• Roberts Manufacturing Co. Limited, the 80‑year‑old Barbadian manufacturer of margarines, shortening, edible oils and animal feeds with distribution across 15 Caribbean markets, has confirmed the successful close of the initial phase of its public share offer.
• The outcome of the offer reflects broad and high‑quality participation from across the Barbadian and regional financial landscape.
• Subscriptions were received from more than 1,600 retail investors, including employees of Roberts Manufacturing, as well as statutory pension and social insurance funds, defined‑benefit and defined‑contribution pension funds, mutual fund managers, the credit union sector, insurance companies and other regulated financial institutions. Corporate investors also participated.
• The offer attracted material interest beyond Barbados, including a leading Eastern Caribbean fund manager, signalling early cross‑border institutional confidence in the company as a regional issuer.
• The company said the breadth of participation underscores the confidence of Barbadian savers, fiduciaries and institutions in a company that has manufactured locally, employed Barbadians and exported from Barbados for eight decades. It also reflects the main objective of the offer, placing direct equity ownership of a profitable and established Barbadian company into the hands of citizens from across society.
• The successful close of Roberts Manufacturing’s public share offer represents a potentially historic turning point for Barbados’ capital markets. It came amid what market participants have described as a prolonged drought in private-sector IPO activity on the Barbados Stock Exchange (BSE), with few major listings since 2017. The transaction also aligns closely with the BSE’s broader strategic objectives of deepening local capital markets, increasing retail participation, improving regional liquidity, and revitalising market activity through initiatives such as the IGM200 programme^[1].
• The strong cross-section of participation from retail investors, pension funds, and regional institutional investors may also serve as an important “proof of concept” for future private-sector listings under Barbados’ wider BERT 2026^[2] growth and capital market development agenda.

(Sources: Barbados Today and NCBCM Research)

^[1] The IGM200 (Innovation & Growth Market 200) is a national initiative in Barbados to support 200 small and medium enterprises (SMEs) through training, mentoring, and helping them access equity financing via the Barbados Stock Exchange’s Innovation & Growth Market (IGM).

^[2] The Barbados Economic Recovery and Transformation (BERT) plan 2026 (BERT 2026) is the government's third-phase economic strategy, launched in early 2026 to transition from stabilization (2018–2021) and growth (2022–2025) toward long-term structural transformation.

• U.S. consumer inflation increased further in April, with the annual rate posting its largest gain in three years, stoking political risks for President Donald Trump and his Republican Party ahead of ​November's midterm elections. The back-to-back rises in the Consumer Price Index reported by the Labour Department on Tuesday reflected strong gains in energy costs amid the U.S.-Israeli war with Iran. ‌Food prices surged last month, and inflation also spilt over to the services sector, with higher rental costs and airfares.
• Trump won re-election in 2024 in large part because he promised to reduce inflation, but Americans have soured on his handling of the economy, and many blame him for the pain at the pump. Rising inflation outpaced wage gains for the first time in three years and underscored the financial strain on households.
• With no end in sight to the conflict, economists warned prices would continue to push higher and broaden in ​the months ahead. Trump on Monday proposed reducing the 18.4-cent federal gasoline tax to lower prices at the pump.
• The CPI increased 0.6% last month after surging 0.9% in March, the Labour Department's Bureau of Labour Statistics said. Economists polled by Reuters had forecast ​the CPI rising 0.6%. Estimates ranged from a 0.4% gain to a 0.9% increase. The moderation after posting the largest increase since June 2022 was mechanical. Oil prices shot above $100 a barrel in March following strikes against Iran, before pulling back ​to still-high levels after a ceasefire in early April.
• While the conflict's impact was immediately reflected in more expensive gasoline, diesel and jet fuel, economists said the second-round effects were around the corner, including for goods trucked by road. Shipping disruptions in the Strait of Hormuz are straining supply chains. A 3.8% increase in energy prices accounted for more than 40% of the rise in the CPI last month. That followed a 10.9% jump in March. Gasoline prices rose 5.4% after a record 21.2% surge in March. Meanwhile, Food prices accelerated 0.5% after being unchanged in March.
• The strong inflation readings added to the data last week, showing a larger-than-anticipated increase in nonfarm payrolls in April, strengthening economists' expectations that the Federal Reserve would keep interest rates unchanged into 2027. The U.S. central bank, which tracks the Personal Consumption Expenditures price index for its 2% inflation target, last month left its benchmark overnight interest rate in the 3.50%-3.75% range.

