Pan Jamaica Group Limited (PJG) continues to enjoy significant growth in revenues and net profits across its diversified portfolio of businesses.

The group, in audited financial results for the year ended December 2024, reported consolidated net profits of J$6.1 billion, reflecting a 63 per cent increase compared to the previous year, with net profits attributable to PJG shareholders surging by 82 per cent to J$4.6 billion.

The group’s revenue reached J$40 billion, a 38 per cent increase from 2023, demonstrating the strength of PJG’s diversified business model across four segments: ‘property & infrastructure’, ‘financial services’, ‘specialty foods’ and ‘global services’.

PJG maintained a solid total asset base of J$144 billion, reflecting a two per cent increase, while cash and short-term investments grew by 10 per cent to J$17.6 billion. ‘Earnings before interest and taxes’ (EBIT) rose by 34 per cent to J$8.3 billion, and the group upheld a disciplined debt-to-equity ratio of 23.0 per cent, reinforcing financial stability. 

Business segment performance

The ‘Property & Infrastructure’ division recorded a 44 per cent increase in profit before finance cost and taxation, reaching J$1.8 billion. This growth was attributed to improved occupancies, rate adjustments, and a one-time gain from a strategic property sale.

Its ‘Specialty Foods’ division contributing J$22.8 billion in revenue, moved from breakeven in 2023 to a J$553 million profit. The Juicy Group, PJG’s fresh juice business in northern Europe, continued to lead the segment’s growth, further bolstered by the acquisition of APA Processing in Spain.

‘Global Services’ which include logistics operations, shipping, and tourism-related services, reported a profit before finance cost and taxation of J$3.9 billion, up 38 per cent year-over-year. Revenue for the segment grew by 43 per cent to J$12.9 billion, primarily driven by the continued integration of logistics businesses acquired in 2023.

The ‘Financial Services’ segment anchored by PJG’s 30.2 per cent stake in Sagicor Group Jamaica, posted a profit before finance cost and taxation of J$2.7 billion, a 36 per cent decline from 2023.

Although 2024 was a challenging year, Sagicor saw growth in insurance revenues and net interest income and maintained a strong market position across its business lines.

Jeffrey Hall, vice chairman and CEO of Pan Jamaica, expressed confidence in the amalgamated group’s strategic direction and ability to sustain growth. 

“Pan Jamaica stands tall right now because its business platform is diverse and resilient. The group’s 2024 performance reflects disciplined execution, strategic capital allocation, and risk management. Pan Jamaica is now delivering on its promise as a leading Jamaican conglomerate,” he said.

“Since the 2023 amalgamation, Pan Jamaica has worked hard to streamline its portfolio by divesting non-core investments and activities and redeploying its focus towards its most robust business segments. This approach, coupled with the company’s strong capital base, diverse business lines, ample liquidity, and efficient operations, has positioned the group for sustained growth. We are delivering value for  shareholders,” added Hall.