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Pan Jamaica Group Limited made net profit of $6.1 billion, up 63 per cent year on year.
The group’s results were generated from revenues of $40 billion, an increase of 38 per cent when compared to the previous year.
Group CEO and Vice-Chairman Jeffrey Hall indicated that Pan Jamaica benefited from its diversified business model during an otherwise challenging period. The company’s operating segments span property and infrastructure, financial services, speciality foods, and global services.
Hall was initially expected to be replaced as CEO and become executive chairman of the group in January of this year as part of the merger deal that has seen Pan Jamaica absorbing the operating assets of Jamaica Producers Group Limited. However, that plan has changed. The company has decided to maintain the status quo, with Hall remaining as CEO and vice-chair and Stephen Facey still serving as chairman.
“Pan Jamaica stands tall right now because its business platform is diverse and resilient. The group’s 2024 performance reflects disciplined execution, strategic capital allocation, and risk management,” stated Hall in the preface to the results.
Operating profit, or earnings before interest and taxes, increased by 34 per cent to $8.3 billion, while the group’s total assets rose by two per cent to $144 billion, supported by a 10 per cent increase in cash and short-term investments to $17.6 billion.
The property and infrastructure division recorded a 44 per cent increase in profit before finance costs and taxation, totalling $1.8 billion, attributed to improved occupancies, rate adjustments, and a one-time gain from a strategic property sale. Pan Jamaica booked a $350 million gain on the asset sale in the year.
The speciality foods segment, led by the Juicy Group in Northern Europe, reported $22.8 billion in revenue and moved from break-even in 2023 to a $553 million in profit, bolstered by the acquisition of APA Processing in Spain.
Global services, which encompasses logistics, shipping, and tourism-related operations, achieved $3.9 billion in profit before finance costs, a 38 per cent year-over-year growth, with segment revenue up 43 per cent to $12.9 billion due to the integration of logistics acquisitions made in 2023.
The financial services segment, anchored by Pan Jamaica’s 30.2 per cent stake in financial conglomerate Sagicor Group Jamaica Limited, posted a profit before finance costs and taxation of $2.7 billion, representing a 36 per cent decline from 2023. Despite challenges, Sagicor showed growth in insurance revenues and net interest income, maintaining a strong market position across its business lines.
Pan Jamaica’s assets total $143.7 billion, up from $127 billion when Pan Jamaica, led by Stephen Facey, and Jamaica Producers Group, led by Hall, struck a deal to merge assets in 2023. Jamaica Producers, which was a food manufacturing and logistics conglomerate, is still led by Hall as its CEO but has now become an investment holding company, with its main asset being a 34.5 per cent stake in Pan Jamaica Group.
“Since the 2023 amalgamation, Pan Jamaica has worked hard to streamline its portfolio by divesting non-core investments and activities and redeploying its focus towards its most robust business segments,” Hall said.
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