Yearbook Yearbook JAMAICA STOCK EXCHANGE 1 YEARBOOK 2019 JAMAICA STOCK EXCHANGE 2 YEARBOOK 2019 Table Of Contents MESSAGES 4 Welcome Message from the Chairman of the JSE 5 Message from the General Manager - JSE 6 Milestones of the JSE over the Years 9 JSE Corporate Highlights Year in Review 2019 16 Regulatory and Market Oversight Division Report Year in Review 2019 19 Stock Market Review - Economic Overview and Stock Market Performance STOCK 30 A Five Year History of Trading Activity MARKET 38 Month-End Stock Price Quotations ACTIVITY 45 Year-End Stock Price Quotations 50 Annual High & Low Stock Prices STOCK 54 Monthly Volumes and Values MARKET 58 Monthly Index DATA 59 Trading Averages 61 Top Twenty Companies: By Market Capitalisation, Volume and Value 62 Top Ten Companies: By Volume and Value 63 Twenty Most Active Stocks & Block Transactions for 2019 64 A Five-Year Dividend Summary 66 Bonuses, Splits and New Issues: A Five Year History COMPANY 68 Corporate Data: Issued Capital, Par Value and Due Dates PROFILES & 71 Top Twenty Companies: By Sales, Pre-Tax Profit and After-Tax Profit PERFORMANCE 73 Corporate Profit Profile: 2019 vs. 2018 74 Monthly Trading Volumes and Values 87 Understanding Terms and References 88-182 Corporate Information and Financial Data 183 Brokerages & Contact Information 184 Index to Advertisers 185 Acknowledgment The Jamaica Stock Exchange Yearbook is published annually by the Jamaica Stock Exchange, 40 Harbour Street, P.O.Box 1084, Kingston, Jamaica. Telephone: (876) 967-3271/Fax: 924-9090. Visit us at: www.jamstockex.com Copies of the Book may be obtained by contacting the Jamaica Stock Exchange. Editor: Neville Ellis, Cover Design & Book Layout: Richard Paisley. JAMAICA STOCK EXCHANGE 3 YEARBOOK 2019 Welcome Message Chairman, Jamaica Stock Exchange t is with a sense of pride that I write my first report as Chairman to you, our Readers, of the Jamaica Stock Exchange's (JSE) Year Book. 2019 was a year for achieving milestones I for the Jamaica Stock Exchange (JSE); a year in which revenue grew 28% year over year increasing to $1.8 billion from $1.4 billion. Net Profits climbed to another record level of $625 Million, an increase of 52% from $410M in 2018. Total Equity increased to $1.1B from $0.9B, a 19% increase, while earnings per stock moved to $0.74 from $0.59, a 25% increase. Our performance this year called for recognition, and this we did as part of our 50th-anniversary celebrations. In mid-January of 2019, the JSE earned the distinction by Bloomberg as the “Best Performing Exchange” in 2018 and the Exchange that had given the Best Returns to investors over the last five years of over 500%. The success of the JSE was celebrated by the Canadian Securities Commission (CSE), with a Bell Ringing ceremony, when the JSE visited Toronto in August. The celebratory mood continued with the raising of the Jamaican flag at the New York Stock Exchange. 2019 Global Performance Trade tensions dominated the news and equity market narrative in 2019 until a thaw in U.S. trade tensions with its top trading partners. This shift resulted in equities moving sharply higher into year's end. Not to be understated is the positive impact the 180- degree policy shift, from various central banks, most notably the U.S. Federal Reserve (Fed), had on equities and bond yields. According to Bloomberg the JSE continued to maintain its place among the top exchanges in the world coming in 5th position for 2019 when ranked by performance relative to the other 94 national benchmarks tracked world-wide. Jamaica successfully concluded its economic reform program in 2019, which was supported by a US$1.66 billion Stand-By Arrangement from the International Monetary Fund (IMF). The Government was steadfast in implementing the necessary structural and fiscal reforms, which resulted in a stronger economy. Congratulations are in order to the Government of Jamaica, for staying the course of divesting state assets through the Stock Market, which has allowed for increased inclusivity and greater transparency. They did this by bringing one of the biggest IPOs in history to market, that of Wigton Windfarm. Wigton attracted over 32,000 participants with bids totalling in excess of JA$14 billion in response to the Government’s need to raise $J5.5 billion. There was also an all-time low unemployment rate and a significant reduction in public debt. Unemployment fell to a low of 7%, and the Debt to GDP ratio fell below 100% for Mr. Julian Mair the first time in approximately 20years. Chairman With these positive indicators in the Jamaican economy, and buoyed by an increased Jamaica Stock Exchange level of consumer and investor confidence, the majority of Listed Companies posted significantly impressive performances resulting in the consistent growth in the Markets. As I pen this message, I reside on an Island as a