• For the first quarter ended June 30, 2026 (Q1 2026), LASCO Financial Services Limited (LASF) reported net profit of $45.55Mn, up 12.4% from $40.52Mn in the corresponding period of 2025. The improvement came as lower finance costs and a reduced tax charge more than offset a decline in operating profit.
• Total income rose 3.2% to $573.07Mn from $555.49Mn. Core income advanced 6.2% to $540.25Mn, supported by higher remittance transaction volumes and expanding digital financial services activity, including stronger contributions from the Group's e-commerce offering. Other income, however, fell 29.5% to $32.82Mn, tempering overall topline performance. Lending income was constrained by lower disbursement levels in the latter part of FY2025 and into the first quarter.
• Operating Expenses (OPEX) increased 5.0% to $493.77Mn, which management characterised as broadly in line with inflation. Administrative and other expenses were essentially flat at $281.93Mn, while selling and promotion expenses climbed 12.3% to $211.84Mn. With OPEX outpacing revenues, operating profit declined 7.1% to $79.30Mn. However, a 31.4% fall in finance costs to $15.95Mn on scheduled debt repayment and a 17.5% dip in taxation to $17.80Mn offset the operating profit decline.
• Looking ahead, management continues to invest in digital infrastructure to support remittance services and the LASCO Gold Visa Prepaid Card, while intensifying efforts to build a more differentiated presence in the microcredit market. However, LASF faces risks concentrated in the lending book and the cost line. Hurricane-affected customers are still being regularised, disbursement levels remain subdued, and selling and promotion spend is growing well ahead of income, leaving operating profit exposed should the finance cost and tax tailwinds fade.
• LASF’s share price declined by 15.6% year-to-date to close at 1.52 on August 11^th. At this price, the stock trades at a P/B of 0.79x, which is below the Junior Market Financial sector average of 1.36x.

(Sources: LASCO Financial Services Limited Unaudited Financial Statements & NCBCM Research)

• Massy Holdings (MASSY) Limited delivered weaker earnings in Q3 FY2026. Despite continued revenue growth, Q3 2026 declined 32.4% YoY to TT$112.96Mn, weighed down by softer operating profitability and a sizeable TT$44.15Mn loss on the sale of discontinued operations.
• Revenue increased 5.6% to TT$4.14Bn, although underlying conditions were mixed across Massy’s portfolio. Motors & Machines remained a bright spot, up 16.0% supported by strong revenue growth and improved profitability, particularly in Colombia. The Integrated Retail Portfolio is up 5.0% but continued to face challenges in Barbados and the United States. Meanwhile, the Gas Products Portfolio (+2.0%) was affected by softer Jamaican operations following Hurricane Melissa. These pressures, alongside ongoing investments in technology and operational improvements, are likely to keep near-term revenue growth tempered.
• That said, profitability from continuing operations came under pressure, with operating profit after finance costs declining 23.5% YoY to TT$188.14Mn. While the financials didn’t display a breakout, it suggests that the combined effects of direct, operating and finance expenses grew by 7.6% to TT$3.95Mn. Management, however, attributed the decline to transformation investments in technology, safety and financial processes and controls, alongside the temporary impact of Hurricane Melissa on Jamaica.
• Profit before tax fell 23.9% to TT$192.70Mn and TT$74.17Mn in taxes meant profit from continuing operations declined 27.9% to TT$118.53Mn.
• The quarter was further impacted by the disposal of Massy Distribution (Jamaica) Limited, which resulted in the TT$44.15Mn loss on sale recorded under discontinued operations. The transaction forms part of Massy’s strategy to concentrate capital in businesses where it sees stronger long-term returns. Still, the disposal-related charge largely reflected the reclassification of accumulated foreign-currency translation losses rather than a current cash outflow.
• Massy’s weaker Q3 performance added further earnings pressure that started in Q2. Consequently, while 9M revenue increased 6.8% YoY to TT$12.65Bn, profit from continuing operations declined 7.5% to TT$490.79Mn. Including a TT$109.75Mn loss on the disposal of Massy Distribution (Jamaica) in Q2, 9M net profit is down 31.9% to TT$370.00Mn. Management notes that excluding these one-off items, pre-tax earnings would have exceeded the prior-year period, pointing to greater resilience in its core operations than the headline profit decline suggests.
• Entering the final quarter of FY2026, management expects Jamaica's post-Melissa recovery to support a rebound in profitability early in the next financial year. Currently, the company is prioritising cash conversion, inventory productivity and turnaround plans in underperforming markets. Moreover, capacity investments remain important and is evidenced by the new Orange Grove facility in Trinidad & Tobago and the planned Massy Hub at Houston, Guyana. However, Geopolitical uncertainty, shifting trade and regulatory policy, inflation, foreign-exchange constraints and uneven consumer demand persist across the Group's markets. In addition, the near-term earnings drag from transformation spending will continue until it converts into measurable efficiency gains.

