• The Jamaica Stock Exchange (JSE) newcomers delivered sharply contrasting performances in their most recent financial releases, reflecting differences in business exposure, operating momentum and the impacts of the weaker economic environment. Atlantic Hardware & Plumbing Limited (AHPC) emerged as the strongest performer, combining rapid revenue growth with substantial earnings expansion, while Quantas Advantage Inc. (QUANTAS) delivered solid topline growth but faced higher operating costs, which weighed on quarterly earnings. Woodcats International Limited (WOODCATS) emerged as the weakest of the three, with softer manufacturing and export demand driving declines across revenue and profitability despite meaningful cost containment and lower debt.

Atlantic Leads the Pack on Explosive Growth

• For AHPC’s second quarter ended June 30, 2026 (Q2 2026), revenues surged 91.7% year-on-year (YoY) to J$776.42Mn, driven by strong demand across core customer segments, expansion into agro-distribution, improved product availability, and disciplined execution of its commercial strategy. Gross profit also increased 61.9% though cost of sales surged 104.9%, which in turn squeezed gross margins to 25.7% from 30.4% in Q2 2025. Although selling, general and administrative expenses rose 53.2% to J$139.9Mn amid higher staff, audit, and expansion costs and credit losses, the stronger gross profit contribution translated into a 140.3% increase in Q2 net profits to J$42.03Mn, with net margins rising to 5.4% from 4.3%.
• Atlantic's momentum extended through the first half of 2026 (H1 2026), with revenues increasing 69.3%, gross profit up 58.9% and operating profit increasing 60.3% to J$166.04Mn. A 22.5% reduction in finance costs, following debt repayments funded partly by the company’s Initial Public Offering (IPO) and the sale of the Ashenheim Road property, provided additional support below the operating line. Consequently, H1 net profit surged 242.7% to J$116.28Mn.

Quantas Grows Revenue but Costs Bite

• Quantas delivered a more mixed Q4, with revenue increasing 10.3% YoY to US$1.36Mn, supported by higher interest income and a favourable foreign-exchange movement. However, realised gains declined 48.1% to US$0.44Mn, reflecting a lower level of portfolio disposals during the year. Operating expenses increased 44.0% to US$0.44Mn as the company scaled its management and operating infrastructure. Consequently, net income declined (-5.3%) to US$0.82Mn, and net margins fell to 60.4% from 70.3% in Q4 2025.
• The quarterly result contrasts with the stronger twelve-month performance of QUANTAS, where net income increased approximately 31.1% to US$2.53Mn, driven primarily by a 55.8% increase in net interest income. QUANTAS' underlying balance-sheet expansion also provides a stronger foundation for future earnings growth. Total assets increased approximately 63% YoY to US$50.9Mn at June 2026, supported principally by new equity capital and additional borrowing, with IPO proceeds being redeployed into interest-earning assets.

Woodcats Cost Control Cushions Revenue Downturn

• Woodcats remained the most challenged of the three, as lower production volumes due to the downturn in economic activity and a decline in exports to other key markets continued to weigh on demand for pallets and related products. Q2 revenues declined 31.3% YoY to J$223.82Mn, while gross profit fell 32.1% to J$68.72Mn. Gross margin, however, remained relatively stable at 30.7% from 31.1% previously, reflecting management's efforts to realign its operations with the lower level of activity.
• Administrative expenses declined 18.9% as management reduced contract labour hours, marketing and delivery/fleet costs. Lower finance costs, which fell by roughly two-thirds to J$3.66Mn following debt repayment, also provided some relief. However, this was not sufficient to cushion the bottom line as net profit declined 50.2% to J$10.89Mn. There was a subsequent falloff in the net margin, which fell to 4.9% from 6.7% in Q2 2025. For H1 2026, net profits have declined by 34.5% on the back of weaker topline performance.

