Eppley Limited

What it is

Founded in 1973 and listed on the Jamaica Stock Exchange since 2013, the company was formerly known as Orrett and Musson Investment Company Limited. It has since shed that heritage name and rebuilt itself into the Caribbean’s leading specialist in markets that mainstream banks leave under-served.

Its four operating lines are insurance premium finance, loans, leases, and asset management. It is one of the largest commercial lessors in Jamaica, owning a large fleet of cars, trucks and other commercial equipment rented mainly to manufacturing, distribution and industrial businesses.

Beyond its own balance sheet, it manages capital for investors through the Eppley Caribbean Property Fund — the largest listed real estate mutual fund in the Caribbean — with landmark commercial properties in Jamaica, Barbados and Trinidad.

Who owns it

Stony Hill Capital Limited is the largest shareholder in Eppley with 48,097,800 shares, or 25 per cent. Stony Hill Capital Limited is an associate of the Musson Group; Musson Group chairman, CEO and principal shareholder Paul B.

Scott has a beneficial interest in all Musson-related firms. The precise total Musson-group stake across all affiliated vehicles is not consolidated in available public filings, but the Scott family’s influence is the dominant commercial reality.

Eppley’s Barbadian subsidiary also bought shares from General Accident Insurance Company Jamaica Limited and Musson Investments Limited — both companies connected to Musson Jamaica Limited, which is chaired and controlled by Paul B. Scott, who also chairs Eppley’s board.

The free float is meaningful but the Scott family effectively sets the strategic agenda.

Who runs it

Paul B. Scott is Chairman of Eppley Limited, and is also Chairman, Chief Executive Officer and principal shareholder of the Musson Group.

Nicholas Scott — Paul’s son — serves as Vice Chairman of Eppley and Chief Investment Officer of the Musson Group. Day-to-day operations are run by Raymond Donaldson, who became CEO effective May 3, 2024, joining from National Commercial Bank Jamaica where he was Vice President of Corporate and Commercial Banking.

Jeffrey Brown joined simultaneously as Chief Investment Officer.

The most recent management move came in April 2026: Denise Gallimore, VP – Real Estate & Infrastructure, will leave effective May 31, 2026, and Aisha Campbell has been appointed President – Eppley Real Estate & Infrastructure, effective May 1, 2026. Samantha Summerbell was simultaneously promoted to Vice President – Credit.

The money, in plain words

For the year ended December 31, 2025, gross investment income rose 62% to J$1.48 billion (~US$9.5 million at 156.34). Total net profit reached J$1.72 billion (US$11 mn) — up 16% — but the share going to ordinary shareholders fell 16% to J$765.5 million (~US$4.9 million), because minority partners in consolidated funds took a larger slice of the gains.

Shareholders’ equity stood at J$2.66 billion (US$17 mn) at end-2025 (~US$17.0 million), giving a book value per share of J$13.81. (US$0.09)Against that equity base, the J$765.5 million (US$5 mn) of shareholder profit implies a return on equity of roughly 28.8% (our calculation) — generous for an investment company.

The balance sheet has expanded sharply: total assets reached J$22.69 billion (US$145 mn) by end-2025, up from J$20.54 billion (US$131 mn) in 2024, driven by growing investment property and loan books. Interest expense on the company’s own borrowings rose 56% to J$709.9 million (US$5 mn) in 2025, the principal cost to watch as Caribbean rates stay elevated.

One note on quality: a large one-off fair-value gain of J$652.1 million (US$4 mn) on investment property boosted the 2025 result. Strip that out and the underlying earnings picture is more modest — worth bearing in mind when reading the headline profit growth.

What it is doing now

Eppley invests primarily in private markets across the Caribbean, focusing on credit, real estate and infrastructure, and manages several regional investment vehicles while expanding its portfolio of direct property and infrastructure assets. Assets under management exceeded US$130 million, with investors including some of the most prominent institutions in the region as well as thousands of individual retail investors.

In September 2024, Eppley deepened its interest in the Eppley Caribbean Property Value Fund, becoming the fund’s largest shareholder following a J$1.14 (US$0.01)-billion investment. The Capital Infrastructure Group — launched in 2022 with Jamaica Producers Group Limited — is being used to invest in infrastructure across the Caribbean.

What to watch

• One-off gains: Two consecutive years of large bargain-purchase and fair-value gains have inflated reported profit; the quality of recurring earnings is the real test of the franchise.
• Interest costs: Interest expense jumped 56% in 2025 to J$709.9 million (US$5 mn) — if borrowing costs stay high across the Caribbean, net investment income will stay under pressure.
• Leadership continuity: Two years in, the Donaldson-led management team is still establishing its track record; the departure of a senior real estate executive in 2026 adds a short-term integration task.
• Minority leakage: As Eppley consolidates more of its managed funds onto its balance sheet, the gap between total net profit and the amount reaching ordinary shareholders will remain a key number to track.
• Valuation: At roughly 8x trailing earnings and a price-to-book of about 2.5x (our calculation: J$34 (US$0.22)share price / J$13.81 (US$0.09)book value), the stock is not expensive for a firm with this return profile — but the discount reflects real risks around earnings quality and illiquid assets.

This is news, not investment advice.