Business

Stanley Motta earns $172 million in revenue for third quarter

BY BALFORD HENRY
Senior staff reporter
balfordh@jamaicaobserver.com

Wednesday, November 21, 2018

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Stanley Motta Ltd (SML), creator of 58 HWT — home to one of the largest business process outsourcing (BPO) facility in the English-speaking Caribbean — has released its unaudited interim results for the quarter ended 30 September 2018 (Q3 2018) to stockholders and the Jamaica Stock Exchange.

The company recorded $172 million in revenues for the third quarter of 2018, an increase of $129 million, or 300 per cent, over the corresponding quarterly period in 2017.

Net profit reached $1.665 billion in the quarter, an increase of $1.643 billion over the corresponding period in 2017.

SML Chairman Melanie Subratie says that the increase in revenues represents the new rental income from Unit 4 at 58HWT, which was handed over to the tenant, leading global BPO firm Alorica, in May 2017.

She also noted that the increase in net profit was bolstered by the revaluation gain on the completed Unit 4.

“Growth in monthly income will continue into the fourth quarter of 2018 as full rental will become payable monthly for Unit 4 from November. From that time, SML will also benefit from full rental payments for the entire square footage of the 58HWT property,” she explained.

SML's lease with Alorica for Unit 4 commenced in May 2018. The development of Unit 4 provides the tenant with 112,000 sq ft of space, in addition to the 50,000 sq ft it previously occupied. The tenant is currently outfitting the space and preparing for full operations.

Alorica is one of the world's leading BPO firms, accounting for an astounding 600 million customer interactions annually. The company prides itself on its ability to create great experiences for customers online, on the phone, and through social media.

SML's 58HWT complex is Jamaica's first integrated 'Tech Park'. The company's investment in the premises has exceeded US$30 million, and is expected to provide jobs for more than 5,000 Jamaicans in the BPO industry, currently one of Jamaica's fastest-growing sectors.

The facility at 58HWT consists of 230,000 sq ft of office space rented predominantly to Alorica and includes a good range of other service provider tenants, including a child care facility, ATM & financial services, health care, and a range of food & beverage options.

Interestingly, SML also ranks among a few companies in the world to have an all-female board of directors.

The board is led by businesswoman Melanie Subratie and includes six other professionals with experience in fields including law, banking and finance, and business.

The remaining members of the board are Sharon Donaldson, managing director of General Accident; Patricia Sutherland, executive director of operations at JMMB; Minna Israel, special advisor to the vice-chancellor of The University of the West Indies, Mona; Sandra Glasgow, founder and managing director of BizTactics Ltd; and attorneys-at-law Jennifer Scott and Andrea Kinach.

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