标签： Barbados

Barbados-based conglomerate Goddard Enterprises Limited (GEL) has announced a substantial financial upswing for its fiscal year ending September 30, with net profits climbing to $76.8 million—marking a $24.3 million increase compared to the previous year. This impressive performance was largely driven by a dramatic reversal in its cocoa processing operations in Ecuador.

The company’s earnings per share rose to 27.9 cents, and shareholders are set to receive a final dividend of three cents per share in late February. Chairman Charles Herbert and Managing Director Anthony Ali attributed the strong results primarily to improved manufacturing performance, particularly highlighting the remarkable recovery of their Ecuadorian subsidiary, Ecuakao.

Ecuakao, which had suffered significant losses of $21.2 million the previous year, generated a robust profit of $16.7 million this fiscal period. Company leadership cited increased cocoa production volumes, expanded sales, and favorable pricing for raw cocoa beans as key factors behind this turnaround. The manufacturing division’s return to profitability was largely contingent on Ecuakao’s recovery.

Despite these gains, the company incurred substantial costs associated with its financial strategy. GEL allocated $8.5 million for protective measures related to cocoa futures trading and provisioned $4.1 million for potentially irrecoverable customer debts.

The conglomerate’s consumer products joint venture with Trinidad and Tobago’s Agostini Limited, Acado Limited, delivered another strong performance, with most markets showing positive results despite operational challenges in St. Lucia.

Goddard Catering Group reported solid revenue growth but faced profitability pressures due to losses at associate companies in Costa Rica. The group recorded $10.8 million in expected credit loss provisions from two associates and wrote down $5.4 million in goodwill from its Panama catering business, which has been struggling with intensified competition at the country’s main international airport.

The building supplies division achieved an 8.5% revenue increase while maintaining operating profits consistent with the previous year, though higher interest and tax expenses reduced net profits from this segment.

Conversely, the automotive division experienced a challenging period with weak vehicle sales in Barbados and Jamaica, inventory reduction efforts, increased financing costs related to the GAC brand launch, and a $1.3 million property revaluation loss in Barbados.

The smaller shipping and services division performed in line with management expectations, according to company officials.

Coastal restaurants along Barbados’s southern shoreline are experiencing unprecedented reservation patterns for Old Year’s Night celebrations, with many establishments reporting complete sell-outs months ahead of the traditional holiday period. Industry professionals note a significant shift in booking behaviors and consumer preferences during this year’s festive season.

At Champers Restaurant in Worthing, proprietor Chiryl Newman observes exceptionally robust demand that surpasses previous years’ performance metrics. ‘Our reservation system reached capacity considerably earlier than historical patterns would indicate,’ Newman disclosed to Barbados TODAY. ‘While we traditionally maintain full bookings, this year’s pace has been remarkably accelerated with patrons securing tables as early as July and August.’

The tourism sector appears to be driving this anticipatory reservation trend, with international visitors accounting for the majority of advanced bookings. This contrasts with the more spontaneous dining patterns typically demonstrated by local residents.

Buzo Osteria Italiana in Hastings mirrors this commercial success, with General Manager Danny Mansour reporting consistently strong performance throughout the entire holiday period. ‘The Christmas season demonstrated remarkable stability without the customary fluctuations between peak and off-peak periods,’ Mansour explained. ‘Our local clientele has maintained steady support while international visitors complement our business foundation.’

The establishment has strategically opted to maintain its traditional à la carte service model rather than implementing special holiday menus, responding to customer preferences for authentic dining experiences over curated holiday offerings. Service will conclude at 9:00 PM to accommodate guests’ subsequent celebration plans.

Conversely, Bubbas restaurant in Worthing has adopted an alternative operational strategy. Owner Adrian Jones has prioritized staff welfare over potential revenue generation, choosing to close early on New Year’s Eve to allow employees to participate in holiday celebrations. ‘Our team deserves opportunity to enjoy seasonal festivities after their dedicated service throughout the year,’ Jones affirmed.

The locally-focused establishment reports sustained success through its community-oriented approach, with plans underway to commemorate three decades of operation in April 2026. Jones attributes this longevity to consistent local patronage and maintained service quality.

