• Supreme Ventures Limited (SVL) posted a 48.7% increase in shareholder profits to $555.03Mn for Q3 2025. The growth was primarily driven by an expansion in total gaming income, which outpaced direct operating expenses.
• Total gaming income grew by 9% to $13.96Bn, supported by an 18.6% rise in income from fixed-odd wagering games and a 3.6% increase in revenue from non-fixed-odd wagering games, horse racing, and pin codes.
• Direct costs grew marginally slower, up 8.1% to J$10.79Bn. Consequently, gross profits improved by 11.7% to $3.16Bn and gross margins widened from 34.3% to 37.0%, indicating the company is better managing input costs as it grows its revenues.
• The growth in gross profits also outpaced operating expenses (+4.3%), resulting in a 32.8% improvement in operating profit relative to Q3 2024. Of note, selling, general, and administrative expenses declined by 8.7% due to the company’s ongoing cost optimisation strategies. Consequently, operating margins ended the quarter at 11.5% from 8.9%. Lastly, finance costs (+13.13% to $0.22Bn) grew more slowly than operating profits, which also supported higher shareholder profits and a widening of net margins, from 2.9% to 4.0%.
• SVL’s Q3 performance helped to offset a 41.56% slip in Q1 20251. As a result, 9M 2025 earnings are up 9.1% to $1.85Bn. Q1’s earnings decline was largely driven by a disproportionate spike in operating expenses despite higher revenues.
• Looking ahead, SVL could face significant operating pressures due to the impact of Hurricane Melissa, which ravaged the Western Section of the island. In 2024, Hurricane Beryl and Tropical Storm Rafael had a notable one-off impact on third and fourth-quarter revenues, with the company estimating a $1.00Bn loss in gross ticket sales due to damage sustained by retail networks in Clarendon, Manchester, St. Elizabeth, and Westmoreland. Due to the wider scale of damage relative to Beryl, along with the projected longer downtime of electricity and lottery terminals in the affected parishes, SVL could face losses in excess of the $1.00Bn this time around.
• The company, however, noted that it has, to date, restored 60% of its lottery terminals after Hurricane Melissa forced a temporary shutdown of its operations and that the remaining capital from its recently concluded $5Bn debt issuance has placed it in a much better position to withstand the disruption.
• At the market close on Wednesday, November 5, 2025, SVL’s stock price was J$17.59, down 28.9% since the start of the year. At this price, SVL trades at a P/E of 23.8x, which is above 13.05 for the Main Market average.

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¹Q1’s earnings decline was largely driven by a disproportionate spike in operating expenses despite higher revenues.

• Jamaica’s Prime Minister, Dr. the Most Hon. Andrew Holness, on November 4, 2025, noted that last week's Hurricane Melissa caused US$6Bn to US$7Bn in damage to homes and key infrastructure, roughly equivalent to 28% to 32% of last year's gross domestic product (GDP). Holness noted the estimate was conservative, based on damages assessed so far, and short-term economic output could decline by 8% to 13%.
• He also announced that donations to the Government of Jamaica's Hurricane Melissa Relief Fund have exceeded US$1Mn (J$170Mn), an improvement on the US$728,000 and J$38Mn reached on November 2nd, according to Minister of Education, Skills, Youth and Information, Dr Dana Morris Dixon. The government noted that all funds collected will be directed toward emergency relief, housing reconstruction, healthcare support, and long-term economic recovery.
• Outside of this, under an MP-driven support programme, J$10Mn will be allocated to each constituency in the parishes most severely affected by the hurricane, including St Elizabeth, Hanover, St James, Westmoreland, Manchester, and Trelawny. Constituencies in St Ann and Clarendon will receive J$5Mn each, while all other constituencies across the island will receive J$3Mn.
• In terms of recovery efforts, the Jamaica Public Service Company (JPS) reported that 206,000 of its 550,000 customers have had their power restored. The Government has also tasked JPS with examining the feasibility of relocating sections of its electricity grid underground as it undertakes restoration work in the aftermath of Hurricane Melissa. The National Water Commission (NWC) has also restored access to 65% of its customer base and is aiming to restore access to 80% before the end of the week.
• In addition, the prime minister revealed that the National Housing Trust (NHT) has activated a comprehensive support package for its contributors and mortgage holders affected by Hurricane Melissa. This includes a six-month moratorium on mortgage payments for persons in the worst-affected parishes; a special home improvement loan of up to J$3.5Mn at an interest rate of 2%; and a special grant of up to $500,000 to contributors whose homes, or those of their immediate family members, were damaged by the hurricane.
• While the full extent of Hurricane Melissa's impact is still being assessed, authorities say the road to recovery will be long, but the nation's resilience and unity will guide the rebuilding process.

