PanJam Investments Ltd, which comprises property development, tourism and investment ventures, saw a rise in earnings for the year ended December 2016 to $4.35 billion compared to $3.25 billion earned the year before.

Earnings per share was $3.86 at year end compared to $3.04 the year before. Net profit was positively impacted by results from associate companies which totalled $3.64 billion in 2016 compared to $3.19 billion the year before.

Associate companies of PanJam include Sagicor Group Ltd, Chukka Caribbean Adventure, investment companies Downing Street II, V and VII, New Castle Company Ltd which sells consumer products and Caribe Hospitality which manages hotel properties.

Core investment and property management operations pulled in income of $1.74 billion compared to $1.84 in 2014. PanJam has some 14 subsidiaries, which include insurance providers, property development, management and investment; and food and beverage.

For the group, expenses saw an increase to $1.3 billion up from $1.2 billion in 2015. The company booked gains for companies disposed of during the year. Consideration of $803 million came from the sale of joint venture Mavis Bank Coffee factory, but was received after the reporting period.

In mid-September 2016, Pan Jam said its subsidiary Scotts Preserves Ltd would transfer its shares in Mavis Bank to Specialty Coffee Investments Company Ltd (SCI). SCI acquired shares from both Scotts and Jamaica Producers Group Ltd (JP), who each owned 50 per cent of the company.

PanJam indicates that the total gain on the coffee producer was $853 million. The company also disposed of its 20.83 per cent shareholding in Hardware and Lumber for $18.50 per share, booking a gain of $185 million for the company and $288.19 million for the group.

At year end PanJam had total assets of $32.33 billion, up from $27.95 billion in 2015. Cash resources at year end were $686.45 million down from 940.85 million.