Proven to book US$61.7 million from real estate developments
Published:Friday | January 2, 2026 | 12:08 AM
Financial services firm Proven Group Limited (PGL) expects to earn US$61.7 million in revenue from the sale of its real estate units in St Ann, which would build on its half-year performance.
“The group’s performance is still set to benefit from the completion and handover of two major real estate developments by Proven Properties – Sol Harbour in Ocho Rios and Bahari Phase 1 in Runaway Bay. These projects are expected to generate US$61.7 million in closed sales and US$4.2 million in profits, which will be booked within the current financial year, with other major projects in the pipeline for completion next year,” the report continued.
Proven operates a suite of financial services, including wealth management, banking, property and private equity services.
The SoL Harbour residential complex will comprise two towers, each with seven-storeys, inclusive of 140 studio units and 12 two-bedroom apartments. The Proven Properties website lists the starting price at US$294,000.
The other project, Bahari Phase 1, is a mix of 83 townhomes and villas being developed in partnership with Skillex Development Ltd.
The group is upbeat about the impact of the two developments on its overall revenue, as both are nearing completion, with unit sales expected to commence during the current fiscal year.
“These projects represent significant revenue opportunities in coming quarters as the group transitions from development to sales phase,” the report said.
PGL’s profit for the quarter ending September 30, 2025 rose by 59 per cent to roughly US$5.0 million, compared to the same quarter last year. Key factors for profit growth included the stabilisation of funding costs and portfolio management yielding US$2.6 million in fair value gains.
Looking year to date, PGL shareholders registered US$2.3-million profit for the six months ending September 30, 2025 as the first quarter suffered losses. Still, its six-month performance bettered year-earlier levels by 80 per cent, when the company reported US$1.3-million profit. Higher profit came despite a modest decline in revenue, which totalled US$27 million.
“The Group maintains strong capital levels, a diversified portfolio, and a clear, long-term strategy. As financial conditions stabilise and long-term investments begin to bear fruit, we expect our businesses to deliver enhanced value for shareholders,” the report stated.
Proven’s total assets were US$1.18 billion up to the review period.
“The recent passage of Hurricane Melissa, while not expected to significantly impact the Group’s financial performance, has caused severe devastation across Jamaica’s western and southern regions,” stated the company.