Home Businessuite Markets Salada Foods Jamaica Reporting A 219.82% Increase In Net Profits, Buoyed By Strong Sales Performance
Salada Foods Jamaica Reporting A 219.82% Increase In Net Profits, Buoyed By Strong Sales Performance

Salada Foods Jamaica Reporting A 219.82% Increase In Net Profits, Buoyed By Strong Sales Performance

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The Directors of Salada Foods Jamaica Limited are reporting in just released audited financial results of the Group for the financial year ended September 30, 2018, Net profits of $219.18M, representing a 219.82% increase against prior year’s results of $68.7M.

Commenting on the results Chairman Patrick Williams reported that profits were buoyed by strong sales performance, with the Group achieving sales over one billion ($1.041B), for the first time in the Company’s history.

The optimization of factory operations also resulted in improved margins, which also contributed.

Profits were further bolstered by a $34M write-back against retirement benefit.

Domestic sales continue to perform well, growing by 16.7% above prior year as the company deepened penetration in existing channels and access new ones.

Sales to the trade through distribution partner Lasco Distributors was $655M, 13% above prior year.

Export sales also did well, as both the Canadian and Barbadian markets performed, growing year on year by 440% and 220% respectively.

Contract packaging sales grew 35% above last year he said.

In May, the company launched the Mountain Bliss 876 (MB876) brand in keeping with a strategy to engage younger consumers and within 5 months of launch they are reporting having gained retail distribution of 70%. MB876 featured two SKU’s, the Gold, which is a freeze-dried coffee and the Classic, an agglomerated coffee. The launch of the MB876 and other marketing activities pushed selling and promotional expenses up 37.3% or $12.14M above prior year’s $32.76M.

Salada Foods Jamaica closed the period with improved earnings per stock unit up by 216%, moving from $0.67 last year to $2.12.

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