Marlene Street Forrest in her overview of the Jamaica Stock Exchange group company’s performance for 2012 and operational plans for 2013 and beyond, stated that although there were economic challenges, the JSE saw an increase in operating income of 93%.
The Company’s operating income moved from $281M in 2011 to $542M in 2012, which contributed to the JSE Group’s net profit increasing from $34M in 2011 to $129M in 2012 an increase of 279% in net profit. Street Forrest told the audience that although most of the Exchange’s revenue came from trading fees she also attributed the increased in profitability to a diversification of the revenue streams for both the company and its subsidiary, which enabled the Exchange to survive in a difficult economic environment.
She indicated that the Exchange achieved a number of other positives during 2012: Increase in the number of companies on the Junior stock market, sale of member dealer license, progress made towards listing of JSE’s ordinary Shares, business process improvement, document management and business continuity plan.
The following goals were set for 2013/2014 period:
- Listing of the JSE’s ordinary shares
- Concentration of effort at marketing the JSE
- Developing markets, new products and services for our customers such as:
- Trading Government and corporate securities
- Fixed Income Instruments
- Depository receipts
At the special board meeting held immediately after the annual general meeting, Messer Donovan Perkins and Allan Lewis were returned as Chairman and Deputy Chairman respectively and Steven Whittingham was elected to the JSE Board subject to the FSC’s approval.
