An­drea Perez-Sobers

Se­nior Re­porter

an­drea.perez-sobers@guardian.co.tt

The JMMB group is ex­pect­ing a re­cov­ery in 2024 in the T&T mar­ket, fol­low­ing re­sults for 2023 that were less than ex­pect­ed.

Dur­ing the JMMB Group Ltd’s in­vestor brief­ing yes­ter­day, it was re­vealed the group re­port­ed a prof­it of J$11.8 bil­lion or US$75.8 mil­lion.

JMMB’s chief fi­nan­cial of­fi­cer Patrick El­lis con­firmed that the group was af­fect­ed by high in­ter­est rates around the globe.

“As a re­sult, our net in­ter­est in­come was im­pact­ed, year-over-year, mov­ing from J$11.18 to J$9.16 bil­lion, re­flect­ing a 18 per cent dip.”

Fur­ther, El­lis said the mar­ket sen­ti­ment neg­a­tive­ly com­pressed for­eign ex­change gains, which took the hard­est hit with a 48 per cent de­cline com­pared to the pri­or year, to­talling, J$1.75 bil­lion; while fees and com­mis­sion in­come al­so saw a mar­gin­al de­crease, from J$3.02 bil­lion to J$2.97 bil­lion,” he ex­plained.

Al­so speak­ing, group chief ex­ec­u­tive Kei­th Dun­can not­ed that while the TT mar­ket was prof­itable, the group’s in­vest­ment seg­ment was af­fect­ed by the TT Stock Mar­ket, which he ex­pects will re­bound.

“In Trinidad, we do ex­pect that we will con­tin­ue, our prof­itabil­i­ty will con­tin­ue, we ex­pect that we will see a turn­around in the in­vest­ment busi­ness line. We ex­pect a rea­son­able per­for­mance out of Trinidad,” Dun­can said.

Delv­ing fur­ther in­to chal­lenges, Dun­can not­ed that de­spite the pre­vail­ing un­cer­tain­ties and chal­lenges in the glob­al econ­o­my, JMMB re­mains con­fi­dent in its strat­e­gy to nav­i­gate the en­vi­ron­ment and cap­i­talise on emerg­ing op­por­tu­ni­ties to dri­ve prof­itabil­i­ty and win-win part­ner­ship for its stake­hold­ers.