When the Jamaica Stock Exchange (JSE) rolled out its Junior Market in late 2009, few imagined it would evolve into the island’s most reliable cash-distribution engine for everyday investors. Fifteen years on, that “experiment” has spun off more than J$24 billion in dividends while handing early backers eye-watering share-price gains—proof that small caps can punch far above their weight.
1 | A Market Built for Payouts
- Participation: 56 companies have crossed the Junior Market’s stage; 41 have written at least one dividend cheque.
- Current roster: 48 firms remain after six graduations to the Main Market and two delistings.
- Total dividend pool: J$24.43 billion since launch—an unlikely feat for companies once labelled “micro-caps.”
2 | 2024 in Focus—Who Cut the Biggest Cheques?
| Rank | Company | 2024 Dividend (J$) | Per-Share Payout |
|---|---|---|---|
| 1 | Dolphin Cove | 470.9 M | 1.20 |
| 2-10 | Nine other issuers | 1.36 B (combined) | — |
The top ten names supplied 75 % of all 2024 payouts, underscoring an emerging two-tier structure: mature dividend stalwarts vs. growth-first up-and-comers.
3 | Lifetime Leaders—Dolphin Cove Still Reigns
- Dolphin Cove: J$3.68 billion returned since listing—> 3× its IPO price in cash alone.
- Ex-Junior heavyweights Lasco Distributors, Lasco Manufacturing, and General Accident filled the runner-up spots before migrating to the Main Market.
4 | The Yield League (Last 12 Months)
Average trailing yield among payers: 3.16 %
Above-4 % club: Fontana • Dolphin Cove • AMG Packaging • Limners & Bards
Near-4 %: Indies Pharma (3.88 %) • Caribbean Flavours (3.76 %)
FX kicker: Express Catering alone pays in USD.
5 | Frequency & Policy Reality Check
Most boards favour a single annual dividend; Access Financial flirts with quarterly cuts. Boards facing softer earnings have dialled back: only 20 of 48 active listings declared a dividend in the past year. Fourteen still sit on the sidelines, and 20 trade below IPO price—double pain for holders who want yield and capital gains.
6 | Capital Growth—The Silent Multiplier
Five names—Access Financial, Dolphin Cove, Lasco Financial, Honey Bun, Caribbean Flavours—have already repaid their original share price in dividends alone, while their stocks have surged 400 %+ since listing. Income and appreciation aren’t mutually exclusive here; they’re partners.
7 | Current Temperature Check
- Index level: 3,403 points (-11.6 % YTD).
- Market cap: ~J$130 billion.
- Heavyweights: Only FosRich and Fontana sit north of the J$10 billion mark.
- First-half stats: 31 stocks down, 14 up, two flat.
8 | Regulatory Tailwinds on the Horizon
The JSE is awaiting Financial Services Commission sign-off to (1) lift the J$750 million share-capital lid and (2) authorise short selling—moves that could deepen liquidity and unlock fresh institutional interest without sacrificing the retail-friendly dividend culture.
