Thursday 22 October, 2020

Seprod’s Q1 profit up 44 per cent

CEO Richard Pandohie, indicated that the increase in profits from continuing operations was due largely to efforts made in prior years to strengthen the business fundamentals.

CEO Richard Pandohie, indicated that the increase in profits from continuing operations was due largely to efforts made in prior years to strengthen the business fundamentals.

Food, distribution and manufacturing conglomerate, Seprod Group saw its net profit increase by 44 per cent in the first months ended March 31, 2020.

The group achieved revenues from continuing operations of $9.14 billion, an increase of $544 million or six per cent more than the corresponding period in 2019.

Net profit from continuing operations was $647 million, an increase of $197 million over the corresponding period in 2019.

Seprod, comprised of nine companies, pulls in annual revenues of around $12 billion annually.

The 75-year-old company describes itself as the largest food company in the English speaking Caribbean, serving 18 markets globally.

Its nine food subsidiaries are located in Jamaica, Trinidad, Dominica Republic, Guyana, Barbados and Cayman Islands.

CEO Richard Pandohie, in remarks attached to the first-quarter results, indicated that the increase in profits from continuing operations was due largely to efforts made in prior years to strengthen the business fundamentals.

These efforts, he said, included consolidation of the dairy factories, increasing exports and expanding the distribution footprint through the acquisition of the Facey Consumer business.

Sugar manufacturing operation was discontinued in July 2019. The losses from this discontinued operation for the three months ended March 31, 2020, amounted to $15 million ($139 million for the corresponding period in 2019).

Pandohie noted that, taking both the profit from continuing operations as well as the losses from the discontinued operation into account, the resulting net profit for the period was $633 million, an increase of $321 million or 103 per cent over the corresponding period in 2019.

The CEO said that that the coronavirus (COVID-19) pandemic had a minor negative impact on the group’s operations.

He said, however, that the virus’ impact “began to truly manifest itself in the local economy in mid-March 2020. There is no doubt that COVID-19 has changed the market landscape.”

The CEO said that as a food manufacturer, distributor and exporter, as well as a pharmaceutical distributor, the company was prepared to “continue to deliver on our promise to keep the shelves full of the highest quality products during these challenging times.”

 

Get the latest local and international news straight to your mobile phone for free:

  

Comments