Barita Investments has announced profits of $4.1billion Jamaican dollars or USD$26.3 million for the fiscal year ended September 30, 2021
In the Jamaican company’s financial report for the period, Barita’s Chairman Mark Myers hailed the performance of the company given the continued challenge of the COVID-19 pandemic.
“Despite the difficult operating environment the group produced, net profits for the financial year of $4.1 billion. The outturn for the year was the collective result of the tireless efforts of the teams at Barita and Cornerstone with critical and unwavering support provided by the boards of directors and shareholders of both companies,” said Myers.
He said the year proved pivotal for the company, as he stated “we made further tangible progress towards our ultimate objective of changing the lives of ordinary grassroots Jamaicans and Caribbean people through democratising wealth and delivering an unparalleled customer experience in line with the objectives assess out in the prospectus for our September 2020 additional public offer, much of the year was spent on advancing the group’s ‘Digital First’ agenda, further expanding our presence in the investment banking arena, extending our footprint across the island and establishing our alternative investment platform.”
This progress Myers noted was highlighted by the over subscription of a September 2021 Additional Public Offering, which Myers said solidified the company.
“Barita decided to return to the capital markets for funding and was able to complete another significant Capital raise via and oversubscribed APO in September 2021, which raised an additional $10.8 billion in permanent capital from over 3,000 subscribers,” he said.
“This latest capital raise is our fourth successful raise in the last three years and has left the organisation stronger, safer, and more capable to create differential value for our customers, shareholders staff and the community.”
The Jamaican traded company has been in the local news recently as State owned First Citizens is a six per cent equity holder in the company having bought shares through its wholly owned subsidiary First Citizens Investment Services (FCIS).
It also recently loaned Cornerstone, a private group of investors and the major shareholder of Barita US $24 million which raised eyebrows in T&T and the Parliament.