First Look

Barita Attains New Highs, Posting $544M in Profit before taxes as at September 30, 2018



0 | 2019-03-25 10:54:00

Barita Investments Limited is set to host its 41st Annual General Meeting (AGM) on Thursday, March 21, 2019, 10:00 am, at the Terra Nova Hotel. As reported by Chairman Mark Myers, “Barita Investments continues to be a major player in the Jamaican financial sector, recording an all time high share price, over 90% customer satisfaction, and Profit Before Tax of $544 million. After over 40 years in existence, controlling interest of Barita was passed on to Mr. Paul Simpson and his energetic team at Cornerstone Investment Holdings who will undoubtedly carry on the baton and take the firm to new heights”.


FINANCIAL PERFORMANCE
For the financial year ending September 30, 2018, the Company reported a net profit of $363,241 million, which translated into earnings per share of $0.82 cents.  This figure is the company’s highest profit to date and represents a 179% year-on-year growth in share price when compared to the same period in 2017.

REVENUE PERFORMANCE
Barita achieved in excess of $1.3 billion of operating revenues, 17.5% above prior year. Net Interest Income was 422M or 32% of net operating revenues, while Non Interest income was $882M or 67% of Operating Revenues. Non-interest income accounted for 46.37% of total revenue, the company's highest to date, up from 42.05% in 2017. The main contributor is the Unit Trusts Funds, which currently has over$15 billion under management and generated $559M of revenue for the period. CAPACITY

ADEQUACY RATIOS
Barita continues to comply with and surpass the minimum of all the regulatory requirements of the primary regulator, the Financial Services Commission and also the Jamaica Stock Exchange. The Company posted a capital adequacy ratio of 17% (14% is required) and a capital base of 96% (50% of tier-one capital is required).

ACCOMPLISHMENTS
● Barita achieved a record high stock price of $18.69 and net profit margin of 19.1% during the financial year ending September 30, 2018. Additionally, total assets at the end of the period also exceeded $18 billion for the first time in the company’s history.
● The company received a 90% Customer satisfaction rating by its clients in its semi-annual internal survey.
● Barita was acknowledged by The Jamaica Stock Exchange at its Best Practices Awards. The Company received a winning trophy for the Best Website as a Member Dealer and First Runner up awards for Best Website as a Listed Company and Investor Relations. 


CORPORATE SOCIAL RESPONSIBILITY

Barita continues to be heavily invested in contributing to sustainable community development , which is vital to the country's progress. Of note:

● An investment of over $20 million dollars was made towards The Barita Education Foundation in this financial year. The Foundation continues to focus on improving the Literacy and Numeracy skills of children at partner early childhood institutions, in at risk communities in Kingston. For the financial year ending September 2018, the Foundation provided direct support to its 30 Partner Schools through its Team of 5 Teachers, two Social Workers and a Programme Manager. The Foundation impacted 2,335 children, 31 teachers and 70 Parents.

● The Company continued to invest in service organisations which are focused on helping the poorest among us. For the financial period under review, contributions were extended to organisation’s such as The Missionaries of the Poor, Mustard Seed Communities, Teen Challenge Jamaica, the Women’s Centre of Jamaica and Diabetes Association of Jamaica.


THE WAY FORWARD
Barita remains committed to maintaining its legacy as a leader in the Jamaican financial services sector. The Company will continue to forge strong partnerships with stakeholders while investing in technology and enterprise risk management to build wealth and shareholder value for our clients.




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