PanJam Reports First Quarter 2018 Profit of $827 Million
KINGSTON, JAMAICA: PanJam Investment Limited (PanJam or the Group) maintains profit levels and announces strategic investments across business lines.
Net profit attributable to stockholders for the quarter ended March 31, 2018 amounted to $827.0 million, relatively unchanged relative to the same period in 2017. Earnings per stock unit were $0.79.
Total income grew by four per cent when compared to the first quarter of 2017. Property income increased by 26 per cent to $447.7 million as a result of higher rental income and property revaluation gains. However, this improvement was partially offset by a $67.4 million decline in investment income, which was negatively impacted by unrealised losses on certain marketable securities.
Share of results of associated companies grew by five per cent to $855.5 million, due primarily to the Group’s 31.6% ownership stake in Sagicor Group Jamaica Limited. PanJam continues to derive value from its investments in the hospitality, manufacturing and distribution sectors. In particular, the Courtyard by Marriott Kingston exceeded performance expectations during the reporting period.
Paul Hanworth, PanJam’s Chief Operating Officer, said “Our results reflect strong performance in our property segment and improving returns from our associated companies. Although investment income has decreased, we continue to make gains on our trading portfolio and are focused on increasing our exposure to the Jamaican securities markets.”
In line with its long-term strategy, PanJam announced the acquisition of six acres of undeveloped land in Freeport, Montego Bay. The property, which is adjacent to the cruise terminal and near the growing BPO industry, has widened the Group’s real estate portfolio outside Kingston. PanJam is currently developing a master plan for the development, which it expects will incorporate a business hotel, capitalising on its experience with the Courtyard by Marriott Kingston.
The Group also stated that it is in the advanced stage of negotiating to take an equity stake in the Caribbean partner of Regus, the world’s largest provider of flexible workspace.
Stephen Facey, PanJam’s Chairman and C.E.O., said “PanJam was an active participant in bringing Regus to Jamaica, and I am proud to say that they will be located in the PanJam Building on Knutsford Boulevard. Demand for office space has widened to include the desire for a more dynamic work environment, and we believe Regus will help to meet that need.”