• For the quarter ended January 31, 2026 (Q1 2026), The Limners and Bards Limited (The LAB) recorded a net loss of J$13.67Mn, reversing the J$21.60Mn profit recorded in Q1 2025. The loss occurred amid Melissa-induced revenue pressures across all three business segments.
• Q1 revenues were cut by 40.3% to J$170.85Mn, as Hurricane Melissa disrupted commercial activity across Jamaica during November and December, historically the strongest months for advertising, media and promotional spending.
• With the sharp drop in revenues, gross profit fell 43.0% to J$57.36Mn, despite a falloff in direct costs (-33.8%), which contributed to gross margin compression from 35.1% to 33.6%. A temporary reduction in the Agency segment and production assignments being delivered during the quarter were behind the reduction in costs. That said, management expects project flow to recover and margins to trend toward more typical levels. Meanwhile, operating expenses (OPEX) were relatively flat (-3.6%). But ultimately, the sharper gross profit dip dragged the company to a $16.68Mn operating loss.
• Management views the quarter's weak results as a timing effect of an extraordinary external event and expects activity to normalise as commercial confidence recovers across the Caribbean. However, beyond Melissa’s impact, the Lab’s revenues have been declining as clients become more conservative with ad spend amid soft macroeconomic conditions. Changing advertising spending patterns in the face of consumers' increasing pivot to social media have impacted the demand for LAB’s media business and are likely to continue, as clients continue to pivot to more cost-effective advertisement solutions.
• Looking ahead, The LAB continues to advance several strategic initiatives that could meaningfully diversify and grow its revenue base. Its film slate under the Five in 25 initiative has attracted interest from international streaming platforms, and its first film release on YouTube garnered over 14,000 views within 24 hours of launch. Its trolley advertising platform is also expanding regionally, with contracts signed for a pilot in Guyana.
• Additionally, the company has begun testing AI-enabled production and marketing solutions with select clients. Management has described early feedback as positive.
• LAB's stock price has decreased by 11.5% since the start of the year to close at $0.92 on Wednesday, March 18, 2026. At this current price, the company’s P/E sits at 92.0x.

(Sources: LAB Financial Statements & NCBCM Research)

• Stationery and Office Supplies Limited’s (SOS’) audited earnings contracted by 40.5% to J$132.52Mn for the full year ended December 31, 2025, as rising cost of sales and higher administrative expenses outpaced revenue growth.
• Revenues grew by 1.2% to $1.87Bn, reflecting increased exports. Management noted that revenues would have been significantly higher if not for Hurricane Melissa, which caused significant operational disruption in its 4^th
• Direct costs grew by 9.4%, but SOS lost its entire stock in its Montego Bay warehouse. With lower revenues and higher direct costs, gross profit fell 5.5% to J$952.79Mn and gross margin narrowed from 54.7% to 51.0%.
• Operating expenses, which grew by 4.9% to $823.88Mn, also contributed to the lower profits. Administrative and general expenses rose 7.2% to J$612.49Mn, while selling and promotional costs were broadly flat at J$153.60Mn. Depreciation and amortisation added a further J$44.53Mn charge, and impairment losses on financial assets, while better than the prior year, still contributed a J$13.26Mn drag on earnings. Taken together, these operating costs weighed heavily on profitability, with operating profit declining sharply to J$136.82Mn from J$227.51Mn in the prior year, a fall of 39.3%.
• Profit before tax of J$160.42Mn, was a significant reduction from J$246.63Mn in the prior year.
• While Melissa closed its FY2025 on a tough note, there were some highlights. While there was no evidence of entering new markets in the Caribbean in 2025, SOS saw higher export sales in 2025, which implied that it sold more products in its existing destinations. The EVOLVE line of furniture continued to grow its revenues by 15% to $160Mn in 2025.
• Lastly, the new SEEK factory was completed in late 2025. In the short term, this expansion should boost capacity, allowing the company to meet demand more efficiently and support improved profitability. Over the medium to long term, the added capacity positions the company to benefit from favourable industry trends; however, revenue growth is expected to remain moderate given the industry’s maturity and competitive landscape.
• SOS's stock price decreased by 9.0% since the start of the year to close at $1.51 on Wednesday, March 18, 2026. At this current price, the company’s P/E sits at 25.2x, above the average of the JSE Junior Market Distribution Sector average of 19.7x.

