Stephen B. Facey, PanJam’s Chairman, and Chief Executive Officer
PanJam Investment Limited is reporting profits for the quarter ending June up three times compared to the same period last year.
Net profit attributable to stockholders for the quarter ended June 30, 2019, amounted to $3.1 billion, up from $981.9 million for the same period in 2018. Earnings per stock unit were $2.91.
Stephen B. Facey, PanJam’s Chairman, and Chief Executive Officer said “Our financial performance continues to be driven by our strategy to invest in real estate, private equity, and tradeable securities. We have generated above-average returns for our shareholders as a result of the buoyant local economy and a recent strong performance by the Jamaican stock market.”
Income from PanJam’s core operations almost tripled when compared to the second quarter of 2018.
Share of results of associated companies for the quarter increased by 29 percent to $1.2 billion, the majority of which was provided by the Group’s stake in Sagicor Group Jamaica Limited (Sagicor). PanJam generated additional value from its private equity positions. In particular, New Castle Company Limited, the owners of the Walkerswood and Busha Browne brands, and the Courtyard by Marriott Kingston continued to perform well, both realising meaningful growth in quarterly profit relative to the previous year.
During the second quarter, PanJam sold 32.8 million Sagicor shares, with $941.0 million reflected as a gain on disposal of shares in an associated company.
For the six-month period ended June 30, 2019, income from the Group’s core operations more than doubled as a result of increases in investment and property income. Operating profit increased from $335.3 million to $1.4 billion, while the share of results of associated companies grew by 17 percent to $2.1 billion. Accordingly, net profit attributable to stockholders totaled $3.9 billion, $2.1 billion higher than the same period in 2018.