JMMB Group sees 46% dip in profit for 2022/23 financial year

JMMB Group saw a 46 per cent drop in profit at the end of its 2022/2023 financial year.
The company made $6.3 billion for the 12 months, versus the record $11.6 billion for 2021/2022.
At an investor briefing Tuesday morning, Group Chief Financial Offer at JMMB, Patrick Ellis, said despite the dip in net earnings, core business areas performed well. 
The company reported net investment income (NII) of $11.2 billion, compared to $11.8 billion in the prior year. 
After the returns from the company's 23 per cent stake in Sagicor Financial Company, 21 per cent of net earnings came from the Jamaicans operations, followed by Dominican Republic and Trinidad and Tobago.  
Mr. Ellis said operating revenues came in at $23.4 billion, down 12 per cent compared to the previous financial year. 
"The main line items where we would have been impacted here would have been our gains on securities trading at $3.5 billion in the current year, down 52 per cent," he said, pointing to the increased interest rate environment which affected the company's investing business line. 
He said revenue diversification softened the blow. 

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