Paramount Trading Looking To Tourism And Agriculture And Export Of Lubricants And Chemicals To Increase Footprint And Profitability.
For the 2016-2017 financial year Paramount Trading’s performance was fairly solid as revenue grew by $131.5 Million reaching $1.15 Billion up from $1.02 Billion in the previous year, this according to Hugh Graham CEO & Managing Director of company in his report to shareholders contained in the company’s 2017 annual report.
Graham who founded the company in 1991 indicated that this growth was reflected in all business units, where the core chemical business grew by 8% over the previous year, while accounting for 81% of total revenue compared to 84% last year.
Revenue from construction and petroleum products grew by 35% and 59% respectively.
Net profits of $101 Million, was down by 42% over the previous year, due to a decline in gross profit of 30.6% down from 32.8%. This was impacted by increased input costs on some products which could not be immediately absorbed by the market.
Other income declined by $27.1 Million due mainly to income earned on a short-term project for an existing customer in the previous year. Operating expenses increased by 31% in line with strategic investment decisions to improve the physical and human resource capacity of the company and to leverage the 25th anniversary celebration to promote the business.
Paramount Trading is now looking to a number of new opportunities including Tourism and Agriculture and the export of lubricants and chemicals to increase their global footprint and profitability. BM
To view Paramount Trading (Jamaica) Limited Annual Report 2017 click HERE