Eppley Annual General Meeting

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.
  1. Melanie Subratie
  2. Sharon Donaldson
  3. 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.”