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  • Salada profits rise, but cash falls as costs and climate risks bite

    Salada profits rise, but cash falls as costs and climate risks bite

    Jamaican coffee and beverage manufacturer Salada Foods Jamaica Limited has reported strengthened profitability in its fiscal year ending September 2025, despite facing significant operational challenges from inflationary pressures, currency fluctuations, and climate-related disruptions.

    The company achieved a net profit of $171.5 million, representing solid financial performance as revenue climbed 7.9% to approximately $1.6 billion. Gross profit reached $487.9 million, with margins maintaining stability at around 30.5% despite persistent cost pressures throughout the supply chain.

    Beneath the surface of these positive earnings indicators, the company’s financial position reveals strategic adaptations to a volatile operating environment. Cash reserves declined substantially to $154.6 million from $272.5 million year-over-year, while inventories surged to $552.5 million from $420.6 million. This inventory accumulation reflects a deliberate corporate strategy to secure essential inputs amid rising global coffee prices and supply chain uncertainties.

    The company’s defensive posture proved prescient when Hurricane Melissa struck Jamaica shortly after the fiscal year end, damaging agricultural infrastructure and supply networks. Salada’s advanced procurement strategy has shielded immediate production from disruption, though long-term agricultural impacts remain under assessment.

    Capital investment continued throughout the period with $67.1 million allocated to machinery, equipment, and work-in-progress assets, elevating the net book value of property, plant and equipment to $165.9 million. The company also distributed $130.9 million in dividends to shareholders, further impacting liquidity positions.

    Market performance revealed contrasting trends between domestic and international operations. Local sales demonstrated robust growth, advancing to $1.30 billion from $1.16 billion, while export revenues declined to $304.3 million from $322.1 million despite concerted efforts to expand regional and UK market presence.

    Looking forward, management emphasizes product diversification as a cornerstone of long-term strategy. Recent expansions into functional beverages utilizing locally sourced ingredients like ginger, turmeric, sorrel, and hibiscus target health-conscious consumers and aim to reduce dependence on volatile coffee markets. These innovations, coupled with established brands and operational efficiency focus, provide optimism despite the challenging trade-offs between financial resilience and cash generation in an increasingly unpredictable manufacturing landscape.

  • Flash Motors becomes first electric vehicle-only dealership in Jamaica’s auto association

    Flash Motors becomes first electric vehicle-only dealership in Jamaica’s auto association

    KINGSTON, Jamaica — Jamaica’s automotive industry has reached a significant milestone with the formal integration of electric vehicle specialization into its established trade framework. Flash Motors Company Limited has been admitted as the first exclusively electric vehicle dealership within the Automobile Dealers Association of Jamaica (ADA), signaling a transformative shift in the Caribbean nation’s transportation landscape.

    This groundbreaking membership, announced Tuesday, represents a strategic alignment between emerging electric mobility solutions and Jamaica’s conventional automotive sector. The development reflects accelerating regional adoption of sustainable transportation alternatives within previously fuel-dominated markets.

    Xavier Gordon, Chief Executive of Flash Motors, expressed enthusiasm about the collaboration: “Our ADA membership signifies industry recognition of electric mobility’s critical role in Jamaica’s transportation future. We value the association’s endorsement as we expand EV infrastructure throughout the Caribbean region.”

    ADA Chairman Jackie Stewart-Lechler confirmed the association’s commitment to embracing automotive innovation: “We enthusiastically welcome Flash Motors and applaud their introduction of cutting-edge electric mobility solutions for Jamaican consumers. Their expertise strengthens our industry’s evolution toward sustainable transportation.”

    Established in 2021, Flash Motors has developed comprehensive electric vehicle ecosystems across multiple Caribbean markets including Jamaica, St. Lucia, and Guyana. The company’s integrated approach encompasses EV sales, charging infrastructure development, and supportive policy advocacy.

