Context: How Jamaica Stock Exchange works, and what it makes issuers disclose · Jamaica on the LatAm Power Map
For twenty years, Lasco Financial Services has been the machine that turns Jamaica’s remittance flows and street-level currency trading into a listed business — but a bruising run of microfinance losses has shrunk its profit to a fifteen-year low, and a new leadership team is now charged with fixing it.
| Full name | Lasco Financial Services Limited |
| Ticker / exchange | LASF — Jamaica Stock Exchange (Main Market) |
| Headquarters | Kingston, Jamaica |
| Sector | Non-bank financial services (remittance, cambio, microloans, prepaid cards) |
| Employees | Not disclosed in available sources |
| Market value (market cap) | JMD 2.10bn (≈ USD 13.4m) |
| Yearly sales (revenue) — FY2025, yr ended 31 Mar 2025 | JMD 2.27bn (≈ USD 14.5m) |
| Net profit — FY2025 | JMD 58.6m (≈ USD 374k) |
| Net margin — FY2025 | ~2.6% (our calculation: 58.6 ÷ 2,270) |
| Return on equity (ROE) | ~5.2% |
| Price-to-earnings (P/E) | ~18× (trailing) |
| Dividend yield | None — no dividend currently paid |
| Website | lascojamaica.com/financial |
What it is
Lasco Financial Services is a Jamaica-based licensed non-bank financial services provider, regulated as a Cambio dealer by the Bank of Jamaica. It earns money by exchanging currencies, moving remittances through partners such as MoneyGram and Ria, and lending to salaried workers and small businesses — with Visa prepaid cards and e-payment solutions rounding out the offer.
With over 140 locations, it is a major cash disbursement network and one of the leading remittance payout agents in Jamaica. By 2012 it was MoneyGram’s top receiving agent for Jamaica and the Caribbean, and one of the top ten MoneyGram receiving agents globally.
Who owns it
The Estate of the late founder Lascelles Chin holds approximately 30% of Lasco Financial Services, making it the single largest shareholder. The estate’s principal co-shareholders include East West (St Lucia) Limited and Mayberry Jamaican Equities Limited, while Chin also maintained personal shareholdings.
The company was incorporated in 2004 by Lascelles A. Chin, who passed away in May 2023 at age 86.
The remaining shares trade freely on the Jamaica Stock Exchange’s Main Market.
Who runs it
James Rawle serves as Executive Chairman, leading the board and guiding the company’s overall strategy and governance. Rawle was appointed chairman across all three Lasco-affiliated companies — Manufacturing, Distributors, and Financial Services — following the founder’s death.
Long-serving Managing Director Jacinth Hall-Tracey is transitioning to a consulting role, with newly appointed General Manager Sharlene Williams assuming co-leadership during a six-month handover. Norris Clarke (FCA, FCCA) serves as Group Chief Financial Officer.
Dr Eileen Chin is expected to be elevated to Deputy Executive Chairman at the financial services subsidiary following a planned board meeting.
The money, in plain words
In FY2025 (the year ended March 31, 2025), revenue was JMD 2.27bn (≈ USD 14.5m), up 3.8% from the prior year’s JMD 2.18bn. Yet the company kept only about 2.6 cents of profit from every dollar of sales — a net margin of ~2.6% (our calculation), the kind of thin return that leaves little room for error.
Group profit fell 24% to JMD 161.9m for the year ended March 2024, and then group profitability fell further to JMD 58.6m for FY2025 — the lowest since 2011, excluding the pandemic-era loss. For every dollar shareholders have put in, the company earns back about 5 cents a year — a return on equity of ~5.2%, low for a financial services firm.
No dividend is currently paid.
What it is doing now
The leadership change underscores the scale of damage from a JMD 712m net loan loss at its microfinance subsidiary, LASCO Microfinance Limited. In FY2025, JMD 238.9m was set aside for loan impairments — equal to 19.2% of the gross loan book — signalling that the risk is not yet cleared.
For the nine months ended December 31, 2025, operating profit rose 166% to JMD 213.3m as lending activity expanded, with loans and receivables growing to approximately JMD 2.18bn from JMD 1.49bn a year earlier. That is an early sign the restructuring may be gaining traction, though full-year audited figures for FY2026 were not yet filed at the time of writing.
What to watch
- Microfinance recovery: Loans fell from 35% of revenues in 2020 to just 14% in 2024 — rebuilding that segment cleanly is the key to margin recovery.
- Leadership transition: Three general managers have cycled through since 2020; whether Sharlene Williams can provide stability will matter enormously.
- Remittance headwinds: The loans business has yet to fully compensate for declining remittance income, and investments in digital transactions have produced inconsistent earnings.
- FY2026 audit: LASCO Financial advised that its audited statements for the year ended March 2026 would be filed after external auditors requested additional time to complete their review. A clean sign-off will be closely watched.
Sources
- LASCO Financial Services — Directors page (company IR site)
- LASCO Financial Services — Corporate Data page (company IR site)
- LASCO Financial Services — Annual Reports page (company IR site; FY2025 report confirmed filed)
- Jamaica Stock Exchange — LASF Q3 FY2025 unaudited filing (Dec 31, 2024)
- Jamaica Stock Exchange — LASF Annual Report 2025 filing
- Jamaica Observer — “LASCO Financial shakes up leadership amid costly microfinance fallout,” July 16, 2025
- Jamaica Observer — “Inside LASCO’s post-Lascelles plan,” June 3, 2026
- Jamaica Observer — “Vision to Reality: The Lasco Financial Services journey,” August 7, 2024
- Jamaica Gleaner — “Rawle appointed chairman of Lasco companies,” June 18, 2023
- Stock Analysis — LASF statistics and valuation metrics
- Market data: EODHD (ticker reference); FX rate 1 USD = 156.69 JMD as provided.
This is news, not investment advice.
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