Listed companies, many of which pride themselves on good corporate policies, should do better in speaking to investors. Ms. James has been added to the list of directors of Caribbean Assurance Brokers, effective October 1.
Why did the company not advise the public about who she is? This is terrible. Let’s be fair, this is not the only company to have failed to advise investors of the credentials of new appointments. A quick review of the internet reveals very little about her credentials.
Who is Odene James?
October 17, 2025 by
TransJamaican dividend yields now 6.4%
September 14, 2025 by
TransJamaican Highway board of directors declared an interim dividend payment of 12.92 cents per share payable on October 24, to shareholders on record as at the close of business on October 3, 2025. The ex-dividend date is October 3.
Total dividends for this year amount to 25.5 cents, with a yield of 6.4 percent, including a dividend of 12.58 cents paid in April.
The company’s prospectus in 2020 stated, “based on the projected operating profits, distributable reserves and cashflows, the Company is projecting dividend yield, averaging 5.3 percent to 8.7 percent in 2020-2025 and an average of 24.5 percent to 35.8 percent thereafter on the Offer Price”. The stock was offered to the public at $1.41 and would result in a dividend payment between 34.5 and 50.5 cents per share, starting in 2026, with a yield of 8.6 to 12.6 percent based on the last traded price of $4.
The yield is going to help push the stock price higher into 2026, along with earnings for the current year of around 50 cents per share.
Profit inches up at Scotia Group
June 10, 2025 by
Profit declined 7.3 percent to S5 billion at Scotia Group for the April 2025 quarter, compared to $5.4 billion in the similar period last year, as total operating revenues rose by a billion dollars to $15.6 billion from $14.6 billion in the comparable quarter in 2024.
Profit grew 7.8 percent to $9.2 billion after tax for the six months to April, over the previous year. A drop in loan loss provisions to $651 million in the latest quarter from $1 billion in the 2024 second quarter and $1 billion for the half year, down from $1.25 billion in 2024, helped to boost the group’s profit performance.
Operating expenses grew faster than revenues, climbing 23 percent, with an increase of $1.5 billion to $8.3 billion, wiping out the increase in operating income in the second quarter. Corporation taxes amounted to $2.3 billion in the quarter, compared to $2.4 billion in the prior year.
Total operating revenues for the six months ended April 2025, net of expected credit losses, grew by 9.5 percent, or $2.9 billion, to $33.4 billion from $30.5 billion in 2024. This was primarily driven by the growth in loans, which led to an increase in net interest income of $1.9 billion, or 8.5 percent, and an increase in other revenue of 13 percent.
The Group’s asset base grew by $87 billion or 12.9 percent to $764 billion as at April 2025, with loans increasing 14.7 percent to $324 billion. Since the October close of the 2024 fiscal year, loans only grew in the second quarter, at 15 percent per annum, much slower than the 16.3 percent increase in the 2024 fiscal year.
According to the Group, “loan book continues to perform well with mortgages increasing year over year by 24 percent, consumer loans by 14 percent, credit cards by 8 percent and commercial loans by 7 percent.” Deposits, an important fuel for funding loans and investments, increased 10 percent to $514 billion from $467 billion a year ago.
Scotia Group declared a dividend of 45 cents to be paid on July 17, bringing the half-year payment to 90 cents, up from 80 cents for the similar 2024 period.
Earnings per share for the April quarter amount to $1.61 and $2.96 for the half year. ICInsider.com projects earnings of $8.20 for the year ending October 2025.
The stock is ICInsider.com BUY RATED. At the last traded price of $54.91, the stock trades at an attractive PE of 6.7, well below the market average of more than 13. Most importantly, the critical aspect of the business is lending, and the ability to generate reasonable yearly increases in amounts lent out, thus driving revenue growth.
The present state of the Jamaican economy, including lower debt-to-GDP, which allows for greater fiscal space that will facilitate continued lower interest rates, should result in growth in earnings for years to come. With that, investors can look forward to increased dividend payments and stock price appreciation.
