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News : International : Caribbean News Last Updated: Nov 15, 2019 - 3:40:23 PM


PanJam Reports Third-Quarter 2019 Profit of $2.5 Billion
By Breakthrough Communications
Nov 14, 2019 - 11:36:23 AM

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Stephen Facey, President and CEO of PanJam Investment Limited

KINGSTON, JAMAICA - PanJam Investment Limited (PanJam or the Group) increases profit levels and announces strategic investment.

Net profit attributable to stockholders for the quarter ended September 30, 2019 amounted to $2.5 billion, up from $1.9 billion for the same period in 2018. Earnings per stock unit for the quarter were $2.38. For the nine months ended September 30, 2019, net profit attributable to stockholders amounted to $6.4 billion, equivalent to earnings per stock unit of $6.13, an increase of 72 per cent over 2018.

Income from PanJam’s core operations for the quarter declined by 23 per cent when compared to the third quarter of 2018, which included substantial unrealised gains on the purchase of a 6.1 per cent ownership stake in JMMB Group Limited. Investment income totalled $681 million, down from $1.1 billion. Property income grew by six per cent to $489 million as improved occupancy levels generated more rental income.


Share of results of associated companies for the quarter increased by 20 per cent to $1.4 billion, the majority of which was provided by the Group’s stake in Sagicor Group Jamaica Limited (Sagicor). PanJam continues to derive value from its investments in the hospitality, manufacturing and distribution sectors. In particular, New Castle Company Limited, the owners of the Walkerswood and Busha Browne brands, exceeded performance expectations during the reporting period.

During the third quarter, PanJam sold 19.6 million Sagicor shares, with $682 million reflected as a gain on disposal of shares in associated company.

For the nine-month period ended September 30, 2019, income from the Group’s core operations grew by 31 per cent as a result of increases in investment and property income. Operating profit grew from $1.5 billion to $2.2 billion, while share of results of associated companies grew by 18 per cent to $3.5 billion. The Group also recorded a one-time gain of $1.6 billion on the disposal of a 1.3 per cent stake in Sagicor. Accordingly, net profit attributable to stockholders totalled $6.4 billion, $2.7 billion higher than the same period in 2018.

Stephen Facey, PanJam’s Chairman & CEO, said: “Sagicor continues to perform extremely well, growing its third quarter net profit attributable to stockholders by 26 per cent when compared to the same period in 2018. As previously announced, the proceeds from the sale of a minor portion of this investment will be deployed into growth projects in line with our long-term goals.”

In September 2019, PanJam entered into an agreement to acquire a 15 per cent ownership stake in Outsourcing Management Limited, which trades as itelbpo. As the region’s largest, home-grown business process outsourcer, itelbpo has operations in Jamaica, the Bahamas, Mexico and the United States. It offers voice and digital contact centre services, as well as customer experience management, using both at-home and on-site workforces comprised of over 2,700 team members.

Joanna Banks, PanJam’s Senior Vice President of New Business Development & Strategy, described the transaction as “a representation of PanJam’s commitment to invest in regional companies that embody the entrepreneurial spirit. The burgeoning business process outsourcing sector is a cornerstone of our economic growth, and itelbpo is leading the charge by ensuring that Jamaican talent participates and benefits at every level.”


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