• MASSY’s share price has declined by 4.6% to $72.44. At this price, the stock trades at a P/E of 10.9x, which is below the Main Market Conglomerate sector average of 11.8x.

(Sources: Massy Holdings Ltd. Unaudited Consolidated Financial Statements & NCBCM Research)

• The Dominican Republic welcomed a record 7,700,118 visitors during the first seven months of 2026, the highest January–July total ever recorded for the country’s tourism sector, Tourism Minister David Collado announced.
• According to the Ministry of Tourism, the total represents a 7% increase compared with the same period in 2025. Between January and July, the country received 5,885,259 tourists by air and 1,814,859 cruise passengers, setting a new benchmark for international visitor arrivals. In July 2026 alone, the Dominican Republic welcomed 1,083,448 visitors, up 2.9% year over year. Of that total, 921,718 arrived by air, while 161,730 arrived on cruise ships.
• The United States remained the country’s largest tourism market, accounting for 48% of all July arrivals. It was followed by Canada (7%), Argentina and Colombia (6% each), Puerto Rico (5%), Mexico and the United Kingdom (3% each), and Spain (2%).
• Punta Cana International Airport continued to be the country’s main tourism gateway, handling 58% of July’s incoming flights. It was followed by Las Américas International Airport (24%), Cibao International Airport (13%), Puerto Plata (3%), and La Romana and Samaná airports with 1% each.
• Collado also highlighted the destination’s strong visitor experience. Hotels posted an average 76% occupancy rate in July, while travellers rated their overall satisfaction at 4.4 out of 5. The survey also found that 91% of visitors said they would return to the Dominican Republic, and 59% said they would recommend the destination, reinforcing the country’s position as one of the Caribbean’s fastest-growing tourism destinations
• While the Dominican Republic continues to record strong growth in visitor arrivals, Jamaica is showing a markedly weaker performance, with visitor traffic through its two main gateways declining during the first months of the year. Sangster International Airport, the country’s primary tourism gateway, has experienced a significant 26.7% decline in visitor arrivals, while Norman Manley International Airport in Kingston has recorded a more modest 2.23% contraction.

(Source: Dominican Today & NCBCM Research)

• The Inter-American Development Bank (IDB), in its recently published Caribbean Economics Quarterly Bulletin for August 2026, said government debt in The Bahamas declined to 73.2 per cent of GDP as of March, and is on a “declining path”.
• Government debt declined from a peak of 91 per cent of GDP in FY2020/2021 to 74 percent in FY2024/2025. The International Monetary Fund (IMF) expects it to fall to 72% this fiscal year (FY2025/2026) and reach 62% in FY2030/2031, assuming that GDP growth converges toward 1.5% through 2027–2030,” the report said.
• While the trajectory is firmly downward, debt remains slightly above the Latin American and Caribbean average of 73% of GDP and above pre-COVID levels, limiting the fiscal space to absorb a severe and prolonged external shock.
• Interest payments reached 4.1% of GDP in FY2024/2025 but are estimated to decrease to 3.9% of GDP by FY2027/2028 as deficit reduction, concessional financing, and improved market access, signalled by sovereign credit upgrades, translate into more favourable refinancing conditions.
• The IDB also pointed to the fuel hedging strategy employed by Bahamas Power and Light at the end of 2025 as an effective cost-saving strategy, while noting that prudent risk-sharing policies have paid off. In December 2025, two months before the Iran conflict escalated, BPL locked in approximately 2.5 million barrels of fuel oil at US$65 per barrel. This provides 365 days of protection through calendar year 2026 at a time when Brent crude prices averaged US$100 per barrel for three months, and remained well above US$70 for most of the first half of 2026
• The hedge decouples domestic electricity tariffs from global spot prices, shielding households, hotels, and businesses from energy-driven cost pressures. Fuel costs represent approximately 74 per cent of total consumer electricity bills in The Bahamas, making the hedge’s coverage directly consequential for disposable income and operating margins.
• As a result, The Bahamas is projected to save US$43Mn (0.25% of GDP) with respect to expected post-shock bills using IMF oil price forecasts.
• However, the hedge will only provide electricity price insulation through the end of calendar year 2026. If Brent crude oil prices remain above US$65, the full cost adjustment will hit in 2027 unless the hedge is renewed and widened.
• Therefore, the fiscal and tourism competitiveness implications of the expiration of the hedge without a successor strategy represent the most significant medium-term risk.

