Tag: financials

NEL recovers from loss with $15.3m profit

NATIONAL Enterprises Ltd (NEL) has recorded a profit after tax of $15.3 million, recovering from the $349 million in unrealised fair value losses in 2024. This is a 104 per cent increase.

For this period, NEL was not only able to maintain operating expenses but decrease them by nine per cent while dividend income also increased by 14 per cent to $129 million from $113 million.

Cashflow also saw a healthy $172 million in cash and cash equivalents.

NEL noted the financial year saw the return of positive performance by NGC and TTLNG, which previously comprised Atlantic LNG train one, and is now part of the restructured unified ALNG that includes trains two, three and four.

Praising the company’s growth, director David Robinson said, “NEL has kept an unwavering focus on delivering value to our shareholders even in the face of chronic uncertainty in global and local markets, geopolitical threats and forecasting challenges with uneven gas supplies.

“This resilience in the face of multiple challenges underscore not just the sustainability of our underlying assets but also the ability to seize new opportunities to add value and position our portfolio of companies and investments for profitable growth. NEL is confident that this turnaround in performance is the platform from where our shareholders can consistently receive sustained value for both the short and long-term horizons.

The company also noted its corporate social responsibility efforts in education, youth development, social welfare, arts and culture.

“NEL supported programmes such as financial literacy, school fundraisers and entrepreneurship incubator programmes, underscoring our strategic focus on empowering future generations and contributing to cultural and social enrichment in our communities.”

The statement also noted NEL’s 2024 total dividend payments of $156 million or $0.26 per share.

“NEL’s trailing dividend yield of 7.3 per cent for fiscal 2024 is one of the highest on the local stock market and compares favourably to other market returns.”

First Citizens Holdings reports $989.6 million in profits

FIRST CITIZENS Group Financial Holdings Ltd has reported a profit after tax of $989.6 million for the year ending September 30, an increase in profits for the same period last year, when it earned $956.9 million.

The financial figures come from a summary financial statement from the group for the period ending September 30, 2025.

The report said the group earned $2.1 billion in net income. It earned $2.46 billion in interest income but lost $359.9 million in interest expenses.

The group reported $54.4 million in impairment costs but got a credit impairment writeback on financial assets which contributed to the group reporting $1.3 billion in profit before taxes.

For the same period in 2024, the group earned $2.3 billion in interest income and incurred $290.5 million in interest expenses, resulting in a net income of $2 billion.

The group reported impairment costs valued at $13 million, but credit impairment writeback on financial assets was reported at $9.6 million. The impairment and the writeback contributed to a profit before tax of $1.2 billion.

First Citizens Group was one of the financial institutions that saw significant changes in its group for the year.

A new board of directors, led by Shankar Bidaisee, was elected for the group at special general meeting at the National Academy for the Performing Arts (NAPA) on October 8, replacing board members who had been at the group for more than ten years.

Deputy Group CEO Jason Julien was picked as Group CEO at the end of October.

Massy Group’s after tax profit rises 14%

A PROFIT after tax of $766.3 million, a third-party revenue of $15.8 billion and a net cash value of $1.67 billion have been recorded by Massy Group for financial year 2025.

The group attributed a 14 per cent increase in profit after tax, up from $674 million in 2024, to improved efficiency and portfolio discipline.

In a financial statement on December 18, the company credited its earnings to growth in its retail, gas production, motor and machine and financial services portfolios.

Integrated retail remained the company’s biggest earner with revenue up four per cent to over $9 billion. Revenue from motors and machines reached $3.73 billion, although profit before tax declined by 18 per cent to $186 million. Gas products saw a six per cent decline in revenue to $2.03 billion, but profits still rose by eight per cent to $385 million.

Massy shareholders also received increased earnings with the company’s five per cent increase in total dividends per share to $17.70, while earnings per share also rose by nine per cent to $36.49, an earnings yield of 9.8 per cent.

The company’s share price also increased by five per cent, resulting in a total shareholder return of 12.18 per cent.

These earnings come amid shifts in the company’s leadership with James McLetchie assuming the role of group president and CEO on October 1, succeeding David Affonso, who led the company for three decades.

Massy Group CFO James McLetchie. – Photo courtesy Massy Group

Massy also welcomed Ivette Zuniga as CFO and Ryan Latchu as CEO of the group’s motors and machines portfolio. Massy said its investments in technology, innovation and talent will continue to drive growth.

Chairman Robert Riley said, “2025 was a year of progress and renewal. We delivered strong results while laying the foundation for an ambitious future. Massy is continuing to evolve, embracing innovation and building resilience to create lasting value for generations to come.”

