Pan Jamaica Group Limited (PJG) showcased its strong 2024 financial results, underscoring the strength of its diversified business model and disciplined execution across its core segments.

At its recently held annual general meeting (AGM) at the ROK Hotel in downtown Kingston, the group reported consolidated net profits of J$6.1 billion, marking a 63 per cent year-over-year increase, with shareholder net profits up 82 per cent to J$4.6 billion.

Total revenues surged to J$40 billion, a 38 per cent increase compared to 2023, driven by standout performances in the group’s property and infrastructure, global services, and speciality foods divisions. Earnings before finance costs and taxation climbed to J$8.3 billion, representing a 34 per cent increase over the prior year.

“The 2024 results reflect the power of our integrated business platform, effective capital allocation, and the resilience of our diversified portfolio,” said Stephen Facey, chairman of Pan Jamaica Group.

“Our focus remains on rigorous performance management, and the realignment of our balance sheet in favour of the best prospects among our four key business lines and away from non-core holdings. This is the promise on which we are delivering,” added Jeffrey Hall, vice chairman and CEO.

2024 segment performance highlights

• The Speciality Foods Division led the group in revenue, earning J$22.8 billion, up 42 per cent, with profits of J$553 million—a major turnaround from breakeven in 2023. This performance was anchored by strong growth in the Juicy Group’s European operations and the strategic acquisition of APA Processing in Spain.

• The Global Services Division reported profits of J$3.9 billion, up 38 per cent, and revenues of J$12.9 billion, a 43 per cent increase. Growth was powered by Kingston Wharves, JP Logistics Solutions, and Geest Line, bolstered by full-year consolidation of businesses acquired in the 2023 amalgamation.

• The Property & Infrastructure Division posted profit before finance cost and taxation of J$1.7 billion, up 41 per cent on improved occupancies and a one-time gain from the sale of a non-strategic asset.

• The Financial Services Division contributed J$2.7 billion in profits, representing a 36 per cent decline, impacted by mark-to-market investment losses and actuarial adjustments at Sagicor Group Jamaica. However, the underlying business fundamentals remained solid.

PJG ended the year with a strong balance sheet including J$144 billion in total assets, J$17.6 billion in cash and short-term investments, and a prudent 23 per cent debt-to-equity ratio.

Looking ahead

With operations and business interests spanning the Caribbean, North America, and Europe, as well as a range of sectors, PJG reiterated its commitment to resilience through diversification and disciplined capital management. The group will continue to prioritise core business growth, divest non-core assets, and invest in areas with the greatest return potential.

Pan Jamaica’s strong performance continued in the first quarter of 2025, with consolidated profit of J$2.1 billion exceeding the prior year by 81 per cent. The group also announced the publication of its programme for excellence in leadership for business management called ‘The Pan Jamaica Way’.

According to Hall, “Pan Jamaica Group is winning right now, and our leadership is getting breakthrough results. Our goal is to fine-tune our strategy, our discipline and our approach to capital allocation to maintain the momentum.”

“As we look ahead, we remain agile and focused, supporting our leadership teams to scale what’s working and improve where necessary. Our goal is sustainable success and market leadership in every segment we operate,” said Hall.