(Sources: SOS Financial Statements & NCBCM Research)

• Energy-producing nations in the Caribbean, including Guyana and Trinidad and Tobago, could see increased revenues as global oil prices rise amid escalating tensions involving the United States and Iran, according to the Energy Chamber of Trinidad and Tobago.
• The chamber said on March 16 that the recent surge in oil prices presents “a mixed outlook” for the Caribbean. “Energy producers such as Trinidad and Tobago and Guyana could benefit from stronger hydrocarbon prices, which may improve revenues for oil and gas producers and support margins in petrochemical and LNG markets.”
• The price spike followed attacks on vessels and energy infrastructure across the Gulf region after U.S. and Israeli strikes on Iran in late February. The tensions have disrupted tanker traffic through the Strait of Hormuz, one of the world’s most important oil transit routes. “Approximately 20% of global oil consumption and a similar share of LNG trade pass through the narrow channel,” the chamber noted.
• Energy analysts warn that a prolonged disruption could significantly tighten global supply. “Some estimates suggest the conflict could ultimately put up to 15 million barrels per day of supply at risk if production and export infrastructure across the Gulf are severely affected,” the Chamber said.
• Oil markets have already reacted to the geopolitical risk. The International Energy Agency has warned that the situation could escalate further, presenting opportunities for increased crude sales. According to the Chamber, “The conflict could trigger the largest oil supply disruption in modern history.” Guyana now produces more hydrocarbons in the Caribbean region than veteran producer Trinidad and Tobago (TT). Trinidad’s hydrocarbon production has been in steady decline, down from approximately 719,000 barrels of oil equivalent per day in 2015.

(Source: Oil Now Guyana)

• U.S. companies will be allowed to do business with Venezuela’s state-owned oil and gas company after the Treasury Department eased sanctions, with some limitations, on Wednesday as the Trump administration looks for ways to boost world oil supplies during the Iran war. The Treasury issued a broad authorisation allowing Petróleos de Venezuela S.A, or PDVSA, to directly sell Venezuelan oil to U.S. companies and on global markets, a massive shift after Washington for years had largely blocked dealings with Venezuela’s government and its oil sector.
• The Treasury’s license is designed to incentivise new investment in Venezuela’s energy sector and is intended to benefit both the U.S and Venezuela, while increasing the global oil supply. The U.S. license provides targeted relief from sanctions, but does not lift the penalties altogether, allowing companies that existed before January 29, 2025, to buy Venezuelan oil and engage in transactions that would normally be banned under American sanctions, reopening trade for a major oil producer to global markets.
• There are some limits. Payments cannot go directly to sanctioned Venezuelan entities such as PDVSA, but must be sent instead to a special U.S.-controlled account. In other words, the U.S. will allow the oil trade but will control the cash flow. Additionally, deals involving Russia, Iran, North Korea, Cuba and some Chinese entities will not be allowed. Transactions involving Venezuelan debt or bonds will not be allowed.
• The license is expected to give a massive boost to Venezuela’s oil-dependent economy and help encourage companies that have been apprehensive to invest. The decision is part of the Trump administration’s phased-in plan to turn around Venezuela.
• Separately, the White House said Trump would waive, for 60 days, Jones Act requirements for goods shipped between U.S. ports to be moved on U.S.-flagged vessels. The moves highlight the increased pressure that the Republican administration is under to ease soaring oil prices as the United States, along with Israel, wages a war with Iran without a foreseeable end date.