The Consumer Affairs Division’s’s published a comparative supermarket price listing in the daily newspapers on December 18, which evaluated over 40 supermarkets nationwide and found Massy as having some of the highest prices in the country especially in the meat, fruit and dry good categories.

Guardian Holdings records $237m in profit

GUARDIAN Holdings Ltd continued to maintain a positive momentum in its third quarter, reporting $237 million in profit attributable to equity shareholders for the three months ended September 30.

This represented a 20 per cent or $40 million increase from the previous year’s corresponding profit of $197 million.

In its consolidated financial statements, Guardian Holdings said a key contributor to the increased profit was growth of its core insurance operations across the English-speaking, Dutch Caribbean and the Netherlands markets.

In his chairman’s report, Robert Almeida said the group will remain firmly focused on sustainable, long-term value creation supported by operational efficiencies, disciplined cost management and favourable market dynamics.

Almeida also highlighted the group’s key successes achieved in the quarter.

This included a strong performance ratio, increased earnings per share (from $2.58 to $5.52) and a 28 per cent increase in return on equity.

Guardian Holdings also prepaid and refinanced its $1.02 billion bond by issuing a $1.05 billion secured multi-tranche bond.

Additionally, on October 3, credit rating agency CariCRIS reaffirmed the assigned ratings of CariAA- on the regional rating scale and jmAAA on the Jamaican national scale for Guardian Holdings with a stable outlook.

Guardian Holdings Ltd chairman Robert Almeida. – Photo courtesy GHL

“The group remains sufficiently capitalised and compliant with regulatory ratios,” Almeida said.

For the quarter, insurance revenue grew by $109 million, from $1,479 million in 2024 to $1,588 million in 2025.

Other operating expenses that were not attributable to insurance portfolios also increased by $37 million from $207 million to $244 million.

“Your group remains focused on its journey to perfect and protect our core, which remains at the heart of our operations,” Almeida said.

He added that the board has proposed a third quarterly dividend of 23 cents per share.

Total dividend payments for the year-to-date are 66 cents per share, exceeding the prior year’s interim dividend payment of 23 cents by 43 cents.

For the nine months ended September 30, the group reported $1,281 million in profit attributable to equity shareholders, exceeding the prior year’s results of $598 million by $683 million or 114 per cent.

The group said this increase was mainly attributed to the first quarter gain on the sale of 100 per cent of the shares of Thoma Exploitatie BV on January 24.

Excluding profit from discontinued operations after taxation of $651 million, the group recorded profit attributable to equity shareholders on continuing operations of $630 million, ahead of the prior year’s results of $587 million by $43 million or 7%.

“Our core insurance operations remain robust, as insurance service results for the current nine-month period outperformed the same period of the prior year by $207 million or 34 per cent,” Almeida said.

Angostura reports over $100m in profit

ANGOSTURA Holdings Ltd has reported $757 million in revenue and a $145 million profit before tax for the nine-month period ended September 30, 2025.

Profit after tax stood at $104 million, a 10 per cent increase from the previous year. Total assets increased six per cent year-over-year to $1.9 billion, with a low debt ratio of 0.16.

Earnings per share also increased from $0.46 to $0.51

With a 182 per cent increase in Branded Rum sales and an eight per cent increase in Angostura Chill sales,the company’s international segment has grown by 18 per cent year-over-year. Export now makes up 45 per cent of total group revenue.

Angostura also recorded a three per cent domestic growth. In its Summary Consolidated Financial Statements for the nine months ended September 30, Angostura said this was driven by the launch of several ready-to-drink products.

Results from operating activities also saw an increase from $113 million to $124 million. Finance income increased by 42 per cent, fuelled by strong returns from US dollar investments, the company said.

Recently appointed Angostura chairman Gary Hunt said, “As we look ahead to the final quarter of 2025, we remain focused on sustaining long-term growth in revenue and profitability. We are energised by the opportunities that lie ahead and remain committed to maximising shareholder value through innovation, expansion, and operational excellence.”

Hunt, a former sports minister, was appointed to the Angostura board in August along with attorney-at-law Patricia Dindyal; founder of SM Group International Ltd, Shival Maharaj; former Massy Integrated Retail senior vice president, Roxane De Freitas; and current chairman of Colonial Life Insurance TT Ltd, Jennifer Fredrick.

Their appointments came after six of the company’s former directors resigned in June, and in the absence of a board, Angostura could not approve the final dividend of $0.28 per share, which had an original payment date of July 31, 2025.

