Jamaican Teas Limited (JTL) plans to pay out capital distribution of three cents per share to shareholders on record as of December 6. The total to be distributed will be JM$20,852,503.77.
The company surpassed the JM$1-billion mark in revenues for the first time in 2013. In 2018, revenues increased 14 per cent to almost JM$1.8 billion from JM$1.5 billion the previous year.
For the third quarter ended June 2019, there was a fall in revenue but directors noted, “this does not reflect a negative development for the Group as it arose from a decision to dispose of 100 per cent of the supermarket previously owned by JRG Shoppers Delite to an associated company, Bay City Foods Ltd (BCF).”
The company also acquired a debenture in BCF previously owned by a third party in exchange for shares in JTL.
JTL’s third quarter revenues from manufacturing operations increased modestly in the quarter, from JM$286.3 million to JM$289 million due to increased export sales partly offset by lower domestic sales.
In September the company issued an initial public offering (IPO) for subsidiary QWI. It was incorporated as an investment company in 2018. QWI is controlled jointly by Jamaican Teas and KIW International.
QWI recently staged a successful IPO, offering 600 million ordinary shares; the offer was upsized to 900 million ordinary shares and oversubscribed.