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Paramount Trading Jamaica Building Foundation To Support Export Opportunities

Paramount Trading Jamaica Building Foundation To Support Export Opportunities

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Paramount Trading Jamaica Limited recorded a profit before tax of JA$75.0 million for the reporting year 2018/19, an improvement of JA$8.0 million or 13% over the prior year.

Chief Executive Officer Hugh Graham in his report to shareholders indicated that the improved performance drove a 63% increase in petroleum and lubricant sales.

Commenting further he said that for the financial year ending May 31, 2019, Paramount Trading. continued to unlock new opportunities, to drive growth, deliver new efficiencies, and grow its income.

This resulted in sales revenue growth of 14%, generating JA$1.596 billion up from $1.389 billion in the previous year and a 13% a turn-around in profitability.

Gross profit increased to JA$501 million from JA$426 million, an improvement of 18% over prior year as they were also able to improve gross margins due to strategic pricing and manufacturing.

Having strengthened their operating capacity, the company is now geared towards enhancing its competitiveness that will enable it to drive performance through a number of initiatives including:
• Expansion of the oils and lubricant business by contract manufacturing, reengineering manufacturing facilities,
• Improving and expanding distribution channels and
• Building a foundation to support export opportunities.

Paramount Trading Jamaica Limited earnings per share grew from $0.038 the previous year to $0.040 for this period.

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