Pan Jamaica Group Net Profits Surge 82% to $4.6b

Jeffrey Hall, vice-chairman and CEO of Pan Jamaica Group. (Image contributed)

Pan Jamaica Group Limited, PJG, has announced its audited financial results for the year ended December 31, 2024, showcasing significant growth in revenues and net profits across its diversified portfolio of businesses.

The group reported consolidated net profits of just over $6 billion, reflecting a 63 per cent increase compared to the previous year.

Net profits attributable to PJG shareholders surged by 82 per cent to $4.6 billion.

The group’s revenue reached $40 billion, a 38 per cent increase from 2023.

PJG says this demonstrates the strength of PJG’s diversified business model across its four key segments, Property & Infrastructure, Financial Services, Specialty Foods, and Global Services.

PJG says the Property & Infrastructure division recorded a 44 per cent increase in profit before finance cost and taxation, reaching $1.8 billion.

This growth was attributed to improved occupancies, rate adjustments, and a one-time gain from a strategic property sale.

The Specialty Foods division contributing nearly $23 billion in revenue, moving from break-even in 2023 to a $553 million profit.

PJG says it maintained a solid total asset base of $144 billion, reflecting a 2 per cent increase.

Cash and short-term investments grew by 10 per cent to $17.6 billion.

Earnings Before Interest and Taxes rose by 34 per cent to $8.3 billion, and the Group says it upheld a disciplined debt-to-equity ratio of 23 per cent.