In the first quarter of 2025, Angostura recorded a $33 million in profit before tax and surpassed a billion dollars in revenue for the financial year ended December 31, 2024.

[UPDATED] Guardian Life completes transfer of NCB pension fund

AFTER announcing the acquisition of NCB’s Insurance Agency & Fund Management Ltd’s pension fund management portfolio on July 15 by Guardian Life Ltd (GLL), Guardian Holdings Ltd (GHL) has advised that the transfer of the portfolio has been completed.

Guardian Life is a subsidiary of Guardian Holdings’ life, health and pension business based in Jamaica.

In a notice to shareholders on October 1, Guardian Holdings said this transaction represents a key strategic initiative designed to enhance the group’s capital position, operational efficiency and long-term performance.

This comes after Guardian Holdings recorded $401 million in profits for the six months ended June 30, a $23 million increase from the $378 million recorded in 2024.

In its summary of the consolidated financial statement, Guardian Holdings said the increased profit was driven by improved net insurance service; higher insurance brokerage fees and commission income; lower net insurance finance expenses; lower other operating expenses; and lower taxation expense, partially offset by lower net investment income.

On October 3, the Caribbean Information and Credit Rating Services Ltd (CariCRIS) reaffirmed the ratings of CariAA- on the regional scale, and jmAAA on the Jamaican national scale, to the J$13.4 billion bond issue of Guardian Holdings.

CariCRIS assigned a high level of creditworthiness of this debt obligation. It also maintained a stable outlook on the ratings.

“The stable outlook is based on the high likelihood that GHL’s good financial performance will be sustained over the next 12 to 15 months, driven by the solid performance of its operating subsidiaries.

“This is expected to boost dividend income, enabling the GHL to comfortably meet its debt obligations as they come due,” CariCRIS said.

This story has been updated to include additional details. See original post below.

Guardian Life is a subsidiary of Guardian Holdings’ life, health and pension business based in Jamaica.

This comes after Guardian Holdings recorded $401 million in profits for the six months ended June 30, a $23 million increase from the $378 million recorded in 2024.

Scotiabank TT records $531m profit

SCOTIABANK TT has reported a profit after tax of $531 million for the nine months ended July 31.

This represents an increase of $43 million or nine per cent over the same period the year before, when it earned $488 million.

The bank’s profits were revealed in the company’s consolidated financial report shared on September 9.

For the period, the bank recorded an increase in total revenue of $120 million or eight per cent, driven mainly by growth in net interest income of $93 million or nine per cent.

This increase was attributed to continued expansion in the loan balances in both retail and commercial segments, as well as an increase in investment income.

Loans to customers also grew by $700 million or three per cent.

Other income increased by $27 million or seven per cent, driven by growth in core business activities across all segments.

Couva South Primary School students and a Scotiabank TT representative pose with their seedlings before planting them in the newly installed grow boxes courtesy of Scotiabank. –

Scotiabank TT also realised significant asset growth, reporting a growth of $1.5 billion or five per cent.

The bank saw an increase in deposits with customers, which grew by $1 billion or four per cent. Digital adoption increased to 57 per cent.

Scotiabank TT said the improved profitability resulted in an increased return on equity of 15 per cent and a 2.3 per cent increase in its return on assets.

In her statement, managing director Gayle Pazos said the positive results were driven by core revenue growth, expense control, robust strategies and market positioning.

“Apart from leveraging digital advancements within the retail and corporate/commercial segments, we have focused on improving our product and rate offerings in selected areas to provide better opportunities for our clients,” Pazos said.

CIBC Caribbean posts operating loss, maintains dividends payments

CIBC Caribbean Bank Ltd reported an operating loss for the third quarter ended July 31.

The bank, however, will proceed with its third interim dividend payment to shareholders.

In a notice dated September 8, CIBC disclosed that the loss arose from increased credit provisions and one-off restructuring expenses, which offset revenue growth recorded during the period.

While specific figures were not included in the brief regulatory filing, the bank noted its capital and liquidity positions remain strong.

The board approved a dividend of US$0.0125 per share, payable on October 8 to shareholders on record as of September 24.

This marks the third interim dividend declared for the financial year.

CIBC Caribbean, which operates across several regional markets, has faced economic turbulence linked to slower growth in key tourism-dependent economies and elevated inflationary pressures.

The bank said its ongoing restructuring initiatives are aimed at strengthening efficiency and positioning the bank for long-term growth.

Dividend payments during periods of loss are not uncommon for well-capitalised banks, as they aim to balance shareholder returns with market confidence.

