• Spur Tree Spices Jamaica Limited (SPURTREE) and Salada Foods Jamaica Limited (SALF) both served up stronger quarterly earnings for the periods ended June 30, 2026. SPURTREE’s Q2 2026 net profit increased 38.6% year-over-year to $21.476Mn, while SALF’s Q3 2026 net profit rose 120.2% to $68.27Mn. While both companies' earnings were driven primarily by revenue growth, lower operating expenses provided an additional boost to SALF’s bottom line.
• SPURTREE’s revenue increased by 22.6% to $425.20Mn, driven primarily by higher production and sales volumes across several key product categories. Cost of sales increased at a slower pace of 19.3%, allowing gross margin to increase from 31.4% to 33.3%. Administrative and other expenses increased by a modest 2.6% to $95.18Mn, as management maintained a disciplined approach to expenditure despite inflationary pressures.
• Meanwhile, SALF’s Q3 revenue increased 16.1% to $443.44Mn, reflecting continued healthy demand for its products across domestic and export markets. In line with topline growth, cost of sales also increased, albeit at a slower pace (4%). As a result, gross profit margin expanded from 29.5% to 33.0%.
• SALF also benefited from a 1% decline in operating expenses to $58.80Mn. Contributing to this was a 29.1% decline in administrative expenses to $41.74Mn, reflecting the absence of the one-off redundancy costs incurred in the corresponding quarter last year. Selling and promotional expenses were also down by 8.6% to $17.53Mn, reflecting broader efficiency gains across overheads.
• The strong quarterly performance boosted their year-to-date (YTD) results. SPURTREE’s YTD net profit is now up 6.2% year-over-year to $35.81Mn. However, the increase was more modest than the Q2 outturn as weaker Q1 performance tempered the overall performance. In Q1, profit attributable to owners fell 21.3% to $14.33Mn even as revenue rose 10.6% to $371.89Mn. A 35.9% increase in administrative and other expenses to $78.59Mn and a swing to a $1.70Mn other operating loss also weighed on earnings. That shortfall absorbed much of the Q2 gain.
• SALF, also saw its most recent quarter boost its YTD (9M) results, with net profit up 40.6% year-over-year to $168.51Mn. The gain came despite a weak opening to the financial year due to Hurricane Melissa, which disrupted manufacturing and domestic distribution, depressing operating performance. Performance recovered thereafter, with net profit rising 77.2% to $68.08Mn in the March quarter, complementing the 120.2% in the June quarter.
• Looking ahead, SPURTREE’s strategy remains focused on expanding market opportunities, pursuing new avenues for growth, and enhancing overall business efficiency. Meanwhile, SALF aims to continue building on this operational momentum to deliver long-term value for shareholders, customers and community partners. However, while growth opportunities remain for both companies, unfavourable weather conditions could disrupt agricultural production and the availability of key raw materials, potentially increasing input costs and placing pressure on margins.
• SPURTREE’s share price has traded between $0.91 and $1.14 since the start of the calendar year and closed at $1.13 on August 10, 2026, unchanged from its December 31, 2025, closing price. At this price, the stock trades at a P/E of 18.2x, which is above the Junior Market Manufacturing sector average of 17.2x. Meanwhile, SALF declined by 17.6% to $2.63. At this price, the stock trades at a P/E of 12.5x, which is below the Main Market Distribution & Manufacturing sector average of 15.6x.

(Sources: JSE & NCBCM Research)

