Proven Investments Limited, PIL, is projecting significant profit growth this year when its investment in financial conglomerate JMMB Group would be fully factored into its financials.

JMMB contributed US$1.3 million to Proven’s bottom line for the period ending March 2019.

“So JMMB at last year’s run rate would give nearly US$6 million,” said Christopher Williams, CEO of Proven Management Limited, the management company for PIL, in a reflection of what the investment could mean for Proven’s earnings for this financial year, which wraps up at end-March 2020.

For its financial year ending March 2019, Proven Investments made US$6.97 million in net profit attributable to owners of the company, representing ­double-digit growth of 22.6 per cent. Net revenue rose 4.3 per cent to US$37.72 million.

In December, PIL acquired a 20 per cent stake in financial conglomerate JMMB Group Limited for $9.2 billion. Six months later, that stake is worth over $13 billion, based on the share price movement. The acquisition resulted in PIL becoming the largest individual shareholder in JMMB. The stock has climbed from $28.25 per share at the date of acquisition to $39.37 as of Monday.

PIL also acquired a 20 per cent stake in Dream Entertainment, the entity that stages a series of parties on the north coast and operates the Xodus carnival road band. Williams sees the value of Dream as growing at least fivefold in the coming years. The company is valued at US$2.8 million, with PIL holding US$570,000.

“I think that festivals in Jamaica are still small. We think Dream can create an international-type festival for Dream Weekend and Xodus, where it will become a mega event attracting over 100,000 patrons. At that stage it would grow revenues by five to ten times what they are now. Now the company has the backing from PIL to take it to the next level,” said Williams.

PIL remains cash rich with over US$69 million, which it hopes to deploy in the coming quarters.

“We continue to hunt for deals, or we may pay down debt,” said Williams.

Proven Investments holds US$625 million in total assets, up from US$576.9 million a year earlier. Shareholder equity stands at US$115.7 million, up from US$107.4 million.





Leave a comment

Visit Our Offices

Kingston - Head Office
26 Belmont Road, Kgn. 5, Jamaica W.I.
Tel: +1 876 908 3800 1
Fax: +1 876 754 3802
Unit 5B Cobblestone Professional Centre, 1A Brumalia Road, Mandeville, Jamaica, W.I.
Tel: +1 876 625 0845 6
Fax: +1 876 625 0716
Montego Bay
Unit 11 Suite B, Fairview II Shopping Centre
Tel: +1 876 908 3800 2
Fax: +1 876 684 9804

PROVEN Wealth Limited (PWL) is one of the Caribbean’s premier wealth management companies, managing billions of dollars of assets on behalf of our institutional and individual clients. As a wholly-owned subsidiary of PROVEN Investments Limited, the Company is built on a strong capital base and track record of success.

PROVEN Wealth Limited is licenced and regulated by the Financial Services Commission (FSC) as a Securities Dealer; by the Bank of Jamaica (BOJ) as a Cambio and holds a broker/dealer license from the Jamaica Stock Exchange (JSE).

Copyright 2018. All rights reserved. PROVEN WEALTH Limited.