CIBC Caribbean is a subsidiary of the Canada-based CIBC Group, which has a significant presence across the Caribbean through retail, corporate, and investment banking services.

The bank operates in ten countries across the region, including Trinidad and Tobago, employing over 2,700 people in 41 branches.

Ansa McAl lower share price a ‘gift’ says group CEO

ANSA McAl (Ansa) Group CEO Anthony N Sabga III did not seem perturbed by the decline of the group’s share price, which has been down 34 per cent since the group announced it would suspend dividend payments in March.

In fact, Sabga suggested that the current share price was a steal of a deal, as the company reported an upswing in profits and revenues for the second quarter.

“It’s, in my view, a once in a lifetime opportunity, the ability to buy Ansa Mc Al shares at this price,” he said as he fielded questions from the media at Ansa’s quarterly investor briefing at the Brix Hotel on August 8.

“If you can get a hold of those shares at that price, I would say take it and run.”

He said there were many factors to be considered with regard to the decline of the share price, but he did not consider it a reflection of shareholders’ confidence in the company.

Still he said there was a “generational switching on ownership” that was noticed by the group.

“The shares are trading well below 50 per cent of what I think it should be valued at. So, there’s a great opportunity there, in my view. Grab it now, before it’s gone.”

At the beginning of the year Ansa’s shares sold at $59.80 per share. On March 20, the day Ansa announced it will withhold dividends, shares were going at $57.06. By March 25, Ansa’s share price fell to $50. On August 8, Ansa closed at $37.45.

Sabga’s statements on the share price comes while Ansa reports an upswing in its financial earning for the second quarter ending June 30.

Ansa group chief financial officer Nicholas Jackman said revenue for the quarter went up by $219 million, or 12 per cent, from $1.7 billion for the second quarter in 2024 to $1.99 billion for the second quarter ending June 30, 2025.

Profit before tax went up by $28 million, or 15 per cent, from $189 million for the second quarter to $217 million.

Profits after tax also went up, from $132 million to $141 million in the second quarter of 2025.

The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) went up $96 million or 31 per cent to $409 million.

“(EBITDA) is actually one of the most widely used measures in assessing a company’s financial health and its ability to generate cash,” Jackman explained.

“In my view it is a key indicator of the business’s performance, its profitability, its value and to creditors. It’s a very important measure assessing its ability to handle debt, it is widely used to give a shortcut picture of cash flow, and it’s also widely used by business valuators, bankers and others to compare the company’s financial performance to industry peers.”

In the group’s unaudited results for the six-month period ending on June 30, group chairman A Norman Sabga noted that profit before tax in the second quarter increased by 15 per cent compared to the first quarter when it recorded $92.9 million in profits before tax.

For the six-month period ending June 30, Ansa recorded a 14 per cent decline in profits after tax, from $362 million in 2024, to $310 million in 2025.

Jackman said the construction, manufacturing, packaging and brewing segment reported an adjusted EBITDA, which went up by 29 per cent, well over $100 million. The EBITDA for the automotive, trading and distribution segment increased by eight per cent or $7 million.

One of the larger contributors to the manufacturing segment was the recently acquired Bleachtech company, which Ansa acquired for $327 million last year.

“Bleachtech is beginning to cultivate and create and generate the kinds of returns and active additive results that we expected,” Sabga said.

Sector head of utilities Andy Mahadeo told reporters Bleachtech’s profitability has doubled between March and July, after investing close to US$6 million in repairs and equipment over the last nine months.

“Every month, incrementally it is going up,” he said.

He also explained that their two plants in Ohio and Virginia are now operating at an increased output as compared to before the company was acquired.

“We typically run our plants at about 96 per cent, but those plants were running at about 46 per cent. Currently one plant, the one in Ohio, is running at just over 90 per cent. The other one is about 60 per cent. So the output on both plants have increased.”

With regard to the automotive segment, sector head Jean-Marc Mouttet said the the group’s newest car the Proton EMAS7 is driving sales in the sector.

“EMAS is our first real foray into the EVs as a company. (But) we’ve basically sold out every thing we have – the supply chain that we have coming in.

“All the cars for August have been sold. All the cars for September have been sold as well. So the cars really gained a lot of interest.”

TCL reports $12m loss

CEMENT company, Trinidad Cement Ltd ( TCL), has reported a $12 million loss for the three-month period between April and June 2025 in its consolidated financial reports ending on June 30, 2025.

The three-month loss is a stark turnaround from the same period the year before, when it reported $98 million in profits.

