Jamaica Producers Group reported an increase in profits for 2017 compared to the company’s performance in 2016. The company earned gross operating revenues of $16.15 billion for 2017 compared to $12.08 billion in 2016, while gross profit was $5.14 billion in 2017 and $3.24 billion in 2016.
Net profit for 2017 was $1.62 billion and for 2016 it was $4.31 billion. It may appear that Jamaica Producers Group’s performance for 2017 was a significant decline from the previous year; in fact, one off gains accounted for majority of 2016’s figure. Without those gains, there was a 16 percent increase in net profit for 2017.
In 2016, Jamaica Producers Group gained $2.91 billion from the acquisition of Kingston Wharves Limited and $650 million from the sale of its 50 per cent joint venture in the Mavis Bank Coffee Factory Limited. The company’s investment in Kingston Wharves has effectively grown with the additional shares JP has acquired from the Shipping Association of Jamaica Property Limited, which also has shares in Kingston Wharves.
Jamaica Producers Group also benefited from Kingston Wharves new logistic facilities which serve as warehouses for general cargo and stores bulk cargo such as cars for transshipment markets.
We strongly recommend for our clients to purchase Jamaica Producers Group as the company continues to perform favourably each year.
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