Outlook and Stock Price Momentum Also Diverges Across

• Looking ahead, Atlantic appears well positioned to sustain near-term momentum through its hardware and agro-distribution diversification, while Quantas could see further growth as its enlarged investment portfolio continues generating higher yields. Woodcats, however, remains more dependent on a recovery in manufacturing and export activity, with automation, diversification and its waste-to-revenue initiatives providing potential medium-term catalysts.
• AHPC, QUANTAS, and WOODCATS share prices have declined since the start of the year to close at $1.20 (-20.0%), $14.92 (-23.1%), and $0.50 (-44.4%), respectively, on August 20, 2026. At their current market prices, AHPC trades at a P/E multiple of 19.35x, above the Junior Market Distribution Sector average of 15.95x, while WOODCATS trades at a P/E multiple of 7.14x, significantly below the Junior Market Manufacturing Sector average of 34.79%. That said, QUANTAS trades at a P/B multiple of 0.82x, below the Main Market Financial Sector average of 1.01x

(Sources: JSE & NCBCM Research)

• The Jamaica Stock Exchange (JSE) saw a mix of dividend developments, financial reporting delays and corporate changes during the week, with several listed companies moving to update shareholders on matters ranging from distributions to governance and management changes.
• Dividend activity dominated the week, with several companies announcing upcoming Board meetings or changes to previously scheduled considerations. Dolla Financial Services Limited (DOLLA) postponed consideration of an interim dividend payment originally scheduled for August 19, with the Board now set to consider the matter on August 26. Kingston Properties Limited (KPREIT) is also set to consider a dividend payment on August 24, while Lumber Depot Limited (LUMBER) and Blue Power Group Limited (BPOW) have scheduled meetings for September 10 to consider dividend payments.
• Further dividend considerations are pending across the market. Productive Business Solutions Limited (PBS) advised that its Board will meet on August 27 to consider dividend payments to its 9.25% and 10.50% perpetual cumulative redeemable preference shareholders. Stanley Motta Limited (SML) also announced that its Board will meet on August 27 to consider the declaration of a dividend to shareholders.
• Caribbean Cement Company Limited (CCC), meanwhile, has confirmed a shareholder-approved final dividend of JM$2.0854 per share. The dividend will be paid on October 15, 2026, with August 28 set as both the record and ex-dividend date. Similarly, Mailpac Group Limited (MAILPAC) has declared an interim dividend of $0.02 per share, payable on September 16, 2026, to shareholders on record at the close of business on September 2.
• The week also brought changes to how shareholders will receive dividends payment, Fontana Limited (FONTANA) and Caribbean Cream Limited (KREMI) are moving away from cheque payments toward electronic direct deposits through the Jamaica Central Securities Depository (JCSD). Both companies will transition to the new payment method effective January 1, 2027, with shareholders encouraged to submit their banking instructions in advance.
• Beyond dividends, several companies provided updates on delayed financial reporting. PROVEN Group Limited (PROVEN) has requested an extension from the JSE to submit its audited financial statements for the year ended March 31, 2026, citing delays in the preparation of financial statements at an associated entity. The company expects to publish the results by August 28. KLE Group Limited (KLE) has also advised that its second-quarter (Q2) unaudited financial statements, originally due in August, are now expected by September 15, while EduFocal Limited (LEARN) expects to publish its delayed Q2 results by August 31.
• Rounding out the week, corporate leadership changes remained active across the market. Berger Paints Jamaica Limited (BRG) appointed Osville Linton Johnson as General Manager, effective August 17, and Carreras Limited (CAR) named Shaneele Ebanks Powell as Marketing Deployment Manager following Imran Mohammed’s transition to another role within parent company British American Tobacco (BAT). Dolphin Cove Limited (DCOVE) also announced the appointment of four new directors - Darys Estrella, Colin Kerr, Alberto Berges Gonzalez and Sylvain Dominici - effective August 17, underscoring a week of notable boardroom and management changes across listed companies.

(Sources: JSE & NCBCM Research)

• As offshore oil development moves closer to production, Suriname’s government is outlining a longer-term economic vision (Suriname 3.0) aimed at ensuring oil revenues translate into broader national development.
• In an interview with the Communications Service Suriname on February 26, Minister of Oil, Gas and Environment Patrick Brunings cautioned against overreliance on the country’s emerging oil and gas sector.
• “I see the oil and gas industry as a catalyst that will accelerate our economic recovery,” Brunings said. “But we absolutely mustn’t rely on it. We must use this prosperity to develop sustainable industries, so we remain flexible and don’t become dependent on just one source.”
• According to government discussions with the private sector, the initiative builds on the current ‘Suriname 2.0’ phase and seeks to outline the country’s long-term transformation under Suriname 3.0, while serving as a starting point for both the Green Development Strategy and a new Multi-Year Development Program. The framework has also included discussions about establishing a national development agency, provided for under Article 72f of Suriname’s Constitution, although legislation to create the institution has not yet been pursued further.
• While oil development is accelerating, Brunings stressed that the country must avoid becoming overly dependent on petroleum revenues and guard against the so-called Dutch disease, where sudden resource wealth weakens other parts of the economy. “We must absolutely not think that we can now lean back because oil and gas are coming,” he said. “Actually, the opposite is true.”
• To address this, Brunings said authorities plan to organize a large national workshop that will bring together government institutions, civil society and other stakeholders to develop a long-term roadmap.