(Source: Reuters)

• U.S. President Donald Trump will arrive in Beijing this week for a summit with President Xi Jinping on May 14 to 15, where U.S. officials say a deal for Beijing to buy more U.S. ​energy could be under consideration. Tariffs imposed during the U.S.-China trade war have halted most Chinese imports of U.S. ‌oil and LNG, which were worth $8.4 billion in 2024, the year before Trump began his second term.
• China's imports of U.S. liquefied natural gas (LNG) have tended to swing with geopolitical events, creating an opening should ties improve. During ​the trade war in 2019, during Trump's first term, Chinese imports of U.S. LNG fell to just 260,000 metric ​tons despite China's overall imports of the superchilled fuel rising 15% to 59.4 million tons that ⁠
• Two years and a trade deal later, the U.S. exported 8.98 million tons of LNG to China, becoming its third-largest LNG ​supplier of the year, narrowly behind the second-largest, Qatar.
• By 2024, that had fallen to 4.15 million tons and then dropped to ​26,000 tons in 2025 after China imposed a total tariff of 25% on U.S. LNG in the tit-for-tat trade war.
• Falling imports obscure purchases by Chinese buyers such as PetroChina and China National Offshore Oil Corporation (CNOOC) to honour long-term contracts with U.S. producers signed between 2021 and 2023. The cargoes are being resold to ​Europe to avoid paying tariffs at home. Rystad Energy estimates around 12 million tons are contracted for delivery this year.
• Analysts ​estimate U.S. LNG would be cheaper than Asian spot cargoes if Beijing removed its 25% tariff, given the market disruptions triggered by the Iran ‌war. However, ⁠any increase in imports would likely be limited, as China is expected to see another year of sluggish LNG demand.
• For context, Chinese imports of U.S. oil peaked at about 395,000 barrels per day in 2020 after the Phase 1 trade deal, accounting for just less than 4% of China’s ​total crude imports. In 2024, before Trump ​returned to office, China ⁠imported 193,000 bpd, worth $6 billion. China has not imported any U.S. oil since May 2025 due to a 20% import tariff imposed during the trade war, offsetting that with higher shipments from countries ​such as Canada and Brazil.

(Source: Reuters)

• Wisynco Group Limited (WISYNCO) reported weaker earnings as continued revenue expansion was offset by higher operating and financing costs for the third quarter ended March 31, 2026 (Q3 2026). Net profits fell sharply to $646.19Mn, marking a 33.5% decline relative to Q3 2025.
• Despite the temporary closure of many hotels and restaurants following the passage of Hurricane Melissa, Q3 revenues increased by 12.6% to $15.45Bn. This improvement was supported by continued demand across the company’s beverage and consumer goods portfolio, alongside strong momentum in its export business. Export revenues expanded by 34.7% as Wisynco continued to deepen its presence across regional and international markets. Nevertheless, quarterly revenues came in below management’s initial expectations, reflecting the disruption to tourism-related demand.
• Cost pressures remained elevated with cost of sales rising 14.6% to $10.57Bn. Despite this, growth profits remained solid, increasing by 8.4% to $4.89Bn. However, the faster pace of growth in direct costs contributed to a narrowing of gross profit margins to 31.6% from 32.8% in Q3 2025. The decline primarily reflects the lower absorption of greater fixed costs related to production, especially in the month of February.
• Profitability was further pressured by rising operating expenses. Selling, distribution and administrative expenses continued to trend upward, driven by higher staff costs, marketing expenses and operating expenses related to investments in new brands and product innovation. These costs were likely associated with the company’s recently launched brewery line, which commenced production in Q1 2026.
• Finance costs also increased significantly (+628.33%) due to additional debt undertaken to optimise the company’s capital structure. The sharp rise in financing expenses further weighed on earnings, contributing to net profit margins falling materially to 4.2% from 7.1%.
• Despite weaker performances in both Q1 and Q3, Wisynco’s net profit for the nine months ended March 31, 2026, rose modestly (4.3%) to $3.31Bn underpinned by continued topline expansion and resilient consumer demand across key segments of the business.
• Capital investments, aimed at expanding production capacity and strengthening distribution capabilities, and export volumes are expected to continue to support earnings. Nevertheless, the company will likely face challenges associated with higher distribution and freight costs given current geopolitical tensions, which could put a strain on overall profitability.
• WISYNCO’s stock price closed at J$20.23 yesterday, reflecting an 8.6% year-to-date increase. At this price, its P/E ratio is 16.7x, which is above the Main Market Distribution & Manufacturing sector average of 15.3x.

