Proven Group Limited posted a loss after being pulled down by its associate company JMMB Group, which in turn was affected by its associate Sagicor Financial Company.
Proven said the board has decided not to declare a dividend for the first quarter, focussing instead on improving operational performance and cash flow to enhance shareholder returns.
Proven Group Limited reported a net loss of US$1.8 million for the first quarter ending June 2024, a significant downturn from the US$3.9 million profit it achieved during the corresponding period in 2023.
In December 2018, Proven acquired a 20 per cent stake in JMMB for $9.2 billion.
In a separate transaction, JMMB announced plans to buy into Sagicor Financial in May 2019 for just above US$2 million.
Proven holds 20 per cent of JMMB and is its largest shareholder.
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