Pan Jamaica Group Kicks Off 2025 with Soaring Profits and Strategic Momentum

Kingston, Jamaica – May 2025
Pan Jamaica Group Limited (PJG) has started 2025 on a high note, reporting a powerful 81% surge in consolidated net profit for the first quarter to J$2.1 billion. Profit attributable to shareholders jumped a remarkable 119% to J$1.7 billion, underscoring the success of the Group’s diversified business strategy across multiple sectors.

The strong earnings were powered by J$9.8 billion in revenues, with all four of PJG’s key operating divisions—Property & Infrastructure, Specialty Foods, Global Services, and Financial Services—making notable contributions to the Group’s overall performance.

Property & Infrastructure: Reaping Real Estate Returns

PJG’s Property & Infrastructure segment saw profits before finance costs and taxes rise to J$410 million. When adjusted for a significant land sale recorded in the prior year, this represents a 94% increase in core earnings. Revenue in the division rose 16% to J$1.2 billion, bolstered by a resilient commercial real estate portfolio and heightened occupancy rates at premier Kingston hotels, including the ROK Hotel Kingston and Courtyard by Marriott Kingston.

Specialty Foods: Seasonal Dip, But Production Rebounds

The Specialty Foods Division, PJG’s top revenue earner, posted J$5.2 billion in sales—down 10% year-over-year due to the seasonal shift of Easter-related purchases into Q2. Profit before finance costs and taxation also dipped by 10% to J$63 million. Despite the decline, the division celebrated a major operational recovery as JP Farms, a critical component of the Caribbean Food Group, resumed full banana and pineapple production after setbacks caused by Hurricane Beryl in 2024.

Global Services: Maritime Growth Continues

The Global Services Division delivered another impressive quarter, with profit before finance costs and taxation climbing 26% to J$1.2 billion. Revenues increased 12% to J$3.4 billion, attributed to higher shipping volumes via Geest Line routes and sustained transshipment activity at Kingston Wharves. The division continues to demonstrate robust international trade connectivity and logistics efficiency.

Financial Services: The Star Performer

The standout of Q1 was the Financial Services Division, recording a staggering 304% increase in profit before finance costs and taxes to J$1.2 billion. This stellar performance was driven by multiple tailwinds, including stronger insurance revenues, higher net interest income, trading gains, and favorable market conditions impacting Sagicor Group Jamaica Limited—of which PJG owns a 30.2% stake.

Forward Strategy: Streamlined and Sustainable

Looking ahead, Pan Jamaica Group is doubling down on its commitment to disciplined capital deployment and risk management. The company plans to enhance its operational efficiency by shedding non-core assets and directing investments toward high-growth prospects.

“We are encouraged by the results achieved this quarter. The Pan Jamaica portfolio of businesses really delivered for shareholders,” said Jeffrey Hall, CEO and Vice Chairman of Pan Jamaica Group. “We credit our teams across the Group for their resilience and execution.”

With a diversified portfolio and strong earnings trajectory, PJG is well-positioned for a promising 2025, reaffirming its place as a cornerstone of Jamaica’s corporate landscape.

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