(KINGSTON, June 21, 2013): The Jamaica Stock Exchange held its 35th Annual General Meeting (AGM) at its Head Office, 40 Harbour Street, Kingston on June 20, 2013. Mr. Donovan Perkins, Chairman welcomed all present and informed the shareholders that he was pleased to Chair his second meeting since being elected Chairman of the JSE.
Mr. Perkins told the shareholders present that he was extremely pleased with the Jamaica Stock Exchange’s (JSE) performance as there was a 279% increase in net profit over the 2011 period. He then asked Mrs. Marlene Street Forrest, General Manager of the JSE to give an overview of the company’s performance.
Mrs. Street Forrest in her overview of the Group Company’s performance for 2012 and operational plans for 2013 and beyond stated that although there were economic challenges, the JSE saw an increase in operating income of 93%. The Company’s operating income moved from $281M in 2011 to $542M in 2012, which contributed to the JSE Group’s net profit increasing from $34M in 2011 to $129M in 2012 an increase of 279% in net profit. Mrs. Street Forrest told the audience that although most of the Exchange’s revenue came from trading fees she also attributed the increased in profitability to a diversification of the revenue streams for both the company and its subsidiary, which enabled the Exchange to survive in a difficult economic environment.
Among the deliverables that were achieved in 2012 were;
Ø Increase in the number of companies on the Junior Stock Market
Ø Sale of Member Dealer License
Ø Progress made towards listing of JSE’s Ordinary Shares
Ø Progress made in Business Process Improvement and Document Management
Ø Progress in Business Continuity Plan (BCP)
The following goals were set for 2013/2014 period:
1. Listing of the JSE’s Ordinary Shares
2. Concentration of effort at marketing the JSE.
3. Developing markets, new products and services for our customers such as:
• Trading Government and corporate securities
• Fixed Income Instruments
• Depository Receipts
In closing, the Chairman of the JSE, Mr. Donovan Perkins thanked all present for attending and told the shareholders that he hoped 2013 will be an even better year.
At the special Board Meeting held immediately after the Annual General Meeting Messer Donovan Perkins and Allan Lewis were returned as Chairman and Deputy Chairman respectively and Mr. Steven Whittingham was elected to the JSE Board subject to the FSC’s approval.