    Operating from a modern New Kingston showroom, the dealership provides holistic customer solutions beyond traditional vehicle sales. “Our commitment extends far beyond placing EVs in driveways,” explained Sales Manager Phillip Oliver. “We install personalized charging infrastructure and implement ongoing owner education programs to ensure optimal EV ownership experiences.”

    The company maintains rigorous technical standards through international training programs, sending technicians abroad for certification in global EV maintenance protocols. This commitment to excellence aligns with ADA’s framework emphasizing accountability, transparency, and consumer protection standards.

    This institutional partnership establishes formalized retail standards for Jamaica’s emerging electric vehicle market, creating regulatory consistency while accelerating sustainable transportation adoption across the Caribbean region.

  • NCB’s Cayman transfer completes balance sheet clean-up

    NCB’s Cayman transfer completes balance sheet clean-up

    NCB Financial Group Limited has executed a significant internal restructuring through the acquisition of its Cayman Islands subsidiary by majority-owned Clarien Bank Limited. While presented as an organizational realignment, this transaction culminates a multi-year balance sheet optimization initiative that has fundamentally reshaped the group’s offshore operations.

    The transfer, pending regulatory approval, will transition select wealth and investment management relationships from NCB (Cayman) Limited to Clarien Bank, with the Cayman entity subsequently rebranding under the Clarien name. Group leadership has assured stakeholders of seamless client continuity and no material impact on capital adequacy, liquidity, or ownership structures.

    This stability is anchored by exceptionally robust capital metrics. Regulatory filings reveal NCB (Cayman) maintained a Total Capital Ratio exceeding 30%—more than double the 12% regulatory requirement—with nearly all capital derived from internally generated retained earnings. The entity’s Net Tier 1 capital, a core measure of financial strength, stood at US$35.5 million, characterized by simplicity without complex subordinated debt structures that typically complicate financial transfers.

    Despite these capital strengths, operational challenges persist. A recent rating agency downgrade highlighted a US$1 million net loss for fiscal 2024 and a fourth consecutive year of deposit base contraction. This funding decline reflects both strategic divestments and client migration to higher-yielding alternatives, indicating ongoing profitability pressures despite improved balance sheet stability.

    The transaction represents the culmination of a deliberate cleanup process that included addressing the substantial Sandy Bay loan facility in Barbados, which previously constituted approximately 75% of the subsidiary’s non-performing loans (NPLs). While its removal to National Commercial Bank Jamaica Limited in Q3 2025 significantly improved headline NPL ratios, the Cayman unit’s NPL ratio remained elevated at 25.8% as of June 2025, suggesting persistent credit quality concerns within the remaining portfolio.

    Group CEO Robert Almeida characterized the move as “a deliberate strategic internal realignment designed to strengthen focus and operational coherence across our regional businesses.” The consolidation simplifies the group’s offshore narrative for regulators and investors following its US$300 million return to international capital markets last year, reducing the number of separate entities requiring scrutiny.

    For Clarien Bank, the acquisition supports strategic expansion in selective offshore markets with emphasis on operational continuity, according to CEO Ian Truran.

    Ultimately, this transaction represents the strategic tidying of a stabilized but still recovering operation. While major surgical interventions have addressed the most critical issues, the transferred entity continues to navigate profitability and funding challenges within a cleaner, simplified operational structure.

  • Tropical Battery seeks extension for audited financial statements

    Tropical Battery seeks extension for audited financial statements

    KINGSTON, Jamaica — Tropical Battery Company Limited has formally requested and received authorization to postpone the submission of its audited financial statements for the fiscal year concluding September 30, 2025. The Jamaica Stock Exchange (JSE) was notified on Wednesday that the revised deadline for filing has been established for February 16, 2026.

    The corporation attributed this deferral to complexities arising from independent third-party assessments of its employee pension fund. These evaluations require meticulous scrutiny and subsequent actuarial recalculations, processes the company deems essential for guaranteeing the utmost precision in its financial disclosures. The initial publication date for these statements was set for November 29, 2025.

