Friday 16 November, 2018

Everything Fresh doubles earning

Courtney Pullen (left) and his wife Melene Rose Pullen started Everything Fresh.

Courtney Pullen (left) and his wife Melene Rose Pullen started Everything Fresh.

The outlook for Everything Fresh Limited remains positive, having doubled its earnings in the June 2018 second-quarter over the corresponding quarter in 2017.

The company, which completed a successful IPO in May 2018, operates as an importer and distributor of fruits, meats and more.

“The outlook for the rest of the year remains positive, as we continue to put measures in place to improve our revenue and profit growth,” said Courtney Pullen, Managing Director and Founder of Everything Fresh.

These measures he said included new technology, more energy efficient equipment such installing SmartCool Energy Savers and increasing the company’s refrigerated storage capacity – a major reason for the its listing.

Earlier this year, the company posted pre-tax profits of $32.25 million or 179 per cent over the comparative period 2017. Earnings per share in the quarter rose to $0.17 from $0.06 over the review period in 2017. Over six-months earnings per share totalled $0.24 in comparison to $0.13 in 2017.

Revenue of $494.27 million for the quarter represented a 9 per cent rise over the $450.65 million in the comparative period 2017. Over six months revenues were $969.0 million or 5.9 per cent higher than $914.99 million in 2017. Ordinary shares of Everything Fresh were listed on the Junior Market of the Jamaica Stock Exchange on in June.

“We are confident in the performance of our shares,” said Pullen. “As we grow profits through the expansion of our capacity, we expect to see a continued increase in revenue and believe our shareholders will be happy with their returns.”

The financial position of the company improved due to increased trading, but also from the initial public offering. Total current assets as at June 2018 of $821.74 million grew 77 per cent over the $464.45 Million in the comparative period in 2017.

Increases in property, plant and equipment moved to $36 Million from $31 million over the review period, as the Company increased its fleet of vehicles as part of operational efficiency measures. Shareholders equity of $650.8 million increased from $225.17 million in 2017.

Everything Fresh closed their oversubscribed Initial Public Offering on May 24 with 156,000,000 shares issued. The funds raised will be used to provide working capital support, increase its inventory and widen its customer base. It anticipates that the increased stock levels will result in the attendant need for larger warehousing facilities and freezers. Further, the Company intends to install solar panels to reduce its energy costs.

Everything Fresh is incorporated in Jamaica and operates from its registered office on Marcus Garvey Drive in Kingston. The Company in its current form was established by Pullen and his wife Melene Rose Pullen and Wen Juan Yu in 2003.

Everything Fresh started with the importation and distribution of dairy products and delicatessen meats. It then extended its supplier base and increased its customer base from supermarkets to hotels. In later years, it added a portfolio of dry and canned goods, fruits, vegetables, seafood and meats. The Company, currently operates out of warehouse space that consists of a collective 10 freezers/chillers with flexibility to convert key rooms into added cold storage as required.

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