(Source: Associated Press)

• Farmers in the U.S. and Canada, already worried about another year of low profits or losses, now could have spring planting disrupted as they struggle to find fertiliser. Prices for any available supplies have spiked more than a third since the war in Iran paralysed global trade.
• The U.S., which in some years imports half of its urea fertiliser, is about 25% short of the usual supplies that farmers buy for spring planting, according to The Fertiliser Institute, which represents the U.S. fertiliser supply chain. Supplies could grow still scarcer if fertiliser destined for the U.S. gets rerouted to other places willing to pay more for it, an analyst said.
• Josh Linville, a fertiliser market analyst at StoneX, said the price offered in New Orleans, the port area where most offshore U.S. imports enter, and prices are set, is as much as $119 less per metric ton than global prices.
• Late Friday, the U.S. Treasury Department said it was taking immediate steps to allow for more imports of Venezuelan fertiliser "to support our great American farmers. “Since removing Venezuela's President Nicolas Maduro in a military raid in January, the Trump administration has been supporting U.S.-focused Venezuelan oil exports. Friday's announcement also includes further measures that Treasury says will allow Venezuela's energy sector to recover from years of decline.
• Venezuela has been a significant but not dominant producer of nitrogen fertilisers like urea. However, recent years have seen a massive decline in production, similar to its stumbling crude oil industry. Increasing fertiliser production in Venezuela's stressed economy and political situation will be a challenge requiring billions of dollars, analysts told Reuters. It will not be a quick fix. Farmers who do significant springtime fertiliser application and have not already purchased their supplies are finding retail centres empty or stocked with supplies sold at such a premium that it's unaffordable.
• Furthermore, the Iran war has cut off critical nitrogen fertiliser supplies from the Gulf to the world's farmers. More than 30% of the world's nitrogen fertiliser exports, as well as fertiliser components like sulphur, pass through the now effectively closed Strait of Hormuz. Unlike China, most countries do not hold strategic reserves of fertiliser, and much of the U.S. fertiliser dealer system does not hold stocks, leaving it vulnerable to sudden supply shortages.
• The length of time that the Strait of Hormuz is closed is critical. Fertiliser loaded onto ships in the Gulf can take weeks to reach markets like the U.S., and then must be transferred to river barges, trucks or trains to reach farmland. Most fertiliser needs to be applied before the crop starts growing, so any supplies arriving too late cannot be used for the 2026 crop.
• On Friday, U.S. Agriculture Secretary Brooke Rollins said the Trump administration is "looking at every potential avenue" to control fertiliser costs and is having discussions with lawmakers about more aid for farmers. The Trump administration is in the process of distributing $12 billion in aid to U.S. farmers. Farmer groups have urged Congress to approve additional aid.

(Source: Reuters)

• The Federal Open Market Committee (FOMC) voted to hold its key interest rate steady at the range between 3.50%-3.75% as policymakers navigate their way through higher-than-expected inflation readings, mixed signs on the labour market, and a war.
• It projected higher inflation, steady unemployment and only a single reduction in borrowing costs this year as officials took stock ‌of economic risks from the U.S. and Israeli war with Iran. "In the near term, higher energy prices will push up overall inflation, but it is too soon to know the scope and duration of the potential effects on the economy," said Fed chief Powell.
• New projections showed the Fed's benchmark overnight interest rate would fall by just a quarter of a percentage point by the end of this year, with no hint of the timing. That view was unchanged from previous projections ​and remains out of step with Trump's demand for a sharp drop in borrowing costs.
• The new rate and economic projections showed the Fed, for now, largely looking through the oil shock, with policymakers still expecting to lower rates this year and anticipating inflation to be 2.2% by the end of 2027, near the central ​bank's 2% target. Notably, no policymakers saw ​rates needing to move higher ⁠by the end of this year, though one official anticipated a rate increase in 2027.
• Fed ​Governor Stephen Miran continued his string of dissents, voting against the decision to maintain the policy rate in favour of a rate cut.

