JSE Group Q3 profit down 30% in subdued market
Published:Wednesday | December 3, 2025 | 12:05 AM
Jamaica Stock Exchange Limited reported flat revenues and a near 30 per cent dip in profit for the September third quarter, its first reporting period under new CEO Livingstone Morrison, whose appointment took effect September 8.
The group noted that its fortunes remain tied to increased investor and company activity, but that’s been largely elusive since the pandemic.
“We are mindful that significant improvement in financial performance will require investors and listed companies to be more active in the market,” said Morrison and Chairman Steven Whittingham in their report to shareholders of JSE Group. New services are being explored to diversify revenue streams, they said.
The last time the Jamaican stock market rose significantly was in 2018, when the JSE Main Index climbed 31.7 per cent, repeating the success of 2015 when it surged 97.4 per cent. Those periods placed Jamaica ahead of more than 90 other markets worldwide. Since then, however, gains have ebbed, with the pandemic weighing heavily and the main index losing value nearly every year thereafter – the exceptions being 2024 when the index increased by 3.1 per cent, and 2021, when the gain was a marginal 0.1 per cent.
For the three months ended September 2025, consolidated revenues held steady at $755.5 million, but net profit fell nearly one-third to $134.7 million, down from $194.9 million a year earlier. Profitability was pressured by lower cess income from trading, reduced fees from listed entities, and higher property and staff costs.
JSE highlighted ongoing initiatives to modernise trading infrastructure, expand regional partnerships, and strengthen governance.
New equity listings on the market have been sparse this year, with only one IPO, so far, that of Atlantic Hardware on the junior stock exchange, and an additional share offer by Tropical Battery Company. However, another IPO is pending, Dequity Capital, which comes to market on Friday. Other activity has been concentrated in the bond market.