In the chairman’s report, chairman David Inglefield and managing director Francisco Aguilera Mendoza explained that the loss for the quarter was because of a $16 million impairment of fixed assets in Barbados, following a business model change and an $18 million severance and restructuring costs in Barbados, along with other operations in the group.

In 2023, TCL confirmed that it planned to cut its workforce in its Barbados-based subsidiary Arawak Cement Company Ltd.

The financial report, published on the TT Stock Exchange website on July 30, noted that revenue for the quarter was up.

TCL reported an increase in revenue to $618 million, a 1.7 per cent increase over the same period the year before, when it earned $607 million.

“This growth was driven by strong sales volumes in Guyana and favourable pricing in Jamaica and TT, which helped offset weaker domestic volumes in TT and increases in input costs,” the financial report said.

TCL chairman David Inglefield. – Photo courtesy TCL

For the six-month period ending June 30, TCL recorded an increase in revenue by five per cent, from $1.18 billion to $1.2 billion.

Operating profits for the six-month period was $120 million, a reduction from $244 million in 2024.

For the six-month period, TCL reported a profit of $73.5 million as compared to $176 million the year before.

“In TT, our strategy will centre on defending our market position and distinguishing our brands in an increasingly dynamic and competitive environment,” TCL said.

“We recognise the importance of maintaining exceptional customer service and delivering valuable offerings, while responding rapidly and effectively to shifts in industry demands and challenges.”

TCL expressed its commitment to upholding the quality of its products and service innovations and supporting local manufacturing that delivers significant benefits to the economy.

“Conditions that foster sustainable local manufacturing encourage investment, support employment stability and improve supply chain resilience while preserving the growth of foreign exchange earnings through exports,” it said.

Solis earns $6.3m in profits

ERIC Solis Marketing Ltd, a business equipment and imaging solutions provider, has reported a profit after tax of $6.3 million for the period ending April 30.

In its audited financial statements, published on the Trinidad and Tobago Stock Exchange website on July 29, Solis said the profit reflects its recent acquisition of Business Equipment & Interiors International Ltd (BEI) in January.

“Our results include three months of BEI’s performance. Profit after tax grew by over 220 per cent from approximately $2.8 million in 2024 to $6.3 million in 2025,” Solis said.

The company’s equity also doubled, moving from $14.7 million in 2024 to approximately $30.2 million in 2025.

Solis’ asset also increased to $52.7 million in 2025 from $29.5 million in 2024.

The revenue for the period increased by $9 million, from $27.5 million in 2024 to $36.5 million in 2025.

Angella Persad, in her chairman’s report, said as the company moves into financial year 2026, it will focus on building on the success of 2025

“Beyond our core focus on the office copier and printer market, we continue to diversify our business model through developing opportunities with Samsung in the commercial screen market, building on our industrial print production business and growing our office and furniture and commercial flooring and interiors markets locally and regionally through BEI,” Persad said.

She added that the board of directors has approved a final dividend of 12 cents per share, which brings its total dividend for the year to 20 cents.

The dividends will be paid on September 1.

Prestige Holdings reports $51m profit

PRESTIGE Holdings Ltd (PHL), parent company to KFC, Subway, Pizza Hut, TGI Fridays and Starbucks franchises, has recorded a profit before tax of $51 million for the first six months of the 2025 financial year. This surpasses the profit recorded in the same period last year of $35 million, an increase of 46 per cent.

In its consolidated unaudited financial results for the period ended May 31, Prestige Holding recorded a profit after tax of $35 million, an increase of $11 million from $23 million in 2024.

Prestige Holdings ended the half-year period with $150 million in cash while keeping bank borrowing low at just $54 million.

The group also reported a $52 million or eight per cent increase in group sales, from $655 million in 2024 to the current $707 million.

Christian Mouttet, in the chairman’s report, said the group’s strong sales performance was primarily due to the timing of Carnival, which occurred in the first quarter of 2024 but fell during the second quarter of 2025.

“The significant improvement in profitability is partially due to non-recurring charges in the prior year that were not repeated in the current period and will moderate as the year progresses.

“Our brands continue to perform well driven by improvements in customer experience, strong value offerings and operational efficiencies. Overall, we remain positive about the group’s performance and growth prospects in the three markets in which we operate,” he said.

The board of directors has approved an interim dividend of 18 cents per common share to be paid to shareholders on July 25.

This comes amid a share swap offer by Agostini Ltd to acquire Prestige Holdings shares.

PHL shareholders are being offered one Agostini share for every 4.8 PHL shares held.

