Eppley held its Annual General Meeting (AGM) today at its head office located at 58 Half Way Tree Road, Kingston 10.
During the meeting the following resolutions were passed:
- To receive the report of the Board of Directors and the audited accounts of the Company for the financial year ended December 31, 2016.
- To authorise the Board of Directors to reappoint PricewaterhouseCoopers as the auditors of the Company, and to fix their remuneration.
- To reappoint the following Directors who have resigned by rotation in accordance with the Articles of Incorporation and being eligible have consented to act on reappointment.
- Melanie Subratie
- Sharon Donaldson
- Nigel Clarke
- To authorise the Board of Directors to fix remuneration of the Directors.
Eppley Limited’s performance for the 2016 financial year reflected interest income of $210.15 million, an increase of 5% when compared to the $199.59 million recorded the previous year. Interest expenses recorded a marginal decline of 1% year over year to $115.92 million (2016; $117.44 million). Consequently, net interest income increased 15% to $94.23 million from $82.15 million in the corresponding period of 2015. Notably, other operating income grew by $26.27 million to a total of $60.88 million relative to $34.61 million in 2015. Administrative expenses climbed 30% to close at $78.66 million from $60.68 million the previous year. Markedly, Eppley booked $30.47 million for Share of Net profit from Joint Venture compared to nil for the prior financial year. According to Eppley Limited, “In September we purchased an investment property through a joint venture in which we own a 50% interest. Our financial results include our share of the profits of this joint venture.” As such, the company reported an 89% improvement in net profit to $106.69 million compared to $56.49 million book last year. Earnings per share for the financial year ended December 31, 2016 totaled $0.55 relative to $0.29 for the corresponding period in 2015. EPLY noted, “At the end of the year we owned a $1.9 billion investment portfolio consisting mainly of loans, leases and receivables. The average income yield of our portfolio was 14%. Our capital-at-risk was less than 1% of capital.”