• S. Bryden & Sons Holdings Limited (ASBH) recorded a sharp decline in earnings for the second quarter ended June 30, 2026 (Q2 2026), with net profit attributable to stockholders falling 90.4% year-over-year to US$0.25Mn. The decline was largely due to a 6.8% decrease in revenues to US$139.80Mn.
• Management attributed the weaker performance to softer demand in its premium beverages and industrial equipment businesses in Trinidad and Tobago, alongside the prolonged recovery of Jamaica’s tourism and hospitality sector.
• Cost of sales declined 6.3% to US$100.87Mn, but gross profits still declined by 8.1% to $38.93Mn. Consequently, gross margin narrowed slightly from 28.0% to 27.8%. Operating expenses declined by 1.7% to US$33.35Mn, which was insufficient to offset the reduction in gross profit. As a result, operating profit fell 30.7% to US$5.91Mn. Finance costs also saw an uptick for the quarter of 16.4% to US$4.12Mn, which materially contributed to the lower earnings.
• The weak quarter carried through to the half-year. Revenue for the six months ended June 30, 2026 fell 6.5% to US$280.99Mn and, with operating expenses and finance costs both higher, YTD net profit attributable to stockholders declined 90.7% to US$0.47Mn. Notably, as a majority-owned subsidiary of Seprod Limited, ASBH’s weaker earnings could also weigh on Seprod’s consolidated results.
• Despite the weaker financial performance, management noted encouraging signs of stabilisation during Q2, driven by targeted management action, operational discipline and early benefits from strategic initiatives. The Group is accelerating investments in brand scaling and geographic expansion, centralised warehousing facilities in Trinidad & Tobago, Guyana and Barbados, and regional Centres of Excellence aimed at improving execution and reducing structural overhead.
• Looking ahead, a continued recovery in Jamaica’s tourism and hospitality sector, alongside improved demand for premium beverages and industrial equipment in Trinidad and Tobago, could support a rebound in ASBH’s revenues and earnings. However, persistent macroeconomic and regulatory challenges across the Group’s markets could temper the pace of the recovery.
• ASBH’s stock price has decreased by 20.9% since the start of the calendar year to close at $24.02 on August 10, 2026. At this price, the stock trades at a P/E of 30.6x, which is above the Main Market Distribution & Manufacturing average of 14.8x.

(Sources: JSE & NCBCM Research)

• Annual inflation in Latin America's second-largest economy hit 3.12% last month, INEGI said, ​down from 3.37% in June and the lowest since May ​2020. The reading matched expectations from economists in a Reuters poll ⁠and remained within the Bank of Mexico's (Banxico) target range of ​3%, plus or minus one percentage point.
• The data came after Banxico on ​Thursday kept its benchmark interest rate at 6.5%, extending a pause that began in June, saying that both headline and core inflation were still expected to decline ​over its forecast horizon but at a slower pace than previously ​anticipated.
• Headline inflation is expected to converge to 3% in the fourth quarter of ‌2027, ⁠according to the bank. "The key story here is that disinflation remains on track, but the final stage is likely to prove gradual," Pantheon Macroeconomics' chief Latin America economist Andres Abadia said in a note to ​clients.
• "Nothing in today's ​report changes our ⁠policy outlook. Inflation continues to evolve broadly in line with Banxico's expectations, supporting the board's decision to ​remain on hold," he added.
• According to the National Institute of Statistics and Geography (INEGI), consumer prices ​in July rose 0.03% from the previous month, matching economists' forecasts. Core inflation, which strips out some volatile food and energy prices, hit 3.95% in the ⁠12 months through July. On a monthly basis, ​core prices rose 0.23%. Economists in the Reuters poll had expected readings of 3.94% and ​0.22%, respectively.

(Source: Reuters)