    Consequently, the release of the company’s comprehensive annual report, which is predicated on the finalized audited data, will be similarly delayed. Stakeholders can now anticipate its dissemination on or around February 18, 2026, a significant extension from the original target of January 28.
    In its official communication, Tropical Battery emphasized that its internal finance team is collaborating intensively with external auditors and specialized actuarial consultants to meet the new schedule. The company’s leadership expressed confidence in fulfilling all regulatory obligations within the allotted extension period.

    The JSE disclosure concluded with a firm reassurance from the company: “Tropical Battery Company Limited reaffirms its full commitment to transparency, regulatory compliance and the delivery of reliable information to its shareholders and the investing public.”

  • VANDALISM DRAINS US$350M A YEAR FROM JAMAICA’S UTILITIES

    VANDALISM DRAINS US$350M A YEAR FROM JAMAICA’S UTILITIES

    Jamaica faces a severe infrastructure security crisis as coordinated vandalism and theft against utility networks drain the nation’s economy of at least US$350 million annually, according to revelations from a recent industry webinar. This staggering figure, considered conservative by experts, exposes systematic attacks on the country’s critical electricity, water, and telecommunications infrastructure.

    Telecommunications provider Digicel reported direct losses of US$3.9 million within a single year, with attackers specifically targeting critical systems. The company documented 452 battery thefts, 97 vandalized generators, 9 damaged shelters, and 290 compromised sites. According to Brithney Clarke, Digicel’s business marketing lead, perpetrators constitute a ‘mindless minority’ deliberately attacking infrastructure components—often with no functional value to them—primarily to extract scrap metal, with cabling infrastructure and lithium batteries being frequent targets.

    The Jamaica Public Service Company (JPS) revealed the most substantial financial impact, estimating annual losses of approximately US$200 million from electricity theft alone. Shockingly, among Jamaica’s 1.06 million electricity users, 350,000 operate illegally without contractual relationships with JPS. Revenue security manager Jermaine Clarke explained that 26.34% of generated electricity is lost annually, with 72% of these losses classified as non-technical—meaning the energy is consumed but not commercialized due to theft. Approximately 35% of households consume electricity without meters or contracts, resulting in nearly 19.5% of all generated electricity being stolen.

    This widespread theft directly contributes to Jamaica’s exceptionally high electricity costs, with residential customers paying 90% above the global average and businesses facing rates 60% higher than worldwide norms.

    The National Water Commission (NWC) reported significant losses from vandalism, including US$70-80 million in damages at Goshen facilities serving Portmore and approximately US$150 million in arson-related damage at the Caymanas water facility. Regional manager Garwaine Johnson noted that vulnerable NWC facilities cannot be easily secured, leaving infrastructure exposed to repeated attacks. These incidents resulted in an average loss of six hours of water production daily over one year, translating to approximately US$2 billion in losses.

    The crisis extends beyond Jamaica’s borders. Cletus Bertin of the Regional Caribbean Electric Utilities Services Corporation reported that member utilities across the region average about 20% losses in generation costs due to vandalism and theft. For a utility generating US$715 million annually, this represents approximately US$143 million in losses each year.

    Bertin emphasized that financial impacts extend beyond direct losses, as utilities must increase spending on security measures, repairs, and system restoration, thereby multiplying base operating costs.

    In response, utility providers are advocating for stronger legal penalties and a coordinated national response involving government agencies, law enforcement, and industry stakeholders. Proposed solutions include enhanced utility-to-utility partnerships, security intelligence sharing for high-risk zones, community-based stewardship programs, and legislative reform of the scrap metal Act to impose harsher penalties on purchasers of utility-grade materials without verified origins.

    While some collaboration already exists—particularly between NWC and JPS—industry leaders stress that deeper integration and engagement with political leadership is necessary to address this escalating national security and economic challenge.

