Jamaica Producers announces record profits Loop Jamaica

The content originally appeared on: Jamaica News Loop News

Jamaica Producers Group Limited announced blockbuster results for the financial year 2023 with consolidated net profits attributable to shareholders of $15.5 billion for the year ended December 31, 2023, up from $3.9 billion. This represents a significant increase from the prior year.

“The highlight of 2023 was the amalgamation of our operating businesses with those of PanJam to form the Pan Jamaica Group. The deal served as a capstone to the steady transformation of our Group to a diversified holding company” shared Jeffrey Hall, Managing Director of Jamaica Producers Group and Vice Chairman & CEO of Pan Jamaica Group.

The significant increase in the group’s profits relative to the prior year can be attributed, in part, to the successful amalgamation of PanJam Investment Limited and the operating businesses of JP to form the Pan Jamaica Group.

The amalgamation became effective on April 1, 2023. It involved the transfer by JP of 100 per cent of its shares in JP Global Holdings Limited (the subsidiary that held their interest in the operating businesses of JP) to PJG in exchange for a 34.5 per cent interest in PJG. JP is now the largest shareholder of PJG.

“The gain that was recorded in 2023 reflects the teamwork of the board, management and staff of JP, over many years, to forge a strong, contemporary and diversified multinational group from our traditional agri-business base.  We commend the team for their dedication and powerful spirit of enterprise and for the fact they delivered for shareholders,” Hall said.

This amalgamation means that JP’s interests in specialty food, shipping, and logistics are now aligned with the powerful and diverse portfolio of businesses, including landmark properties and market-leading financial services enterprises that form part of the Pan Jamaica Group.

JP celebrates its 95th anniversary in 2024, and chairman, Charles Johnston, shared his confidence in the company’s approach toward achieving continued success in the future.

“We meet this moment with renewed confidence in our mission of realising value for our Jamaican shareholders by acquiring and building great businesses, always with integrity and, wherever appropriate, through healthy and respectful partnerships. Our strategy emphasises long-term investments in tangible assets, a strong capital base, a balanced liquidity position, and a menu of products and services that provide genuine value to customers and shareholders. Our approach is unshakeable.  It does not change with popular business sentiments or short-term investment climate. This will continue.”