(Source: OilNow)

• Brazil's Finance Minister Dario Durigan said on Thursday ​that, if President Luiz Inacio Lula da Silva's ‌administration wins another term in the October election, the country will maintain its fiscal framework through spending controls and revenue recovery.
• "Under this ​administration, we undertook a fiscal effort amounting to 2% ​of GDP. We are prepared to make an ⁠effort of the same magnitude," Durigan said in an interview ​with local radio CBN. He noted that in discussions with Congress, ​adjustments have been made to cut mandatory spending by around 10 billion reais ($1.9 billion) in 2027.
• "We must continue this good work of institutional dialogue, cutting ​spending and broadening the revenue base in a way ​that is fair to the population so that we can achieve a ‌positive ⁠result as early as next year. And that is exactly what we are going to do. “He argued that the "issue of interest rates" must be addressed to tackle inequality, adding ​that lower borrowing ​costs could ⁠also help reverse the trajectory of public debt.
• Brazil's central bank earlier this month cut its ​benchmark interest rate by 25 basis points ​for a ⁠fourth consecutive meeting, taking it to 14.00%, but leaving its next moves open.
• The minister said meetings with economists from a range ⁠of ​backgrounds have been valuable in helping ​him understand their concerns ahead of the election.

(Source: Reuters)

• Oil prices rose to more ‌than a three-week high on Thursday after U.S. President Donald Trump warned of retaliation against nations supporting Iran, his latest attempt to resolve a war that has stranded millions of barrels of Middle Eastern oil.
• Brent crude futures were up $1.94, or 2.1%, to $93.56 ​a barrel at 1:49 p.m. EDT, the highest price since July 24. U.S. West Texas Intermediate crude ​futures for September rose $2.18, or 2.5%, to $88.01 a barrel, also the highest level since ⁠July 24.
• Thousands of people have been killed in the war, which began nearly six months ago when ​the U.S. and Israel launched military strikes on Iran. Tehran's blockade of the Strait of Hormuz and Iranian attacks ​on energy facilities across the Middle East have sharply disrupted the flow of oil and gas to other parts of the ‌world. "Tensions ⁠in the Middle East remain high, leaving room for further supply disruptions," said Giovanni Staunovo, an analyst with UBS. "Lower oil exports from the Middle East are once again tightening the oil market."
• Shipping traffic through the Strait of Hormuz on Wednesday was unchanged from the day before, ​far below ⁠pre-war levels, according to the latest shipping data. Prior to the Iran war, shipments equal to about one-fifth of global consumption moved through the waterway.
• The war has also impacted the supply of refined fuels and drawn down inventories, with less ⁠crude ​available to refiners. U.S. stockpiles of distillate fuel, including diesel and heating ​oil, fell last week for a third straight week, the Energy Information Administration said on Wednesday. However, crude inventories unexpectedly rose by 4.4 million barrels.

(Source: Reuters)