  • Man denied bail in WhatsApp malicious communication case

    Man denied bail in WhatsApp malicious communication case

    KINGSTON, Jamaica — A foreign national facing serious allegations of issuing graphic death threats against his former landlord’s daughter has been ordered to remain in custody following a heated bail hearing in the Kingston and St Andrew Parish Court.

    Shawn Hosang, who has already spent eight months in detention, stands accused of two criminal offenses: overstaying his immigration permit and utilizing electronic communication systems for malicious purposes. The defendant’s legal representative attempted to secure his provisional release by emphasizing his role as sole caregiver for his 72-year-old mother and noting that the prosecution’s case file wouldn’t be finalized until March.

    These appeals were met with firm opposition from crown prosecutors, who presented disturbing evidence of threatening communications allegedly sent by the accused. According to court documents, Hosang utilized WhatsApp messaging platforms to deliver terrifying threats targeting the complainant’s daughter throughout late 2024 and early 2025.

    Among the explicit messages presented in court was one from December 2024 that stated: “Just be prepared for your daughter to be slaughtered, I swear,” followed by even more graphic violence. Subsequent messages from February 2025 contained similarly chilling content, with one voice message allegedly featuring Hosang’s recognizable voice declaring: “I am actually going to have your daughter killed, you can’t be surprised.”

    The prosecution emphasized that the victims continue to live in genuine fear of the accused and raised substantial concerns about potential witness intimidation should Hosang be released. Presiding Judge Alwayne Smith ultimately denied bail, citing the severity of the threats and the ongoing risk to the complainants. The case has been adjourned until March 26 for further proceedings.

  • Vaz flagged for breaching procurement guidelines in purchase of Starlink devices

    Vaz flagged for breaching procurement guidelines in purchase of Starlink devices

    A damning audit report from Jamaica’s Auditor General has exposed significant procedural violations by Energy, Transport and Telecommunications Minister Daryl Vaz in the procurement of emergency communication equipment following Hurricane Melissa. The investigation, detailed in the ‘Hurricane Melissa Relief Initiative Audit’ tabled in Parliament, reveals Minister Vaz improperly authorized a $12.12 million purchase of 200 Starlink devices without proper authority.

    The equipment was intended for parishes severely affected by October’s hurricane where communications infrastructure had been devastated. However, Auditor General Pamela Monroe Ellis found the procurement was initiated through ministerial instruction from Vaz rather than through the proper channel of the Director General of the Office of Disaster Preparedness and Emergency Management (ODPEM). This direct intervention violated Jamaica’s Public Procurement Act of 2015, which explicitly assigns procurement authority to heads of entities, not ministers.

    According to the audit timeline, Vaz sent written instructions in his capacity as Co-Chair of the Relief and Recovery Oversight Committee on November 13, 2025, directing payment to a specific supplier. Remarkably, the devices were delivered to the Office of the Commissioner of Police on November 14, while ODPEM only began preparing required procurement documentation five days later on November 19.

    The audit further uncovered concerning distribution issues. Of 120 devices distributed among 17 entities, only 86 were confirmed received, and physical inspections revealed 41 devices remained unused and in storage. The report noted a complete absence of documentation justifying the selection of the particular supplier engaged for the purchase.

    Auditor General Ellis emphasized that the sequence of events—particularly the receipt of devices before procurement approval—demonstrated a circumvention of controls designed to ensure transparency, competitive bidding, and fiscal responsibility. ODPEM additionally failed to maintain proper records regarding device conditions, inventory details, or distribution monitoring.

    The real-time audit was conducted to assess transparency and accountability in the hurricane relief initiative, specifically examining whether adequate controls exist to prevent fraud, waste, and abuse of public resources during disaster response operations.

