Fresh from doubling its profits for the first quarter of 2021, stockbrokerage and investment firm Barita is set to open two new locations in Jamaica, as the company ramps up its expansion drive.

The new locations will be in New Kingston and in Montego Bay and should be up and running next month. The locations will house Barita’s new divisions, new team members and cater to new customers.

In addition, Barita, which has the distinction of being the oldest stockbroking company in Jamaica is now exploring more options regarding location at this time. The management has indicated that Barita, which was founded in 1977 by Jamaica’s pioneering female stockbroker, Rita Humphries-Lewin, is open to inorganic growth opportunities such as acquisitions.

More deal making businesses on the horizon

The management has also disclosed that more deal making businesses will be coming shortly. In the meantime, Barita is now improving its digital engagement by updating the B.O.S.S. system and its website while pressing forward with information technology projects and implementing frictionless processes to make processes easier for client interaction.

For the just-ended March quarter, Barita doubled profits for the quarter and half year. Profit after tax rose from $509 million to $1.04 billion and from $1 billion in the half year ended March 2020 to $2.06 billion in 2021.

Revenues nearly doubled for the quarter to $2.05 billion from $1.13 billion in 2020 and from $2.26 billion last year to $4.05 billion in 2021. Fees and commission income surged from $182 million to $898 million while foreign exchange gains jumped from just $19 million in 2020 March quarter to $650 million this year, while the half year’s figures saw a steep increase from just $106 million to $1.1 billion. 

Investment gains in the latest quarter fell to just $121 million compared to $599 million in 2020, while the half year saw a slight drop in 2021 to $791 million from $851 million.

Big jump in operating expenses

Operating expenses rose 70 per cent at a much slower pace than revenues to $794 million in the quarter from $468 million in 2020. For the half year, costs increased 54 per cent to $1.47 billion from $958 million to March 2020.

Earnings per share rose to 96 cents in the quarter from 62 cents in 2020 and from $1.24 last year to March to $1.90 in 2021. Total assets are now $78.7 billion, up from $48.7 billion at the end of the year ago and from $70.7 billion at the end of September, last year and shareholders’ equity climbed from $14.4 billion in March 2020 to $28.7 billion in 2021