(Sources: Wisynco Financials & NCBCM Research)

• Jamaican Teas Limited (JAMT) reported improved profitability for the second quarter ended March 31, 2026 (Q2 2026), as stronger revenues and reduced investment losses supported an earnings rebound. Net profit rose to $26.16Mn from the net loss of $74.49Mn in Q2 2025.
• Revenue performance remained solid, supported by broad-based expansion across the company’s core business segments. Total revenues increased by 21.5% to $1.00Bn. Manufacturing revenues (17.0%) was driven largely by strong domestic demand. Export sales also improved by 8.0% in Q2 2026, despite a weaker year-to-date performance. Revenues within the Retail Division rose 7.0%. However, management noted that growth moderated compared to the prior quarter (+16.0%), reflecting reduced produce supplies following agricultural damage caused by Hurricane Melissa.
• The Real Estate Division also contributed positively to earnings growth, with revenues increasing by 7.0% as additional units at its Belvedere complex were completed and sold.
• Driven primarily by unrealised gains within its local investment portfolio, QWI Investments Limited recorded a narrower net loss of $51.0Mn compared $131.0Mn loss. Unrealised losses within its U.S. portfolio also fell.
• The company benefited from improved cost efficiencies during the quarter. Cost of goods sold as a percentage of revenues declined, contributing to stronger gross profit performance. Consequently, gross profits ended the quarter at $232.39Mn (+37.5%), while gross margins grew to 23.2% from 20.5%.
• Overhead expenses increased (+14.0%), reflecting continued pressures from higher wages, salaries and depreciation charges. However, finance expenses declined by 39.1%, largely due to debt repayments during the Quarter.
• Buoyed by higher revenues and the reduction in operating and finance costs, net profit margins improved to 2.6%, reversing the negative margin of 9.0% recorded in Q2 2025.
• Given the improved performance since the start of the year, net profits for the six months amounted to $4.49Mn (net loss of $9.40Mn in 2025).
• Looking ahead, management is cautiously optimistic despite ongoing economic uncertainty stemming from Hurricane Melissa’s impact on tourism and broader economic activity. While some tourism-related investments within QWI have weakened, gains in companies such as Caribbean Cement Company and TransJamaican Highway have helped offset some of those declines.
• JAMT shares stood at J$2.34 yesterday, reflecting a 0.9% increase year-to-date. The stock currently trades at a P/E of 24.3x, which is above the Junior Market Manufacturing Sector Average of 23.9x

(Sources: JAMT Financials & NCBCM Research)

