Caribbean Flavours And Fragrances Closes Financial Year With EPS Up 2.20% To 92 Cents
The Board of Directors of Caribbean Flavours and Fragrances Limited have released their Audited Financial Statements for the Financial Year ending June 30, 2017.
With a deliberate strategy to maintain sufficient inventory levels in order to better satisfy customer requirements, the Company grew revenues by 13.27% to $410.6 million, or $48.1 million over the $362.5 million reported for the 2016 financial year.
Gross Profits grew by 24.65% to $167.9 million, a JA$33.2 million increase over the $134.7 million reported in 2016.
The company is projecting continuous positive growth in net profits, driven by the management of operational expenses, whilst growing revenue at a double-digit rate,
Net Profit of $82.9 million or 11.88%, equivalent to $8.8 million was achieved over the $74.1 million reported in 2016.
The Directors also indicated that securing new markets for fragrances and increasing the volume of sales of flavours to existing customers and new customers in foreign markets have contributed significantly in these results.
Based on the outlook for the coming year, it is expected that the company will continue to improve its profits whilst increasing its market share in both the domestic and overseas markets the Directors reported.
Caribbean Flavours and Fragrances closed their Financial Year Ended June 30, 2017 with earnings per share increasing by 12.20% to 92 cents compared to the 82 cents reported in 2016. BM