Tuesday, March 10, 2015
Pan-Jamaican Investment Trust records $2.8 Billion in Earnings
Pan-Jamaican Investment Trust Limited (Pan-Jam) recorded earnings for 2014 of $2.8 Billion, representing a 14 percent increase over the previous year. Earnings per stock unit were $13.55 compared to $11.74 for 2013, closing out the year with book value per stock unit of $100.81.
Stephen Facey, Chairman and Chief Executive Officer of Pan-Jam, is pleased with the performance and reaffirmed his company’s commitment to Jamaica despite tough economic conditions. “We continue to believe that the country is on the right path and to be encouraged by the discipline shown by the Government in its execution of the measures required by the IMF targets,” he noted.
In keeping with the company’s commitment to the redevelopment of downtown Kingston, during 2014 Pan-Jam, in conjunction with a partner based in Canada, negotiated the purchase of the former Oceana property on the Kingston Waterfront. This transaction was completed in early 2015. Another initiative nearing successful implementation is the development, along with two partners, of a Courtyard by Marriott hotel in New Kingston. The hotel is slated for a mid-2015 opening, falling in the midst of Pan-Jam’s year-long 50th anniversary celebrations.
Mr. Facey anticipates growth for the company as the economy rebounds and indicates that the company’s significant investments in the local market reaffirm that position. “While observers have noted that growth has not yet accompanied passing of the tests, it is our belief that the improving macroeconomic and structural conditions are creating an environment that will foster that growth,” he explained.
Lower investment income, driven by reduced capital and foreign exchange gains and higher impairment charges on available-for-sale securities, was partially offset by improved revenue from property, driven by an 11% increase in rental income. A J$127 million increase in operating expenses was largely offset by a J$102 million decrease in finance costs.
The company enjoyed a J$558 million (or 26%) increase in its share of results of associated companies, chiefly a result of higher profitability during 2014 by Sagicor Group Jamaica.
Pan-Jamaican Investment Trust Limited (Pan-Jam) is a multi-faceted holding corporation that owns and operates businesses across a range of industries. Pan Jam ranks among the largest publicly listed companies in the Caribbean. Through our subsidiaries and associated companies, we engage in property development and management, insurance and banking, food manufacturing and distribution, hardware and home goods retail and wholesale, and investment.
at 12:23 PM