• Two Federal Reserve (Fed) officials expressed caution on Thursday when asked how the Treasury Department's debt management changes ​could affect the U.S. central bank's monetary policy choices. Long-term Treasury yields recently spiked on concerns about the U.S. government's rising debt, inflation that remains stubbornly above the Fed's 2% target and the ​implications for investment flows. The impact of Treasury's intervention appeared short-lived, as yields rose again on Thursday after dropping sharply on Wednesday.
• The intervention creates potential challenges for the Fed because of the possible confusion in financial markets as to which institution is the main driver of financial conditions. While easing financial conditions, all else being equal, Treasury's move could lead to friction with a Fed that may yet raise rates to help cool down inflation.
• Bessent on Thursday downplayed any conflict and said any Fed rate decision is completely separate from what the Treasury is doing. And in terms of anything that might impact the U.S. central bank's balance sheet, the two institutions “would work together if there was any change in the (Fed) balance sheet, and we ... would adjust to any kind of runoff (of bonds) that they're doing," the Treasury secretary said.
• If financial conditions are now supportive of economic growth and ​not working to lower price pressures, Treasury's intervention, to the extent it engineers a sustained drop in yields, would move markets even further from where the Fed would ‌like them ⁠to be. And that scenario would in turn bolster the case for raising the central bank's benchmark interest rate.
• Musalem, who thinks the Fed should have raised rates rather than kept them steady in the 3.50%-3.75% range at its July 28-29 meeting, suggested he was leaning toward a hike at the September 15-16 meeting. He noted that "financial conditions are pretty accommodative here." Speaking to Bloomberg Television, San Francisco Fed President Mary Daly said current long-term bond yields do not "give us a lot ​of signals about what we should ​do in the policy adjustments or ⁠the policy calibration for the Fed."
• Daly said she thinks Fed policy is a "good place" while adding that she's watching longer-dated bonds to see what they imply for the outlook. She noted that she strongly supported the Fed's decision to ​leave rates unchanged last month.
• More issuance at the front end could put upward pressure on market rates, creating technical ⁠challenges for ​how the central bank manages interest rate policy. The Fed's rate-control system depends on ​influencing money market conditions to manage interest rates by way of a series of tools and liquidity facilities. Daly added that the key issue for the Fed is less about the "mechanics" of how it ​achieves its inflation and employment mandates than its commitment to do so and ability to achieve them

(Source: Reuters)

• The Bank of Jamaica’s (BOJ’s) Monetary Policy Committee (MPC) unanimously decided to maintain the policy rate at 5.50% at its August 14 and 17, 2026 meetings and continue measures to preserve relative stability in the foreign exchange (FX) market. The decision reflects rising inflationary pressures and the uncertainty from the unresolved Middle East conflict and intensifying Russia-Ukraine war, which have kept international commodity prices, particularly crude oil, elevated.
• Headline inflation accelerated to 7.5% in July 2026, up from 6.7% in June and 3.3% a year earlier. It marks the second consecutive month above the upper end of the BOJ’s 4.0%–6.0% target range but comes below the Central Bank’s projections. July’s core inflation^[1] outturn was 5.2%, above the 5.0% recorded for June 2026 and the 4.3% recorded for July 2025.
• The MPC expects headline inflation to remain above the 6.0% ceiling during the September 2026 quarter before moderating towards the target range. Higher international energy and transportation costs, stronger domestic demand associated with post-Hurricane Melissa reconstruction spending, and rising agricultural prices are expected to maintain upward pressure on inflation in the near term. However, the relatively stable FX rate, which ranged between J$159.7589 and J$156.7435, is expected to continue to limit the extent to which higher international prices are transmitted to domestic consumers.
• That said, inflation risks remain firmly skewed to the upside, with the outlook particularly vulnerable to further escalation or prolongation of geopolitical conflicts. Higher global oil prices could feed through to electricity, transportation and other goods and services, while worsening drought and heat conditions could put upward pressure on agricultural prices and create additional second-round inflationary pressures. The MPC also flagged stronger-than-expected domestic spending as an upside risk, although weaker consumer purchasing power could provide some offset by constraining demand.
• With risks over the next eight quarters skewed to the upside, the MPC reiterated that it will closely monitor incoming data and remains prepared to tighten policy if inflationary pressures become more persistent. However, Jamaica’s healthy international reserves at J$6.64Bn as at July 2026 (+2.3% month on month) and stable FX rate continue to provide an important buffer against external shocks, providing the BOJ with some capacity to assess the current inflation spike before adjusting its policy stance.

(Sources: BOJ & NCBCM Research)

^[1] Strips out the prices of agricultural food products and fuel.

