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.