The PHL board will have 21 days maximum to consider and make a recommendation to Agostini shareholders.

Agostini also announced a special meeting on July 9 at the Hyatt Regency, Port of Spain, to discuss the approval of issuance of the shareholders of PHL’s 13022,334 new common shares in the capital of Agostini and to further approve all other actions regarding the offer and take-over bid.

PHL’s share price is currently $12.96 an increase from the $10.95 held when the announcement was made.

Unilever to pay dividends quarterly

UNILEVER Caribbean, manufacturer and distributor of products such as Dove and Cif, has announced that it will increase its payments of dividends from a semi-annual basis to a quarterly basis.

The company made the announcement in a notice posted on the Trinidad and Tobago Stock Exchange’s website on June 18.

The notice said the company decided to increase dividend payments because of its financial performance and availability of free cash flow.

In its financial reports for the year ending December 31, 2024, released on April 30, Unilever reported $28.7 million in profits, a $10 million increase over the same period in 2023.

The company earned a revenue of $229 million as compared to $204 million the year before. It also saw an increase in gross profits, from $94.1 million in 2023, to $104.9 million in 2024.

Chairman Daniela Bucaro, in her remarks, said the company’s performance was attributable to its agility, its ability to focus on volume growth and cost-saving measures implemented to increase its operating margin.

NIF reports $32m in income amid loss

THE National Investment Fund Holding Company Ltd (NIF) has reported a total income of $32 million in its NIF 1 and NIF 2 bonds for the three months ending March 31.

In its unaudited financial statements, published on the TT Stock Exchange website on May 13, NIF said the results were driven by dividend income of $27 million and an interest of $4.2 million.

The total income represented an increase of $2.2 million, increasing to $32 million for the quarter from $29.8 million in the previous comparable period.

Despite the increase in income, NIF still reported a loss.

The total comprehensive loss for the first quarter of 2025 was $97.8 million, as compared to a loss of $263 million for the same period the year before.

Chairman Jennifer Lutchman, in her remarks, said that since the establishment of the NIF bonds, bondholder confidence remains high, with cumulative stock on the TT Stock Exchange amounting to about $342 million.

“NIF1 has paid, on time, 13 semi-annual coupon payments amounting to $1.3 billion on its NIF1 bonds: Series A, B & C and $129.0 million on the Series D bond.

“With regard to the Series D bond, it has been generating a consistent stream of dividend payments, despite a decline in the value of the portfolio, from $7.9 billion for the first quarter,” Lutchman said.

The next semi-annual coupon payments are scheduled for July 26 for series D and August 9 for series B and C.

CinemaONE reports loss of $7.4m

DESPITE earning a gross revenue of $20 million and a gross profit of $12.4 million the CinemaONE Group has reported a net loss of $7.4 million for the financial year ending September 2024.

A financial report published on the Trinidad and Tobago Stock Exchange said the effects of the covid19 pandemic and the concurrent Writers Guild Association and Screen Actors Guild Association strikes of 2023 placed the global cinema exhibition industry in a regression.

These circumstances resulted in content production delays, fewer movie releases and a reduction in film content supply directly correlated with a global decline in audience turnout.

Given the reduced film supply volume, the revenue and gross profits could not offset the higher operating costs of managing the three cineplex sites in One Woodbrook Place, Port of Spain, Gulf City Mall, San Fernando and Price Plaza, Chaguanas.

Despite the challenges the CinemaONE Group maintained positive EBITDA (earnings before interest, taxes, depreciation and amortisation) of $5.3 million.

The report went on to say the CinemaONE brand is capturing a greater share of consumer demand with admissions growth increasing by 44 per cent to a combined total of over 184,000 patrons at all three sites.

This, coupled with the re-operationalisation of Hollywood’s production and distribution capacity for 2025 and 2026 has triggered the CinemaONE Group‘s positive short and medium term outlook.

The report said, “ At the onset of financial year 2025, the industry has already experienced a resurgence in film volume and box office receipts. We are encouraged by the preliminary results from quarter one 2025 demonstrating that group attendance is up over 20 per cent above the prior year quarter one given the increase in film supply volume.”

CIBC Caribbean income increases by 3%

CIBC Caribbean Bank Ltd has reported a net income of $277.5 million for the period ended October 31.

This represents a $7.6 million or three per cent increase from the previous year’s net income of $269.9 million.

In its consolidated financial statements, published on the TT Stock Exchange website, CIBC Caribbean said this year’s record financial performance has been positively impacted by solid performing loan growth, higher US interest margins and a favourable provision for credit losses.