small part of a World that is grappling with the Covid 19 pandemic, racial inequity and the uncertainty of our individual and shared futures. I sit here confident that the challenges that have presented themselves, have only served to make us stronger as a people and to help humanity embrace what is precious to each of us individually and collectively. My optimism in these uncertain times extends not just for our Country but also for our beloved JSE, which must remain and improve on our stellar work to act as a critical component in our economy and our society, connecting those with needs with those who are interested, motivated and able to help. Thank you! JAMAICA STOCK EXCHANGE 4 YEARBOOK 2019 Welcome Message Managing Director, Jamaica Stock Exchange was our Golden Anniversary during which we created more exciting news in the market which we wish to share with you as you leaf through 2019the pages of this year's informative Yearbook. Our journey over these many years has been memorable and so as we shared those spills, thrills and progress with you in the past and currently through this latest edition, we are looking forward to another exciting 50 years of serving our stakeholders, our country while expanding our footprints on the world's stage. As the Jamaica Stock Exchange (JSE) continues to grow and to receive heightened recognition internationally, we are committed to ensuring that the JSE remains visible and attractive on all frontiers, locally and globally and that we continue to have this outlet so that as you contribute to our success, you can equally share in the progress. This Yearbook comprises so many different and intricate parts in keeping with the varied products and services we offer so that you, our readers and stakeholders comprised of companies, investors, suppliers, students, academia and advertisers can feel a part of who we are as you turn the pages of this special edition. We acknowledge your contributions which have been woven into this publication and which have served to improve our product. We will continue to innovate and streamline so that we can be of an invaluable choice to spur industry and economic growth. Our record of activities supports our steady yet phenomenal performance. We have built up four distinct investment markets: Main Market, Junior Market, US Dollar Market and the Bond Market and through these pages you can read not only of their performance but the performances of the indices relating to these and new indices created. The JSE and our subsidiary have invested heavily in smart technology and have consistently improved on our best effort through a continuous quest and a commitment to serving you better. As you read, we wish that you bear in mind that the positive outcomes that are shown in this book would have been aided by our Trustee Services, a subsidiary of JCSD, which provides efficient Corporate Secretarial Services, making functions of Trust and fund management and security of collateralization less complex for corporate customers and importantly, secured. We have built up a solid market education e-Campus, with accreditation by the University Council of Jamaica and other internationally recognized best standard gatekeepers in Professional Development Courses. All market participants from captains of industry to newbies in the financial arena are enabled through the JSE e-campus and are ably assisted as from year to year they gather information from this annual publication. We are in the business of wealth creation and we take pride in presenting the 2019 Edition of our Yearbook. We say to you, our Readers, your support and feedback has greatly assisted us in where we are. With this, we say thanks and look forward to your continued support over the next 50 years and beyond. To our advertisers, we could Mrs. Marlene Street Forrest never have done it without you, as your support makes our Year Book free of cost to all Managing Director our users. Jamaica Stock Exchange JAMAICA STOCK EXCHANGE 5 YEARBOOK 2019 Milestones of the JSE Over the Years 2019 2017 May 6, 2015 1. JSE officially began a year-long 1. 12 Securities Listed Launch of Online Trading Platform. celebration of its 50th Anniversary on 2. For the first time, the market Sunday, February 3, 2019, with a Church Service at the historic East Queen Street capitalisation for the Combined December 2015 Baptist Church in Kingston. Market surpassed the trillion- Launch of Jamaica Depository Receipt 2. The inaugural hosting of Market Meets dollar mark, closing at J$1.2 the Market by the Sea was held on trillion at the end of December. platform. Thursday, February 7, 2019. 3. The JSE’s 1st ‘Welcome to Kingston’, 5K 3. The Main Market reached the Run/Walk was held along the Kingston trillion-dollar point in market Waterfront, Downtown, on Sunday, July capitalisation, also growing to 14, 2019.