• Barbados has collected more than $150m in additional corporate taxes under new global rules. Still, business leaders warned on Friday that unless public services are modernised quickly, the island risks losing companies to more efficient jurisdictions.
• The Qualified Domestic Minimum Top-up Tax alongside the Pillar Two framework – which establishes an effective 15 per cent tax floor for large multinational enterprises and a nine per cent rate for domestic companies – has delivered a dramatic boost to public finances.
• Barbados introduced the tax to align the tax system with international standards and protect its corporate tax base. The Pillar Two reforms, led by the Organisation for Economic Cooperation and Development (OECD), the grouping of the world’s richest nations, are part of a global shift to curb profit shifting by multinational companies.
• Central Bank data indicates that corporate tax collections linked to the global business industry have risen by well over BBD$150Mn. The Mottley administration views the extra revenue as providing the Treasury with crucial capital to strengthen social safety nets, expand regulatory bodies, and support direct economic relief for citizens. But the windfall has reopened debate over Barbados’ long-term competitiveness as an international business hub, raising questions about whether higher taxation could undermine the island’s appeal to multinational enterprises.
• Carmel Haynes, executive director of the Barbados International Business Association (BIBA), acknowledged that while the tax overhaul initially unsettled the offshore industry, overall investor confidence has proven resilient.
• According to Haynes, early predictions of a mass exodus of foreign capital have failed to materialise. Central Bank reports confirm that after an initial uptick in non-renewals when the reform was first announced, foreign currency permit renewals have stabilised, with major taxpayers choosing to maintain their operations on the island.
• The impact of the new regime varies across industries. Highly mobile corporate entities established primarily for tax minimisation have felt the greatest pressure. On the other hand, key areas such as captive insurance, where Barbados ranks among the top five domiciles globally alongside Bermuda, the Cayman Islands, and the US state of Delaware – have experienced minimal disruption.
• Haynes highlighted that many multinational firms choose Barbados for strategic advantages that outweigh baseline tax rates, including the island’s extensive network of double taxation treaties. These treaties provide legal protections for entities doing business in complex regional markets such as Cuba and Venezuela. In an environment where the 15 per cent global tax floor levels the playing field across participating nations, Barbados retains distinct operational advantages over its Caribbean neighbours, she noted, adding that operating costs in Barbados remain significantly lower for administrative and corporate setups than in higher-cost jurisdictions such as Bermuda and the Cayman Islands.
• BIBA is urging Barbados to strengthen its competitive position by improving administrative efficiency, speeding up business services, digitising CAIPO, and reducing bureaucracy, as tax advantages have narrowed and investor loyalty cannot be assumed; meanwhile, uncertainty remains over the long-term future of the OECD’s 15% global minimum tax.

(Source: Barbados Today)

• Record heat and droughts this summer - which scientists say are exacerbated ​by global warming - have wreaked havoc in power production, shipping and public health systems, while this wildfire season is on track to be Europe's biggest ever.
• Together, the hit to the region's economy can already be ‌measured in the hundreds of billions of euros, economists and academics estimate. But they warn this is just the beginning, as costs are set to rise faster than temperatures.
• Temperatures hit records in June and July, and the ​economic damage will likely exceed all previous marks, economists say. Traffic on the Rhine and the Danube rivers, key cargo arteries, is severely limited because of low water levels; more ⁠than a half dozen nuclear generators have shut or curtailed production due to cooling difficulties. Agricultural yield estimates have been cut with crops harvested late, such as maize and sunflower, suffering a 6-7% loss already in July 2026.
• Heat curtails human productivity and ​has already claimed tens of thousands of lives, with Germany alone reporting more than 10,000 heat-related deaths. Meanwhile, the costs of the emergency response, like fighting fires or curtailing power use, further stretch budgets.
• ING Bank estimates that the halt of traffic on the Rhine ​alone will lower the GDP of Germany, the world's third-largest economy, by 0.3 percentage points this year, while Hungary's MBH Bank sees a 0.1 percentage point GDP hit for every week the country's largest nuclear generator is offline.
• Allianz, the German insurer, estimates the two-week June heatwave alone will cut the GDP of Europe by 0.3 percentage points, and climate change will shave 5-7% off growth by 2030 for the most exposed economies like Spain, France and Italy. “The total bill for this year will be much larger," said Hazem Krichene, an economist at Allianz. "This figure ​doesn’t account for the fires, droughts, different flood events or the expected El Niño." Given that the euro zone is expected to grow just 1% this year, the hit is sizable.

(Source: Reuters)

• On Sunday, US President Donald Trump made clear that inflicting economic pain on Iran is part of Washington’s strategy. “We are only semi-negotiating with (Iran). We are just watching Iran with its huge inflation and the fact they have no money,” he said.
• President Masoud Pezeshkian has frequently warned of the social consequences of Iran’s economic meltdown, and even state media acknowledge the risk of renewed social unrest. As long as inflation, unemployment, declining purchasing power and a sense of inequality persist, “social discontent will continue to reproduce itself,” state news agency IRNA reported last month.
• Earnings are certainly not keeping up with inflation, according to government statistics. The rate of inflation for food has soared by nearly 130% over the past 12 months; the wages of low-paid workers have grown by less than half of that.
• The government has recently warned it may add to the pain by reducing gasoline subsidies, which would trigger a new wave of inflation and potentially lead to higher unemployment.
• Even a swift resolution of the conflict with the United States would take months to feed into a better economic picture, according to analysts. Tehran could secure “up to $20 billion of frozen assets, $8 billion a year from a US oil-sales license, and $5-10 billion a year from Strait of Hormuz fees,” according to the Eurasia Group, a think tank.
• The International Monetary Fund has projected that the Iranian economy will shrink 6% this year, largely due to lost output and physical damage caused by the conflict. At the scale of a national economy, that figure represents an enormous destruction of wealth and livelihoods.