(Source: The Nassau Guardian)

• The U.S. and Yemen’s Iran-aligned Houthis reported separate attacks on shipping as prospects for ending the Iran war weakened. The incidents affected the Gulf of Oman near the Strait of Hormuz and the Bab el-Mandeb Strait at the Red Sea entrance, two key routes for global energy shipments.
• Oil prices rose as traders grew more worried about prolonged disruption. Brent crude climbed 1.4% to $88.91 per barrel, while U.S. crude gained 1.3% to $83.20, and global shares retreated amid broader market unease.
• A suspected Houthi attack on the Egyptian-owned cargo vessel Tihamah killed four crew members in the Bab el-Mandeb Strait. Yemen’s Coast Guard said two Yemeni rescuers were also killed, making the incident the first reported shipping fatalities tied to Houthi attacks since the Iran war began.
• The Houthis also claimed they attacked a Saudi ship carrying military equipment after previously threatening a naval blockade on Saudi Arabia in the Red Sea. The ship was not named, Saudi Arabia did not immediately respond, and the claim heightened fears that attacks on commercial and military-linked vessels could expand.
• The U.S. military said a Navy helicopter fired two Hellfire missiles to disable a Panama-flagged cargo ship that allegedly ignored warnings while violating a naval blockade on Iranian ports. Maritime sources said the ship was hit off Pakistan while heading into the Gulf of Oman. Iranian security official Mohsen Rezaei said the Strait of Hormuz would remain closed unless Washington accepts Tehran’s conditions, including releasing frozen Iranian assets and ending regional conflicts.
• President Donald Trump warned of harsher U.S. action while also suggesting the conflict could drag on, reinforcing concerns that shipping disruptions may persist.

(Source: Reuters)

• US consumer prices cooled slightly in July as the annualised inflation rate dipped to 3.4%, though prices still remain higher than levels seen before the war with Iran. Though inflation decreased 0.7% in June during a brief ceasefire between the US and Iran that brought energy prices down, consumer prices have remained elevated. Price increases hit a three-year high in May, with annual inflation reaching 4.2%.
• Core inflation, a key measure that excludes volatile energy and food prices, increased slightly to 2.5% compared to last year and increased at a modest 0.2% since last month. The overall index for food and services, including shelter, transportation and medical care, rose 3% each compared to last year, though grocery prices fell slightly. The price of lettuce fell 16% over the last year as it continues to be linked to the cyclosporiasis outbreak.
• The energy index declined slightly from the previous month, with gasoline falling nearly 3% over the last month, but still sitting about 15% higher than the year before. Brent crude, the international benchmark for oil prices, dipped in June when the US and Iran reached a peace agreement. Prices then rose again when that deal collapsed in July.
• Energy prices are still far lower than their peak in late April but remain above prewar levels. Gas at the pump is an average $4 a gallon in the US, according to the AAA, more than $0.85 from a year ago. Meanwhile, the latest negotiations to end the war in the Middle East and reopen the Strait of Hormuz, a vital waterway through which a fifth of the world’s oil passes through, have reached an impasse. Donald Trump has said that Iran must agree to compensate for the past deaths of American soldiers and Iranian civilians in order to reach a deal. Iran’s leaders are unlikely to agree to those demands.
• Despite ongoing economic instability, the latest inflation data is likely to ease pressure on the Fed to raise rates. The Fed chair, Kevin Warsh, has vowed to deliver price stability and bring inflation to the Fed’s target of 2%. Typically, the central bank fights inflation by raising rates and addresses unemployment by lowering them.
• Warsh also appeared open to other options. During the Fed’s last meeting, he said that while interest rates could be part of the solution, it would not be used “in isolation”. Warsh has also emphasised that he doesn’t want the central bank to make decisions based on single monthly reports.
• However, some bank presidents have been amplifying calls for rate hikes. Lorie Logan, one of the three bank presidents who dissented in the July meeting, argued that inflation does not appear to be moving toward the Fed’s target.

(Source: The Guardian)

• 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)