The adjusted net income for this year was $285.2 million, after excluding net expenses of $7.7 million related to the previously announced divestitures, compared with adjusted net income of $267 million at the end of 2023.

“2024 marked the completion of a significant transformation programme which involved the rationalisation and consolidation of business lines and markets along with large investments in its technology platforms to enhance client experience and improve operational effectiveness,” the bank said. “This culminated in our rebrand to CIBC Caribbean, and although we now operate across a smaller geographical footprint, we are a bigger bank with the largest loan portfolio and highest number of customers in our history.”

The bank, headquartered in Barbados, said its revenue performed well year-over-year as loan originations increased and it benefited from a sustained uplift in other income.

In his CEO review, Mark St Hill said, “The bank delivered another strong performance for the fiscal year as we continued to execute our client-focused strategy by leveraging our digital infrastructure, deepening client relationships, investing in our people while enabling, simplifying and protecting the bank. Our strategic investments are creating a strong foundation for future growth and optimisation of resources across our various strategic business segments.”

The bank’s board of directors have approved a quarterly dividend of $0.01 per share, bringing the total dividend to $0.05 per share for the year, demonstrating its strong financial position and commitment to shareholder return. The dividend will be paid on January 17, 2025.

JMMB report: Massy Holdings faces headwinds despite solid core performance

JMMB Investments has published November’s valuation report for Massy Holdings Ltd (MHL), highlighting growth in some segments and challenges that could affect its trajectory.

While Massy continues to benefit from acquisitions and improved operational efficiency, the company’s share price has seen a 19 per cent decline from January-September 2024.

This has led to a decrease in the company’s market value, with the share price currently around $3.50, below the fair-value estimate range of $3.56-$4.72 per share.

The valuation analysis, covering the nine-month period ending June 30, reveals MHL’s revenue across its core business units – integrated retail, gas products, motors and machines, and financial services – has largely performed according to expectations.

Notably, Guyana emerged as a key contributor to the company’s profitability, with the market accounting for 12 per cent of MHL’s total revenue. However, this segment stood out even more for its significant contribution to profit before tax (PBT), generating 26 per cent of the company’s overall PBT.

Massy’s recent market valuation is one of its most pressing issues. Shareholders may look to CEO David Affonso to balance the company’s growth strategies with the macroeconomic pressures outlined in JMMB’s report, including the continued challenges in Colombia and Guyana. Affonso’s appointment in April came on the heels of former CEO Gervase Warner’s early retirement.

Affonso, speaking to Newsday shortly after his appointment, acknowledged Massy’s future growth strategy hinges on its ability to manage risk while capitalising on its acquisitions.

“We have seen encouraging synergies from our recent acquisitions, particularly in the integrated retail and gas products segments,” he said. “But we also know that growth cannot be achieved without addressing our internal challenges, including market volatility and foreign exchange shortages that impact our bottom line.”

External risks and controversies

JMMB’s report highlighted several external risk factors that could further affect MHL’s operations, including cyber risks, foreign exchange challenges and social unrest.

Massy is acutely aware of the potential for cyber threats, given the company’s previous exposure to a breach in 2022. The company said it has since fortified its cyber-security protocols.

Massy also faces a currency management challenge, which could stymie its operations.

“The group operates internationally and is exposed to foreign exchange risks from various currency exposures,” the report read. “The group manages its foreign exchange risk by ensuring that the net exposure in foreign assets and liabilities is acceptable by monitoring currency positions and holding foreign currency balances.

“However, the International Monetary Fund has issued a call to action regarding TT’s ongoing foreign exchange challenges, emphasising that resolving these shortages must be a top priority for this country, and given that most Massy businesses are operational in the TT market this shortage can hurt the company’s operations.”

Investor sentiment may also have been dampened by recent controversies surrounding Massy’s shareholder transparency. Allegations by former executive Angelique Parisot-Potter about discrepancies in dividend payments – such as select groups receiving US$ dividends – have raised concerns. While Massy addressed them, the report suggests that the controversy may have negatively affected the stock’s performance.

Optimism and future growth

Despite challenges, Massy said it remains optimistic about its prospects. The company’s recent emphasis on improving its cash conversion cycle, reducing it by 18 per cent, is expected to lead to better-working capital management and more efficient cash-flow generation in the near future.

The company’s push into international micro-markets, such as the acquisition of Rowe’s IGA supermarket in Jacksonville, Florida, is expected to provide growth in hard currencies, aligning with Massy’s long-term strategy.