• Bahamas Hotel and Tourism Association President Jackson Weech says the country’s tourism industry is on pace for a strong summer season, with major hotels in New Providence and Paradise Island already seeing bookings stretch into early July.
• Weech said the larger properties continue to benefit from “a very, very strong base,” supported by steady stay-over demand and transient visitors. He explained that this strong base of bookings, combined with short-term visitors, will last well into early July.
• He added: “It’s my expectation, …that we’ll have a very strong Q2 and certainly a great, great foundation for Q3.”
• Despite the positive outlook, Weech acknowledged that global developments could still impact the tourism sector during the summer months. “There are still some factors that are beyond our control that has the potential to impact our overall business picture,” he said, pointing to geopolitical tensions and rising oil prices.
• Increasing jet fuel costs could lead to more expensive airline tickets but suggested that changing travel patterns may ultimately work in The Bahamas’ favour. “I think individuals will continue to travel, and it may be that as opposed to crossing the proverbial pond, they would come to destinations that are that much closer in,” he said.
• He also noted that cruise tourism is expected to remain stable due to the country’s close proximity to the United States and strong connectivity through both airlift and cruise travel. A recent Travel and Tour World report highlighted that soaring fuel costs and extreme bunker price volatility are severely disrupting the industry, forcing cruise lines to aggressively shorten their Caribbean itineraries. As part of a resulting "emergency cruise diversification strategy" seen across nations like Jamaica, Barbados, and the Dominican Republic, operators are slashing distant ports of call to conserve fuel.
• In this environment, The Bahamas’ competitive port infrastructure and geographic proximity to major U.S. embarkation hubs could allow the country to capture a greater share of concentrated cruise traffic as operators optimise routes to manage costs more effectively.

(Source: Eyewitness News & Travel and Tour World)

• A high-level delegation of French business leaders and investors has expressed “strong interest” in Trinidad and Tobago’s potential as a gateway to the wider Caribbean and South American markets, according to a statement issued yesterday by the Office of the Prime Minister.
• The Office of the Prime Minister stated that the delegation met with Prime Minister Kamla Persad-Bissessar as part of the Government’s ongoing international investment engagement strategy aimed at attracting major investment, creating jobs, and driving economic growth in Trinidad and Tobago.
• According to the release, the meeting forms part of Persad-Bissessar’s broader vision to reposition Trinidad and Tobago as a premier investment hub in the Caribbean and Latin American region, while restoring the nation’s presence and credibility on the global stage.
• The meeting brought together representatives from several major French industries including aviation, energy, transport, ­construction, agro-processing, maritime services, manufacturing, infrastructure, luxury distribution, and technology.
• The release stated that discussions centred on investment opportunities in sectors considered critical to the country’s economic diversification agenda and long-term development strategy. These included transport infrastructure, aviation services, manufacturing, logistics, energy, food production, construction and technology-driven industries.
• Persad-Bissessar also stressed that the Government’s international engagement programme was aimed at delivering tangible benefits to citizens through increased investment, job creation, revenue generation and national development.

(Source: Trinidad Express)

• The conflict in the Middle East has disrupted supplies of crucial raw materials and pushed up prices of the printed circuit boards (PCB) used in almost all electronic devices, from smartphones and computers to AI servers, ​industry sources and executives said.
• The disruption is a fresh blow to electronics manufacturers which are already ​grappling with soaring memory chip costs and highlights the broadening impact of the Iran war that ⁠has wreaked havoc on supply chains, plastics, and oil supplies.
• The Institute of International Finance (IIF) said the data showed investors were willing to return quickly to ​emerging markets but warned this did not amount to a full return to pre-crisis optimism ​that spurred record inflows at the start of the year. PCB prices have been climbing since late last year, driven ​by a growing appetite for AI servers. Demand has been accelerating sharply since March as manufacturers scramble to secure ​raw material supplies and soften the impact of skyrocketing costs.
• In April alone, PCB prices surged as much as 40% from March, Goldman Sachs analysts said in a recent note. Cloud service providers are willing to accept further increases ​as they expect demand will outstrip supplies over the coming years, they added. The global PCB industry is projected ​to increase by 12.5% to reach $95.8 billion in 2026.
• The sharp rise in PCB prices was also driven by a shortage of other key materials, including glass fibre and copper foil, according to one source. Copper ​foil prices have surged as much as 30% so far this year, with ​the rally gaining ⁠momentum in March, the source added.
• Copper accounts for around 60% of total raw material costs in PCB manufacturing, according to Victory Giant Technology, a major Chinese PCB supplier for Nvidia. The Chinese firm warned earlier this month that the Middle ⁠East conflict ​could push up prices for key materials, including resin and copper. Multi-layer ​PCBs can cost around 1,394 yuan ($204) per square metre, with higher-end models for AI servers costing around 13,475 yuan, according to Victory Giant.

