Mailpac Group Limited

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What it is

Mailpac Group provides courier and mail-order services in Jamaica and internationally, and also sells food, beverages, and household supplies through its online shopping platform. In plain terms: a Jamaican shopper orders from Amazon or another overseas store, Mailpac handles the shipping address in the United States, brings the package to Jamaica, and delivers it — for a fee.

The company was founded in 1998 and is based in Kingston, Jamaica. Its original business, before listing, was as an exclusive international agent for Aeropost in Jamaica.

It listed on the JSE Junior Market in December 2019, giving it a 100% income-tax remission for the first five years and 50% remission for the next five — a standard Junior Market incentive.

Who owns it

Mailpac is 72.6% owned by Norbrook Equity Partners — a private investment group — making it part of Norbrook’s wider ecosystem of logistics, payments, transport, and consumer service businesses. The remaining roughly 27% is publicly traded on the JSE Junior Market.

The group’s management committee includes Khary Robinson and Garth Pearce of Norbrook Equity Partners, alongside Mark Gonzales and Samantha Ray of Mailpac. Norbrook effectively calls the shots on strategy and capital allocation.

Who runs it

Khary Robinson serves as Executive Chairman of Mailpac Group Limited and has described the acquisition of MyCart Express as a pivotal moment for the company. Robinson is the public face of the business: he speaks to markets, fields analyst questions, and, as executive chairman, straddles both the board and operational leadership.

A separate CEO or CFO title is not disclosed in available sources. Mark Gonzales and Samantha Ray represent Mailpac on the group’s management committee.

The money, in plain words

In 2024, Mailpac realised revenues of J$2.56 billion (~US$16.3m) — 53% above the prior year, its best-ever top line. Yet the company kept only about 10 cents of profit from every dollar earned — a net margin of approximately 9.9% (our calculation) — well below the 16% it posted in 2023, because the MyCart merger brought higher fixed costs in one go.

Annual net profit totalled J$253.2 million (~US$1.6m), marginally down from J$260.1 million in 2023, despite the near-doubling of revenue. For every dollar shareholders have invested in the business, however, it still earns back about 29 cents a year — a return on equity of approximately 28.8% (our calculation), strong by any standard.

Total assets climbed to J$1.17 billion (~US$7.5m) compared to J$674.9 million in 2023, while cash and bank balances rose to J$253.8 million and shareholders’ equity reached J$878.1 million. The balance sheet is healthy: more cash than debt on hand — a net cash position — leaving the business room to invest.

What it is doing now

The defining story right now is the MyCart acquisition — and the accounting headache it created. The accounting work tied to the MyCart deal has delayed Mailpac’s 2025 audited financials and its first-quarter report for the 2026 financial year, putting the company at possible risk of JSE sanctions if filings remain outstanding beyond the late-filing deadline.

Under amended terms, the final consideration for MyCart was revised to a cash payment of J$243 million plus 50 million new Mailpac shares; the cash was paid on April 15, 2026. By mutual agreement, the formal legal close of the transaction has been extended to October 1, 2026.

Meanwhile, the business itself kept growing: for the nine months ended September 2025, revenue rose 25% to J$2.16 billion (~US$13.8m) compared to J$1.72 billion in the same period of 2024.

What to watch

• The audit clock. Mailpac faces a possible JSE sanction as the revised MyCart terms continue to delay completion of its 2025 audited financial statements. How quickly the auditors sign off will signal whether the governance risk is contained.
• Margin recovery. Revenue surged in 2024 but profit barely moved. Watch whether the post-integration cost base shrinks enough in 2025 to push the net margin back toward 16% from its current ~10%.
• Regional ambitions. Executive Chairman Robinson has confirmed that Mailpac’s next move targets “multiple markets,” with an aspiration to become a regional logistics operator across the Caribbean. No markets or timelines are yet signed.
• Rebrand vote. Mailpac will convene an extraordinary general meeting following publication of the 2025 audited accounts, at which a proposed rebranding of the company is expected to be addressed. A new corporate identity — likely “MyPac Group” — would mark the formal conclusion of the merger.

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This is news, not investment advice.