PARAMOUNT Trading (Jamaica) recently hosted its first Annual General Meeting of Shareholders.

The year-end results, Annual Report and first-quarter performance were previously published and highlights of the AGM were therefore up coming events and a dividend announcement.

Paramount reiterated that the first seven months of the period under review were actually spent in preparation for the IPO on December 31, 2012 and that the positive “first result” came exactly five months after listing. Revenues were up by 4.6 per cent over 2012, and although there was a small decline in profit before taxation, earnings per share rose by 26 per cent, from $0.43 in 2012 to $0.54 in 2013.

On the operations side, the company attributed its success to dedicated staff, loyal customers, industry partners and, of course, the shareholders. Although performance was hindered somewhat by operational challenges such as scaling down of some entities, closures in some instances and other such changes, measures for strengthening the company have been implemented and these range from broadening of the product offering, to reinforcement of the management team through several senior-level appointments.

The managing director, Hugh Graham, and other engineering personnel reportedly made some overseas visits in furtherance of the evaluation of possible opportunities for expansion. Locally there are plans to increase local manufacturing and facilitate expansion into the Caribbean region, the company said, adding that it is expected that talks should be sufficiently mature to allow for significant announcements by the third quarter of the current financial year.

The company declared a dividend of $0.135/share, which will be paid on December 13, 2013 to shareholders on record at November 29, 2013.