April 1, 2026
Dolla Financial Services Limited(Dolla)
Audited financials for the twelve months ended December 31, 2025:
Dolla Financial Services Limited (DOLLA), for the twelve months ended December 31, 2025, reported a 30% increase in total interest income, amounting to J$1.97 billion, compared to J$1.52 billion recorded for the corresponding period in 2024. Interest income from loans grew to J$1.97 billion (2024: J$1.52 billion), with the parent company (Jamaica) driving the bulk of growth at J$1.59 billion — a 48% increase year-over-year — while Ultra Financier contributed J$533.8 million.
Interest expenses totalled J$412.2 million (2024: J$295.7 million), representing a 39% year-over-year increase, reflecting higher borrowing costs on an expanded debt facility base. Consequently, net interest income increased by 27% to J$1.56 billion, compared to J$1.23 billion earned for the twelve months ended December 31, 2024.
Provision for expected credit losses for the twelve months amounted to J$309.7 million, a significant 406% increase relative to J$61.2 million recorded in 2024, reflecting accelerated loan origination, hurricane-related portfolio stress, and broader macro deterioration. Gross Stage 2 (underperforming) loans more than doubled to J$1.35 billion (2024: J$583.6 million), while Stage 3 (non-performing) loans rose 70% to J$1.01 billion (2024: J$590.8 million). Bad debt write-offs for the period totalled J$285.7 million. As a result, net interest income after credit losses increased by 7% to J$1.25 billion (2024: J$1.17 billion). Fees and Other Income rose by 120%, moving from J$20.2 million in 2024 to J$44.3 million in 2025, while the foreign exchange line swung from a loss of J$8.9 million in 2024 to a gain of J$1.3 million in 2025.
Total Net Revenue and Other Income for the twelve months ended December 31, 2025 amounted to J$1.30 billion, a 10% increase compared to J$1.18 billion reported in 2024.
Administrative expenses were virtually flat year-over-year, totalling J$696.5 million (2024: J$698.9 million), as savings from the wind-down of Dolla Guyana offset cost pressures elsewhere. Despite the elevated provisioning, profit before taxation rose by 26% to J$602.1 million compared to J$478.2 million in the prior year.
The income tax line swung materially from a charge of J$67.6 million in 2024 to a credit of J$16.3 million in 2025. Consequently, net profit for the twelve months grew by 51%, reaching J$618.4 million (2024: J$410.6 million).
Total Comprehensive Income for the twelve months ended December 31, 2025 amounted to J$614.5 million, a 49% increase relative to J$412.9 million reported in 2024, with the difference from net profit attributable to a foreign exchange translation loss of J$3.9 million on the Guyana subsidiary.
Consequently, Earnings Per Share for the twelve months amounted to J$0.25 (2024: J$0.16). The number of shares used in these calculations was 2,500,000,000. Notably, Dolla’s stock price closed on March 31, 2026, at J$2.60, implying a trailing P/E ratio of 10.4x and a market capitalisation of J$6.50 billion.
Balance Sheet Highlights
The group’s total assets grew 16% to J$5.30 billion (2024: J$4.58 billion). The primary driver was loan book expansion — net loans grew by J$841.3 million to J$4.84 billion (2024: J$4.00 billion), representing 91% of total group assets. Cash and cash equivalents (net of a J$38.1 million bank overdraft) declined to J$142.5 million from J$355.3 million, as loan origination outpaced collections and operating cash flows turned negative at J$(156.9) million for the year (2024: positive J$346.3 million). Short-term deposits of J$93.3 million were held with Victoria Mutual Wealth Management and Sagicor Bank, providing a modest liquidity buffer.
Total borrowings stood at J$3.27 billion (2024: J$3.20 billion), comprising the company’s outstanding secured corporate notes and short-term facilities. Notably, the first tranche of the 2023 public bond (J$500.1 million at 10.50%) was repaid in October 2025, and a new public bond offering launched in December 2025 raised initial proceeds of J$379.3 million, with the full J$1.50 billion closing in January 2026. The company also drew on a J$500 million note payable to Mayberry Investments Limited, which constituted a technical breach upon its December 2 maturity — subsequently waived by the lender, with full repayment made on January 6, 2026.
Shareholders’ equity strengthened by 52% to J$1.71 billion (2024: J$1.13 billion), representing a book value per share of J$0.68 (2024: J$0.45). At the March 31, 2026 closing price of J$2.60, the stock trades at a price-to-book multiple of 3.8x. Retained earnings more than doubled to J$1.24 billion (2024: J$652.4 million), reflecting the strong profit performance and a significantly reduced dividend payout — J$30.0 million declared in 2025 versus J$267.5 million in 2024. Subsequent to year-end, the Board declared an interim dividend of J$0.06 per share, payable April 13, 2026 to shareholders on record as at March 30, 2026.
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