Barita Registers 200% Increase in Net Profit For 4th Quarter

Barita Investments net profit after tax has surged by more than 200% for the fourth quarter of the financial year 2024.

This when compared to the corresponding period in 2023.

Barita says this forms part of what has been a particularly good year for the investment firm. The figures are outlined in its unaudited financial statements posted to the Jamaica Stock Exchange earlier this week.

Chevon Campbell tells us more.

The 200% increase in net profits represents $999 million dollars for the quarter.

That’s an increase of $667 million over the same period for 2023.

Barita registered revenue of $3billion for the quarter ended in September, up from $1.2 billion the year prior.

That’s an increase of 72% for the period.

Barita attributes this to a material uplift in the treasury, trading and brokerage business line during the quarter.

The company also registered a net interest income increase of 11 and three percent for the year-to-date and quarterly periods, respectively.

That’s an increase of $62 million and $5 million, respectively.

Barita is anticipating even greater improvements in its net interest income as the Bank of Jamaica further eases its policy rate over the coming quarters.

The investment firm also recorded an exceptional gain on investment for the financial year of 12%, an increase of $515 million to stand just short of $5 billion.

This was driven by an overall significant increase in realised gains from fixed-income securities and unrealised gains from market-to-market equity investments.

Barita Chairman, Mark Meyers says, the improvements achieved represent management’s deliberate focus on active balance sheet management, revenue diversification, and expense management.