank Ltd
$8,094
$780
7
Grenada Electricity Service Ltd
$7,883
$3,149
8
Republic Bank (Grenada) Limited
$5,752
$3,849
9
S.L. Horsford & Co. Ltd
$4,185
$3,892
10
St. Kitts Nevis Anguilla Trading and Development Company
$1,668
$1,640
Businessuite 2024 #1 Eastern Caribbean Company Profit after Tax
The East Caribbean Financial Holding Company Limited (ECFH)
2024 1
Company
US$ (2024/23)
US$ (2022)
$27,653
$15,431
The East Caribbean Financial Holding Company Limited (ECFH)
DECEMBER 2024
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#1 EASTERN CARIBBEAN COMPANY PROFIT AFTER TAX - EAST CARIBBEAN FINANCIAL HOLDING COMPANY The East Caribbean Financial Holding Company (ECFH) is the product of a merger of two financial institutions, the then National Commercial Bank (NCB), and the Saint Lucia Development Bank (SLDB) in 2001. The merger objectives were to provide a broader range of banking and related services at a lower cost and a higher level of efficiency than was previously provided by these institutions operating independently.
Leadership
Evaristus Jn Marie Chairman M.Sc. MAAT, Acc. Dir.
Rolf Phillips Managing Director ECFH banking subsidiary, Bank of Saint Lucia Limited, has grown into the largest financial services provider in Saint Lucia enjoying a dominant share of the banking market and other financial service areas: Encouraging and mobilizing savings. Financing commercial, personal and development loans. Developing relevant financial products and services to serve the needs of the economy. Promoting economic development through the provision of financial services and corporate social responsibility programmes. Facilitating the growth of the nascent capital market. Fostering entrepreneurship.
DECEMBER 2024
Delivered Another Year Of Strong Performance In 2023 The East Caribbean Financial Holding Company Limited (ECFH) and its sole subsidiary Bank of Saint Lucia Limited (BOSL) delivered another year of strong performance in 2023. The reported results reflect its resilience and the firm foundation being built to secure a successful future for the Group and all its stakeholders. These are characterized by the trust and confidence from our clients, strength of our human resources, prudent risk management, strong balance sheet, well diversified business mix and our relentless disciplined execution of strategies geared to empower all our stakeholders to succeed.
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#1 EASTERN CARIBBEAN COMPANY PROFIT AFTER TAX - EAST CARIBBEAN FINANCIAL HOLDING COMPANY The Operating Environment During the financial year, the operating environment continued to be masked by economic volatility and uncertainty, persistent high inflation and geopolitical challenges. Notwithstanding these challenges, the Group has positioned itself to capitalize on opportunities to be gained from existing and emerging trends including high international benchmark rates, improvements in digitization, the adoption of generative artificial intelligence (AI), leveraging cloud infrastructure and changing needs and preferences of our clients.
Net interest income was $75.7 million, an an increase of $6.2 million in interest on loans, partially offset by a net increase in interest expense of $202 thousand. The significant boost in investment income came from the strategic placements of cash arising from investment maturities and deposit growth to short term instruments including money market and Certificates of deposits in order to benefit from high rates on the short end of the US yield curve. The Group actively monitors market sentiments and expectations to take the optimal investment decisions.
The ECFH Group reported an impressive profit after tax attributable to equity shareholders of $74.7 million for the year ended December 31, 2023. This represented, an increase of $33 million or 79.2% above the profit after tax of $41.7 million reported in 2022.
Growth in interest income on loans and advances was driven by short term growth in the corporate and overdraft portfolios within the financial year. We also benefited from growth within the retail and mortgage portfolios.
This year’s improved performance is largely attributed to continued revenue uplift from the high US benchmark interest rates, usage and volume growth in our credit card portfolio, increased foreign exchange income and increased share of profits from our investments in associates.
The average yield on loans remained relatively flat from 6.1% to 6% while the average yield on overdrafts improved from 11.92% to 16.33%. The average yield on overdrafts improved reflecting greater utilization of overdraft facility on higher rate accounts.
This sound performance is also supported by our balance sheet growth of $334 million or 12.6%, reflecting the strength of our brand and the success in the initiatives pursued in the prior years, our resilience and ability to overcome economic challenges and identify opportunities for growth.
The marginal growth in interest expense reflects the net impact of increased interest cost arising from growth in customer savings deposits and term deposits respectively and the cost savings arising from principal reductions on external borrowings.
Net Interest Income
Net interest income was $75.7 million, an increase of $22.2 million or 41.6% from the prior year. The increase was driven by a $16.3 million increase in interest income on investments and bank deposits,
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The average yield on deposits declined by 6 basis points from 1.10% to 1.04% as deposit growth in non-interest-bearing demand deposits surpassed growth in interest bearing deposits.