CIBC Caribbean Bank Limited has demonstrated financial resilience by remaining profitable throughout 2025, despite absorbing a substantial loss from a non-core investment. The institution reported net earnings of US$159.7 million for the fiscal year concluding October 31, representing a decline from the previous year’s US$277.5 million.

CEO Mark St Hill attributed the diminished figures to elevated credit costs, recently implemented tax regulations, and an exceptional investment loss. The bank’s headline performance was significantly affected by atypical financial elements, including a US$56.2 million fair value depreciation on a non-core investment, partially mitigated by a US$2.4 million net gain from previously announced divestitures.

When excluding these extraordinary items, the bank’s adjusted net income reached US$213.5 million, compared to US$285.2 million in 2024. This underlying performance was primarily pressured by increased provisions for credit losses and heightened income taxes resulting from the Bahamas’ adoption of the Global Minimum Tax Framework.

Despite these financial headwinds, CIBC Caribbean successfully expanded its lending operations across the region. The bank’s client-centric strategy, supported by a robust capital foundation, facilitated the development of its largest performing loan portfolio in history. This achievement enabled the institution to maintain solid core operational performance while managing specific credit and operational challenges.

The broader Caribbean economic landscape witnessed moderated expansion in 2025, with tourism growth decelerating across several markets. Inflationary pressures generally receded alongside declining commodity prices, while fiscal conditions improved in certain territories.

Looking forward, the region faces persistent risks including evolving global trade policies, geopolitical tensions, and weather-related disruptions. Nevertheless, the regional outlook remains broadly stable entering 2026.

Financially, strong loan portfolio growth effectively counterbalanced the negative impact of lower US interest rates on net interest income. Operating expenses increased by 6% (US$26 million) due to elevated personnel costs and continued investments in technological infrastructure and strategic initiatives.

The bank reinforced its provision for credit losses, primarily driven by impaired securities and enhanced risk modeling methodologies. CIBC Caribbean maintained strong capital adequacy, with tier one and total capital ratios standing at 18.3% and 20.8% respectively at fiscal year-end. Reflecting this financial strength, the board authorized a quarterly dividend of US$0.0125 per share, payable January 15, 2026.

A significant dispute has emerged in Barbados between business leaders and the government regarding the implementation of future minimum wage increases. The Barbados Employers’ Confederation (BEC) has formally requested that the government permit the Minimum Wage Board to complete its legally mandated review before announcing any further adjustments to wage policies.

The controversy stems from the recent Budget announcement which outlined predetermined minimum wage increases for both 2025 and 2026. According to the proposed changes set to take effect January 21, 2026, the national minimum wage would increase from $10.50 to $10.71 per hour, while security guards’ sectoral minimum wage would rise from $11.43 to $11.66 per hour—representing a two percent increase across both categories.

The BEC, while expressing support for fair compensation practices, has raised substantial concerns about the government’s approach. The employers’ group emphasized that announcing increases prior to the Board’s comprehensive review represents a departure from established tripartite engagement protocols that typically involve thorough economic analysis and stakeholder consultation.

In their official statement, the Confederation warned that minimum wage adjustments create significant ripple effects throughout the economy, potentially raising operational costs and threatening business sustainability. The organization specifically cautioned that such preemptive increases could inadvertently jeopardize job creation and, in severe cases, potentially lead to workforce reductions.

The employers’ body further argued that frequent, unreviewed annual increases introduce market instability and unpredictability, ultimately placing undue pressure on the very businesses and workers that minimum wage policies are designed to support.

In response to these concerns, Minister of Labour Colin Jordan has defended the government’s position, stating that the increases are intended to alleviate pressure on low-income workers without destabilizing businesses. The Minister indicated that Cabinet had signaled its intention to introduce annual indexation months earlier as part of the 2025 Budget framework.

Minister Jordan also noted that work is currently underway through the Minimum Wage Board to assess the impact of the June 2025 increase and to develop a Barbados-specific indexation model, with Cabinet expected to ultimately consider the Board’s recommendations.

Despite these assurances, the BEC maintains that all future wage adjustments must follow the legally established process, allowing the Board to complete its analytical work before final decisions are made. The Confederation has urgently called for the government to respect the institutional process to ensure that minimum wage decisions are fair, sustainable, and truly serve the best interests of workers, employers, and the national economy.