分类： business

KINGSTON, Jamaica – The Private Sector Organisation of Jamaica (PSOJ) has announced the appointment of distinguished banking executive Patrick Hylton as its new president, marking a significant leadership transition for the influential business association. The appointment was formally disclosed through an official media release issued on Tuesday.

Hylton, formerly president and chief executive officer of the National Commercial Bank Financial Group, assumes leadership from outgoing president Metry Seaga, who concluded a productive three-year tenure. The transition occurs as Jamaica’s private sector faces critical economic challenges and opportunities.

Sacha Vaccianna Riley, PSOJ executive director, emphasized Hylton’s qualifications in the announcement: ‘Patrick Hylton represents transformational leadership with substantial credibility throughout the private sector and demonstrates unwavering commitment to national development. His expertise and steady guidance will prove invaluable as PSOJ advances its advocacy agenda concentrating on productivity enhancement, competitiveness, and sustainable economic expansion.’ Riley simultaneously expressed the organization’s profound gratitude to Seaga for three years of exemplary service and significant organizational impact.

Concurrent with the presidential announcement, PSOJ revealed its newly structured vice-presidential team for the upcoming term. The appointments include three new vice presidents: Joanna Banks of Sagicor Group Jamaica, Mathew Lyn representing Caribbean Broilers Group, and Mariame McIntosh Robinson serving as an individual member. They will collaborate with continuing Vice Presidents Gail Moss-Solomon of GraceKennedy Limited and Hugh Grant of Jamaica Public Service, forming a diversified leadership coalition.

The organization outlined that Hylton’s strategic priorities will involve strengthening private-sector advocacy initiatives, deepening public-private collaboration mechanisms, and championing policy frameworks that stimulate enterprise growth, investment attraction, and inclusive economic development. Hylton is expected to work closely with the PSOJ board, secretariat, and membership base to execute this comprehensive agenda.

Jamaica’s ambitious ‘triple five’ tourism strategy—aiming for five million visitors, US$5 billion in earnings, and 5,000 new hotel rooms by 2025—has been significantly derailed by consecutive hurricane strikes, compelling a major recalibration of the sector’s growth trajectory. Tourism Minister Edmund Bartlett confirmed the setback, attributing the shortfall primarily to Hurricanes Beryl (2024) and Melissa (2025), which collectively caused the loss of nearly half a million visitors and widespread infrastructure damage.

Preliminary 2025 estimates now project approximately 4.5 million arrivals and US$4.6 billion in revenues, falling substantially short of original targets. Hurricane Melissa alone dealt what Bartlett described as a ‘significant blow,’ with approximately 30% of hotel rooms currently offline. Sector capacity is expected to gradually recover, reaching 80-85% by mid-year and 90% by November, though full restoration remains months away.

The financial impact has been staggering, with reconstruction costs equivalent to an estimated 41% of Jamaica’s GDP. Airport operator data revealed a 524,000-passenger decline in 2025—the largest annual drop since the pandemic—amplified by additional challenges including U.S. travel advisories and shifting immigration policies.

Despite these setbacks, Bartlett struck an optimistic note regarding long-term prospects. The ministry has established revised targets aiming for eight million visitors and US$10 billion in earnings by 2030, supported by an undiminished investment pipeline. Multiple major developments are advancing, including the 500-room Unico property (mid-2025 opening), Palladium Hanover, Moon Palace Grand, and the luxury Pinnacle multi-tower project.

Crucially, resilience has become central to Jamaica’s tourism strategy. New constructions will incorporate enhanced building standards, reinforced roofing systems, and improved utility redundancies to withstand future climate and seismic events. Bartlett emphasized that investor confidence remains strong despite recent challenges, signaling enduring faith in Jamaica’s position as a premier Caribbean destination.

In a major financial intervention, NCB Financial Group has structured a comprehensive J$15.1 billion (US$96 million) financing package to stabilize Jamaica Broilers Group (JBG) amid strategic restructuring efforts. The funding arrangement aims to fortify JBG’s domestic operations while addressing significant challenges within its U.S. segment.