(Source: CNN)

• Sister companies, LASCO Manufacturing (LASM) and LASCO Distributors (LASD), both opened FY2027 with stronger year-on-year earnings. LASM grew net profit by 9.0% to $674.11Mn, while LASD stole the spotlight with a 45.4% surge to $441.95Mn, supported by stronger revenue growth and improved margins.
• LASD took the lead on sales, with revenue climbing 16.1% to $8.44Bn, supported by strong demand across its food, home care & personal care, and pharmaceutical segments. Its export business also continued to gain momentum, underscoring the merits of the company’s diversification strategy. LASM also kept pace, growing revenue 7.2% to $3.13Bn buoyed by demand across its beverage portfolio.
• Importantly, both companies converted higher sales into improved gross profitability, as revenue growth outpaced the increase in cost of sales. LASM’s gross margin expanded by 67 basis points to 39.10%, supported by a more favourable sales mix and strategic price adjustments to offset higher supplier costs. Meanwhile, LASD’s gross margin widened by 95 basis points to 18.31%, helping gross profit increase 22.4%, compared with growth of 9.1% at LASM. The margin expansion across both businesses is particularly encouraging as it suggests that growth is being accompanied by improved pricing and product-mix economics rather than volumes alone.
• Growing the family business, however, came with higher operating costs. Operating expenses increased 15.8% at LASM, outpacing its revenue growth, as selling and administrative expenses rose amid continued marketing and promotional investment. LASD proved more efficient in this regard, with operating expenses increasing at a comparatively slower 8.3%, despite its 16.1% revenue growth.
• Similarly, finance costs increased across both companies during the period. LASM's finance expenses rose 1,098.6% to $19.11Mn, albeit from a very low comparative base of $1.6Mn. Meanwhile, LASD's finance costs more than doubled to $16.33Mn, driven by additional debt incurred to support its warehouse expansion strategy and enhance distribution capacity.
• Looking ahead, the LASCO sister companies remain positioned for further growth, though each is pursuing a slightly different path. LASM’s J$1.00Bn+ capacity investment should support greater factory automation production efficiency and regional export expansion, providing scope for stronger operating leverage as utilisation improves. LASD, meanwhile, continues to build on its expanded warehouse capacity, easing logistics pressures, broadening its presence in higher-margin pharmaceutical and healthcare categories, and carefully managing working capital to enhance shareholder value.
• Continued export expansion across the wider LASCO group also provides an avenue to diversify revenues beyond the domestic market. However, even the strongest families face challenges. The ongoing US-Iran conflict could drive oil prices higher and disrupt global supply chains, creating risks for LASM's raw material costs and LASD's reliance on imported goods.
• Despite LASD delivering the stronger earnings performance, the market has rewarded LASM more heavily so far this year. LASM’s stock has advanced 29.7% year-to-date, compared with just 0.9% for LASD, to close at $7.47 and J$3.41, respectively, on Wednesday, August 5, 2026. Even after LASM’s rally, however, both companies continue to trade below their sector benchmark. LASM trades at a P/E of 11.2x, while LASD trades at 10.0x, compared with the Main Market Manufacturing & Distribution sector average of 17.6x.