(Sources: JIS and Reuters)

• The United States is providing US$24Mn in emergency assistance for Jamaica, Haiti, the Bahamas and Cuba after the countries were hit by Hurricane Melissa last week, the State Department said.
• The department deployed teams to help with the emergency response and assess humanitarian needs after the Category 5 hurricane sowed widespread devastation, cut off communities and killed at least 50 people across the Caribbean. The Trump administration has now authorised $12Mn assistance for Jamaica, $8.5Mn for Haiti and $500,000 for the Bahamas, the State Department stated.
• Another $3Mn was authorised for Cuba and is being distributed with the help of the Catholic Church, after Secretary of State Marco Rubio issued a declaration of humanitarian need for the country and said Washington would seek to deliver aid directly to the country's people.
• President Donald Trump has taken a hard line toward the communist-run island. His administration said it would enforce a ban on U.S. tourism to Cuba while supporting an economic embargo of the country. The State Department is working with the church to ensure it can get access to U.S.-funded supplies to distribute to the people of Cuba, the official said. The Cuban government has not requested assistance from Washington, the official added.
• Hurricane Melissa is the largest natural disaster to hit the region since President Donald Trump's administration dismantled the U.S. Agency for International Development earlier this year. Disaster response is now managed by the State Department, which has sent Disaster Assistance Response Teams to several countries to coordinate the aid response and deployed specialist Urban Search and Rescue teams to Jamaica.

(Source: Reuters)

• Guyana’s economy continues a trajectory of strong, broad-based economic growth, underpinned by sustained expansion in the oil and gas sector, alongside robust performance across the non-oil economy. At the end of the first half of the year, it is estimated that Guyana’s overall economy grew by 7.5%, and the non-oil economy by an estimated 13.8%, representing the fifth successive year of expansion in the non-oil economy at the half-year, following the contraction in 2020.
• Based on the developments in the first half of the year, real GDP growth for 2025 has been revised upward to 15.2% overall from 10.6%, and 13.9% for non-oil real GDP, up from 13.8%
• The agriculture, fishing and forestry sector grew by an estimated 9% in the first half of the year. This was driven by growth in other crops, rice growing, livestock, forestry and sugar. Under the extractive industries, the mining and quarrying sector is estimated to have grown by 5.9% in the first half of the year due to increased output across all subsectors, including bauxite, gold, other mining, and oil and gas.
• The manufacturing sector is estimated to have grown by 26.8% in the first half, driven by growth across all subcategories, with the sector now projected to grow by 14.9% this year.
• Meanwhile, the services sector is estimated to have expanded by 6.6% in the first half of the year, primarily supported by growth in wholesale and retail trade and repairs, administrative and support services, financial and insurance activities, professional, scientific and technical services, information and communication, while the overall 2025 growth target for services is now 8.6%. Additionally, the construction sector is estimated to have grown by 29.9% in the first half of 2025, supported by the government’s expanded public sector investment programme, along with robust private sector investments across several sectors. With this, the sector is now expected to grow by 26.2% in 2025.
• The 2025 Mid-Year Report confirms that this Government, led by President Ali, is committed to sustaining high growth, while maintaining fiscal discipline and safeguarding Guyana’s long-term stability, with aggressive efforts to implement its ambitious policies and programmes.