The financing solution comprises J$6.4 billion in direct loans from National Commercial Bank Jamaica Limited (NCBJ) and J$8.7 billion in multi-tranche bonds arranged by NCB Capital Markets Limited, with maturities extending up to 14 years. Additionally, NCB facilitated negotiations with domestic creditors to reset financial covenants and modify collateral security arrangements.

Angus P Young, CEO of NCBCM and Executive Vice President of Corporate and Investment Banking at NCBJ, emphasized the strategic importance of the intervention: “JBG represents a cornerstone of Jamaica’s agricultural sector with critical implications for national food security and employment. Our support reflects confidence in the company’s core Jamaican operations and the corrective measures currently being implemented.”

The financial restructuring follows JBG’s disclosure of accounting irregularities within its U.S. operations that negatively affected cash flows, profitability, and consolidated financial results. These issues included inventory valuation adjustments, biological asset miscalculations, goodwill impairments, and previously unrecorded liabilities.

Despite these challenges, JBG’s Jamaican operations demonstrated remarkable resilience, generating J$2.5 billion in net profit and maintaining an equity position of J$16 billion for the fiscal year ending May 31, 2025.

Christopher Levy, Group President and CEO of Jamaica Broilers Group, outlined the recovery strategy: “We are executing a disciplined turnaround plan prioritizing governance, oversight, and operational efficiency. This includes leadership enhancements, financial control restoration, and direct Jamaican-based supervision of U.S. operations.”

The comprehensive financing package is expected to provide JBG with necessary stability to implement recovery measures, strengthen internal controls, and return to sustainable performance levels while supporting continued growth of its domestic business.

Jamaican manufacturing giant Wisynco Group has initiated regulatory procedures to export beverages from its newly operational Devon Reynolds Brewery into the United States market. This strategic move marks the company’s first major foray into international markets despite exports currently constituting merely 2% of its total revenue.

Chairman William Mahfood revealed the development during Tuesday’s inauguration of the US$35-million facility at Lakes Pen, St Catherine, identifying the U.S. as a potential cornerstone of the company’s long-term international strategy. “We’re currently navigating the registration process and anticipate commencing exports to both U.S. and Caribbean markets within coming months,” Mahfood stated, acknowledging this represents a “significant breakthrough” for the predominantly domestic-focused company.

The state-of-the-art brewery, commissioned in June 2025, substantially enhances Wisynco’s production capabilities across beer, stout, malt beverages, ready-to-drink products, and the internationally recognized Stone’s Ginger Wine. CEO Andrew Mahfood emphasized the facility’s design as a flexible manufacturing platform rather than a single-category operation, noting it “significantly expands our capacity, strengthens our ability to meet growing market demand, and provides flexibility to diversify our product portfolio meaningfully.

A critical component of the export strategy involves advanced packaging solutions. The facility incorporates high-speed canning and glass bottling lines alongside existing PET production, enabling customized output based on international market requirements. Andrew Mahfood highlighted the economic advantage: “A 40-foot container of Bigga in plastic holds approximately 1,500 cases. The same container accommodines nearly 3,000 cases of canned Bigga, significantly improving freight absorption and enhancing price competitiveness in overseas markets.” Cans additionally provide extended shelf life—a crucial factor for export products undergoing extended transit periods.

While initial production focuses on satisfying robust domestic demand, particularly from Jamaica’s hospitality sector, the company acknowledges exports as a longer-term objective. The annual report identifies export growth as a strategic priority, with new production lines expected to improve shelf life, reduce freight sensitivity, and ensure packaging meets international standards.

The Devon Reynolds Brewery, named in honor of the Production Director’s 43-year tenure and leadership in the facility’s development, boasts an initial annual capacity of 150,000 hectolitres with designed scalability. Production Director Devon Reynolds confirmed the facility’s expansion-ready design: “We are built to expand. The can line operates at 30,000 cans hourly, and we’ve allocated space for additional larger glass lines.”

Currently employing approximately 85 manufacturing personnel with total operation-related employment estimated between 350-400, the brewery represents Wisynco’s first large-scale entry into brewed and alcoholic categories. Andrew Mahfood grounded this strategic pivot in long-term consumption trends, noting Jamaica’s per capita beer consumption of 20 liters significantly trails Trinidad’s 40 liters and North America’s 65-70 liters, indicating substantial market growth potential.