(Source: Reuters)

• For the quarter ending March 31, 2026, Dolla Financial Services Limited (DOLLA) saw a 55.0% jump in earnings to $187.09Mn, as lower credit loss provisions and leaner operating costs outweighed softer net interest income.
• Net interest income, the company’s primary source of revenue, declined by 3.3%, as a modest 2.1% increase in interest income was outweighed by a 24.1% rise in interest expense. The growth in interest income reflects the continued expansion of the loan portfolio, which grew by 15.0% year-over-year to $4.90Bn and is made up primarily of business loans that account for 90% of its portfolio.
• However, the decline in net interest income was largely driven by higher financing costs associated with the company’s recently issued $1.50Bn debt instrument in January 2026. The bond was issued in two tranches: an 11.00% 2029 bond and 2031 bond with a 12.00% coupon.
• Driven by lower operating expenses, there was a 12% expansion in operating margin to 8% from 40.5%. Operating expenses declined by 28.3% for the quarter, driven by a sharp 66.5% drop in provisions for expected credit losses to $35.33Mn. The company rebounded from last year’s fraud-related loan provisions and write-offs. It had been disclosed in October that it was impacted by a fraud incident in March, which ultimately resulted in higher credit loss provisions. However, following the write-offs recorded in FY2025 and the implementation of stricter controls, provisions declined. Administrative expenses were also down 5.7% to $167.10Mn, further increasing earnings. This was due to the full wind-down of its Guyana subsidiary and the absence of non-recurring forensic and legal costs related to the 2025 fraud investigation.
• Looking ahead, we expect further expansion in the company’s loan portfolio, driven by the recent acquisition of Evolve Loan Company and the continued deployment of proceeds from the bond raise. This should position the company for further growth in the coming quarters.
• However, there are risks. Although interest rates are lower than last year, they remain elevated and could stay higher for longer amid inflation risks stemming from geopolitical tensions in the Middle East. This has already begun to translate into higher local prices. Persistently higher inflation could lead the Bank of Jamaica to maintain, or even increase, policy rates. Consequently, this may compress the spread between borrowing and lending rates, and by extension, weigh on earnings.
• At the market close on Thursday, May 7, 2026, Dolla’s stock price had declined by 8.8% since the start of the year to J$2.50. At this price, Dolla trades at a Price-to-Book (P/B) ratio of 3.6x, which is above the Junior Market Financial Sector average of 1.5x.

• The National Export-Import Bank of Jamaica (EXIM) is encouraging business operators affected by Hurricane Melissa, particularly small and medium-sized enterprises (SMEs), to take advantage of its loan facilities.
• Manager of Loan Origination and Business Development, Hopeton Nicholson, said that the Bank continues to provide traditional lending to assist its clients affected by the hurricane in their recovery efforts.
• EXIM Bank provides traditional loan products focused on export development, trade financing, and SME growth, often with lower collateral requirements than commercial banks. These include short-term working capital (up to 180 days), medium-term loans for SME expansion, and foreign currency lines of credit for raw material importation. Among the products is the E-Commerce Funder, which is used to develop, upgrade or expand e-commerce infrastructure. The loan limit is $1.00Mn to $5.00Mn at a 5.0% interest rate (fixed), and the loan term is five years. No collateral or financial statements are required.
• There is also a Solar Energy Loan is designed for SMEs seeking to reduce energy costs, improve efficiency, and strengthen cash flow. It offers up to 85% financing, with loan amounts ranging from $5.00Mn to $50.00Mn at a fixed interest rate of 7.50%. The maximum repayment term is seven years.
• For exporters, the Bank offers a Modernisation Fund, Trade Credit Insurance (TCI), and the Insurance Policy Discounting Facility. The Modernisation Fund is for the acquisition of capital for retooling, refurbishing and upgrading facilities and equipment. The loan limit is $5.00Mn to $90.00Mn with a loan term of up to five years. The Insurance Policy Discounting facility provides crucial collateral support that enables businesses to access working capital, while the TCI coverage is designed to protect exporters against non-payment by covering commercial and political risks on gross invoice values.

(Source: JIS)