“We’re looking at smaller, high-growth chains in stable markets as the future of our business model,” Affonso told Newsday. “This is where we see the next wave of growth, particularly with the way consumer habits are shifting globally.”

Massy is focused on expanding its integrated retail and gas products divisions, with plans for further acquisitions.

Colombian and Guyanese headwinds

However, as highlighted in the JMMB report, the company faces significant macroeconomic pressures in markets like Colombia, where high interest rates, currency fluctuations and lower consumer purchasing power have weighed on the performance of the motors and machines portfolio (MMP).

These factors, combined with financing challenges in Guyana, are expected to keep pressure on Massy’s bottom line, at least in the short term.

JMMB’s analysts have placed a “buy” recommendation on Massy’s stock with an “outperform” rating, citing the company’s continued growth in key business segments and improvements in operational efficiency.

However, the report cautions investors about the risks, advising that the company’s share price could continue to face downward pressure given its exposure to geopolitical instability, economic volatility and market sentiment fluctuations.

First Citizens reports 23% increase in profits

FIRST Citizens Group Financial Holdings Ltd recorded a profit after tax of $957 million for the year ended September 30, 2024.

This represents an increase of 23.17 per cent from $777 million in the previous year.

In a newspaper ad on December 3, First Citizens chairman Anthony Smart said the group’s total assets stood at $47.1 billion, an increase of 4.84 per cent from $44.9 billion.

Loans to customers increased by over $1.1 billion or 5.37 per cent to $21.2 billion from $20.1 billion.

Earnings per share increased by 23 per cent from $3.08 to $3.79.

The directors, Smart said, have declared a final dividend of $0.88 per ordinary share for the final quarter payable on December 28 to all shareholders on record as at December 13.

This brings the total dividend for 2024 to $2.37 per share compared to $2 per share in 2023.

“This represents a year-on-year increase of 18.5 per cent in dividends to our valued shareholders,” Smart said.

He added that these accomplishments were further complemented in October when global credit rating Standard and Poor’s re-affirmed First Citizens Bank Ltd’s investment grade rating of BBB-/A-3 with a stable outlook.

CinemaOne records $1.4m loss

Local cinema chain CinemaOne experienced another loss, this time in the sum of $1.4 million, according to its unaudited financial statement, published on the TT Stock Exchange on August 15.

CinemaOne said although the group recorded a net loss, it is encouraged by the resurgence of the movie landscape, which began with the release of Sony’s Bad Boys Ride or Die and continued with Marvel / Disney’s DeadPool and Wolverine.

The group said the “robust return” of vacation moviegoing and recent rebound in movie content would allow the group to deliver “low double-digit top-line growth to close out the financial year.”

CineOne’s chairman Brian Jahra, in his report, outlined the reasons for the net loss.

“It was due to a $1 million increase in total depreciation from $3.3 million in 2023 to $4.3 million.

“This 31 per cent increase in depreciation was triggered by the takeover of the CineCentral theatre facilities in Price Plaza, Chaguanas.

“For the same reason, interest costs related to theatre expansion similarly increased finance costs by $1 million or 54 per cent,” Jahra said.

CineOne reported $14.5 million in gross revenue – an increase of 11 per cent as compared to last year’s $13 million.

Gross profit also increased by 17 per cent from $7.8 million in 2023 to $9.1 million.

Some movies the group anticipates will do well in the upcoming quarter are Moana 2, Transformers One, Venom the Last Dance, Joker Folie a Deux!, Gladiator II and Wicked.

UTC reports 87% increase in profits

The Unit Trust Corporation has reported a net profit of $45 million for the six months ended June 30.

According to its condensed consolidated financial statement, published on its website, UTC said this represents an 87 per cent increase in profits compared to the $24 million recorded for the same period in 2023.

UTC chairman Jo-Anne Julien, in her report, said the group has achieved commendable results, demonstrating its resilience in a challenging environment.

The group’s gross income for the period was $67 million, which improved by 16 per cent principally from higher yields in the Income Funds.

Operating expenses declined by $13 million when compared to the previous period.

” This was mainly due to lower spending on our strategic technological advancements. It is important to recognise that we have not been insulated from the fluctuations and uncertainties in the market,” Julien said.

For the six months, the group recorded unfavourable fair value movements of $129 million, a decline of 47 per cent compared to an unfavourable fair value movement of $88 million for the comparative period.

The group maintained its focus on enhancing unitholders’ wealth and distributed $198 million for the period, which represented an increase of $62 million or 46 per cent over last year.

“We are excited about the future and thank our investors for their continued commitment,” Julien said.