JMMB repurchases over 9,000 shares

Under its share buyback programme, Jamaica Money Market Brokers (JMMB) Group Ltd has reported the purchase of 9,417 of its ordinary shares valued at J$18.99 per share on September 1.

In a notice of material change, posted on the TT Stock Exchange website, JMMB said the purchase was intended to bolster long-term shareholder value with a maximum intended repurchase total of J$300 million.

Through a share buyback programme, a company buys its own shares from the open market or shareholders to reduce outstanding shares in circulation.

This programme gives cash returns to shareholders while increasing earnings per share. This is an alternative to the use of dividends.

JMMB said it used cash on its balance sheet to fund the repurchase of the shares on the open market via its broker JMMB Securities Ltd.

This comes after JMMB reported a net profit of over $150 million (J$3.74 billion) for the financial year 2024-2025.

At the end of the financial year, its operating revenue stood at around $1 billion (J$25 billion) with an earnings per share of .07 cents (J$1.80).

The company said such progress was attributed to a 66 per cent growth in banking services and a 32 per cent growth in financial services.