Date: May 29, 2018
Victoria Mutual Investments Limited (VMIL) held its 1st annual general meeting today at the Knutsford Court Hotel subsequent to being publicly listed on the Jamaica Stock Exchange on December 29, 2017.
Opening remarks were made by Mr. Michael McMorris, VMIL’s Chairman where he highlighted the overall performance of the Group for 2017. For the financial year ended 2017, he acknowledged VMIL performed well, returning net profit of $346 million, a 9.15% increase from the $317 million recorded in 2016. This resulted in earnings per share of $0.29 in 2017 up from $0.26 in 2016. Impressively, for the year ended 2017, the Company’s returns on bond funds were between 4.97% and 7.27% whilst their return on real estate and equity funds were 5.53% and 30.05% respectively.
The proceedings was then turned over to Mr. Devon Barrett, VMIL’s Chief Executive Officer where he provided insight on the Company’s strategy going forward. Subsequent to raising $500 million in debt by way of private placement (second quarter 2017) and $690 million in equity via IPO (fourth quarter 2017), VMIL was adequately capitalized to undertake their planned expansion. Going forward the CEO has now provided the follow strategic objectives.
- Grow Income Profits
- Grow Asset Management Business
- Grow Capital Market Unit
- Improve Customer Experience
- Increase Delivery Channels
- Improve Customer Engagement
- Improve New Products
- Provide Market-Leading investment Returns
- Improve Productivity
- Leverage Technology
- Automate Key Processes
- Leverage Analytics to Identify and Close Productivity Gaps
- Improve Staff Engagement
- Improve Team Engagement Scores
- Invest in Training and Team Building
- Embed the Talent Management Initiative
- Embed Philosophy of Core Behaviours
Underpinned with excellent growth and performance, Mr. Barrett announced the Company paid out 58% of its profits in the form of dividends amounting to $200.16 million as they aim to
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