(Sources: Department of Public Information, Guyana and Caribbean News Global)

• Overall U.S. household debt levels increased modestly in the third quarter as borrowing in some form of trouble stabilised and student loan woes increased, the New York Federal Reserve said on Wednesday.
• As part of its latest report on borrowing in the economy, the regional Fed bank said overall borrowing for the third quarter rose 1.0%, or US$197.0Bn, from the second quarter, to US$18.6T. From a year ago, total borrowing was up US$642.0Bn.
• Most categories of borrowing increased relative to the second quarter: Mortgage balances were up US$137.0Bn to US$13.1Tn, credit card balances were up US$24.0Bn to US$1.23Tn and student loans increased by US$15.0Bn to US$1.65Tn. Auto loan borrowing was stable, reported at US$1.66Tn.
• In a call with reporters, a New York Fed researcher added that "if you look at household balance sheets, overall, in the aggregate, they look pretty good, pretty strong." However, the researcher added that the current state of the economy, which has seen a softening in the labour market, could be an issue going forward. "The big question is, we are seeing some increases in the unemployment rate, especially amongst younger borrowers and as well as Black and Hispanic borrowers, so whether that will translate into a kind of a restart of an increase in delinquency rates, we have to see."
• The New York Fed's report said that during the third quarter, some 4.5% of all debt was in some form of trouble. Accounts just getting into trouble were mixed across borrowing types, while the share of those getting into serious distress was up across borrowing types outside of mortgage balances. Student loans, which have been troubled for some time after borrowers were forced to start repaying them, remained a source of trouble and showed the largest transition into serious delinquency during the quarter.

(Source: Reuters)

• The Bank of England kept borrowing costs on hold on Thursday but a narrow vote and signs that Governor Andrew Bailey might soon join those seeking a rate cut keep the door open for a move after the government's budget later this month.
• Mindful of Britain's still high headline inflation rate, the nine-strong Monetary Policy Committee voted 5-4 to keep the central bank's benchmark Bank Rate at 4.0%, the BoE said. Most economists polled by Reuters last week had predicted a 6-3 decision by the MPC to leave Bank Rate unchanged.
• While Andrew Bailey, Governor of the Bank of England, was among those who decided to keep borrowing costs unchanged, he was the only one of the five who felt that overall inflation risks had moved down. However, he felt there was "value in waiting for further evidence" of this in upcoming economic developments this year, the BoE said.
• Britain's inflation of 3.8% remains the highest among the Group of Seven major advanced economies and the BoE's benchmark interest rate is double the European Central Bank's, adding to the challenge for the government to speed up the economy. However, inflation unexpectedly held steady in September and recent jobs data have also hinted at weakening price pressures.
• The MPC said it believed inflation had peaked and would fall in data for October and November as weaker economic growth and a worsening jobs market took their toll on demand. Thursday's decision represented the first pause in the BoE's already-gradual, once-every-three-months pace of rate cuts, which started in August 2024.
• The BoE forecast that inflation would remain above its 2% target until the second quarter of 2027 - the same as in August - although it did forecast inflation would be slightly lower then, at 1.9%, and also flagged the weakness in the jobs market.

(Source: Reuters)