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TOP 50 JAMAICA JUNIOR MARKET COMPANIES BY US$ - PROFIT AFTER TAX
Businessuite 2024 Top 50 Jamaica Junior Market Companies by US$ Profit after Tax 2024
Company
US$ (2024/23)
US$ (2022)
1
Fontana Limited
$4,211
$4,042
2
Dolphin Cove Limited
$3,058
$2,967
3
Dolla Financial Services Limited
$2,694
$1,870
4
Future Energy Source Company Limited
$2,640
$3,809
5
Access Financial Services Limited
$2,186
$2,007
6
Crago Holders Limited
$2,074
$1,928
7
Knusford Express Limited
$1,924
$580
8
Stationery & Office Supplies Limited
$1,786
$1,710
9
Mailpac Limited
$1,672
$2,054
10
Jmaiaca Teas Limited
$1,558
$1,123
11
FosRich Company Limited
$1,512
$2,165
12
Honey Bun (1982) Limited
$1,492
$1,357
13
Express Catering Limited
$1,408
$2,702
14
Indies Pharma Jamaica Limited
$1,369
$1,472
15
Image Plus Consultants Limited
$1,362
$1,577
16
Main Event Entertainment Group Limited
$1,333
$1,009
17
Derrimon Trading Company Limited
$1,170
$4,119
18
Blue Power Group Limited
$1,114
$543
19
Lasco Financial Services Limited
$1,041
$1,427
20
Lumber Depot Limited
$918
$968
21
Caribbean Flavours and Fragrances Ltd
$854
$411
22
Tropical Battery Company Limited
$838
$1,314
23
Caribbean Assurance Brokers Limited
$793
$520
24
Everything Fresh Limited
$645
$321
25
Spur Tree Spices Jamica Limited
$623
$786
26
AMG Packaging & Paper Company
$575
$700
DECEMBER 2024
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#1 JAMAICA JUNIOR MARKET COMPANY - PROFIT AFTER TAX - FONTANA LIMITED
Businessuite 2024 #1 Jamaica Junior Market Company by US$ Profit after Tax Fontana Limited 2024
Company
US$ (2024/23)
US$ (2022)
1
Fontana Limited
$4,211
$4,042
Kevin O’Brien Chang, Chairman
Anne Chang, Chief Executive Officer
Kevin O’Brien Chang is the Chairman of the Company. On his return home from Canada Anne Chang is the Chief Executive Officer in 1989 he oversaw the growth of the original and has been a director of the Company for Fontana location in Mandeville, which the past 22 years. became the then largest pharmacy in Jamaica. Kevin also spearheaded the She has oversight of local and foreign opening of Fontana Montego Bay in 1994 purchasing, supplier relations and and Fontana’s transformation from a local marketing. Anne has also been integral in to a national business. establishing Fontana’s social media footprint in Jamaica as well the Customer Kevin holds a BSc in Statistics and an MBA Reward Programme that now boasts over from the University of Toronto. Before 120,000 members and confirms Fontana as returning to Jamaica, he was Marketing the premier Jamaican beauty destination Systems Manager at Mastercraft Group for women of all ages. Development in Toronto and Ottawa Canada, where he transformed their Prior to joining Fontana, Anne was a senior customer marketing presentation systems. executive at Bell Canada Inc, Canada’s He has written two books on Jamaica – largest telecommunications company for ‘Reggae Routes: the Story of Jamaican 10 years holding several key positions in Music’ and ‘Jamaica Fi Real: Beauty Vibes Operator Services, Bell retail centres, and Culture’. Finance and Consumer Marketing.
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#1 JAMAICA JUNIOR MARKET COMPANY - PROFIT AFTER TAX FONTANA LIMITED Anne, who is currently a member of the board of Fairfield International Academy in Montego Bay, holds an Honours Bachelor of Commerce degree with a major in marketing from McMaster University.
In preparation for the opening of our new Portmore location later this year, we supplemented the shared services so that proper coverage could be allocated to logistics, warehousing, and loss prevention.
After the record-breaking revenues recorded last year, we are pleased to have bettered that figure by 15%, closing the year at $7.3 billion in revenues.
The strategic decision to expand our footprint in a new location, investing in talent acquisitions and innovative projects will continue to impact our expenses. Despite this, operating expenses as a % of sales saw a slight 2% increase over last year.
We saw a significant growth in our beauty product lines and were able to capitalize on this by forging partnerships with various top suppliers of beauty and cosmetic products. We continue to see exponential growth from the larger stores with healthy competition across the network for top position. Our ability to adapt to changing market dynamics and capitalize on emerging opportunities has been a key driver of our sustained success. Corresponding with our revenue growth, our gross profit for 2023 surged to $2.63 billion, marking a substantial 16% increase. We maintained our gross margin at 36% as we continue to manage our procurement process to reduce cost of sales. This achievement underscores our ability to balance cost management with revenue expansion, a testament to our operational efficiency.
Operating profit over the period declined by 2% ending the year at $745.7 million from $762.1 million last year. As we move to add our 7th store, we are maintaining a disciplined approach to expense management. Expenses as a % of sales declined from 25.2% last year to 23.6% this year as a result of focused expense management and new initiatives implemented to improve efficiencies. Operating profit over the period grew by 17% to $761 million. Finance costs saw a reduction of 10.3%, moving from $218.6 million last year to $196 million this year. This was mainly attributable to the constant value of the Jamaican dollar when compared to its US counterpart, resulting in minimal exchange difference compared to last year and proper handling of our exposure to revaluations.
Operating expenses grew by 26%, ending the Our net profit for 2023 stands at an year at $1.9 billion compared to $1.5 billion impressive $655.20 million, indicating an 8% last year. growth from the previous year. This result underscores our continuous commitment to Staff costs were a huge contributing factor profitability and long-term value creation. to this increase. Staff retention and welfare Our earnings per share is now at $0.52 were at the top of management’s agenda, compared to $0.49 in 2022. The return on and the addition of the Ferry warehouse also equity was 27% this year, down a slight 1% contributed to staff costs. when compared to the prior year.
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