JN Group says restructuring costs led to decline in surplus

Restructuring costs have been cited as the reason for the decline in surplus at the Jamaica National Group in its first full year of  operation.

The company, which was launched in February 2017, following a seven-year transformation, is the parent company in the JN Group conglomerate.    

Addressing members during the Group's recent annual general meeting in New Kingston, Jamaica National CEO, Earl Jarrett, revealed that the entity realised a surplus of $977 million  down from $1.5 billion  in the previous year. 

He noted that the decline was due to residual restructuring costs, which were absorbed by the company. 

The conglomerate's financial subsidiary, the JN Financial Group, realised a surplus of  more than $2 billion .

The JN Financial Group comprises: JN Bank, JN Small Business Loans, JN Fund Managers, JN Money Services, JN General Insurance Company and JN Life Insurance .