  • NET celebrates 16 years of rebuilding and reaffirming partnerships for national impact

    NET celebrates 16 years of rebuilding and reaffirming partnerships for national impact

    KINGSTON, Jamaica — The National Education Trust (NET), an official agency operating under Jamaica’s Ministry of Education, Skills, Youth and Information, commemorates its sixteenth anniversary this Thursday. This milestone celebrates the organization’s sustained dedication to enhancing the nation’s educational landscape through strategic partnerships and infrastructure development.

    The anniversary observance carries the thematic focus: “Rebuilding, Reinvesting, Reaffirming: 16 Years of Partnerships Driving National Impact.” According to an official statement released Wednesday, NET has played a pivotal role in mobilizing critical resources for Jamaica’s education sector by cultivating strategic alliances with donors, investors, and international development partners. These collaborations have enabled the organization to address systemic gaps and adapt to the evolving requirements of educational institutions across the island.

    Central to NET’s operational mandate is the comprehensive management of educational infrastructure projects. The organization spearheads construction initiatives, facility rehabilitation, and modernization efforts to establish safe, inclusive, and conducive learning environments for both students and educators nationwide.

    The anniversary celebrations commenced with a special church service at Christian Fellowship World Outreach Inc. last Sunday, where government officials delivered commendations. Parliamentary Secretary Senator Marlon Morgan acknowledged NET’s substantial contributions to national development through education, expressing the ministry’s appreciation for the organization’s sixteen years of service and anticipating continued collaborative progress.

    Permanent Secretary Dr. Kasan Troupe highlighted NET’s exceptional responsiveness during recent challenges, specifically noting the organization’s critical role in addressing the aftermath of Hurricane Melissa. Dr. Troupe praised the leadership of Chairman Professor Andrew Spencer and Executive Director Mrs. Latoya Harris-Ghartey, recognizing the entity’s significant impact through the hashtag #TREND.

    Professor Spencer referenced the official proclamation of “NET Day” by Governor-General Sir Patrick Linton Allen, reaffirming the organization’s long-term commitment to educational transformation. Mrs. Harris-Ghartey emphasized the foundational role of faith in NET’s operations, acknowledging the dedication of their team and partners in rebuilding schools and reinvesting in educational spaces.

    The Trust has reaffirmed its commitment to expanding educational infrastructure investments, strengthening community partnerships, and supporting the sustainable development of Jamaica’s education system for future generations.

  • ‘A good look for reggae music…overall’

    ‘A good look for reggae music…overall’

    In a moment of profound cultural significance, Jamaican reggae artist Keznamdi captured the Grammy Award for Best Reggae Album with his critically acclaimed work ‘Blxxd and Fyah’ during the 68th Grammy Awards premiere ceremony. The emotional victory unfolded Sunday at Los Angeles’ Peacock Theatre, where the artist delivered a powerful acceptance speech celebrating reggae’s enduring legacy.

    Overwhelmed with emotion, Keznamdi immediately connected his win to reggae’s foundational principles: ‘Reggae music has always been a music that defends truths and rights and African liberation and black man redemption,’ he declared in his authentic Jamaican patois. The artist dedicated the honor to Jamaican culture, dancehall, and reggae traditions before exiting the stage with a triumphant ‘Jah Rastafari!’

    The album triumphed over formidable competition in one of the most intensely contested categories, defeating works including Vybz Kartel’s ‘Heart and Soul,’ Lila Ike’s ‘Treasure Self Love,’ Mortimer’s ‘From Within,’ and Jesse Royal’s ‘No Place Like Home.’ This marked Keznamdi’s first Grammy nomination alongside fellow newcomers Mortimer and Lila Ike, while Vybz Kartel and Jesse Royal received their second nominations.

    Released in August 2025 through Keznamdi Music Group, ‘Blxxd and Fyah’ comprises 13 tracks that blend roots reggae with contemporary influences. The album carries potent messages of struggle, resilience, and transformation, featuring collaborations with prominent artists including Masicka on ‘Forever Grateful,’ Mavado and Marlon Asher on ‘Bun Di Ganja (roots version),’ and Keznamdi’s sister Kelissa on ‘I Am.’ Other standout tracks include ‘Colonial Bondage,’ ‘Identity Crisis,’ ‘Pressure,’ and ‘Natty Dread Locks.’

