Strong segment outturns drive Pan Jamaica Q1 results
Improved segment results has led Pan Jamaica Group Limited (PJG) to kick off 2025 with a robust financial performance as the company posted a consolidated net profit of $2.1 billion for the first quarter ended March 31 — 81 per cent above the corresponding period last year.
Revenues for the quarter totalled $9.8 billion, reflecting the strength and resilience of PJG’s diversified portfolio. The group’s performance was underpinned by its four core operating segments: property & infrastructure, specialty foods, global services, and financial services.
The property division driven by an enhanced performance in its commercial property segment as well as stronger hotel occupancies at the ROK Hotel Kingston and Courtyard by Marriott Kingston saw revenue contributions climbing 16 per cent to total $1.2 billion.
Meanwhile the specialty foods division, PJG’s largest revenue contributor, also managed to rake in $5.2 billion for the quarter despite a 10 per cent year-on-year decline, largely due to the seasonal timing of Easter sales in its European-based juice business as it moved into the second quarter. However, performance in this division was bolstered by JP Farms, which returned to full banana and pineapple production after recovering from the effects of Hurricane Beryl in 2024.
Additionally, the global services division, which is said to have delivered a standout performance for the three-month period, seconded revenue contributions adding $3.4 billion as revenues for that segment registered a 12 per cent year-on-year increase.
“The improved result reflects increased volumes on our Geest Line shipping service and improved transshipment volumes in our stevedoring operations at Kingston Wharves,” PJG’s directors stated in the recently published shareholder report.
For financial services, PJG businesses in this area cemented the quarter’s result after leading a staggering 304 per cent increase in profit before finance costs and taxation to $1.2 billion, following strong growth in its Sagicor Group Jamaica Limited holdings. The division also comprises an associate company interest in web-based lender Term Finance (Jamaica) Limited.
“Increasing insurance revenues, expanding net interest income in the commercial bank and improved trading gains in the investment bank, all meaningfully contributed to this quarter’s earnings. The business also benefited from market experience gains on the long-term life and health as well as realised gains on the sale of securities in the quarter. The Q1 result was a substantial improvement on 2024 where there were one off accounting and actuarial model adjustments in connection with the long-term insurance business line at Sagicor,” the report further noted.
Building on its strong start to the year, PJG’s directors said the group remains well-positioned to maintain its growth trajectory and drive long-term shareholder value. Management plans to stay disciplined in its capital allocation and risk management strategies, while continuing to divest non-core assets and reinvest in high-potential areas.
“We are encouraged by the results achieved this quarter. The Pan Jamaica portfolio of businesses really delivered for shareholders. We credit our teams across the globe for our success and thank them for delivering value for our shareholders and partners,” CEO and vice-chairman of PJG Jeffrey Hall said.