Pan Jamaica Group Surges Ahead with Record J$6.1B Profit in 2024

KINGSTON, JAMAICA — Pan Jamaica Group Limited (PJG) has unveiled a historic performance for its 2024 financial year, posting a consolidated net profit of J$6.1 billion — a staggering 63% increase over the prior year. The announcement was made during the company’s Annual General Meeting at the ROK Hotel in Kingston, where PJG leadership credited their global strategy and expansive, sector-diverse portfolio for the exceptional results.

Diverse Portfolio Powers Strong Growth

The Group’s total revenues soared by 38% to J$40 billion, while earnings before finance costs and taxation jumped 34% to J$8.3 billion. Shareholder net profit reached J$4.6 billion — an impressive 82% rise from 2023.

Chairman Stephen Facey attributed the milestone year to PJG’s “integrated business platform, effective capital allocation, and the resilience of our diversified portfolio.” Echoing that sentiment, Vice Chairman and CEO Jeffrey Hall emphasized the company’s strategic focus: “Our priority is on rigorous performance management and aligning the balance sheet with our strongest-performing businesses.”

Division Performance Highlights

Specialty Foods:

• Revenue: J$22.8 billion (↑ 42%)
• Profit: J$553 million
• The division showed a major turnaround from a breakeven result in 2023, largely due to strong European performance from The Juicy Group and the acquisition of APA Processing in Spain.

Global Services:

• Revenue: J$12.9 billion
• Profit: J$3.9 billion (↑ 38%)
• Growth was fueled by strong results from Kingston Wharves, JP Logistics Solutions, and Geest Line, in addition to the full-year consolidation of 2023 acquisitions.

Property & Infrastructure:

• Profit before finance costs and taxes: J$1.7 billion (↑ 41%)
• Gains were driven by improved occupancies and a one-time benefit from selling a non-core asset.

Financial Services:

• Profit fell to J$2.7 billion (↓ 36%)
• PJG cited mark-to-market investment losses and actuarial adjustments at Sagicor Group Jamaica but affirmed the segment’s underlying strength.

Looking Ahead: Growth Strategy and Vision

PJG ended the year with robust liquidity: J$144 billion in total assets and J$17.6 billion in cash and short-term investments. A low 23% debt-to-equity ratio reinforces the company’s ability to pursue future expansion opportunities with confidence.

The Group has already kicked off 2025 on a strong note, reporting a first-quarter profit of J$2.1 billion — up 81% year-over-year. It also launched “The Pan Jamaica Way,” a leadership excellence initiative designed to reinforce operational discipline and strategic excellence.

“We are winning right now,” said CEO Hall. “Our focus is on fine-tuning our strategy and ensuring capital is deployed where it earns the strongest returns.”

Strategic Outlook

PJG remains committed to scaling its most promising business lines, exiting non-core holdings, and seeking high-return investment opportunities across the Caribbean, North America, and Europe.

As the company continues to chart new territory and redefine Jamaican corporate success, investors and market watchers will be keeping a close eye on the group’s next moves in what is shaping up to be another banner year.

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