#investing #realestate #jamaica #caribbean

JMMB Group CEO Keith Duncan expressed optimism about the company's real estate business prospects during its annual general meeting held at Jamaica Pegasus on September 23, 2024. He highlighted that JMMB has been monetizing its land bank, built up over several years, and that this new business line is expected to deliver solid results. One notable achievement includes the completion of a four-story building in Liguanea, Kingston, which will house the digital banking operation on the ground floor while leasing the remaining floors to other businesses.

The move to invest in real estate is part of JMMB's strategy to diversify revenue streams amid challenging market conditions in Jamaica. Duncan pointed out that rising interest rates and reduced liquidity, due to actions by the Bank of Jamaica, have pressured the company’s commercial and investment banking segments. Despite these hurdles, JMMB Group achieved $11.8 billion in profitability for the 2023/2024 fiscal year, with a return on equity of 25%. This focus on real estate aims to counterbalance declining profit margins in traditional banking operations.

JMMB Group Limited is traded on the Trinidad and Tobago Stock Exchange (TTSE), ticker symbol: JMMBGL

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