    In previous interviews with the Jamaica Observer, Keznamdi emphasized the significance of his nomination as a victory for independent grassroots artists. ‘This is a huge win for independent grassroots artists,’ he noted, highlighting that among the 73 reggae albums submitted, his recognition by the prestigious awards represents a milestone for self-made musicians pursuing their vision against all odds.

    The artist credited his production team, particularly highlighting producer Off Grid for his instrumental role in the album’s creation. Additional production contributions came from legendary producers Major Seven, Vas Productions, and Bizzness Boi, with Keznamdi himself playing an active creative role. The artist described the album as an organic creation developed through global travels and collaborations with renowned musicians, emphasizing that each song emerged from genuine lived experiences rather than rushed production.

    The ceremony also featured a performance by fellow nominee Lila Ike, adding to the celebration of Jamaican musical talent on international platforms. Keznamdi’s victory reinforces reggae music’s continuing global influence while honoring its deep roots in cultural resistance and spiritual expression.

  • SAINT International’s Naki Depass books Lafayette 148’s Spring 2026 campaign

    SAINT International’s Naki Depass books Lafayette 148’s Spring 2026 campaign

    Jamaican fashion model Naki Depass has achieved another significant milestone in her burgeoning international career with her selection as the face of American luxury brand Lafayette 148’s Spring 2026 advertising campaign. The Clarendon-born beauty features prominently in the newly released campaign showcasing the brand’s latest womenswear collection, demonstrating remarkable versatility across multiple high-fashion looks.

    Depass, photographed against the urban backdrop of New York’s SoHo neighborhood, brings sophisticated elegance to the campaign’s aesthetic. Her portfolio includes everything from contemporary leather moto jackets and matte crepe knit shirt jackets to grid plaid crepe wide-leg trousers and refined shirtdresses. The October 2025 photoshoot was conducted under the creative direction of renowned photographer Dan Martensen and stylist Sasha Kelly.

    In an exclusive interview from her current location in Jersey City, where temperatures had plunged to near-freezing conditions, Depass expressed enthusiasm about collaborating with the Lafayette 148 team. ‘Working with Dan and the entire creative team was an absolutely fantastic experience,’ the model revealed. ‘The outdoor location shoot in SoHo provided dynamic energy that I’ve always appreciated about fashion photography.’

    Depass, who holds an accounting degree from the University of the West Indies (Class of 2020), particularly praised the brand’s design philosophy: ‘Lafayette 148’s collections strike that perfect balance between chic sophistication and timeless elegance. Many pieces from the campaign are items I would personally incorporate into my own wardrobe.’

    The luxury brand, founded in 1996 by Deirdre Quinn and partners Shun Yen Siu and Ida Siu, derives its name from its original SoHo address at 148 Lafayette Street. This collaboration represents another high-profile achievement for Depass, who celebrates ten years in the modeling industry this year. Her career launched spectacularly with a runway debut for Burberry’s Fall/Winter 2016 collection shortly after being discovered by SAINT International CEO Deiwght Peters.

    Reflecting on her decade-long journey, Depass shared: ‘Looking back at everything accomplished feels somewhat surreal. That I continue to thrive in this industry with so much still ahead feels incredibly rewarding. My debut show in London with Deiwght seems like just yesterday—these ten years have passed with astonishing speed.’

    Despite her professional success in frigid climates, the Jamaican model confessed to preferring warmer temperatures: ‘My physiology is definitely optimized for summer conditions, or perhaps mild spring weather. I must admit that extreme winter cold remains outside my comfort zone.’

    Depass prepares for her next professional engagement at New York Fashion Week, scheduled to commence on February 11, 2026, where she is expected to appear in multiple designer presentations.