Pan Jamaica Group Limited posted strong financial results for the first quarter of 2025, continuing its upward trajectory in performance.

For the three-month period, ended March 31, Pan Jamaica reported consolidated net profit of J$2.1
billion—an 81 per cent increase over the prior year. Net profit attributable to shareholders rose by an
impressive 119 per cent to J$1.7 billion.

These results were generated from revenues of J$9.8 billion. The group attributed its performance to the strength and resilience of its diversified portfolio across four operating segments: ‘Property & Infrastructure’, ‘Specialty Foods’, ‘Global Services’, and ‘Financial Services’.

Divisional performance, at a glance…

Pan Jamaica Group’s property and infrastructure division reported a profit before finance costs and taxation of J$410 million. When normalised for a one-off sale of land in the prior year, the division saw
earnings growth of 94 per cent, driven by improved performance from the commercial property business and stronger occupancies in its Kingston hotel properties, including the ROK Hotel Kingston and Courtyard by Marriott Kingston.

The property and infrastructure division revenue grew by 16 per cent to J$1.2 billion.

The speciality foods division, the group’s largest revenue generator, earned J$5.2 billion in Q1 revenue, a 10 per cent year-over-year decrease. Profit before finance costs and taxation fell by 10 per cent to J$63 million, impacted by the seasonal shift of Easter sales into Q2.

Notably, JP Farms within the Caribbean Food Group division returned to full banana and pineapple production and profitability in Q1 following recovery from the passage of Hurricane Beryl in 2024.

PJG’s global services division, comprising a diversified multinational group of companies, posted robust growth with profit before finance costs and taxation rising 26 per cent to J$1.2 billion and revenues increasing 12 per cent to J$3.4 billion. The gains were generated from higher shipping volumes between Europe and the Caribbean at Geest Line, and strong transhipment volumes of cars and containers at Kingston Wharves.

Additionally, the financial services division delivered an exceptional performance, recording a 304 per cent
increase in profit before finance costs and taxation to J$1.2 billion. The group reported that this was supported by higher insurance revenues, expanding net interest income, trading gains, and favourable market experience results from Sagicor Group Jamaica Limited, in which PJG holds a 30.2 per cent interest.

Business outlook

Looking ahead, Pan Jamaica Group remains focused on strengthening its core operations while maintaining a disciplined approach to capital allocation and risk management. The group executives say they will continue to divest non-core assets and double down on opportunities that show the greatest
potential.

“We are encouraged by the results achieved this quarter. The Pan Jamaica portfolio of businesses really delivered for shareholders,” said Jeffrey Hall, CEO and vice chairman, Pan Jamaica Group. “We credit our teams across the globe for our success and thank them for delivering value for our shareholders and partners.”