• On November 3, 2035, Moody's Ratings (Moody's) completed a periodic review of the ratings of Jamaica (B1/Positive) and other ratings that are associated with the sovereign. The review was conducted through a rating committee, in which Moody’s reassessed the appropriateness of Jamaica’s ratings, considering recent developments. The review, however, does not equate to a rating action.
• According to Moody’s, Jamaica’s credit profile is supported by the government's commitment to economic and fiscal reforms over the past decade. These reforms have contributed to greater macroeconomic stability and placed government debt on a firm downward trend. The sovereign has maintained large primary surpluses despite significant economic shocks, reflecting significant improvements in institutional capacity and policy effectiveness.
• On October 28, 2025, Jamaica was hit by Category 5 storm, Hurricane Melissa. The hurricane is the most powerful on record to hit Jamaica and has caused extensive disruption across the island. The immediate impact of Hurricane Melissa includes severe damage to infrastructure, widespread power outages, and significant disruptions in tourism, agriculture, and other key sectors. The full extent of the physical damage and fiscal implications remains uncertain, but as in past storms, Moody’s expects real GDP to contract and the debt burden to increase.
• The Jamaican government's (GOJ) policy response will be critical in mitigating the hurricane's impact on credit fundamentals. Moody’s expects the GOJ to leverage external support mechanisms, including quickly disbursing external funding. While Hurricane Melissa presents a severe but likely temporary blow to Jamaica's economy, the government's proactive disaster planning and access to external financial support can help mitigate the long-term impact on its credit profile, as well as its ongoing commitment to medium-term fiscal responsibility and debt reduction.
• Further, Jamaica's "ba3" economic strength reflects the economy's relatively small size and low income levels, very weak growth as well as limited economic diversification. Jamaica's "baa3" institutions and governance strength balance the government's track record of debt restructuring against its favourable governance indicators and improving policy framework and policy credibility.
• Finally, the positive outlook reflects Moody’s assessment that a continuation of the favourable fiscal trajectory will increase Jamaica's credit resilience. Given the improvement in the country's institutions and governance strength, a further decline in Jamaica's debt and interest burdens, though unlikely in the near term given the passage of Melissa, would support higher ratings. A less contractionary fiscal stance would also increase growth prospects for the economy.

(Source: Moody’s Investor Services)

• Local Cement manufacturer, Carib Cement Company Limited (CCC), generated $2.29Bn in after-tax earnings for the three months ended September 30, 2025 (Q3 2025), 264.3% higher than in Q3 2024. The robust performance was supported by a mix of strong revenue growth and lower expenses in the absence of routine maintenance this quarter.
• Q3 2025 revenues rebounded 30.1% year-over-year (YoY) to $8.07Bn, as better weather conditions likely supported increased construction activity, which translated to increased demand and sales of cement/clinker. This contrasts with lower revenue in Q3 2024, when heavy rainfall from Hurricane Beryl and other weather systems delayed the resumption of production after its annual maintenance shutdown. Notably, operational upgrades, particularly from its kiln expansion, led the company to historic production highs, allowing it to meet the high demand. In July, clinker volume reached a record 93,450 metric tonnes, and cement volume hit a new milestone of 109,682 metric tonnes¹.
• Concurrently, Cost of goods sold (COGS) fell (9.6%), largely driven by enhanced production efficiency following the completion of CCC’s expansion project. Consequently, gross profit improved by 130.6% to J$4.05Bn and gross margin rose from 28.3% to 50.2%.
• Operating costs were relatively flat as a 19.5% dip in administrative and selling expenses was offset by a 22.6% increase in distribution and logistics expenses. Net other expenses contracted by 73.6% to $0.28Bn supported by insurance recoveries and no inventory write-offs this quarter.
• On the balance of higher gross profits and lower operating and other expenses, operating profit increased by 412.7% to J$3.20Bn and supported the expansion in net profits.
• Despite the Q3 rebound, CCC’s 9M earnings still ended the year 1.8% below 9M 2024. This reflects a timing effect from the annual maintenance shutdown, which took place in Q3 last year but occurred in Q2 this year. As a result, Q3 2025 benefited from uninterrupted production, stronger sales and lower COGS. The relatively similar year-to-date performance therefore provides a more balanced view of CCC’s underlying profitability, once the maintenance impact is evened out across periods.
• Looking ahead, CCC continues to make solid progress in expanding its plant capacity and post-Hurricane Melissa reconstruction efforts are expected to bolster demand in the coming quarters. Notably, the commissioning of its $6.7Bn plant expansion project in June has increased production capacity (total volume increase of over 9,600 metric tonnes), enabling it to reliably meet domestic demand and resume exports to regional markets. Furthermore, rebuilding efforts in the wake of the destruction wrought by Hurricane Melissa on houses, commercial properties and infrastructure in western Jamaica will likely result in a rise in demand for cement products.
• Year-to-date, CCC’s stock price is up 7.8%, closing at J$91.10 on Tuesday, November 4th and a P/E of 13.20x. This is below the Main Market Energy, Industrial and Materials Sector average P/E of 15.94x.

