June 21, 2012
Jamaica Stock Exchange 35th Annual General Meeting (AGM)
(KINGSTON, June 21, 2012): The Jamaica Stock Exchange held its 35th Annual General Meeting (AGM) at its Head Office, 40 Harbour Street, Kingston on June 21, 2012. Mr. Donovan Perkins, Chairman welcomed all present and informed the shareholders that he was pleased to Chair his first meeting since being elected Chairman of the JSE.
Mr. Perkins told the shareholders present that he was pleased with the Jamaica Stock Exchange’s (JSE) performance as there was a 35% increase in profit over the 2010 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 Company’s performance for 2011 and operational plans for 2012 and beyond stated that inspite of the economic challenges the JSE saw an increase in operating income of 21%. The Company’s operating income moved from $232M in 2010 to $281M in 2011, which allowed the Company to increase profit from $37M in 2010 to $50M in 2011 a 35% increase in profit. There was also an increase in earnings per share from $0.30 to $1.20. Mrs. Street Forrest attributed the increased profitability to a diversification of the revenue stream which will also allowed the Exchange to survive in the difficult environment that is now being faced in the country. She further stated that, although volume traded on the markets declined; value traded increased, which boosted revenue.
Among the deliverables that were achieved in 2011 were;
Ø Increase in the number of companies on the Junior Stock Market
Ø The expansion of the JSE e-Campus
Ø The Launch of the US$ Equities Market
Ø Growth in Registrar & Trustee Services Divisions and
Ø Migration to new Trading & Settlement Platforms
The following goals were set for 2012/2013 period:
1. Develop markets, new products and services for customers, such as :
• Trading Government and corporate securities
• Fixed Income Instruments
• Futures and Options
• Exchange Traded Funds
2. Continue to rationalize & control expenditure
3. Development of Stock Market mobile application
4. Market data messaging services
5. Collaborate with Government & others in growing the equities market
6. Provide reasonable return to shareholders
In closing, the Chairman of the JSE, Mr. Donovan Perkins thanked all present for attending and told the shareholders that he hoped 2012 will be an even better year.
At the special Board Meeting held immediately after the Annual General Meeting Mr. Donovan Perkins was re-elected Chairman and Mr. Allen Lewis elected Deputy Chairman for the period 2012/13.
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CONTACT:
NEVILLE ELLIS
JAMAICA STOCK EXCHANGE
TEL: (876) 967-3271
FAX: (876) 924-9090
