Barita in expansion mode
Fresh from doubling its profits for the just ended March quarter, stockbrokerage and investment firm Barita is on the move again with its expansion plans materialising.
The firm, which has the distinction of being the oldest stockbroking company in Jamaica, is set to open two new locations in Jamaica in New Kingston and Montego Bay. The new locations could be up and running as soon as next month.
The locations, which are now being outfitted, will house Barita’s new divisions, new team members and cater to new customers. In addition, Barita is now exploring more options regarding location at this time.
The management has indicated that Barita, which was founded in 1977 by Jamaica’s pioneering female stockbroker Rita Humphries-lewin, is open to inorganic growth opportunities like acquisitions as well as other opportunities.
Having etched its name among the most profitable investment and stockbrokerage firm in Jamaica at this time, Barita’s management is aggressively pushing for more capital deals in its drive to boost profitability and increase shareholder value.
The management has disclosed that more deal making business will be coming shortly while at the same time improving its digital engagement by updating the B O SS system and its website. During the quarter, Barita completed several capital markets deals including the landmark additional public offering (APO) for Derrimon Trading Company, which was the largest fund-raiser in the history of the Junior Market of Jamaica Stock Exchange, attracting more than $7 billion in subscriptions.
In the March quarter, Barita continued its profit performance into 2021 recording a 104 per cent jump in net profits of $2.06 billion for the half year period ended March 2021. This is coming from the $1.01 billion documented for the same period in 2020.
Net profit for the March 2021 quarter amounted to $1.04 billion compared to the $509.45 million booked during the March quarter last year. Profit before tax amounted to $2.57 billion for the half year up to March 2021 relative to a profit before taxation of $1.31 billion in 2020.
Total comprehensive income for the period more than doubled to $1.98 billion relative to $548.34 million posted in 2020 while for the quarter, total comprehensive income closed at $959.72 million coming from $297.70 million reported for the March 2020 quarter.