Wisynco Group Reporting Highest Ever Sales Of JA$28.4B For 2019 Financial Year, 15.8% Higher Than 2018’s JA$24.5B.
Wisynco Group Limited achieved their highest ever sales of JA$28.4 billion for their just concluded 2019 financial year, which was 15.8% higher than 2018’s JA$24.5 billion.
The increased revenues translated to higher gross profits of JA$10.5 billion, up from JA$9.1 billion a year earlier.
Income from other sources grew in the period, primarily from rebates and bad debt recovered totaling JA$288.7 million from JA$92.2 million in the prior year.
Selling and distribution costs grew 13% to $6.1 billion while administrative expenses grew 14.7% to $1.1 billion, as finance costs remained largely stable at $230.2 million.
Profit after tax totaled $2.9 billion or 27.7% higher than 2018.
Turning to the balance sheet, Wisynco ended the year with JA$11.1 billion in equity up from JA$8.7 billion a year earlier due to increased retained earnings arising from net profit.
Executive Chairman William Mahfood, in his report to shareholders indicated that in 2019, they acquired a 30% stake in JP Snacks Caribbean Limited for a consideration of JA$586.2 million, setting no limits on a strong distribution arrangement for their snacks in Jamaica.
With JP and the JP St. Mary’s brand, he believes that they can replicate this success on a regional scale, as the goal of the acquisition was to bring consumers locally and internationally, a wide range of innovative Caribbean snacks and tropical foods.
During the 2019 financial year, The Wisynco Group also gained the distribution rights in Jamaica for the sugar and spirits manufactured by Worthy Park Estate Limited.
Worthy Park grows and processes one third of the island’s sugar production and also has a growing spirits business led by the Rum Bar brand.
Wisynco will act as the local distributor of Worthy Park for its sugar and spirits which will amount to approximately $2.1 billion in sales per annum he reported.