Thursday 20 February, 2020

Express Catering eyes regional airport expansion

Express Catering, led by  Ian Dear operates international and local brands such as Quiznos, Dairy Queen, Domino’s Pizza, Wendy’s, Cinnabon and Starbucks at the Sangter International Airport.

Express Catering, led by Ian Dear operates international and local brands such as Quiznos, Dairy Queen, Domino’s Pizza, Wendy’s, Cinnabon and Starbucks at the Sangter International Airport.

Express Catering Limited is eyeing new opportunities at other regional airports as the company looks to grow revenues.

Chairman Ian Dear revealed the plans to Loop New on Thursday, stating: “We are constantly working on new opportunities.”

He added: “However this is very active. In addition, as you have seen tourism arrivals into Jamaica continue to increase, providing additional [revenue] expansion opportunities both with new brand offerings and locations with the growth of the Sangster International Airport expansion.”

Express Catering Limited was formed in 2001 to carry out food and beverage operations at the Sangster International Airport in Montego Bay.

The company operates international and local brands such as Quiznos, Dairy Queen, Domino’s Pizza, Wendy’s, Cinnabon and Starbucks.

Dear also said that the company is working on adding new brands.

“We are currently working on new brands that we will announce in the near future that will provide new revenue opportunities. It’s an exciting time for Express,” he said.

For the quarter ended November 30, 2019, Express Catering posted revenues of US$3.28 million, which was an increase of over US$3.22 million earned in the comparative period of 2018.

Net profit was US$493,415 up from US$481,318 for the similar quarter in 2018.

Six months revenue in 2019 to November was US$7.81 million with earnings per share of US$0.094, compared to revenue of US$7.18 million with earnings per share of US$0.087 for the similar six month period in 2018.

Directors commented that the performance was commendable, in light of flat arrivals over the six-month period.

Express Catering is a subsidiary of Margaritaville St Lucia Inc., and a member of the Margaritaville Group. It is the exclusive provider of food & beverages in the Sangster International Airport, after signing a concession agreement with the operators.

A dividend payment was made to shareholders on January 15. The amount was not disclosed.

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