JMMB earns more profit, winds up Capital & Credit
The financial conglomerate JMMB Group Limited made net profit of $2.3 billion at year ending March 2016, up 12 per cent from $2.05 billion.
On a per share basis, the financial conglomerate controlled by the Duncan family made $1.39 compared to $1.18 the previous year.
Concurrently in March 2016, JMMB Limited transferred direct ownership of Capital & Credit Financial Group Limited (CCFG) to JMMB Group Limited.
JMMB wrapped up its $4-billion cash-and-shares acquisition of CCFG and its subsidiaries in 2012. All of CCFG's assets and liabilities have now been merged with the parent company.
"Consequently, JMMB Merchant Bank Limited and JMMB Money Transfer Limited became wholly owned subsidiaries of JMMB Group Limited. Capital & Credit Holdings Inc and Capital & Credit Financial Group are being wound up," stated the group in notes accompanying the audited financials.
The move was part of JMMB's reorganisation which started in April 2015 under a court-approved Scheme of Arrangement. The company was delisted from the Jamaica, Barbados and Trinidad & Tobago stock exchanges then, simultaneously, the ordinary shares of the new ultimate parent company, JMMB Group, were listed on those exchanges.
JMMB Group earned $11.4 billion in net revenue in FY2016 compared to $10.3 billion a year earlier.
Its cash holdings grew to $25.5 billion from $18.7 billion in the period. The company holds equity of $22 billion from total assets of $230 billion.