Financial conglomerate Proven Group Limited (PGL) recorded a US$895,000 loss for shareholders in the December quarter, compared with a US$1.1-million profit a year earlier, as Hurricane Melissa disrupted operations.
Proven said the quarter was defined by management “navigating a period marked by global economic transition, volatility, and the extraordinary domestic impact of Hurricane Melissa”.
For the nine months, however, profit totalled US$1.45 million attributable to shareholders on revenue of US$30.4 million, versus US$2.38 million on US$29.4 million a year earlier. PGL noted that its non-controlling interests reduce profit after tax.
“Despite these short-term setbacks, the group’s core operations, associate company contributions, and real estate development pipeline remain robust and well aligned with long-term strategic objectives,” the overview stated.
The group said the nine-month period presented an unusual mix of global and domestic headwinds, including Hurricane Melissa, which caused temporary business interruptions in foreign exchange operations located in Jamaica’s tourism corridor.
PGL focuses on financial solutions across several Caribbean markets through a portfolio of private equity, debt investments and real estate. It owns 24.7 per cent of Access Financial Services Limited, 20 per cent of JMMB, and 50 per cent of Barbados-based Roberts Manufacturing.
Total assets reached US$1.20 billion at December 2025, up 7.8 per cent from US$1.12 billion a year earlier, driven by expansion in investment securities, progress in property development, and higher loan receivables.
Looking ahead, PGL expects two new real estate projects — Sol Harbour and Bahari Phase One — to drive profit, starting in the March quarter. “These developments represent approximately US$61.7 million in expected closed sales and US$4.2 million in profits, marking an important milestone in Proven’s real estate strategy and providing significant revenue upside,” the group said.
Sol Harbour is a residential complex in Ocho Rios, St Ann, comprising two seven-storey buildings, while Bahari Phase One is an 83-unit gated community in Runaway Bay, St Ann.
luke.douglas@gleanerjm.com