• The Planning Institute of Jamaica (PIOJ) released preliminary estimates showing that the economy contracted by 2.9% in the April–June 2026 quarter (Q2 2026) relative to the same period in 2025. The decline was broad-based, with the Goods Producing Industry down 6.4% and the Services Industry down 1.7%, as several industries continued to recover from the disruption caused by Hurricane Melissa while facing other weather-related and geopolitical pressures.
• Within the Goods Producing Industry, Mining & Quarrying recorded the steepest contraction at -23.9%, followed by Agriculture, Forestry & Fishing at -17.0%. Manufacturing, however, expanded by 1.0%, while Construction posted marginal growth of 0.3%. The Mining decline remained severe following contractions of 37.5% in Q4 2025 and 23.5% in Q1 2026, underscoring the continued weakness in bauxite and alumina production. Agricultural output also remained significantly below year-earlier levels, although the pace of contraction improved modestly from -18.3% in the previous quarter.
• Within the Services Industry, Accommodation & Food Service Activities remained the weakest-performing segment, contracting 12.2%, although this represented further improvement from the 31.0% decline recorded in Q4 2025 and a 16.6% decline in Q1 2026. Electricity, Water Supply & Waste Management fell 4.1%, Transport & Storage declined 3.9%, Real Estate & Business Activities fell 2.2%, and Information & Communication contracted 2.0%. Education, Health & Other Services also declined 1.8%. Offsetting some of these declines were Financial & Insurance Activities (+1.9%), Wholesale & Retail Trade (+0.2%), and Public Administration & Defence (+0.1%).
• The April–June 2026 performance marks a further moderation in the pace of contraction compared with the previous two quarters, suggesting that the Jamaican economy is gradually moving through the recovery phase following Hurricane Melissa. The faster pace of recovery across most industries, along with the full operationalisation of the National Reconstruction and Resilience Authority (NaRRA), represents potential upside to near-term activity. However, lingering weather-related shocks like the forecasted super El Niño this year, worsening geopolitical tensions, and delays in the execution of major infrastructure projects remain key drags on growth.
• Looking ahead, the PIOJ projects the economy to contract by 0.5%–1.5% in July–September 2026, as lower production in several industries continues to weigh on activity amid the ongoing recovery from Hurricane Melissa and broader geopolitical and weather-related challenges persist. For Fiscal Year 2026/27, however, growth is projected within the range of 1.0%–3.0%, reflecting expectations of a broader recovery as productive capacity is restored and industries return toward normal operations.

(Sources: PIOJ & NCBCM Research)

• Agriculture and Marine Resources Minister Jomo Campbell said The Bahamas is stepping up negotiations with the United States (US) to reduce its new 12.5% tariff, with the government hoping to get the country back to the 10% rate that applied before July 24.
• Mr Campbell said there has been “a lot of back and forth” on the issue, with more than 2,100 meetings being held involving more than 60 countries affected by the US tariff measures. The government is also hoping to meet with the US ambassador again to present The Bahamas' position on the way forward.
• The government had also been seeking to address the US position that led to The Bahamas receiving the higher tariff rate, after Washington cited concerns over the country's prohibition and enforcement of a ban on imports produced using forced labour.
• His comments indicate that the government has not yet secured a reduction or exemption, with diplomatic and trade discussions continuing as officials work to establish the terms for a lower tariff burden on Bahamian exports.
• The issue is particularly significant for the fisheries sector, with the United States serving as a major market for Bahamian seafood exports and crawfish and stone crab among the products the government has specifically sought to exempt from the new tariff.

(Source: The Tribune)

• Higher stamp duty revenues, financial fees and record tourism numbers contributed to a higher-than-expected surplus for the first half of 2026, according to figures just released.
• The government said it is optimistic about the current state of the nation’s finances, which are showing a surplus of $252.3Mn, but plans to keep a close eye on how things progress for the rest of the year.
• As required by law, the latest quarterly financial report for the first six months of the year has just been published and shows that the current surplus is running at $67.3Mn (36%) ahead of the projected surplus of $185Mn.
• This is due to revenues of $856.2Mn being $43.8Mn higher than expected for the period. The bulk of the uplift, $33.3Mn, is owed to higher coercive revenues, which include various fees and duties such as import duties, company registration fees and stamp duty.
• The record number of visitor arrivals resulted in tourist accommodation charges of $3.7Mn higher than budgeted, while mutual fund and private fund fees were $8.7Mn and $9.3Mn higher than the first six months of last year, respectively, both higher than expected.
• However, not all revenues surpassed expectations. Drivers’ licences, work permit fees, some import duties and special economic zone fees all came below what was predicted. Work permit fees raised $800,000 less than last year and $3.7Mn less than expected, while drivers’ licences and special economic zone grant fees had been expected to rise by $4.0Mn and $3.4Mn, respectively, but were in fact the same as last year.
• Minister for Finance and Economic Development Rolston Anglin said, “The results for the 2026 half-year are extremely encouraging. Revenues have outperformed the budgeted expectations. This demonstrates a strong, confident economy. We have underspent on the expenditure side as we have been responsible stewards of the public purse. So overall to 30 June I am extremely pleased with the results, but the Government will, as ever, remain vigilant over the second half of 2026.”

(Source: Cayman Compass)