If you’ve ever ordered a burger at Sangster International Airport, you’ve likely brushed shoulders with one of Express Catering Limited’s creations — the operators behind Wendy’s, Margaritaville, and Bob Marley’s One Love. For years, their empire was confined within departure gates and duty-free corridors. But the company’s latest financial showing suggests that boundary is dissolving fast.
The Airport Powerhouse Evolves
Express Catering’s unaudited results for the quarter ending August 31, 2025, reveal a company that’s not just rebounding — it’s reinventing itself. Net profit leapt by 50%, reaching US$1.51 million compared to US$1.01 million in the same period last year. Revenues climbed to US$6.8 million, while earnings per share rose sharply to 0.092 US cents. In one quarter, the company nearly matched its entire profit from the previous financial year — a rare feat in Jamaica’s hospitality sector.
This performance wasn’t the result of a tourism boom alone. Passenger traffic through Sangster International rose modestly, but ECL’s gross profit margin surged to 74.35%, up from 70.05%. Cost control, fixed-price ingredient contracts, and disciplined operational management — not flashy new outlets — powered the lift. The company has mastered the art of making more from what it already has.
The Shift from Bricks to Brands
The deeper story, however, lies off the profit line. In the last year, ECL’s capital expenditure on physical infrastructure — ovens, counters, furniture — collapsed by 93%, while its spending on intangible assets soared by 73% to US$5.46 million. The company stopped building restaurants and started buying rights — brand rights.
CEO Ian Dear explains it bluntly: “Once you have the infrastructure in place at the airport, it becomes about securing brands that keep your momentum going and open new doors outside the terminal.”
The implication is clear: ECL isn’t just running eateries anymore; it’s buying its way into the streets of Jamaica. That US$5.46 million wasn’t spent on tiles or tables — it was the down payment for national reach.
Beyond the Boarding Gates
For years, the company has flirted with expansion outside airport walls, but its capital allocation now shows conviction. ECL’s portfolio of international franchises — including Wendy’s, Domino’s, and Quiznos — is being joined by new household names. Dear has hinted that upcoming rollouts will include well-known American brands, aligning with previous plans to develop Auntie Anne’s and Cinnabon across Jamaica.
“The idea,” Dear explains, “is to expand the revenue base beyond the airport. Jamaican consumers deserve access to the same quality brands that travellers enjoy.”
This approach turns Express Catering into something closer to a national franchise operator — a player capable of feeding both the global traveller and the local commuter.
Balancing Growth and Governance
For all the strategic evolution, Express Catering still has internal complexities to resolve. A sizeable US$17.8 million receivable from its parent company, Margaritaville St. Lucia, sits on the balance sheet — interest-free and without clear repayment terms. The company continues to service its own debt obligations, including a US$12-million bond, while also returning value to shareholders through resumed dividends after a four-year hiatus.
Dear acknowledges the imbalance but frames it as transitional: “We’re working through it now. The goal is to balance out the advances and recover through dividends.”
With controlling interest held by Margaritaville St. Lucia (62.32%) and directors collectively owning over 70% of the company, the alignment between management and majority shareholders remains tight — perhaps too tight for minority investors’ comfort, but strategically cohesive for execution.
A Market Repriced, Not Reduced
Despite its progress, ECL’s stock hasn’t reflected the operational surge. At $2.69, the share price lingers 11% below its start-of-year level, far from the $8.90 highs of 2018. Yet, the fundamentals tell a different story — one of efficiency, discipline, and expansion readiness. Its US$4.4-billion market capitalisation may simply be the prelude to another growth phase.
