Sunday, March 26, 2017

Finance: Barita's 1st Billion

Investment advisory firm Barita Investments, under its ageless founder and Chairman, Rita Humphries-Lewin, notched a major milestone for the financial year ended Sept 30, 2016: Barita achieved J$1billion in net operating revenues for the first time in its over 40-year history.

At the recent AGM, held at Kingston's Courtleigh Hotel, Chairman Lewin also announced that the company had made pre-tax profits of $341million  (adjusted to 207 million after taxes), a figure she described as "respectable and which manitains the company's track record of never having posted a loss since inception."

Barita also introduced 2 new FIxed Rate Portfolios in the year under review, one each in US and Jamaican currency, as it tracks the shift of larger investors away from the retail repo, though the new portfolios offer much of the traditional repo features.

Going into the new financial year, there's reason for continued optimism as Q1 figures show a pre-tax profit of J$44million, with revenues above the same period last year, and with funds under management increasing significantly.

In order to sustain this growth, the company will be investing heavily in IT and Risk management, even as it continues its corporate social responsibility commitments through the Barita Education Foundation,a J$21million annual commitment to early childhood education, aimed at improving literacy and numeracy skills at the first tier.

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