For the third quarter ended September 30, 2018, JSE reported a net profit of $293.3Mn (EPS: $0.42), representing a 96.6% improvement relative to the $149.2Mn (EPS: $0.21) reported last year. The performance was driven by strong growth in revenue due to an increase in Cess and Fee income attributed to increased volume of business, especially in relation to trading of securities. JSE continues to focus on the promotion of new and existing market, and new product development as a means of diversifying and growing revenue.

• KPREIT has advised that it has completed the acquisition of a four-story, 32,000 square feet commercial building located at 52-60 Grenada Crescent in New Kingston. 
• The Company further advised that the purchased brings to a total of three properties held in Jamaica and that the building is fully tenanted with a wide cross-section of tenants ranging from law firms, government agencies, and a BPO firm.
• “The property was acquired at a price of $435 million and was financed both by a senior secured loan facility with CIBC First Caribbean Jamaica and the net proceeds of the sale of condos in the US,” KPREIT stated.

Source: JSE

At GraceKennedy Ltd.’s Annual General Meeting, held on Wednesday, May 30 at the Company’s Harbour Street, Kingston Headquarters; Don Wehby, Group CEO, signalled to shareholders some of the strategic plans for the Company in the lead up to its 100th year anniversary in 2022.

The company has outlined some key priorities which include: embedding lean management practices for increased efficiency; facilitating empowered and autonomous subsidiaries to foster entrepreneurship; maintaining strong corporate social commitments through the Foundations; consistent pursuit of innovation and new growth opportunities; and inculcating a customer-centric culture throughout the Group.

The leadership has made a firm commitment to achieve these goals and has already engaged the services of London Consulting Group a firm which previously worked with companies such as  Nestlé and ING.

Mr. Wehby also indicated that 2018 is expected to be a very successful year and the Company has set for itself an aggressive target of achieving a record-breaking J$100 Billion in revenues by year-end.

Source:  Media Release - GraceKennedy Group looks to 2022 by the GraceKennedy Corporate Communications Department, May 31, 2018.

The Board of Directors of LASCO Financial Services Limited (LFSL) is pleased to present the company’s audited consolidated statements for the year ended 31 March 2018.

The Initial Public Offering (IPO) for Elite Diagnostics Limited opens on Monday, February 5, 2018 and features the following details:

• 70,680,000 Shares for Subscription
• Priced at J$2.00 per share
• Invitation closes February 12, 2018

The Elite Diagnostics Prospectus can be viewed here.

The Jamaica Stock Exchange (JSE) and the Jamaica Central Securities Depository Limited (JCSD) are leading an initiative to bring Jamaica in line with many of the major markets across the world with regards to the settlement period for financial products traded on the Jamaican securities markets.

Currently, when you buy or sell securities, the transactions are typically settled three (3) days after the completion of the trade. This is referred to as a T+3 settlement period. On December 11, 2017, Jamaica will be changing to a T+2 settlement period. This means that trades will be settled 2 days after the completion of the trade and not 3 days as currently exists. 

The new settlement cycle represents a faster and more efficient means for settling trades. Please click here for more information.

The NCB Financial Group Limited (NCBFG), the holding company for the National Commercial Bank Jamaica Limited (NCBJ) and its subsidiaries, has launched a 105 million USD denominated bond targeting Accredited Investors in accordance with the Financial Services Commission’s Guidelines for Exempt Distribution. The bond, arranged by NCB Capital Markets (NCBCM), has a coupon of 7% with a tenure of five years.

The fundraise, which is for general corporate purposes, comes at a time when the USD money market is fairly liquid and investors are in search of lucrative instruments.

“NCBFG is building its financial arsenal to pursue various investment opportunities both in the local and regional markets,” said President and Group Chief Executive Officer Patrick Hylton.

NCBFG was listed on the Jamaica Stock Exchange on March 16, 2017 after shareholders of NCBFG and NCBJ approved a Scheme of Arrangement under which NCBJ shareholders at the time gave up their shares for shares in NCBFG. The Group, Jamaica’s largest financial conglomerate, with assets totalling $665 billion, remains committed to finding inorganic growth opportunities through a robust regional expansion strategy. This is evidenced by its 29.99% stake in the Guardian Holdings Limited, acquired in May 2016. The NCB Group has operations in Trinidad & Tobago, Barbados and the Cayman Islands. In addition to core banking, the Group lists wealth management services as well as both life and general insurance among its business lines.

“With this expansion comes the opportunity to diversify our revenue streams; it is our intention to continue maximising on our regional interests through a combination of strategic investments, joint ventures, mergers and acquisitions that will stimulate further business growth,” added Mr Hylton, who at the same time praised the company’s employees for the work they have put in to ensure the success and viability of the Group.

The Group recorded net profit of $14.7 billion for the nine months ended June 2017, an increase of 48% over the corresponding period last year.  This follows a strong performance in the 2016 financial year during which net profit increased 17% relative to the $14.4 billion recorded in September 2015. As at June 2017, NCBFG has shareholders’ equity of $111.7 billion. NCBFG stock price closed at $88.66 at the end of trading day on October 4, up 77.32% since the start of the calendar year; this translates to a market capitalisation of $218.7 billion.  

Lasco Distributors Limited (LASD) has advised that the Judge has fixed November 3, 2017, as the day for the delivery of Judgment in the assessment of Damages in the matter of Pfizer v Medimpex and LASD.

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