(Sources: JSE & NCBCM Research)

• One Great Studio Company Limited (1GS), has acquired the business of FarmHouse Creative Marketing Ltd, a Jamaica-based creative agency founded by Vanessa Henderson. The acquisition supports 1GS’s strategy of building a diversified portfolio of specialised marketing and communications agencies across the Caribbean.
• FarmHouse Creative brings established expertise in branding, creative direction, social media management, and strategic marketing, enhancing 1GS’s ability to provide broader end-to-end services to clients. The agency’s experience spans sectors including hospitality, real estate, consumer goods, and lifestyle brand.
• The acquisition has a total value of J$36Mn, inclusive of a performance-based earn-out arrangement that will be paid over a three-year period. This structure aligns the acquisition with future performance and continued growth of the FarmHouse brand within the 1GS group.
• Vanessa Henderson will continue to lead FarmHouse Creative following the acquisition, ensuring continuity for clients and maintaining the agency’s existing culture and identity. She will also serve as Director of Brand & Creative for 1GS, contributing her expertise to the wider group’s creative strategy and development.
• While retaining its name and operating as a distinct brand within 1GS, FarmHouse will benefit from access to the group’s broader team, technology, specialist talent, and resources. The agency will serve as 1GS’s dedicated creative, social media, and brand strategy arm while continuing to pursue independent client opportunities.
• The FarmHouse acquisition represents the third acquisition completed by 1GS as it continues expanding its portfolio of specialised agency brands. The group’s portfolio now includes High Voltage Digital, DRT Communications, and FarmHouse Creative, reinforcing its ambition to build a leading regional marketing and creative services platform.
• 1GS’s stock price has decreased by 32.1% since the start of the year to close at $0.24 on August 5, 2026.

(Sources: JSE & NCBCM Research)

• Banco de Mexico (Banxico) Mexico's central bank, held its benchmark interest rate at 6.50% on Thursday, ​extending a pause that began in June and pushing back the ‌timeline for inflation to return to target. This underscores the challenge of taming price pressures in Latin America's second-largest economy.
• This decision was ​in line with market expectations and said it would likely maintain ​the current setting for now. "Both headline and core inflation are still ⁠expected to decline throughout the forecast horizon, albeit more gradually than previously ​anticipated," the bank said in its policy statement.
• Banxico left its 2026 forecasts for ​both headline and core inflation unchanged at 3.5% but said headline inflation would now converge to its 3.0% target only in the fourth quarter of 2027, later than the second ​quarter of 2027 projected previously.
• This delay pointed to stubborn underlying price pressures as a key inflation risk. Other risks include possible trade disruptions, global conflicts, climate-related shocks, rising business costs and the chance of a weaker peso. It also said changes in U.S. policy and worsening international tensions were making the outlook harder to predict.
• Mexico's economy rebounded in the second quarter after contracting in the prior three-month period. Preliminary data released last week ⁠by statistics agency INEGI showed gross domestic product grew 1.5% ​in the second quarter from the previous quarter, after a 0.6% contraction in the first quarter.

(Source: Reuters)

• The 2026-2027 El Niño could affect jobs and livelihoods across the Caribbean, with agriculture, fisheries and tourism among the sectors most exposed to the climate phenomenon, according to a new report by the International Labour Organisation (ILO).
• El Niño is a naturally occurring climate pattern marked by unusually warm sea surface temperatures in the central and eastern Pacific Ocean. It can disrupt global weather patterns, bringing drought, heatwaves or excessive rainfall to different regions.
• The ILO says the Caribbean is among the regions expected to experience drought, water shortages and heatwaves during the 2026-2027 El Niño, putting agriculture, fisheries and tourism at particular risk.
• In a policy brief examining the likely labour impacts of El Niño across Latin America and the Caribbean, the ILO said the 2026-2027 event could reduce employment, lower incomes and worsen working conditions, particularly for informal workers, rural communities and people who work outdoors.
• The ILO also cautions that the effects of El Niño could extend beyond the workplace, contributing to food insecurity, higher food and energy prices, reduced productivity and an increased risk of child labour as vulnerable households struggle to cope. These pressures could be especially severe in the Caribbean, where high levels of informal employment leave many workers without access to social protection and other support mechanisms that help people recover from climate-related shocks.
• The ILO says the impacts are not inevitable, stressing that governments can reduce the risks by strengthening social protection, investing in climate-resilient infrastructure, improving occupational safety and health, expanding early warning systems and promoting social dialogue.

(Source: Barbados Today)