PanJam Reports 2019 Profit of $8.3 Billion
KINGSTON, JAMAICA: PanJam Investment Limited (PanJam or the Group) produces record profit with solid performance across all business lines.
Net profit attributable to shareholders for the year ended December 31, 2019 amounted to $8.3 billion, an increase of 56 per cent over the previous year’s performance. Earnings per stock unit were $7.85, compared to $5.06 for the 2018 financial year.
Total income grew by 42 per cent relative to the previous year. Investment income more than doubled to $2.2 billion, driven by higher fair value and realized gains, and increased dividend income. Property income improved by 8 per cent to $2.2 billion, reflecting rental income and property revaluation gains of $1.7 billion and $0.5 billion, respectively.
Share of results of associated companies grew by 5 per cent to $5.0 billion, due primarily to the Group’s ownership stake in Sagicor Group Jamaica Limited (Sagicor). PanJam also continues to build value from its investments in the business process outsourcing, hospitality, manufacturing and distribution sectors.
Stephen Facey, PanJam’s Chairman and CEO, said “Our 2019 performance shows the results of our strategic decision to invest in Jamaica across a number of industries. With a return on opening equity of 25%, we believe our commitment to strategic equity, real estate and trading securities created real value for our shareholders. As we find ourselves in the midst of global macroeconomic uncertainty, we will maintain a well-balanced asset mix that will enable PanJam’s long-term success.”
About PanJam Investment Limited
PanJam Investment Limited (PanJam) has been investing in Jamaica for over 50 years, and is among the largest publicly-listed companies in the Caribbean. As an investment holding company, PanJam generates shareholder returns through three distinct activities. It develops and manages commercial real estate in Jamaica, takes actively-managed positions in both public and private companies throughout the Caribbean but primarily in Jamaica, and trades equities and fixed income assets for its proprietary portfolio.