Durrant Pate/Contributor 

The expanded Jamaica Producers Group (JPG) has announced blockbuster results for the financial year 2023 with consolidated net profits attributable to shareholders of J$15.5 billion, up by a whopping 575 per cent from December 2022.

For the fourth quarter of 2023, net profit attributable to shareholders was J$3.12 billion more than doubling the J$844.72 million posted during the comparable period in 2022. Net profit for the year amounted to J$15.92 billion, a 299 per cent increase from the J$3.99 billion reported in 2022. 

Shareholders’ equity of the group now stands at J$36.5 billion or J$34.74 per share.

Jeffery Hall, JPG managing director and vice chairman & CEO of Pan Jamaica Group, boasted about the stellar performance, saying, ”The highlight of 2023 was the amalgamation of our operating businesses with those of PanJam to form the Pan Jamaica Group. The deal served as a capstone to the steady transformation of our group to a diversified holding company.” 

The significant increase in JPG’s profits relative to the prior year can be attributed, in part, to the successful amalgamation of PanJam Investment Limited and the operating businesses of JPG to form the Pan Jamaica Group (PJG). The amalgamation became effective on April 1, 2023, and involved the transfer by JPG of 100 per cent of its shares in JP Global Holdings Limited.

This was the subsidiary that held their interest in the operating businesses of JPG to PJG in exchange for a 34.5 per cent interest in PJG. JPG is now the largest shareholder of PJG. 

Benefits being reaped from amalgamation

According to Hall, “the gain that was recorded in 2023 reflects the teamwork of the board, management and staff of JPG, over many years, to forge a strong, contemporary and diversified multinational group from our traditional agri-business base”. 

“We commend the team for their dedication and powerful spirit of enterprise and for the fact they delivered for shareholders. This amalgamation means that JPG’s interests in specialty food and shipping and logistics are now aligned with the powerful and diverse portfolio of businesses including landmark properties and market-leading financial services enterprises that form part of the Pan Jamaica Group. Importantly, JPG also clearly benefits from the deep bench of expertise and the demonstrable spirit of partnership that it now has with the long-standing leadership team of Pan Jamaica,” he continuted. 

JPG celebrates its 95th anniversary in 2024 and chairman, Charles Johnston, shared his confidence in the company’s approach toward achieving continued success in the future emphasising the renewed confidence in the mission of realising value for our Jamaican shareholders by acquiring and building great businesses, always with integrity and, wherever appropriate, through healthy and respectful partnerships.

Continuing, he spoke of the business, which “emphasizes long-term investments in tangible assets, a strong capital base, a balanced liquidity position, and a menu of products and services that provide genuine value to customers and shareholders. Our approach is unshakeable.  It does not change with popular business sentiments or short-term investment climate. This will continue.” 

JPG is a Jamaica-based, multinational investment holding company, which holds a 34.5 per cent interest in the Pan Jamaica Group and is its largest shareholder. Pan Jamaica Group, in turn, acquires, holds and manages market-leading business interests in property and infrastructure, financial services, global services and specialty food and drink.