May 15, 2026

Pan Jamaica Group Limited (PJAM)

Unaudited financials for the three months ended March 31, 2026:

Pan Jamaica Group Limited (PJAM) for the three months ended March 31, 2026, reported a 14% increase in Gross operating revenue totalling $11.13 billion compared to $9.76 billion in the corresponding period last year.

The Group experienced improved revenues and gross profits across its operations but was impacted by materially lower earnings from its associates and joint ventures and a reduction in its net investment income.

Cost of operating revenue amounted to $7.92 billion (2025: $6.76 billion), this represents an increase of 17% year over year. Consequently, gross profit increased by 7% to $3.21 billion compared to $3.00 billion for the three months ended March 31, 2025.

By operating segment:

• The Specialty Foods Division earned revenues of $6.00 billion, a 15% increase relative to prior year, but generated a loss before finance cost and taxation of $85 million versus a profit of $63 million in the prior year. Management attributed the decline primarily to the impact of Hurricane Melissa on the JP Farms operation; rehabilitation of the banana farm has been completed and is on track to return to full production by Q3 2026. The Juicy Group, by contrast, delivered a strong performance with profit before finance cost and taxation more than double the comparable period, driven by volume growth including the expansion of annual Easter promotions.
• The Global Services Division generated revenues of $3.94 billion, an increase of 17%, and earned profit before finance cost and taxation of $1.18 billion, a 2% increase. The increase in revenues was principally at Kingston Wharves, which handled increased domestic cargo movements. Substantial earnings improvements at Kingston Wharves and JP Logistics were partly offset by a reduced share of earnings from Geest Line due to a highly unusual period of sustained extreme adverse weather conditions in the North Atlantic that disrupted schedules.
• The Property & Infrastructure Division generated revenues of $1.19 billion, broadly in line with the prior year, and profit before finance cost and taxation of $332 million, a reduction of 19% relative to the comparable period in 2025. Consistent with the wider tourism and visitor market, the Group’s hotel operations experienced reduced occupancies in the aftermath of Hurricane Melissa.
• The Financial Services Division (principally a 30.2% interest in Sagicor Group Jamaica) reported profit before finance cost and taxation of $600 million, a decrease of 50% on the comparable period. The reduction was largely due to a one-off realised gain on the sale of securities in 2025 and Sagicor benefiting from significant non-core market experience gains on its insurance segment that did not reoccur, while Sagicor’s general insurance business was also impacted by additional provisions related to Hurricane Melissa.

Other income and expenses, net amounted to $160.60 million, a 17% increase from the corresponding period last year (2025: $137.07 million).

Net Investment income decreased by 73% from $381.07 million in 2025 to $102.85 million in the period under review.

Selling, administration and other operating expenses for the three months ended March 31, 2026, amounted to $2.48 billion, an 11% increase relative to $2.24 billion reported in 2025.

Share of results in associates and joint ventures for the three months ended March 31, 2026, amounted to $581.43 million, a 59% decrease relative to $1.43 billion reported in 2025.

Profit before finance costs and taxation totalled $1.58 billion, a 42% decrease from the corresponding period last year (2025: $2.71 billion).

Finance costs totalled $517.18 million, a 27% increase from the corresponding period last year (2025: $407.32 million).

Profit before taxation for the three months ended March 31, 2026, amounted to $1.06 billion, a 54% decrease relative to $2.30 billion reported in 2025.

Following the 28% decrease in Taxation for the period to $137.31 million (2025: $191.10 million), Net profit amounted to $924.47 million, a 56% decrease from the $2.11 billion reported in 2025.

Net profit attributable to shareholders for the three months ended March 31, 2026, amounted to $487.26 million, a 71% decrease relative to $1.68 billion reported in 2025.

Earnings per share for the period amounted to $0.30 (2025: EPS: $1.04). The twelve-month trailing EPS was $3.12, and the weighted average number of shares used in these calculations was 1,623,132,357.

Notably, PJAM’s stock price closed the trading period on May 14, 2026, at a price of $49.69 with a corresponding P/E ratio of 15.91x.

Balance Sheet Highlights:

The company’s assets totalled $151.68 billion (2025: $145.22 billion). The growth in total assets was led by a $2.86 billion or 8% increase in Investment in Associated Companies and Joint Ventures to $39.72 billion. Notably, Cash and deposits and Property, plant and equipment increased during the period by $1.18 billion and $1.19 billion, respectively, while Inventories increased by $343.86 million or 17% to $2.41 billion.

Total shareholder’s equity was $85.61 billion (2025: $81.09 billion), representing a book value per share of $52.60 (2025: $49.82).

Looking ahead, the Group’s Chairman Stephen B. Facey and Vice Chairman & CEO Jeffrey Hall noted that PJG views its underlying core businesses as strong but considers the first quarter results as a call to accelerate initiatives to adjust the overall portfolio of businesses to restore profit growth. The Group intends to increasingly focus on optimising businesses that operate at scale or have the potential to scale and demonstrate prospects for sustained market leadership, with a disciplined approach to capital allocation, risk management, and the pursuit of growth opportunities through acquisition. Strategic growth will be funded, in part, from the divestment of non-core holdings and the deployment of sale proceeds into businesses that offer attractive prospects for shareholder returns.