Business

PanJam's profit jumps to $5.3b

Sunday, April 14, 2019

Print this page Email A Friend!


PANJAM Investment Limited partially attributed the 29 per cent increase it recorded in profit for its year ended December 2018 to the local economic landscape.

The company closed the year with strong performance from core operations and associated companies raking in $5.3 billion in profit while earnings per stock unit jumped to $5.06, compared to $3.93 for the 2017 financial year.

“2018 was an exciting year for us. The local economic landscape has provided enhanced returns on investments made decades ago and presented new opportunities,” PanJam's chairman and CEO Stephen Facey said.

According to Facey, in line with its 2018 strategy, PanJam heightened its exposure to the Jamaican securities market, acquired land for development in Montego Bay and took equity positions in private companies.

“We look forward to sharing the details of these activities with our investors at the upcoming annual general meeting,” he said.

PanJam's improved profit was led by investment income which more than doubled to $1.1 billion from higher dividend income and fair value gains on a larger trading portfolio. Total income of the company grew by 35 per cent relative to the previous year while property income improved by 16 per cent to $2.1 billion, reflecting rental income and property revaluation gains of $1.6 billion and $0.5 billion, respectively.

Share of results of associated companies grew by 19 per cent to $4.7 billion, due primarily to the Group's 32 per cent ownership stake in Sagicor Group Jamaica Limited. PanJam also continues to build value from its other investments in the hospitality, manufacturing and distribution sectors. In particular, share of results from the Courtyard by Marriott Kingston improved by 15 per cent.

In the fourth quarter, PanJam entered into an agreement to acquire a 25 per cent stake in Williams Offices (Caribbean) Limited, which provides flexible workspace throughout the Caribbean under the brand Regus.


Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at http://bit.ly/epaperlive


ADVERTISEMENT




POST A COMMENT

HOUSE RULES

1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy



comments powered by Disqus
ADVERTISEMENT

Poll

ADVERTISEMENT
ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT