Having secured an exclusive Electric Golf Cart Dealership with Tara Golf Carts, based in Xiamen, China, two months ago, the Jamaican-based energy company Innovative Energy Group is now marketing these vehicles on the island.

The dealership is not limited to Jamaica but extends to the wider Caribbean. This dealership is facilitating IEG’s deployment of PV Solar charging infrastructure for the golf carts.

The management is optimistic about IEG’s growth trajectory, especially having secured the EV golf cart dealership, which is one way the company is seeking to diversify its revenue stream.

The recent acquisition of related company Innovative Energy Company DBA IEC SPEI Limited (IECL) by IEG, as well as the Chinese gold cart dealership, has resulted in a turnaround of the company’s fortune during the February 2025 quarter.

Reversing 2024 losses

IEG and its subsidiary, IECL recorded a profit of J$99.7 million, reversing the loss of J$4.4 million for IEG in the corresponding quarter of 2024, with revenues for the quarter climbing to J$130.7 million.

Given the completion of the IECL acquisition transaction on November 1, 2024, the year-to-date consolidated results reflect four months of the subsidiary’s performance. Revenues and profits reported for the year to date reflect the subsidiary’s operations during the period from November to February 2025. 

The J$2.5 billion intangibles shown on the February 28, 2025, statement of financial position represent goodwill on consolidation. This intangible value will continue to be reassessed periodically, with external auditors reviewing and confirming it at the end of each financial year.