(Source: Reuters)

• Jamaica Broilers Group Limited (JBG) hatched a $2.22Bn loss for the quarter ended January 31, 2026 (Q3 2026), as disruptions from Hurricane Melissa and headwinds in the U.S. weighed on revenues.
• Q3 revenues declined 6.3% year-over-year (YoY) to $23.34Bn, with Melissa creating temporary disruptions across its Jamaica Operations and the U.S. segment continuing to face structural headwinds from weak market selling prices for US poultry.
• Despite the top-line pressure, gross profit more than doubled to $3.18Bn (+131.6%) from $1.37Bn in Q3 2024. This reflected a 14.4% decline in cost of sales to $20.16Bn, as cost rationalisation efforts gained traction at the production level.
• Despite the doubling of gross profits, administrative expenses totalling $2.75Bn, reflecting a spike in distribution costs (+45.6%) and finance costs (+28.5%) that pressured its bottom line. Nevertheless, compared to the $4.58Bn loss in Q3 2025, the $2.22Bn loss was a 51.6% improvement.
• With Melissa and U.S. headwinds broiling Q3 earnings, the relative strength of Q1 and Q2 proved decisive for its nine-month results (9M 2026). 9M losses narrowed from $3.54Bn for 2025 to $999.67 Mn, suggesting that Q3's drag hadn’t derailed the group's broader recovery narrative.
• Management highlighted that the recovery of the group’s Jamaica Operations post-Melissa, progressed ahead of schedule, underscoring the resilience of the domestic business. As for the U.S. Operations, management acknowledged the segment's underperformance, but noted that deliberate corrective measures were underway. This includes leadership restructuring, the strengthening of financial controls, engagement of an independent advisory firm, a transition to new auditors with specialised sector experience, and the securing of a J$15.1Bn financial rescue package to restore liquidity.
• JBG's stock price has decreased by 6.5% since the start of the year to close at $16.08 on Tuesday, March 17, 2026.

(Sources: Jamaica Broilers Group Ltd. Financial Statements & NCBCM Research)

• Main Event Entertainment Group Limited (MEEG) had the curtain fall hard on earnings for its first quarter ended January 31, 2026 (Q1 2026). Hurricane Melissa, which wreaked havoc on the company's usually busy Christmas entertainment calendar and washed out revenues, was blamed for the $65.56Mn Q1 net loss.
• Q1 revenues collapsed to $211.48Mn (-63.9%), due to widespread event cancellations across the Christmas period. Melissa rippled through Jamaica's entertainment and promotions industry at the worst possible time, stripping out the lion's share of bookings and production activity that the company would ordinarily rely on to set the tone for the financial year.
• Similar to revenues, gross profits declined by 59.4% to $122.49Mn. This was supported by a 68.6% fall in direct costs to $88.98Mn. With direct costs shrinking faster than revenues, gross margins improved to 57.9% from 51.6%. Other operating income more than doubled to $10.39Mn (+128.9%), providing a modest but welcome offset.
• Faced with a challenging operating environment, management kept operating expenses (OPEX) relatively flat at $209.73Mn (-4.1%). Administrative and general expenses fell 3.1% to $167.19Mn, while the company maintained its full staff complement throughout the quarter. Depreciation and amortisation also fell 16.0% to $30.07Mn year-over-year, while impairment losses on trade receivables rose 62.0% to $8.43Mn, reflecting growing credit risks in a more economically stressed environment. The combination of lower gross profits and flat OPEX produced an operating loss of $76.85Mn. This compares to an operating profit of $87.48Mn in the prior year quarter, a swing of over $164Mn.
• Lastly, MEEG’s finance costs were down 21.3% to $2.57Mn as its Sagicor Bank loan facility winds down. It also benefited from a deferred tax credit of $13.86Mn. Nonetheless, these only partially softened the blow at the bottom line.
• Looking ahead, management remains optimistic about a recovery, pointing to early signs of a rebound in entertainment industry activity at the start of the 2026 calendar year. The company is focused on strengthening operational efficiency, managing direct production costs, and expanding strategic collaborations with sponsors and corporate partners. While macroeconomic and weather-related risks remain on the radar, MEEG can recapture momentum in Jamaica's vibrant and resilient entertainment sector.
• MEEG's stock price has decreased by 10.9% since the start of the year to close at $6.86 on Tuesday, March 17, 2026.

