Saturday, November 16, 2013 marked another milestone in the life of Paramount Trading (Jamaica) Limited. The Company was admitted to the Junior Market of the Jamaica Stock Exchange on December 31, 2012, and less than a year later was hosting its first Annual General Meeting of Shareholders. The event, which took place at the Knutsford Court Hotel, began with breakfast and had an almost festive air.
The year-end results, Annual Report, and performance for the First Quarter were previously published and highlights of the AGM were primarily up-coming events and a dividend announcement. The results can be viewed on this web page or at www.jamstockex.com. Revenues were up by 4.6% over 2012 and although there was a small decline in profit before taxation, earnings per share rose by 26% from $0.43 in 2012 to $0.54 in 2013.
(From left to right) Board Chairman Radcliff Knibbs, Company Secretary Rowena Buddington, Mentor Sharon Donaldson-Levine, Managing Director Hugh Graham, Directors James Lechler, Daryl Fong Kong and Richard Rogers.
The Company attributed its operations success to dedicated staff, loyal customers, industry partners and, of course, the shareholders. Although performance was affected somewhat by external challenges such as scaling down of some local business entities and closures in other instances, the Company implemented measures such as a broadening of the product offering and strengthening of the management team through several senior level appointments, to help in countering these external factors.
It was reported at the AGM that the Managing Director and other engineering personnel made some overseas visits in furtherance of the evaluation of possible opportunities for expansion. Locally there were plans which should increase local manufacturing and facilitate expansion into the Caribbean region.
With regard to the routine business of the AGM, Resolutions were proposed, received and adopted for :
– Directors’ Report and Audited Accounts
– Re-election of Chairman
– Re-election of Directors
– Re-election of one Director retiring by Rotation
– Approval of Fees paid to Directors
– Appointment of Auditors
– Resolution to declare dividends
Paramount’s year-end was exactly five months following the Company’s entry to the Junior Market of the Jamaica Stock Exchange. The Company was pleased to declare a dividend of $0.135/share, for payment on December 13, 2013 to Shareholders on record at November 29, 2013.
Managing Director Hugh Graham with Carl Wolfe and Junior Arnold of the Penwood High School.