Going strong: The Group’s financial condition

ASSETS

Total assets increased year over year by $3.81 billion or 23.4% to $20.07 billion as at December 31, 2017. This was primarily attributable to funds received from or on behalf of clients.

CAPITAL 

The strength of our capital base is clear with total shareholders’ equity standing at $2.58 billion as at December 31, 2017, up by $968.33 million or 59.93% from $1.62 billion at the end of 2016. The growth in total equity is mainly attributable to:

  • net proceeds of $683.89 million raised from the successful Initial Public Offering (IPO) of 300,005,000 ordinary shares in the capital of the Company in December 2017;
  • the net increase of $146.14 million in retained earnings, representing the undistributed portion of our  2017 earnings;
  • the $141.64 million or 236.3% increase in the investment revaluation reserve over last year; given the significant increases in the value of Government of Jamaica bonds and local stocks due to improved local economic conditions.

Assets managed on behalf of clients on a non-recourse basis under management agreements grew by $4.54 billion or 29.57%, from $15.34 billion in 2016 to $19.88 billion as at December 31, 2017. The year over year growth was fuelled mainly by net inflows to the Unit Trust portfolios of $6.5 billion.

OTHER HIGHLIGHTS

We’re thankful for the vote of confidence displayed by the investing public in our IPO last December. Investors subscribed for a total of $2.8 billion, which significantly exceeded our target of $690 million. We are now well positioned to execute on our strategies and take advantage of future growth opportunities.

The Board of Directors approved an interim dividend of $0.02 per stock unit, payable on March 23, 2018, to stockholders on record as at March 9, 2018. This resolution will be accounted for in shareholders’ equity as an appropriation of retained earnings in the quarter ending March 31, 2018.

The Board thanks the executives, management and team members for their stellar efforts in achieving this year’s financial performance.