(Sources: Main Event Entertainment Group Limited Financial Statements & NCBCM Research)

• The government of Barbados is set to cover half of the expected increase in electricity fuel charges over the next three months to shield Barbadians from soaring global oil prices linked to the conflict involving the United States (U.S.), Israel and Iran, said Finance Minister Ryan Straughn.
• Without state intervention, the average household electricity bill in April would be about $32 higher than in March, he said. “The government is absorbing half of that difference, sixteen dollars, so that Barbadians do not feel the full impact of rising energy prices,” Straughn told the House of Assembly. The subsidy, which takes effect on April 1, is expected to cost the treasury $7.9Mn over three months and will complement another measure already implemented by the government to stabilise electricity generation costs.
• Previously, the government had instructed the Barbados National Energy Company Limited (BNECL) to hedge fuel purchases in the futures market, locking in the price of heavy fuel oil, the main fuel used to generate electricity, at US$92 per barrel (/b) for the next three months. The hedge is already generating savings, with benchmark Brent crude currently trading near US$106/b, according to Straughn. The hedge covers 240,000 barrels over three months, delivering estimated savings of about US$1Mn compared with current prices.
• The government is also acting to cushion motorists from the surge in global oil prices. The Minister announced that Value-Added Tax (VAT) on gasoline would remain capped at 47 cents per litre and diesel at 37 cents per litre until March 31, 2027, if global prices continued rising. Straughn also announced that the excise tax on gasoline will be reduced from 99.39 cents to 89.39 cents per litre for three months, while the diesel excise will fall from 44.03 cents to 34.03 cents per litre.
• Government projections show that gasoline prices will remain below $4 per litre unless global oil prices exceed US$110/b, though the finance minister warned that the situation remains highly uncertain. “Regrettably, it is almost at US$106 today for Brent crude,” he noted, adding that authorities are monitoring the market closely and will activate further measures if prices rise significantly.
• Looking ahead, the government is pledging to work with Light & Power to introduce an off-peak electricity tariff for households, allowing consumers to benefit from lower rates during periods of reduced demand. The system, already used by large manufacturers, would help balance electricity demand, reduce reliance on expensive peak-period power plants and ultimately lower energy costs for consumers.

(Source: Barbados Today)

• Global ​airlines sounded the alarm over soaring jet fuel prices triggered by the U.S.-Israeli war against Iran, warning of hundreds of ‌millions of extra costs, higher fares and cuts to some routes.
• Delta Air Lines Chief Executive Ed Bastian said the dramatic run-up in jet fuel prices had increased the airline's costs by as much as $400 million in March alone. The industry is moving quickly to pass on higher expenses through fare hikes, he told a J.P. Morgan industrials conference.
• The war, now in its third ​week, has thrown global aviation into turmoil, with flights cancelled, rescheduled or rerouted as most Middle East airspace remains closed amid fears of missile and ​drone attacks.
• Jet fuel prices have emerged as a major challenge, pushing up operating costs, with European prices doubling and Asian prices up almost 80% since the start of U.S. and Israeli strikes on Iran in late February. Fuel is the industry's second-largest expense after labour, typically accounting for a fifth to a quarter of operating costs. U.S. airlines ​largely stopped hedging fuel in the past two decades, and Scandinavian Airlines (SAS) said last year it had not hedged any of its fuel consumption for the ​following 12 months.
• The United Arab Emirates briefly closed its airspace on Tuesday in response to incoming missile and drone threats from Iran, the second straight day of disruption after a drone caused a fire near Dubai airport on Monday
• The mounting cost warnings show ⁠how the shockwaves from the conflict are spreading far beyond the Middle East as airlines navigate their biggest crisis since the COVID pandemic. Delta's Bastian said the carrier is well-positioned to recover fuel costs and can adjust ​capacity if elevated prices persist. Still, airlines will need to tread carefully with fare hikes at a time ​of fragile consumer confidence.

 (Source: Reuters)