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[1] The previous records were 89,600 in July 2022 and 103,869 in March 2021, respectively.

(Source: CCC Financial Release, NCBCM Research)

• The Bahamas saw an increase in stopover visitors from Canada, amid a softening in stopover visitors from the US this year, when compared to last year, Governor of The Central Bank of The Bahamas (CBOB) John Rolle highlighted. He further highlighted that the tourism sector saw overall earnings increase at a slower rate in the first nine months of this year when compared to 2024, partly due to the decline in US stopover visitors.
• The Ministry of Tourism has put an increased focus on Canadian travel to The Bahamas, as Canadians chose not to visit the US in the wake of comments by US President Donald Trump about Canada, and a trade tussle between the two countries. Rolle said hotel room revenues also decreased over the first nine months of the year. He explained, though, that short-term vacation rentals experienced “healthy earnings” during that same period.
• It was further noted that the Central Bank is tracking an uptick for the last quarter of the year, when compared to the same period in 2024. He added that tourism continues to drive growth in the country, along with foreign investments that have targeted cruise attractions and residential and resort developments.
• Rolle said the recent passage of Hurricane Melissa through the southern Bahamas is not likely to cause a noticeable shift in the country’s economic performance as the year rounds out. “With the passing of the storm impacting the southern Bahamas, we do anticipate that there will be some impact on the fiscal and on economic activity in those areas, but we don’t think we’re at the level where it will alter significantly the economic performance in the last quarter of the year,” he said.

(Source: The Nassau Guardian)

• Proposals for a fourth version of the Barbados Economic Recovery and Transformation (BERT) austerity programme are set to go before ministers, with Governor of the Central Bank of Barbados Dr Kevin Greenidge expressing confidence that bold investment can drive growth well beyond recent projections.
• In a review of the country’s economic performance for the third quarter of this year, Dr Greenidge disclosed that the bank’s economic team had discussed a draft of the BERT 2025 programme with the Social Partnership. But in an update on the development, well-placed sources who spoke on condition of anonymity said on Friday, “(The economic team) has presented a draft of BERT 2025 to the Social Partnership and received feedback. This economic team is currently incorporating those comments, and the next stage is for it to go to Cabinet.”
• After stabilising the economy and the government’s fiscal position, the new BERT will focus on transforming the economy, said the governor. “That, as with BERT 2022, targets a five per cent rate [of growth]. That five per cent is predicted on investment. A few things go into growth. It is not complicated. We keep it simple. Labour and capital; and you can divide labour into the number of bodies and the efficiency of that, which equals productivity.”.
• BERT, the International Monetary Fund-backed homegrown strategy for economic stability, growth, and resilience, began in 2018 with Dr Greenidge then as an IMF advisor embedded in the government. Initially launched to address a debt crisis through fiscal consolidation and debt restructuring, it has since evolved into BERT 2022 and BERT 3.0. The third version, with Dr Greenidge helming the Central Bank since March 2023, focused on transformation through economic diversification, digital innovation, and climate resilience.
• The idea of BERT 2025 arose while Dr Greenidge was defending the bank’s medium-term projected growth rate of three per cent, in light of scepticism expressed by some rating agencies regarding its practicality.
• The Central Bank projects that the economy will gradually return to its potential growth in the coming quarters as global conditions stabilise and investment increases. Dr Greenidge also noted that while people are accustomed to hearing growth rates of two per cent and two-and-a-half per cent, a look at the bigger picture would show much higher growth rate forecasts, such as ten per cent for the Philippines and five to six per cent for some others.

(Source: Dominican Today)