Jamaica Broilers shareholders clobbered
June 3, 2025 by
Jamaica Broilers released a damning report in March this year of management’s stewardship in its January third quarter Results. The directors “advised that it had identified several issues related to expense management and operational controls in its U.S. Operations and had engaged external advisors in the United States to review operational control and any implications it had for the financial performance of the U.S. Operations.”
Christopher Levy – Jamaica Broilers President and Chief Executive.
The group is now updating investors on the latest information. “Having received preliminary and not yet finalised reports from its external advisors, and having assessed the financial performance of the U.S. Operations, the Company wishes to disclose the following material information, which it believes could have significant implications for the financial statements of the Company, namely unsubstantiated accounting valuation methodologies affecting several financial statement line items, including Inventories and Biological Assets.”
“The issues identified appear to constitute material prior period errors and will, once determined and finalised, be fully corrected following the conclusion of the annual financial audit for the Company. As a result of the likely restatement of inventories and biological assets, we anticipate a material negative impact on the historical profitability of our U.S. operations and the Group’s consolidated retained earnings and capital.”
The Company wishes, however, to assure its shareholders and stakeholders that the Board and Senior Management of the Company have been, and are taking steps, in conjunction with its legal and financial advisors, to address the above referenced issues related to the expense management, operational management and financial performance of the U.S. Operations, with a focus on accurate reporting on the profitability of the U.S. Operations and for the Company.
The problem at Jamaica Broilers is a big black eye on the Jamaican securities industry. There are far too many issues in the sector in need of urgent attention, as investors are being severely abused. Those in a position to act and correct the problems have turned a blind eye, until there is a big blow up like Usain Bolt losing his money. What about companies that have billion-dollar loans made to the related companies, interest free while minority shareholders pay the cost of funding them. What about investment firms that breach agreements with their customers and get away with it while the FSC sits and watches.
ANSA McAl delivers a TT$2.5B blow to shareholders
May 20, 2025 by
Shareholders in ANSA McAl are set to lose TT$2.5 billion in 2025 from their investment in the company, following the directors decision to suspend dividend payments, (currently $320 million per year) for 3 years, with the stock price dropping 21 percent from $58 to $46 up to the end of last week.
In addition to losing the $320 million per year for the next three years, shareholders have already chalked up a loss on their shares of $2.1 billion, following the announcement in March, and it could get worse, with the bid to buy the stock at $45 and the offer to sell at $46, last Friday. The dividend suspension will conserve TT$951.5 million for the three years based on $1.80 paid in 2024, 2023 and 2022, but it has had a detrimental impact on shareholders.
In addition to cash savings from the suspension of dividends, the company will save the cost of servicing the twice-yearly dividend payment and will incur less interest expense as a result of the suspension.
ANSA McAL, the majority owner of Berger Paints Jamaica, decided to suspend dividend payments due to the acquisition of a company for US$327 million, which resulted in a US$$200 million loan.
This decision was published on March 21st, 2025, in the Chairman’s statement, which accompanied the audited financial results. According to the report, “ANSA McAL is confident that the reinvestment of dividends for this three year period will yield far greater long-term benefits – enhancing its competitive position, supporting expansion into new markets, and unlocking new growth opportunities. Moreover, ANSA McAL fully expects the result of this strategic decision to be a significant appreciation in its share price, ensuring that shareholders benefit from a stronger, more resilient, and more valuable company.”
Some shareholders do not buy the optimism expressed by the directors, at least not now. For the year ending December last year, revenue grew by 5 percent to $7.4 billion and profits climbed just over 10 percent to $571 million from $517 million in 2023. On the surface, the stock should have been rising, instead, it has fallen from a 2025 high of $61. Compounding the issue, revenue grew 9.6 percent to $1.8 billion for the March 2025 quarter. Profits for the quarter dived 50 percent to $54 million from US$107 million as finance cost surged from $10 million to $52 million.
The directors commenting on the 2024 results stated, “Beyond these outstanding financial results, we took a bold step forward in our long-term strategy by completing the largest acquisition in our 143-year history. The US$327 million acquisition of BLEACHTECH LLC, a leading US-based chlor-alkali producer, is a transformative move that positions us for even greater success.”
