Prestige Restaurants Jamaica Limited (PRJL) is set to open its second TGI Fridays store on the island in Portmore, St Catherine, in the next four months as the municipality continues to gain international interest.

Prestige Holdings Limited (PHL) made the revelation in its second-quarter report published on Monday on the Trinidad & Tobago Stock Exchange adding that construction is set to begin in PHL’s fourth quarter which ends on November 30.

PRJL is a subsidiary of Prestige Services Limited, the company that owns the development rights to TGI Fridays in the Caribbean Community (Caricom).

“In Jamaica, where we have one TGI Fridays restaurant, plans are in place to open a second restaurant in this financial year, at Portmore, reflecting our confidence in the TGI Fridays brand and in the Jamaican economy,” stated PHL’s 2024 annual report.

Queries made to PHL Chief Executive Officer Simon Hardy were unanswered up to press time. However, checks with the existing TGI Fridays location at 51 Hope Road in St Andrew confirmed that the new location would be in the vicinity of Sunshine Mall on Braeton Parkway in Portmore.

Braeton Parkway is the road to Portmore’s burgeoning commercial district which includes heavyweight entities such as like PriceSmart Jamaica Limited, Fontana Limited, and Caribbean Coffee Traders Limited, operators of the Starbucks franchise in Jamaica.

TGI Fridays first opened in Jamaica in 2004 at its current location and represented the sole international business for Prestige after it closed TGI Fridays in Barbados in August 2013. Prestige operates four TGI Fridays restaurants in Trinidad & Tobago.

Prestige Restaurants Jamaica recorded TT$17.95 million ($356.29 million) in revenue and TT$1.31 million ($25.92 million) in net profit for the 2019 financial year (FY). After facing losses from the COVID-19 pandemic, the location reopened in November 2022 after undergoing two months of renovations. It generated TT$14.12 million ($321.18 million) in revenue and TT$263,725 ($6 million) in net profit for the 2022 FY.

However, the Jamaican numbers are no longer disaggregated after PHL began its Guyanese operations in April 2023 under PHL (Guyana) Inc. PHL’s overseas segment grew revenue by 28 per cent to TT$44.40 million ($1.03 billion), but net profit was cut in half to TT$1.56 million ($36.25 million) for the 2024 FY.

In addition to the new TGI Fridays in Jamaica, Prestige Holdings will be opening two new Starbucks stores and a new Pizza Hut in Trinidad & Tobago along with a new Starbucks location in Guyana by November.

Prestige operated 136 restaurants as of May 31 with three restaurants outside Trinidad.

PHL’s second quarter (March to May) revenue improved 16 per cent to TT$364.20 million due to timing of Carnival, which took place in Q2 2025 versus Q1 2024. Without non-recurring charges in the second quarter, PHL’s operating profit grew 34 per cent to TT$32.45 million. After accounting for higher taxes, PHL’s consolidated net profit increased 45 per cent to TT$19.44 million, with TT$19.16 million attributable to shareholders.

For the overall six months period, PHL’s revenue grew eight per cent to TT$707.34 million ($16.62 billion) with operating profit rising 34 per cent to TT$59.51 million. Consolidated net profit improved 51 per cent to TT$35.18 million ($826.80 million), with TT$34.81 million attributable to shareholders.

PHL’s asset base grew three per cent over the six months to TT$932.50 million (J$21.91 billion) with TT$149.79 million in cash and cash equivalents. Total liabilities and shareholder’s equity was TT$544.92 million and TT$387.58 million, respectively. Prestige Holdings declared a TT$0.18 dividend totalling TT$11.25 million to be paid on July 25 to shareholders on record as of July 9.

PHL’s stock price closed Tuesday at TT$12.93, which leaves it up 14.42 per cent in 2025 with a market capitalisation of TT$808.29 million. The price surge is due to the takeover bid announced by Agostini Limited (AGL) in the last month. Agostini Limited is seeking to acquire 100 per cent of PHL through a share swap which would see PHL shareholders receiving one new AGL share for every 4.8 PHL shares tendered.

Any fractional amounts remaining would be multiplied by TT$67 and paid as cash to those PHL shareholders. This offer is set to close on July 21 with Agostini shareholders to vote at a special meeting on July 9 to approve the proposed transaction.

Christian E Mouttet is the chairman of AGL and PHL and main principal behind Victor E Mouttet Limited (VEML). VEML owns 48.5 per cent of AGL and 52.9 per cent of PHL. The overall interest of VEML and connected parties in AGL is 57.8 per cent and 68.4 per cent in PHL. PHL previously acquired 100 per cent of Highway Properties Limited for TT$23.15 million in December 2023 from VEML.

Prestige Holdings Limited (PHL) has announced that construction of the TGI Fridays store in Portmore is set to begin in PHL’s fourth quarter which ends on November 30.