JIS News

Story Highlights

  • The Jamaica Agricultural Society’s (JAS) net assets grew by 20 per cent over the last 12 years, to value $443 million at the end of the entity’s 2014/15 financial year on March 31.
  • This figure, according to JAS President, Senator Norman Grant, represents an average annual growth of approximately 1.7 per cent on the asset base, which stood at $370 million in 2003.
  • It is also $8 million or two per cent higher than the $435 million recorded in 2014.

The Jamaica Agricultural Society’s (JAS) net assets grew by 20 per cent over the last 12 years, to value $443 million at the end of the entity’s 2014/15 financial year on March 31.

This figure, according to JAS President, Senator Norman Grant, represents an average annual growth of approximately 1.7 per cent on the asset base, which stood at $370 million in 2003.   It is also $8 million or two per cent higher than the $435 million recorded in 2014.

Additionally, he said total year-on-year investments improved from $32.3 million in 2012, to $34.2 million last year.

Senator Grant, who was addressing  JAS’ 120th Annual General Meeting (AGM) held recently at the Denbigh showground in May Pen, Clarendon, said the figures represent “strengthening” of  the organisation’s financial position through a “vigorous” process of “organisational re-engineering.”

“This has been achieved through aggressive strategic debt re-structuring, re-engineering of membership, which is still underway, and focusing on income generation through grants, contributions, and self-financing projects,” he outlined.

Senator Grant said re-organisation of the debt portfolio resulted in the JAS settling its $85 million obligation to the Financial Sector Adjustment Company (FINSAC), through the final payment of $7.5 million.

This payment, he advised, was made from the surplus generated from the 2014 Denbigh Agricultural and Industrial Show.

“As a result, the titles for both the 52 acres at the Denbigh showground, (and property at) Great George Street in (Savanna-la-Mar), Westmoreland, have been released…to the…JAS,” he informed.

Senator Grant assured that the re-engineering of the JAS will continue over the next three years, “to realize full, viable, and financial independence…as we seek to increase service to the membership through increased income.”