At the end of March, Shareholders’ equity stood at TT$8.2 billion. At the end of December last year, borrowed funds amounted to $2.6 billion, just around 32 percent of shareholders’ equity. With the leverage level so low, there seems to be no need to suspend dividends and, by extension, destroy shareholders’ investment.
Profit surges at Jamaica Stock Exchange
May 14, 2025 by
Profit at the Jamaica Stock Exchange jumped a sharp 155.5 percent in the March 2025 first quarter, to $236 million after corporate Tax, up from just $93 million in 2024.
Expenses increased 12.4 percent over 2024, to $554 from $493 million in 2024, the increase was much less than the 36 percent growth in revenues of $861 million, up from $634 million in 2024, growth was driven by improved market conditions and heightened market activity, leading to a substantial 245.7 percent rise in income form Cess of $256 million over, just $74 million in 2024.
Earnings per share amount to 34 cents, up from 13 cents last year and compare well with full year earnings last year of 71 cents. Based on these results, the company is on target for earnings in the $1.60 region, with a PE of 8 based on the last traded price of $12.75 and placing it on the ICInsider.com coveted Buy Rated accolade.
Equity capital stands at $3 billion and cash and investments amount to more than $1 billion.
With interest rates much lower this year than last year, more funds should flow into stocks and boost the existing income levels of the exchange. In addition, more companies are expected to be listed in 2025 and future years and existing companies are raising more equity capital, all of which should boost revenues for the exchange in the years ahead. The future looks very promising for investors in this stock in the years ahead.
Big income gains drive Transjamaican profit
May 10, 2025 by
Profit at Transjamaican Highway jumped a solid 33 percent before tax for the quarter ending March this year, to US$12.1 million, from US$9.1 million for the same period in 2024. The strong performance was largely driven by increased revenues of US$22.5 million, up 14 percent over the US$19.8 million recorded in the March quarter of 2024.
Profit after the provision for taxation of US$3 million for the quarter amounts to US$9.1 million, an increase of 32 percent over the net profit of US$6.9 million for the 2024 first quarter.
Although profit after tax was $9 billion, cash generated from operating activities amounted to a healthy $15 billion.
Earnings per share rose to US$0.0007, with ICInsider.com forecasting J$0.52 per share for the full year and putting the PE of the stock at an attractive 7 times the current year’s earnings, compared to 13.3 for the market average.
The company paid an interim dividend of J$0.1258 in April this year. A second dividend payment is expected later in the year, which should take the full year amount to 25 cents, with a dividend yield of nearly 7 percent. Most importantly, according to the prospectus issued in 2020, the dividend payment as a percent of profit ranges from 43 percent in the earlier years up to 2025, to a high of 85 percent, from 2026 to 2034. If the company adheres to this projection, dividends should double next year, and so should the stock price, all things being equal.
With these results and prospects for continued increased revenues, profit and good dividend payments, Transjamaican Highway is crowned an ICInsider.com BUYRATED stock.
Seprod gunning for 80% of AS Bryden
May 2, 2025 by
Seprod, the Jamaican conglomerate, announced an offer to acquire up to 447,491,012 ordinary shares of its subsidiary A.S. Bryden & Sons, representing 29.85 percent of the 1.4992 billion issued ASBH’s outstanding shares.
Some of Seprod”s products.
The offer will be satisfied by the issue of 396.43 Seprod shares for each 1,000 ordinary shares of ASB. The offer will expire on June 5, unless it is extended.
According to the latest public notice of the company, Seprod currently holds 751.66 million shares, the acquisition would take them to 1.2 billion or 80 percent of the outstanding shares, enough to keep them listed on the Jamaica Stock Exchange on the surface of it.
Connected parties to Seprod own around 300 million shares, these include Musson Investments with 144 million shares and Stony Hill Capital with 114 million units. 
Richard Pandohie, CEO of Seprod owns 65.8 million shares. It would appear that the offer is an exercise, primarily to roll all these holdings into Seprod and simplify the accounting for the investments.
