Jamaica Producers to make capital distribution

Jamaica Producers Group Limited (JP) has advised that its Board of Directors has declared an interim capital distribution of J$0.20 per share unit.

From the amount will be deducted transfer tax at the applicable rate with the balance paid to all shareholders on record as at the close of business on December 21, 2020. 

The ex‐dividend date is December 18, 2020. The date of payment is January 15, 2021.

Total shares outstanding for the company are 1,122,144,036.

The capital distribution follows the sale of the company’s 22.1 per cent interest in SAJE Logistics Infrastructure Limited (SAJE) in September 2020

SAJE is engaged in property ownership and property management and the holding of investments. JP’s interest in SAJE is held indirectly through subsidiary Kingston Wharves Limited.

Boosted from the sale of shares in a subsidiary, Jamaica Producers Group Limited (JP) for the third quarter ended September 26, 2020 reported net profit attributable to shareholders of $1.6 billion.

This compares to profit of $329.68 million reported for third quarter 2019.

For the nine months ended September 30, 2020, the company reported profit of $1.97 billion, this compared to $958.97 million at September 2019.

Group revenue for the third quarter was $5.32 billion compared to $5.23 billion for the similar period in 2019, while year to date for the nine months, revenue tracked $ 14.84 billion compared to $15.38 billion at September 2019.

Management said although JP’s results continue to be affected by the COVID-19 pandemic, the business experienced improved operating performance relative to the 2020 second quarter.