At the close of trading on the AS Bryden shares closed at 33 and Seprod at $81.05, the equivalent of 2.456 Bryden shares for each Seprod share. Shareholders of Bryden will be getting shares in a more dynamic company with greater growth prospects than in the stand alone Bryden.
Omni Industries revised audited accounts
April 7, 2025 by
Audited financial statements for 2024 of Omni Industries have now been corrected following ICInsider.com’s highlighting of an overstatement of earnings per share arising from an error in the computation of the average number of shares issued in 2024.
Neither the company nor its auditors originally, properly accounted for the increased number of shares arising from a stock split of the issued shares in early 2024.
The revised audited account, posted to the Jamaica Stock Exchange website this morning, shows the revised earnings per share for 2024 and has corrected for the omission of earnings per share for 2023.
The report now shows the average number of shares is just over 2.389 billion units with earnings per share of 5 cents, with 7 cents for 2023 from 2.25 billion shares.
Omni generated revenues of $1.923 billion in 2024, a 6 percent decline from $2.039 billion in 2023. Profit after taxation declined by 16 percent to $127 million from $151 million in 2023.
The company reported an improved gross profit margin of 33.1 percent, up from 29.5 percent in 2023. A sharp 31 percent jump in administrative and selling expenses to 483 million from $368 million eroded by benefit from improvement in the gross profit.
The company now needs to post corrected accounts for all the interim reports for 2024 that were based on the incorrect number of shares and, therefore, overstated earnings per share.
The stock that traded at $1 on Friday collapsed to 75 cents on Monday, with trading in the stock suspended after triggering the circuit breaker.
Omni’s audited report is erroneous
March 31, 2025 by
Auditors are supposed to be experts at accounting matters, and their audit reports, especially for public companies, are expected to provide users with accurate information. At the same time, the Jamaica Stock Exchange (JSE) monitors financial reports put out by the companies listed on their exchange, while the Financial Services Commission advises that they also review them.
Since 2010, around 60 companies have listed shares on the JSE with new shares to the public. The vast majority of them split the shares to facilitate meeting the JSE rules or for greater liquidity of the shares. One would have thought that qualified accountants would by now be fully conversant in computing the correct number of shares and the average where applicable, thus computing the correct earnings per share. That is not the case. The JSE gets and vets financial reports and is clueless about what is happening with many of the financial reports put out by companies. If they did, they would not allow Omni Industries to report critical information that is incorrect in their financials for three quarters without revisions, now the audited statements have also incorrectly reported it.
Omni did so for their quarterly reports since listing in the early summer. Their auditors compounded the error by issuing financial statements with serious errors.
In February last year, the company converted 20.09 million shares into 2.25 billion units by splitting each issued stock. In May, 250 million new shares were sold to the public, increasing the total issued shares to 2.5 billion units and the weighted average to 2.47 billion units. In a strange twist, the company reported an average number of shares at just 1.402 billion units, a figure the auditors have unfortunately used as well.
The critical factor is that the earnings per share are overstated. This is crucial as many investors use EPS to value stocks. The market average is now around 15 2024 earnings, so at 9 cents, some may consider the stock to be undervalued at 94 cents, it traded today. If the correct EPS of 5 cents is used, the stock would be valued at nearly 21 times 2024 earnings and is well above the market average, too vastly different pictures.
In addition, neither the company nor the auditors have reported the appropriate earnings per share for 2023 nor the correct average number of shares issued.
Accounting standards require that the average number of shares in issue is the weighted number of shares outstanding during the period. The company split the 20.9 million shares before the IPO into 2.25 billion units; as such, the average issued shares cannot be less than this plus the average for the new shares issued.
The audited report shows a profit of $127 million and an EPS of 9 cents for 2024. In reality, EPS for 2024 is around 5 cents and 6.7 cents for 2023.
In another matter that is not related to Omni, auditors are computing deferred taxes at 25 percent on revaluation surplus on land and buildings. That would be in order if gains on disposal of land and buildings were taxed at the rate of income. Such an application is blatantly incorrect as the only amounts that will be taxed would be amounts relating to capital allowances already claimed on buildings and not lands. The applicable tax would be a transfer tax, which is at a far lower rate than income tax.